Jump to ContentJump to Main Navigation
The Invisible Hand?How Market Economies have Emerged and Declined Since AD 500$
Users without a subscription are not able to see the full content.

Bas van Bavel

Print publication date: 2016

Print ISBN-13: 9780199608133

Published to Oxford Scholarship Online: August 2016

DOI: 10.1093/acprof:oso/9780199608133.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2017. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see http://www.oxfordscholarship.com/page/privacy-policy).date: 23 September 2017

Epilogue

Epilogue

Markets in Modern States: England, the United States, and Western Europe, 1500–2000

Chapter:
(p.208) 5 Epilogue
Source:
The Invisible Hand?
Author(s):

Bas van Bavel

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199608133.003.0005

Both early modern England and the United States were characterized by a large degree of freedom and equality, generated by a series of revolts. In this open, balanced context, factor markets developed to become dominant by the mid-sixteenth and early nineteenth century, respectively. This went along with economic growth, but also with growing wealth inequality. For the first time in history, these market cores interacted intensively with each other and with areas in other stages of market development, most notably with Western Europe. In the first half of the twentieth century, this led to a halt, or even a temporary reversal, of the growth of inequality in both countries, but after the mid-twentieth century, developments resumed again. Western Europe and the United Kingdom were brought in sync with the American cycle, characterized by market dominance, expanding capital markets and debts, growing wealth inequality, and the dominance of market elites.

Keywords:   England, Glorious Revolution, land markets, equity, American Revolution, market revolution, economic growth, financial markets, global capitalism

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .