ABSTRACT
The regions where domestic markets played a most obvious role in the stimulation and sustainment of economic growth were in North America. Here the fortunate combination of, on the supply side, a great abundance of free land, good natural resources, a population relatively free from socio-institutional economic-growth-impeding traditions; and on the demand side, an increasing number of people and, at the same time rising real incomes, produced a particularly favorable climate for investment and technological advancement. The earliest industries in America, as in most colonial countries, were those which were based upon the natural resources particular to the region lumbering and shipbuilding. In addition to its natural resources, its lack of inhibiting traditions, and a rapidly increasing demand resulting from the high rate of natural population accretion and immigration, America had also an educational advantage.
