Question

Eli Whitney developed the cotton gin during the Industrial Revolution. By having access to education and skill development, he was able to emerge as an entrepreneur who could employ new technologies for his business and find workers with the skills to use them. Inventors, like Whitney, were able to take up these economic opportunities generated by their ideas because they knew that their property rights would be respected, and they had access to markets where their inventions could profitably be used and sold. Institutions that allow and encourage all people to participate by making the best use of their talents must feature private property rights, and an unbiased system of law, as well as provide public services that create a level playing field in which people can exchange and contract. It must also permit the entry of new businesses and allow people to choose their careers. What kind of institution does this describe?

Answer 1

Answer:

The answer is - Inclusive Economic Institutions

Explanation:

Inclusive Economic institutions are economic institutions which allow and encourage participation of people involved in economic activities to make the best use of their talents and skills also allowing them make their own decisions about their work. Inclusive economic institutions feature secure contracts and property rights, an unbiased system of law where the state enforces law and order relatively uniformly, markets have relatively free entry, access to education and opportunity is open to a great majority of citizens.