| Peter Klein |
Ralph Raico, in a 1994 essay that has just been put online, offers a concise summary of the New Institutional explanation for the “European miracle,” the unprecedented, long-term rise in living standards beginning in late-medieval Europe.
[A] number of scholars concerned with the history of European growth have tended to converge on an interpretation highlighting certain distinctive factors. For the sake of convenience, we shall, therefore, speak of them, despite their differences, as forming a school of thought. The viewpoint may be referred to as the “institutional” — or, to use the title of one of the best-known works in the field — the “European miracle” approach.
The “miracle” in question consists in a simple but momentous fact: It was in Europe — and the extensions of Europe, above all, America — that human beings first achieved per capita economic growth over a long period…
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Utopia, you are standing in it! 
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