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This paper tests whether the so-called ‘reach of the market’ helps to explain ‘why Europe’ and ‘why north …-western Europe’. By looking at grain markets from the late seventeenth to the early twentieth century, this study concludes that the … neither a concomitant nor an effect of the Industrial Revolution, but indeed a plausible determinant for the rise of Europe …
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Few micro…nance-funded businesses grow beyond subsistence entrepreneur-ship. This paper considers one possible explanation: that the structure ofexisting micro…nance contracts may discourage risky but high-expected returninvestments. To explore this possibility, I develop a theory that uni…es...
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