Around 1700, a sequence of events led to today's highly globalized economy and unequal global wealth distribution. The sequence is as follows:
- Virtually the entire world lives at a subsistence level.
- Dramatic increase in food production in Europe due technological advances in farming lead.
- Factory production replaces European cottage industries.
- Western colonialism at its peak transfers wealth from the colonies to Europe.
- Former colonies of Europe struggle economically post independence
The economy in 1700s was based on mainly farming, fur trading, ship production, local production.
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The capture theory of regulation holds that there are certain regulations which are enforced by the regulator agencies and individuals.
<h3>What is the theory of regulation?</h3>
The theory of regulatory was attached to some individual such as Nobel laureat and George Stigler the theory explains the phenomenon of a regulation is managed by designated individual who ensures that people comply to regulations.
We have private and public regulations and agency vested with the task to oversee a specific industries are exposed to risk.
Therefore,
The capture theory of regulation holds that there are certain regulations which are enforced by the regulator agencies and individuals.
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