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The key feature of the historical process of economic development is the "Great transformation" (Polanyi, 1944) whereby the traditional organization of economic activities gives way to the systematic adoption and development of new production processes, new products and new organizational forms characterized by the prevalence of modern industries, and knowledge-intensive services. The great transformation consists first and foremost of the accumulation of various forms of knowledge and novel capabilities at the level of both individuals and organizations.
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