What were the main features of the transitional period?
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It produced neither revenue nor agricultural produce. It was seen as 'waste land' that needed to be brought under cultivation. From the mid-nineteenth century, waste land rules were enacted in various parts of the country. By these rules uncultivated lands were taken over and given to selected individuals.
lack of investments;
high inflation rates and high expected inflation rates;
high discount rates;
high risks connected to investment activities and poor perspective for
technological innovation;
spread and unshared information
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