How the World Became Rich: The Historical Origins of Economic Growth

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argues, “Mark Koyama and Jared Rubin follow in Smith’s footsteps by providing a sweeping review of the economic history literature concerning the rise and spread of modern economic growth”. Historians, economists, and anthropologists have proposed a long list of explanations for why human life suddenly changed starting in 18th-century England, from geographic effects to forms of government to intellectual property rules to fluctuations in average wages. While it has limitations, the book is recommended for students, professionals, and general readers seeking a comprehensive exploration of economic growth. They stress the role of institutions, this time operating through railroad investment and mass education, especially in Prussia and the United States.

In addition, Koyama and Rubin (2022) provide insights into how different societies have approached economic growth and highlight the significant events and transformations that have shaped our modern economy. While this is explored lightly in the final chapter, discussions of the benefits and costs would require a book as large as this to address. In our view], the decisive break responsible for industrialization rests on developments that seem to be only indirectly connected to the story of colonial exploitation. In How the World Became Rich: The Historical Origins of Economic Growth(Polity, 2022), Mark Koyama and Jared Rubin dive into the many theories of why modern economic growth happened when and where it did.People lived in horrific conditions and there was a lot of overcrowding, a lot of negative externalities, a lot of slum housing. For example, some books may provide extensive case studies and empirical evidence, while others rely more on theoretical constructs and historical anecdotes. The authors recognize that many factors influence economic growth and acknowledge the importance of considering diverse viewpoints.

This applies not only to students seeking a comprehensive understanding of economic growth but to individuals across society seeking to better understand the foundations of our political and economic structure. What today is a luxury for a few will become the necessity of the many in the future (Kapferer, 2014). It examines the factors that contributed to the region’s early economic prosperity, highlighting key historical events, institutions, and innovations that played a role. note that they only provide cursory explanations for “topics like institutional change, the growth of state capacity, and the rule of law”, Koyama and Rubin (2022, p. If the authors were to examine these other issues in more detail, it would likely detract from the focus of the work.This integration of perspectives enriches the understanding of economic growth, allowing readers to explore the complexities and interdependencies that shape global growth. Capitalism incentivizes competition, innovation, and entrepreneurship, allowing individuals and businesses to pursue their economic interests. I think there must be some continuity between this statist skepticism and embracement of the Glorious Revolution as causal rather than symptomatic of growth, right?