Quote #173,050
“A system where self-employment and self-finance was typical gave way to a system…” — Edmund Phelps
A system where self-employment and self-finance was typical gave way to a system of companies having various business freedoms and enabling institutions. This was the 'great transformation' on which historians and sociologists as well as business commentators were to write volumes.
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View AllAs a grandson of farmers in downstate Illinois, I have long admired the dedication of farmers to their work and have written about the role of agriculture in American innovation.— Edmund Phelps