![[image]](/images/reklam/metastock468x60.gif)
HOW THE WEST GREW RICH
The Emergence of an Autonomous Economic Sphere and a Merchant Class:
The West´s sustained economic growth began with the emergence of an economic sphere with a high degree of autonomy from political and religious control. The change from the coherent, fully integrated feudal society of the late Middle Ages to the plural society of eighteent-century Europe implied a relaxation of political and ecclesiastical control of all spheres of life, including not only the economy, but also science, art, litterature, music and education.
The relaxation of political control over the economic sphere took several formes. There was an increase in the volume of trade at unregulated prices, as distinguished from trade at prices determined by political authority. This trade, and its profits, helped to produce a merchant class who lived by buying and selling, as distinguished from one selling products they had made with there own hands.
There was likewise a weakening of guild and government control over starting new businesses. In England, particularly, where the guild´s charters gave them authority over entry into particular lines of trade or manufacture within a town or borough, aggressive individuals could and did evade guild authority by establishing enterprises in the countryside or in other towns or boroughs.
There was no sudden repeal of price controls or general deregulation movement; rather, in a development traceable from small beginnings in twelfth-century Northern Italy, enterprising merchants and artisans searched out more and more opportunities for relatively unregulated trade and manufacture until, by the end of the eighteenth century, the older forms of trade by "regulated companies" of merchants or artisans had become moribund.
As Adam Smith sardonically observed in 1776, "To be merely useless, indeed, is perhaps the highest eulogy which can ever justly be bestowed on a regulated company."
Göran Högberg
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