Read the following passage:
In economic history, the long-held institutionalist perspective posits that formal legal frameworks are the sole driver of post-industrial market liquidity. However, recent empirical analyses of nineteenth-century maritime credit markets suggest a more complex dynamic. While formal statutes provided baseline enforcement, informal reputation networks among merchant syndicates routinely mitigated transaction costs far more effectively than statutory courts, which suffered from severe administrative delays. Rather than replacing formal legal structures, these informal networks operated synergistically with them, relying on statutory arbitration only as a secondary recourse when reputation-based sanctions failed. Thus, characterizing early market liquidity purely as a product of legal codification oversimplifies the dual mechanism that actually sustained commercial expansion.
True or False: The primary purpose of the passage is to challenge a single-factor explanation of historical market liquidity by illustrating how informal networks operated alongside formal legal structures.
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