Institutions And The Path To The Modern Economy... \/\/FREE\\\\
We are just beginning to explore the nature of this historical process. The remarkable development of Western Europe from relative backwardness in the tenth century to world economic hegemony by the eighteenth century is a story of a gradually evolving belief system in the context of competition among fragmented political/economic units producing economic institutions and political structure that produced modern economic growth.8 And even within Western Europe there were successes (The Netherlands and England) and failures (Spain and Portugal) reflecting diverse external environmental experiences.9
Institutions and the Path to the Modern Economy...
A long-held view is that the antecedents of British success can be traced back centuries during which the nation gradually built the preconditions for modern development. Growth-inducing institutions can take many forms, and include a stable political system and the development of commercial law.
The Pareto chart reveals that inspecting and monitoring skills, critical thinking and decision making, interpersonal skills and empathy, basic data input and processing, communication skills, basic digital skills, basic data input and processing, complex information processing and interpretation, and creativity are key competencies of KWrs that modern organisation must focus on to overcome the current challenges. The KWrs can obtain these competencies via continuous on-the-job and deep learning through various means such as informal and formal training. Organisations have to move from a traditional centralised to a more decentralised learning approach, which supports KWrs in defining their learning path. Modern organisations must support learning approaches embedded in the normal working practices of KWrs and which are tailored to the requirements of the task and processes involved (Ley et al., 2008). Figure 8 shows the study framework.
There is no doubt that markets for commodities between various European trading centers began to integrate in the late medieval period. This is even more obvious in the case of financial markets, which integrated more easily than others, as indicated by quantitative studies. There is evidence of long-distance convergence in interest rates in the 15th century, although it is much more visible from about 1500 to 1630. Perhaps surprisingly, in the early modern period integration advanced mostly in the Roman Empire and less in Italy. This suggests that legal congruence and collective liability functioning within a political system characterized by the cooperation of groups of towns promoted a set of institutions that supported market integration (Chilosi, Schulze, & Volckart, 2018; Volckart & Wolf, 2006). 041b061a72