Abstract
The paper argues that the cultural and political legacy of the middle ages was crucial for the sustained economic growth which led to the Industrial Revolution. The medieval social/political orders had an exceptional openness to innovations (technological, organizational, and institutional) as compared to other contemporary civilizations. Such openness was due to the competition among them as well as to the existence of multiple organizations which were independent of the State. The emergence of national states would significantly change the medieval scenario but a legacy of fundamental cultural/institutional features of the middle ages played a decisive role in the forthcoming Industrial Revolution: the Rule of Law, individualism, representative assemblies, the respect for work and professions (notably that of merchant), and the embryo of a culture of economic growth. Another legacy was the process of capital accumulation which created a higher level of labor productivity than those prevailing in any other civilization at that time.