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 (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 20 September 2021



Markets in Economics and History

(p.1) 1 Introduction
The Invisible Hand?

Bas van Bavel

Oxford University Press

Traditionally, both in economics and in economic history, markets and market economies (economies that exchange and allocate most of the land, labour, capital, and output through the market) are associated with modernity, economic growth, and freedom. At first sight, recent economic historical research seems to endorse the link between these elements, even though it pushes the start of this process further back in time than assumed earlier, that is, to Western Europe in the late Middle Ages. This chapter shows that a closer look at the results of recent research causes us to reconsider this link. It also develops and presents a new analytical framework for investigating the rise and decline of market economies. This framework focuses on the interaction between the institutional organization of markets, economic development, and the socio-political context in which markets develop, more particularly the social distribution of wealth and political leverage.

Keywords:   economics, historiography, market economies, markets and wealth, markets and freedom, institutions

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 .