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# Economic System Context

## Definition

The historical, geographical, and social circumstances that shape the development and operation of economic arrangements, including the stage of opulence, technological development, and cultural factors that influence which systems are appropriate and effective.

## Source Chapter

Book IV, Chapter 0

## Context

Smith explicitly recognizes that different ages and nations have given rise to different systems of political economy, establishing the importance of contextual factors in understanding and implementing economic arrangements.

## Economic Domain

General Theory

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