Ogilvie and Carus offer the Netherlands as another example for where parliamentary institutions "failed to create the institutional basis for sustained economic growth." The statement is puzzling because, by the authors own account, "For the first century of its existence, the Dutch Republic was the miracle economy of early modern Europe, with high agricultural productivity, innovative industries at the forefront of technology, highly competitive global merchants, sophisticated financial markets, high living-standards, and rapid economic growth." The case for
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Counterpoint to Ogilvie and Carus …
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Ogilvie and Carus offer the Netherlands as another example for where parliamentary institutions "failed to create the institutional basis for sustained economic growth." The statement is puzzling because, by the authors own account, "For the first century of its existence, the Dutch Republic was the miracle economy of early modern Europe, with high agricultural productivity, innovative industries at the forefront of technology, highly competitive global merchants, sophisticated financial markets, high living-standards, and rapid economic growth." The case for