Radical Decentralization Was The Key To West s Rise To Wealth And Freedom – OpEd – Eurasia Review eurasiareview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from eurasiareview.com Daily Mail and Mail on Sunday newspapers.
A large part of the world operates under oligarchic and authoritarian regimes, where access to economic opportunities is not offered to all citizens. This column discusses the impact of such ‘extractive institutions’ in stifling innovation and future economic growth. Using novel hand-collected data, it documents that ‘inclusive institutions’, which promote equal access to
There was an Industrial Revolution, and it was slow.
The debate’s been over for two decades. The gradualists, armed with new growth accounting techniques, have won, exorcising forever the Ashtonian vision of an eighteenth-century leap into exponential growth. Where historians once thought the spinning jenny, steam engine, and factory system the immediate preconditions of England’s dramatic transformation, they now accept that these advances emerged in a trickle in a few tiny sectors. Nicholas Crafts, a primary exponent of this “limited-gradualist” view, opens a recent survey on productivity growth during the Industrial Revolution on a triumphalist note:
The British industrial revolution was a landmark event in world economic history. While it was once seen as a period of dramatic ‘take-off’, it is now generally accepted that it was an episode of gradual acceleration in labour productivity growth which eventually led to sustained increases in living standards (Crafts 2
Unbound prometheus technological change and industrial development western europe 1750 present 2nd edition | Regional history after 1500 cambridge.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cambridge.org Daily Mail and Mail on Sunday newspapers.