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The European Miracle – By The Mises Institute

“Why Europe? Because Europe enjoyed a relative lack of political constraint.”

According to the Indian development economist R.M. Sundrum, if we are to understand how development can be promoted in the poorer countries today, we must understand the historical process which transformed developed countries in the past, and why this process failed to take place elsewhere (cited in Arndt 1987, 177). This is the position that P.T. Bauer, too, has insisted upon. Rejecting the “timeless approach” to economic development, Bauer has accentuated the many centuries required for economic growth in the Western world, and the interplay of various cultural factors that were its precondition. Most important, in Bauer’s view, is that in the Western world institutions and values evolved that favored private property and the market, set limits to state arbitrariness and predation, and encouraged innovation and the sense that human beings are capable of improving their lot through their actions on the market.

Read the complete article at The Mises Institute here.

# Here you can see WHY it’s crucial to own physical gold & silver now, and HOW you can buy [and sell] it.

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Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.

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