Which leads to free trade, division of Labor or evolution of institutions?

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Which leads to free trade, division of Labor or evolution of institutions?에 대한 보고서 자료입니다.

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Adam Smith, who argued that economy emerged in regard to people’s self interest and can work better when there is no intervention from outside. Although economy started naturally to satisfy peoples’ demand, in reality it relies on many institutions that set ground for legitimate trade to occur.
Douglass C. North emphasis that institutions provide the incentive structure of an economy to grow. He states that without proper institutions economies may stay in primitive forms.
In this essay the two theories of free market economy and market with institutional evolution will be compared.

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free trade,   adam smith,   comparative essay,   institutions,   division of labor