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Economic Development

Economic Development   Reference library

John Majewski

The Oxford Encyclopedia of American Political and Legal History

Reference type:
Subject Reference
Current Version:
Social sciences, Politics, Law, History of Law
2,323 words

...wealthiest of the colonists. Rapid population growth produced substantial economic development. Because no sweeping technological or organizational advances dramatically stimulated productivity, per- capita income grew quite modestly by modern standards, increasing anywhere from 0.3 to 0.6 percent per year. Yet colonists built an increasingly sophisticated commercial infrastructure that resulted in the growth of towns and cities. Such development was particularly important in New England and the Middle Colonies, where cities became major market centers. By ...