Final answer:
Bourgois argues that market development has been significantly influenced by urbanization, industrialism, and the growth of the bourgeoisie, as well as nations observing and learning from each other's economic successes to foster market-friendly institutions.
Step-by-step explanation:
Bourgois' arguments regarding market development revolve around the impact of urbanization, industrialism, and changes post-French Revolution. The growth of the bourgeoisie came as a result of increased urbanization due to the effects of industrialization and the breakdown of old social structures, concentrating wealth and advantages in the hands of middle-class professionals in urban areas. Simultaneously, this led to the creation of new economic complexities and the rise of consumerism, particularly in the Victorian Era, where the consumption of non-essential goods by the masses became central to the economy.
Adam Smith's ideas reflect the specialization based on comparative advantage, where countries focus on producing goods that they can produce efficiently, as seen with the examples of France producing cheese and wine, and Great Britain focusing on wool.
Moreover, there's a shared sentiment among optimists that witnessing the growth of other nations encourages countries to develop and maintain market-friendly institutions, which in turn supports the continuation of a higher standard of living for its populace.