In the first part of the essay, outline the fundamental arguments of two of the three grand theories we have discussed in this class: Adam Smith, Karl Marx, and Douglass North. In the second part of the essay, apply the arguments of these theories to two regions or countries from different places or time to explain their dynamics of economic evolution. The factors to consider are: changes in property rights and related shifts in inequality, changes in the policies and structures of the state, changes in technology, changes in trade patterns, and changes in the fundamental resources available for production. In the third part of the essay, use your analysis to choose which theory does the best job in explaining the economic changes you have discussed.

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