The economy did not emerge as a distinct social institution until the Industrial Revolution.

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The economy existed before the Industrial Revolution, but it was not a distinct social institution in the same way that it is today. Pre-industrial economies were often based on agriculture, feudalism, and bartering systems. However, the Industrial Revolution did lead to significant changes in the way that goods were produced and exchanged, which helped to create a more formalized and complex economic system.

The Economy Did Not Emerge as a Distinct Social Institution