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Interesting historical presentation, fettered in its analysis by a frustratingly doctrinaire neoclassical framework.North and Thomas undertake to explain the emergence of an efficiently organized “market economy” which is the condition of possibility for what they call “sustained growth” in Western Europe. The emergence of “the market” is here presented as a more or less linear progression, at times fettered by the meddling of otherwise exogenous political actors. But this kind of analysis misses the centrality of the “anti-markets” of political and capitalist power to the historical emergence and expansion of capitalism (note: they only use the word capitalist in their dismissal of a Marxian theories of economic development). An analysis which takes “the efficient market” as its basic unit will identify the “inefficiencies” of monopoly as a form of economic organization and of force as a means to the consolidation of state power as obstacles to, rather than essential for, the development of capitalism as a world-system.

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