The Process of Economic Growth

The Process of Economic Growth

The Process of Economic Growth

The Process of Economic Growth

Excerpt

This is an historian's book about economic theory. Its connection with history is both direct and oblique.

The argument set forth in Part One arose directly from the requirements of the author's graduate seminar in economic history at M.I.T. That seminar is addressed to the pattern of evolution of the world economy since the mid-eighteenth century. Modern economic theory offers its students no agreed framework for disciplining such a story of growth and fluctuation. The concepts abstractly presented in Part One have been used in the past two years to bring order to a wide range of questions. For example, they have been applied, in a general way, to the classic story of the British Industrial Revolution; to the reasons for the differential rates of growth of Britain, the United States, Germany, and France in the first half of the nineteenth century; to the process whereby Latin America, Australasia, China, and Japan were drawn into the world economy; to the complex of forces that detonated the United States into rapid industrialization after the mid-century; to the worldwide network of trends from 1873 to the mid-nineties, and their reversal down to 1914; to the pathological but historically recognizable patterns of events during the interwar and postwar periods.

The origin of this theoretical apparatus in the study and teaching of history in no way can justify such inadequacies as it may . . .

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