Read the passage below:
For decades, economic historians attributed the rapid industrial growth of nineteenth-century regional hubs primarily to proximity to natural waterways. However, recent quantitative analyses suggest that localized private credit markets played a more decisive role in sustaining long-term capital investment. Critics of this revised thesis contend that private credit availability was merely a downstream effect of waterway access, arguing that maritime commerce generated the surplus capital required to establish banking institutions. Nevertheless, this objection overlooks evidence that several landlocked commercial centers developed robust, independent credit syndicates prior to the construction of major canal or river connections. Thus, the claim that waterway proximity was the primary catalyst for industrialization conflates trade volume with capital formation.
Evaluate the following statement: The author's counterargument against the critics relies on the assumption that the surplus capital in landlocked commercial centers did not originate from maritime commerce conducted elsewhere.
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