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# Economic System Evolution

## Definition

The historical development and transformation of economic arrangements over time, reflecting changes in technology, understanding, and circumstances that lead to the emergence of new systems and the modification of existing ones.

## Source Chapter

Book IV, Chapter 0

## Context

Smith's distinction between ancient and modern systems explicitly recognizes the evolutionary nature of economic arrangements, suggesting that economic systems develop and change over time in response to various factors.

## Economic Domain

General Theory

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