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Market economies flourished from "summary" of The WEIRDest People in the World by Joseph Henrich
During the period when market economies flourished, various factors contributed to their success. One of the key drivers was the emergence of a new set of norms and institutions that facilitated trade and commerce. These norms included a greater emphasis on individualism, trust, and cooperation, which allowed for more efficient economic transactions. In addition, institutions such as property rights and contract enforcement mechanisms helped ensure that agreements were honored, incentivizing economic activity. The rise of market economies also coincided with the spread of literacy and numeracy, which enabled individuals to engage in more complex economic activities. Literacy allowed for the dissemination of information, while numeracy facilitated accounting and financial management. Together, these skills helped individuals navigate the complexities of a market economy, leading to increased productivity and economic growth. Furthermore, the expansion of markets created new opportunities for specialization and innovation. As individuals were able to exchange goods and services more easily, they were able to focus on developing their unique skills and talents. This specialization not only increased overall productivity but also led to the development of new technologies and industries, driving further economic growth.- The flourishing of market economies was a result of a combination of factors, including the evolution of social norms, the development of institutions, the spread of literacy and numeracy, and the opportunities for specialization and innovation. These factors worked together to create an environment conducive to economic exchange and growth, ultimately leading to the prosperity that characterized this period.
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