The Wealth and Poverty of Nations: Why Are Some So Rich and Others So PoorMany people mark the birth of economics as the publication of Adam Smith's The Wealth of Nations in Actually, this classic's full title is An Inquiry into the Nature and Causes of the Wealth of Nations , and Smith does indeed attempt to explain why some nations achieve wealth and others fail to do so. Yet, in the years since the book's publication, the gap between rich countries and poor countries has grown even larger. Economists are still refining their answer to the original question: Why are some countries rich and others poor, and what can be done about it? In common language, the terms "rich" and "poor" are often used in a relative sense: A "poor" person has less income, wealth, goods, or services than a "rich" person.
"The Wealth of Nations" by Adam Smith
What Drives the Wealth of Nations?
In it, Landes elucidates the reasons why some countries and regions of the world experienced near miraculous periods of explosive growth while the rest of the world stagnated. He does this by comparing the long-term economic histories of different regions of the world, giving priority to Europe and the United States, as well as Japan , China , the Arab world , and Latin America. In addition to analyzing economic and cliometric figures, he gives substantial credit to such intangible assets as culture and enterprise in the different societies he examines in order to explain economic success or failure. In The Wealth and Poverty of Nations , Landes revives, at least in part, several theories he believes have been incorrectly discarded by academics over the previous forty years:. He also spends a good deal of effort to debunk claims that the Asian miracle did not happen, was not significant, or was financed by European colonialism , and he draws a correlation between the economic level of a country and the way it treats its women. In short, he argues that the vast economic growth of the Industrial Revolution was no accident but instead resulted from several qualities of Europe, including its climate, political competition, economic freedom and attitude towards science and religion, more specifically from certain countries in Western Europe, primarily England. Critics have charged Landes with eurocentrism in his analysis, a charge which Landes himself does not deny; in fact, he embraces it explicitly, arguing that an explanation for an economic miracle that happened originally only in Europe though he deals with the later ' Asian miracle ' in Wealth and Poverty must of necessity be a Eurocentric analysis, thus siding at least at some level with thinkers such as Bernard Lewis.
David S. He also covers what makes a country achieve - and keep - great economic success. The book will appeal not only to economic history buffs, but also to the average person who needs to know how to keep a company or a country from economic trouble. Not to mention, he offers lots of great cocktail party anecdotes to impress your friends. Landes builds on solid economic data, but his unusual factual nuggets and vivid commentary are what make the book such a pleasure to read. In an age where politicians seek to make sure America stays economically relevant amid huge trade friction, getAbstract.
David S. New York: W. Norton,
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The transition made possible the human population explosion, the rise of non-food-producing specialists, and the acceleration of technological progress that led eventually to the industrial revolution. But the transition occurred at different times in different regions of the world, with big consequences for the present-day economic conditions of populations indigenous to each region. In this article, we show that differences in biogeographic initial conditions and in geography largely account for the different timings of the Neolithic transition and, thereby, ultimately help account for the fold differences among the prosperity of nations today. The effects of biogeography and geography on the wealth of nations are partly mediated by the quality of present-day institutions but also are partly independent of institutional quality. The prosperity of nations varies enormously. How can this large variation in the wealth of nations be explained?
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