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The English Economic Path: Alan Macfarlane and Deirdre McCloskey

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  • Heng-fu Zou

    (The World Bank)

Abstract

Alan Macfarlane's analysis of England's pre-industrial capitalism underscores the critical structural and institutional foundations that facilitated its economic ascent. England's enduring market economy, financial advancements, relatively free labor market, robust legal protections, and agrarian capitalism fostered a dynamic economic environment well before the Industrial Revolution. Complementing this perspective, Deirdre McCloskey's Bourgeois Trilogy highlights the transformative cultural and ideological shifts that legitimized and accelerated these economic developments. McCloskey emphasizes that England's pivotal innovation was its cultural reevaluation of commerce, innovation, and entrepreneurship. The emergence of bourgeois virtues -- prudence, industriousness, and ingenuity—created a societal ethos that celebrated enterprise, risk-taking, and creativity. According to McCloskey, these ideological transformations distinguished England from other regions with comparable structural advantages, enabling the rapid economic expansion of the Industrial Revolution. Combined, these viewpoints illustrate that England's capitalist success was not solely the outcome of institutional frameworks or economic practices but also the result of a profound cultural shift. The interplay between structural readiness and ideological evolution provides a holistic explanation for England's unique position as the birthplace of modern capitalism.

Suggested Citation

  • Heng-fu Zou, 2025. "The English Economic Path: Alan Macfarlane and Deirdre McCloskey," CEMA Working Papers 722, China Economics and Management Academy, Central University of Finance and Economics.
    • Handle: RePEc:cuf:wpaper:722
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