Since its inception, United Kingdom of Great Britain, comprising originally of the Kingdom of England and the Kingdom of Scotland, was conceived as an economic union between the two formerly independent and sovereign states. The economic and political history of the then newborn state, within the frame of time, reffered to as the modern history of the world, has seen both, development and decay. An important aspect of the state's development is traditionally percieved to originate from the technological advancements, first adopted and spread throughout Britain as worldwide innovations, better known as the industrial revolution. Nevertheless, according to economic history scholars, if it weren't for the institutions industrial revolution might not have happened at all [1]. The latter being defined as common knowledge of rules by which economic activity is conducted within or between firms [2]. In accordance with the transaction theory of Ronald Coase, institutional developments, emerging on the premise of traditional values, as well as other notions concerning formal and informal communication, have an uncanny ability to influence the efficiency and costs of transactions. But under the framework of economic modelling and scholarly thought, no variables should be regarded as prime or secondary. The proper treatment of such interrelations is that there surely are things one just isnt fully aware of and they all are taking place simultaneously. In the past, the institution of private property and an efficient judicial system, as well as breakthroughs in production technology and cannal transportation networks, are viewed as central to the early development of the state that was to become the United Kingdom of Great Britain. According to the evidence found by researchers in time series of statistical data, over the centuries of Great Britain's existance, the levels of per capita productivity rose by some 500%. This, essentially, has made Britain what it is today, an...