Read the following passage and answer the questions below : Industrial Revolution started and made its biggest strides in England because of her uniquely inclusive economic institutions. These in turn were built on foundations laid by the inclusive political institutions brought about by the Glorious Revolution of 1688. It was the Glorious Revolution that strengthened and rationalized property rights, improved financial markers, undermined state-sanctioned monopolies in foreign made, and removed the barriers to the expansion of industry. It was the Glorious Revolution that made the political system open and responsive to the economic needs and aspirations of society. These inclusive economic institutions gave men of tale and vision the opportunity and incentive to develop their skills and ideas and influence the system in ways that benefited them and the nation. England developed pluralistic institutions breaking w from extractive institutions. Political developments leading up to the Glorious Revolution were shaped by several interlinked processes. Central was the political conflict between absolutism and opponents.

What is meant by the conflict between absolutist economic institutions?

Created: 1 year ago | Updated: 1 year ago

Updated: 1 year ago

Inclusive economic institutions represent a group of institutions which are same in nature and objectives and its objective is to develop the economy through the participation of all classes of people. On the other hand, extractive economic institutions give the opposite meaning of inclusive. It means the particular institutions which work based on some specific objectives.

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