733 B
733 B
Market Integration Timeline
Definition
The historical sequence by which different regions become integrated into broader market systems, with coastal and riverine areas integrating first, followed by regions with artificial navigation improvements, and finally isolated inland areas. Market integration timeline explains the temporal patterns of economic development.
Source Chapter
Book I, Chapter 3
Context
Smith describes how industry naturally begins where water-carriage opens the whole world as a market, and it is frequently not till a long time after that improvements extend themselves to inland parts of the country, establishing a clear timeline for market integration.
Economic Domain
Exchange