Consider the following passage excerpt:
"Many economic historians argue that nineteenth-century industrialization in Western Europe was primarily driven by technological innovations in steam power. However, revisionist scholars counter that without the simultaneous expansion of financial institutions capable of extending long-term credit, technological developments alone could not have sustained industrial growth. In response to this objection, recent empirical studies demonstrate that regions with early steam adoption industrialized rapidly regardless of local credit availability, whereas regions with advanced credit mechanisms but delayed adoption of steam power failed to achieve comparable output."
True or False: The empirical studies cited in the passage effectively rebut the revisionist scholars' counterargument by demonstrating that financial credit expansion was not a necessary condition for rapid industrial growth.
Answer: Answer