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

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

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

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Ultimately (and this matters for the acceleration in growth we observe from the late 19th to the 20th centuries), it also helps if families limit the number of children they have. After all, the Dutch Golden Age saw the erection of sophisticated windmills across the country, powering wheat processing and lumber-sawing—surely the makers and maintainers of these machines were exactly the kinds of men needed for running textile machinery? They view recent decades as characterized by the rise of intangibles and they argue that growth has been slow because we lack the rules to best exploit the intangible economy. Instead, the book integrates multiple perspectives, recognizing that social, political, and environmental factors and economic considerations influence economic growth. This is not to deny a connection between the two, and reasonable people disagree over the relevant counterfactuals.

This will enable them to understand how economic systems impact the Environment and how geographic factors change economic outcomes (Alberti et al. This chapter explores trends in population growth, fertility rates, and their relationship to economic development. The crux of recent controversies and disputes between economic historians and historians is really about the question of necessity and causation. At Vox, we believe that clarity is power, and that power shouldn’t only be available to those who can afford to pay. As noted, while the authors try to direct the reader towards relevant literature, many supplementary areas would strengthen the work.A broader perspective on its strengths and weaknesses emerges when comparing “How the World Became Rich” to other books or literature on economic growth. It presents complex economic concepts clearly and understandably, avoiding excessive technical jargon.

Several economists, like Robert Gordon and Thomas Philippon, have worried that the past couple hundred years might be an aberration, and growth might now slow down. Unfortunately, the book primarily focuses on economic aspects and may neglect potential contributions from sociology, political science, and environmental studies. Geography students, in particular, will appreciate the book’s multidimensional approach, allowing them to explore the interactions between economic processes and the physical and human landscapes. Nor was the opening of the Atlantic, which marginalized the Mediterranean and inundated Iberia with tainted treasure, but was not responsible for the forward surge of the Anglo-Dutch commercial kingdoms.Well-functioning financial systems facilitating access to capital and credit is vital for economic growth (Hadj Fraj et al. How did growth go from something primarily benefiting capitalists to something that could broadly benefit humanity?

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