By that time a structure of property rights had developed in the Netherlands and England which provided the incentives necessary for sustained growth. These included the inducements required to encourage innovation and the consequent industrialization. The industrial revolution was not the source of modern economic growth. It was the outcome of raising the private rate of return on developing new techniques and applying them to the production process.
Douglass NorthRelated topics
applying consequent developing growth industrial innovation modern necessary outcome private process production property raising rate return revolution source structure time netherlands industrialization englandRelated quotes
Lao Chiu's burns were so extensive that, with the exception of his scalp, two shoulders, the waist where his leather belt was worn and the soles of his feet, pratically his whole body was affected. His back and hips were burned deeply and his right leg was even worse. Every time it was necessary to turn him over and change his dressings ten doctors and five nurses were required and the process took several hours. Moreover, the patient suffered very much and was short of breath for a long while.
Ba Jin
We will continue to pursue the strategy of boosting domestic demand and ensure fast and balanced economic and social development in China. This will create more opportunities for China-U. S. economic cooperation and trade. We will continue to advance the reform of the RMB exchange rate regime, take positive steps in such areas as expanding market access, increasing imports, and strengthening the protection of intellectual property rights, and further expand China-U. S. economic cooperation and trade.
Hu Jintao
Everything we hope to do, depends on an expanding economic pie. And only a vibrant, competitive, thriving private sector can create that. Government is a necessary partner, but it is the junior partner. Only the private sector can produce the revenues for the social programs that we Democrats care so much about. The financing of those programs through ever more public debt violates our generation responsibility.
Paul Tsongas
We live in a time when automation is ushering in a second industrial revolution, and the powers of the atom are about to be harnessed for ever greater production. We live at a time when even the ancient spectre of hunger is vanishing. This is the age of abundance! Never in history has there been such an opportunity to show what we can do to improve the quality of living now that the old, terrible, grinding anxieties of daily bread, of shelter and raiment are disappearing.
Adlai Stevenson II
To meet these necessities the Government has been developing a water power project at Muscle Shoals to be equipped to produce nitrogen for explosives and fertilizer. It is my opinion that the support of agriculture is the chief problem to consider in connection with this property. It could by no means supply the present needs for nitrogen, but it would help and its development would encourage bringing other water powers into like use.
Calvin Coolidge
