20 lines
689 B
Markdown
20 lines
689 B
Markdown
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# Market-Town Economy
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## Definition
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The economic organisation of small urban centres that provide limited but essential market access for surrounding rural areas. Market towns enable a degree of specialisation beyond what is possible in isolated villages, though they cannot support the full division of labour possible in larger cities.
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## Source Chapter
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Book I, Chapter 3
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## Context
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Smith uses the example of a porter who can find employment and subsistence only in a great town, not in a village or even an ordinary market-town. This illustrates how different sizes of markets support different degrees of specialisation and division of labour.
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## Economic Domain
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Exchange
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---
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