Before the industrial era, feudal villages and individual households were largely self-sufficient because village markets were basic and most peasant workers did not receive cash wages, but factory work and cash wages enabled specialization because individuals could now make purchases in markets rather than being locked into self-sufficiency.

causalpending

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Unidentified Speaker — The Most Important Economic Schools of Thought | Economics … [o6UXRZ2XwgU]

Evidence Quote

But, by moving into factories and earning a cash wage individuals now had the ability to make purchases, which gave the entire economy the ability to specialize.

Source

The Most Important Economic Schools of Thought | Economics ExplainedEconomics Explained
Created: 8/11/2026, 1:43:55 AM

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