How the West Grew Rich
Book description
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…
Why read it?
2 authors picked How the West Grew Rich as one of their favorite books. Why do they recommend it?
This highly readable, best-selling book explains how the West’s free-market economies grew rich while others stagnated. (1) The West provided the freedom to innovate in products processes and organizations while other societies resisted these activities. (2) The West’s diffusion of economic power from a centralised political sphere to a decentralized economic sphere was essential in establishing and maintaining this freedom. (3) The West’s market-based institutions allowed successful innovators to earn large gains while unsuccessful innovators and non-innovating firms suffered losses. (4) The growth of Western science nurtured economic growth produced by innovators who were typically well-versed in engineering and Newtonian…
From Richard's list on how technologies have transformed our societies.
In the late eighteenth century, Adam Smith famously asked: Why are some nations rich and others poor? You probably aren’t going to read Smith’s Wealth of Nations to find out the answer. And thanks to Rosenberg and Birdzell’s readable book, you don’t have to. While more recent books offer complementary accounts of wealth and poverty, How the West Grew Rich remains the best.
From Peter's list on economics and political economy.
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