How The West Grew Rich: The Economic Transformation Of The Industrial World
How did the West—Europe, Canada, and the United States—escape from immemorial poverty into sustained economic growth and material well-being when other societies remained trapped in an endless cycle of birth, hunger, hardship, and death? In this elegant synthesis of economic history, two scholars argue that it is the political pluralism and the flexibility of the West’s institutions—not corporate organization and mass production technology—that explain its unparalleled wealth.
The Middle Ages
The Growth of Trade to 1750
The Evolution of Institutions Favorable to Commerce
Technology Trusts and Marketable Stock
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Adam Smith advances advantage agricultural American artisan authority became capital capital accumulation capitalist chapter commercial companies competition corporations costs countries decline early Economic History economic organization economic sphere effect employees England Europe European exchange expansion experiment explanation factory system Fernand Braudel feudal fifteenth fifteenth century firms guilds hierarchy Ibid important improvements incorporation increase individual Industrial Revolution innovation institutions interest investment investors labor land large numbers less manor manorial system manufacturing medieval merchant class merger Middle Ages military modern monopoly nineteenth century oligopoly organizational output ownership period population power looms production profits Protestantism putting-out system R. H. Tawney revenues rise risk scientific sector shares sixteenth century social society steam engine supply textile towns trade transportation University Press urban villeins wealth West West's Western economic growth Western economies Western growth workers