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The Rise of the Western World: A New Economic History |
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You Are Here: Home > History Books > Holland History > Item 294
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The Rise of the Western World: A New Economic History
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by Douglass C. North and Robert Paul Thomas
Sales Rank: 241205
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List Price: $27.99
$24.29
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on 9-12-2008.
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Features
Cover Type: Paperback with 179 pages
Published by: Cambridge University Press July 30, 1976
Written in: English
ISBN 10 Number: 0521290996
ISBN 13 Number: 978-0521290999
Book Dimensions:
9.3 x 5.5 x 0.5 inches
Weighs: 8.8 ounces
Reader Reviews
North and Thomas seek to explain the "rise of the Western world" by illuminating the causal importance of an efficient economic organization that guarantees a wide latitude of property rights and both incentives and protection for economic growth. Although they pay homage to both Marxian and neoliberal theory, they take a theoretical middle ground that privileges the sociopolitical backdrop of economic affairs (as opposed to solely private or class-based activity) and in doing so identifies the roots of modernization as far back as the 10th Century. To justify the novelty and originality of this approach, they write that most analysts have misidentified the symptoms of modern economic growth (technological change, human capital, economies of scale) as the causes. In doing so, previous scholars have failed to answer the question "if all that is required for economic growth is investment and innovation, why have some societies missed this desirable outcome?" (2). Their answer is that some societies (England and the Netherlands) were better than others (France and Spain) at providing an efficient economic organization that could guarantee conditions favorable to per capita economic growth among a rapidly growing population. These conditions are conceptualized as mechanisms to reduce the gap between "social" and "private" rates of return, the key operating concepts in the analysis. Indeed, any old economic undertaking can provide private gains, but the "social" costs or benefits of this undertaking will affect the society's well-being, and a given discrepancy between the two rates of return means that a third party will absorb benefits or costs of this undertaking (an example would be the lack of intellectual property rights for inventions, leading to copying and piracy by third parties). A lack of strong property rights gives these third parties the institutional incentive or imperative to absorb social costs or benefits, and if private costs exceed private benefits then no rational chooser would ever undertake any risky new private economic activity (trade, inventions, investment, etc.). In a sense, then, the analysis becomes a refreshing neoliberal justification for strong government power. Population growth serves as a convenient control variable for this analysis, because by holding population growth constant across all the countries concerned, the authors are able to pinpoint their causal variable (parity between private and social rates of return) in the cases where it spurred the rise of capitalism (England and the Netherlands). Population growth serves as a control because the authors show that the rise of the Western World happened only after the second population boom in the period being studied (16th Century) - the fact that it didn't happen during the first population boom (10th through 13th Centuries) means that population growth alone cannot be seen as accountable for modernity. But how did the two population booms differ from each other? Only during the second one were England and the Netherlands able to provide per capita growth by providing a climate of incentives and protections (rule of law, property rights, insurance companies, joint stock companies, etc.) that reduced the gap between private and social returns and laid the groundwork for the industrial revolution to begin. The evidence provided to back up this causal argument comes in two primary forms: citations of historical scholarship (often quoting large passages out of encyclopedias) that are given a "new" economic spin, and a great deal of quantitative evidence, in the form of graphs and charts, to verify the cycles of population growth and economic growth and recession being identified. The authors admit that the quality of statistical data from the early period under study is rather dubious, but if one can grant the integrity of the historians that uncovered such incomplete and partial data then one can probably take this data as high-quality evidence of the trends being identified. The authors are intentionally ambiguous about their theoretical implications. Clearly, they seek to refute Marx by showing that technological change alone could not have been the cause of capitalist development, since this change itself was a symptom of both population growth and a favorable institutional climate (what Marx would dismiss as the superstructure). However, it's not clear how much they wish to refute neoliberal theory, since they follow much of its logic regarding the role of incentives in economic growth. They admit that Adam Smith himself went too far in his laissez-faire beliefs, since a weak state would not be able to provide the kinds of efficient economic organization that our authors advocate. But their analysis does not clarify just how strong of a state is required for such organization, especially in the information age economy.
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The Rise of the Western World: A New Economic History
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