A Farewell to Alms
A Farewell to Alms

Author: Gregory Clark

Publisher: Princeton University Press

Published: 2008-12-29

Total Pages: 433

ISBN-13: 1400827817

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Why are some parts of the world so rich and others so poor? Why did the Industrial Revolution--and the unprecedented economic growth that came with it--occur in eighteenth-century England, and not at some other time, or in some other place? Why didn't industrialization make the whole world rich--and why did it make large parts of the world even poorer? In A Farewell to Alms, Gregory Clark tackles these profound questions and suggests a new and provocative way in which culture--not exploitation, geography, or resources--explains the wealth, and the poverty, of nations. Countering the prevailing theory that the Industrial Revolution was sparked by the sudden development of stable political, legal, and economic institutions in seventeenth-century Europe, Clark shows that such institutions existed long before industrialization. He argues instead that these institutions gradually led to deep cultural changes by encouraging people to abandon hunter-gatherer instincts-violence, impatience, and economy of effort-and adopt economic habits-hard work, rationality, and education. The problem, Clark says, is that only societies that have long histories of settlement and security seem to develop the cultural characteristics and effective workforces that enable economic growth. For the many societies that have not enjoyed long periods of stability, industrialization has not been a blessing. Clark also dissects the notion, championed by Jared Diamond in Guns, Germs, and Steel, that natural endowments such as geography account for differences in the wealth of nations. A brilliant and sobering challenge to the idea that poor societies can be economically developed through outside intervention, A Farewell to Alms may change the way global economic history is understood.

The Son Also Rises
The Son Also Rises

Author: Gregory Clark

Publisher: Princeton University Press

Published: 2015-08-25

Total Pages: 384

ISBN-13: 0691168377

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"How much of our fate is tied to the status of our parents and grandparents? How much does this influence our children? More than we wish to believe! While it has been argued that rigid class structures have eroded in favor of greater social equality, The Son Also Rises proves that movement on the social ladder has changed little over eight centuries. Using a novel technique -- tracking family names over generations to measure social mobility across countries and periods -- renowned economic historian Gregory Clark reveals that mobility rates are lower than conventionally estimated, do not vary across societies, and are resistant to social policies. The good news is that these patterns are driven by strong inheritance of abilities and lineage does not beget unwarranted advantage. The bad news is that much of our fate is predictable from lineage. Clark argues that since a greater part of our place in the world is predetermined, we must avoid creating winner-take-all societies."--Jacket.

A Farewell to Arms
A Farewell to Arms

Author: Ernest Hemingway

Publisher: Simon and Schuster

Published: 2014-07-08

Total Pages: 352

ISBN-13: 1476764522

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An unforgettable World War I story of an American ambulance driver on the Italian front and his love for an English nurse.

Prometheus Shackled
Prometheus Shackled

Author: Peter Temin

Publisher: Oxford University Press

Published: 2013-01-02

Total Pages: 224

ISBN-13: 0199311528

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After 1688, Britain underwent a revolution in public finance, and the cost of borrowing declined sharply. Leading scholars have argued that easier credit for the government, made possible by better property-rights protection, lead to a rapid expansion of private credit. The Industrial Revolution, according to this view, is the result of the preceding revolution in public finance. In Prometheus Shackled, prominent economic historians Peter Temin and Hans-Joachim Voth examine this hypothesis using new, detailed archival data from 18th century banks. They conclude the opposite: the financial revolution led to an explosion of public debt, but it stifled private credit. This led to markedly slower growth in the English economy. Temin and Voth collected detailed data from several goldsmith banks: Child's, Gosling's, Freame and Gould, Hoare's, and Duncombe and Kent. The excellent records from Hoare's, founded by Sir Richard Hoare in 1672, offer particular insight. Numerous entrants into the banking business tried their hand at deposit-taking and lending in the early 17th century; few survived and fewer thrived. Hoare's and a small group of competitors did both. Temin and Voth chart the growth of the successful banks in the face of frequent wars and heavy-handed regulations. Their new data allows insights into the interaction between financial and economic development. Government regulations such as (a sharply lower) maximum interest rate caused severe misallocation of credit, and a misguided attempt to lighten the nation's debt burden led directly to the South Sea Bubble in 1720. Frequent wars caused banks to call in loans, resulting in a sharply slower economic growth rate. Based on detailed micro-data, the authors present conclusive evidence that wartime borrowing crowded out investment. Far from fostering economic development, England's financial revolution after 1688 did much to stifle it -- the Hanoverian "warfare state" was a key reason for slow growth during Britain's Industrial Revolution. Prometheus Shackled is a revealing new take on one of the most important periods of economic and financial development.

The Roman Market Economy
The Roman Market Economy

Author: Peter Temin

Publisher: Princeton University Press

Published: 2017-09-05

Total Pages: 317

ISBN-13: 0691177945

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What modern economics can tell us about ancient Rome The quality of life for ordinary Roman citizens at the height of the Roman Empire probably was better than that of any other large group of people living before the Industrial Revolution. The Roman Market Economy uses the tools of modern economics to show how trade, markets, and the Pax Romana were critical to ancient Rome's prosperity. Peter Temin, one of the world's foremost economic historians, argues that markets dominated the Roman economy. He traces how the Pax Romana encouraged trade around the Mediterranean, and how Roman law promoted commerce and banking. Temin shows that a reasonably vibrant market for wheat extended throughout the empire, and suggests that the Antonine Plague may have been responsible for turning the stable prices of the early empire into the persistent inflation of the late. He vividly describes how various markets operated in Roman times, from commodities and slaves to the buying and selling of land. Applying modern methods for evaluating economic growth to data culled from historical sources, Temin argues that Roman Italy in the second century was as prosperous as the Dutch Republic in its golden age of the seventeenth century. The Roman Market Economy reveals how economics can help us understand how the Roman Empire could have ruled seventy million people and endured for centuries.

Why Nations Fail
Why Nations Fail

Author: Daron Acemoglu

Publisher: Currency

Published: 2013-09-17

Total Pages: 546

ISBN-13: 0307719227

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Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine? Is it culture, the weather, geography? Perhaps ignorance of what the right policies are? Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence? Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities. The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories. Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including: - China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West? - Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority? - What is the most effective way to help move billions of people from the rut of poverty to prosperity? More philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions? Why Nations Fail will change the way you look at—and understand—the world.

The Chosen Few
The Chosen Few

Author: Maristella Botticini

Publisher: Princeton University Press

Published: 2012

Total Pages: 346

ISBN-13: 0691144877

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Maristella Botticini and Zvi Eckstein show that, contrary to previous explanations, this transformation was driven not by anti-Jewish persecution and legal restrictions, but rather by changes within Judaism itself after 70 CE--most importantly, the rise of a new norm that required every Jewish male to read and study the Torah and to send his sons to school. Over the next six centuries, those Jews who found the norms of Judaism too costly to obey converted to other religions, making world Jewry shrink. Later, when urbanization and commercial expansion in the newly established Muslim Caliphates increased the demand for occupations in which literacy was an advantage, the Jews found themselves literate in a world of almost universal illiteracy. From then forward, almost all Jews entered crafts and trade, and many of them began moving in search of business opportunities, creating a worldwide Diaspora in the process.

Wealth And Poverty Of Nations
Wealth And Poverty Of Nations

Author: David S. Landes

Publisher: Hachette UK

Published: 2015-04-20

Total Pages: 743

ISBN-13: 0349141444

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The history of nations is a history of haves and have-nots, and as we approach the millennium, the gap between rich and poor countries is widening. In this engrossing and important new work, eminent historian David Landes explores the complex, fascinating and often startling causes of the wealth and poverty of nations. The answers are found not only in the large forces at work in economies: geography, religion, the broad swings of politics, but also in the small surprising details. In Europe, the invention of spectacles doubled the working life of skilled craftsmen, and played a prominent role in the creation of articulated machines, and in China, the failure to adopt the clock fundamentally hindered economic development. The relief of poverty is vital to the survival of us all. As David Landes brilliantly shows, the key to future success lies in understanding the lessons the past has to teach us - lessons uniquely imparted in this groundbreaking and vital book which exemplifies narrative history at its best.

A Troublesome Inheritance
A Troublesome Inheritance

Author: Nicholas Wade

Publisher: Penguin

Published: 2014-05-06

Total Pages: 249

ISBN-13: 0698163796

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Drawing on startling new evidence from the mapping of the genome, an explosive new account of the genetic basis of race and its role in the human story Fewer ideas have been more toxic or harmful than the idea of the biological reality of race, and with it the idea that humans of different races are biologically different from one another. For this understandable reason, the idea has been banished from polite academic conversation. Arguing that race is more than just a social construct can get a scholar run out of town, or at least off campus, on a rail. Human evolution, the consensus view insists, ended in prehistory. Inconveniently, as Nicholas Wade argues in A Troublesome Inheritance, the consensus view cannot be right. And in fact, we know that populations have changed in the past few thousand years—to be lactose tolerant, for example, and to survive at high altitudes. Race is not a bright-line distinction; by definition it means that the more human populations are kept apart, the more they evolve their own distinct traits under the selective pressure known as Darwinian evolution. For many thousands of years, most human populations stayed where they were and grew distinct, not just in outward appearance but in deeper senses as well. Wade, the longtime journalist covering genetic advances for The New York Times, draws widely on the work of scientists who have made crucial breakthroughs in establishing the reality of recent human evolution. The most provocative claims in this book involve the genetic basis of human social habits. What we might call middle-class social traits—thrift, docility, nonviolence—have been slowly but surely inculcated genetically within agrarian societies, Wade argues. These “values” obviously had a strong cultural component, but Wade points to evidence that agrarian societies evolved away from hunter-gatherer societies in some crucial respects. Also controversial are his findings regarding the genetic basis of traits we associate with intelligence, such as literacy and numeracy, in certain ethnic populations, including the Chinese and Ashkenazi Jews. Wade believes deeply in the fundamental equality of all human peoples. He also believes that science is best served by pursuing the truth without fear, and if his mission to arrive at a coherent summa of what the new genetic science does and does not tell us about race and human history leads straight into a minefield, then so be it. This will not be the last word on the subject, but it will begin a powerful and overdue conversation.

Escape from Rome
Escape from Rome

Author: Walter Scheidel

Publisher: Princeton University Press

Published: 2019-10-15

Total Pages: 694

ISBN-13: 0691172188

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"In this book, Walter Scheidel provides a unique take on the perennial debates about the rise of the west. His main argument is straightforward and provocative: the fact that nothing like the Roman Empire ever again emerged in Europe was a crucial precondition for modern economic growth, the Industrial Revolution and worldwide conquest much later on. Contra Ken Pomeranz's classic thesis about the "Great Divergence" of the 18th/19th centuries when northwestern Europe pulled away from China and the rest of world in terms of economic performance and overall power, Scheidel argues there was a much more significant "first great divergence" in late antiquity which set the stage. Scheidel argues that it wasn't until the West "escaped" from the dominance of the Roman empire did it flourish economically (unlike China, comparison which will be explored in this book, which despite transformations and setbacks remained a "universal empire" for much of it's 2,200 year history). Scheidel approaches this "first great divergence" via a new take on some central question concerning the life and fate of the Roman Empire: How did the Roman Empire come into existence - did its rise depend on unique conditions that were never repeated later on? Was its fall inevitable? Why was nothing like the Roman Empire ever rebuilt? And did this matter for (much) later developments? He concludes by arguing that the fall and lasting disappearance of the Roman Empire was an indispensable precondition for later European exceptionalism and therefore for the creation of the modern world we now live in. From this perspective, the absence of the Roman Empire had a much greater impact than its previous existence and its subsequent influence on European culture, which is of course well documented in many domains and often accorded great significance. Scheidel does concede that a monopolistic empire like Rome's which first created a degree of shared culture and institutions but subsequently went away for good was perhaps more favorable to later European development than a scenario in which no such empire had ever existed in the first place. But, in answer to the question, ""What have the Romans ever done for us?" Scheidel replies: "fall and go away."" --