Power and Plenty: Trade, War, and the World Economy in the Second Millennium

Power and Plenty: Trade, War, and the World Economy in the Second Millennium

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by Ronald Findlay, Kevin H. O'Rourke
     
 

"Trade has been the economic foundation of international integration and globalization. But, as Findlay and O'Rourke show in this masterful, state-of-the-art historical survey, it has also been a very frequent cause of rivalry between nations and maritime conflict. No better book exists on the role that commerce has played in generating both the wealth of nations

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Overview

"Trade has been the economic foundation of international integration and globalization. But, as Findlay and O'Rourke show in this masterful, state-of-the-art historical survey, it has also been a very frequent cause of rivalry between nations and maritime conflict. No better book exists on the role that commerce has played in generating both the wealth of nations and the wars between them. The authors command the literature the way Victorian admirals ruled the waves."—Niall Ferguson, Harvard University

"A work of extraordinary scope and ambition and a major achievement. Findlay and O'Rourke show how international trade opens an illuminating window onto fully a millennium of world economic history."—Barry Eichengreen, University of California, Berkeley

The vision that emerges in this book is more powerful and encompassing than any previous study of world trade. It passes all the tests that an economic historian might require in terms of empirical evidence while also embodying a very clear view of the economics of globalization. The authors have new and important things to say about trade and the Industrial Revolution, the Great Divergence, the extent and driving forces of the globalization of trade in different periods, and the possibility of another globalization backlash. A marvelous achievement."—Nicholas Crafts, University of Warwick

"The significance of this work lies in its comprehensiveness and the unflagging thoughtfulness of its analysis. It is very rare to find such detailed historical coverage resting on such a solid theoretical foundation."—Eric L. Jones, author of The European Miracle and Cultures Merging

"This book, magisterial in scope and execution, marries a reading of voluminous historical research with an economist's sharp eye to what is important in shaping economies and events. The authors have drawn exhaustively on the secondary historical, political, and economic literature of the relevant periods and have integrated it faithfully with their own conceptual framework."—Douglas A. Irwin, Dartmouth College

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Product Details

ISBN-13:
9780691143279
Publisher:
Princeton University Press
Publication date:
08/10/2009
Series:
Princeton Economic History of the Western World Series
Edition description:
New Edition
Pages:
624
Sales rank:
611,273
Product dimensions:
6.10(w) x 9.20(h) x 1.38(d)

Meet the Author

Ronald Findlay is the Ragnar Nurkse Professor of Economics at Columbia University. He is the author of "Factor Proportions, Trade, and Growth"and "Trade, Development, and Political Economy". Kevin H. O'Rourke is professor of economics at Trinity College, Dublin. He is the coauthor of "Globalization and History".

Table of Contents

Acknowledgments xiii
Preface xvi

Chapter 1: Introduction: Geographical and Historical Background 1
Western Europe 4
Eastern Europe 11
North Africa and Southwest Asia: The Islamic World 15
Central (or Inner) Asia 24
South Asia 29
Southeast Asia 33
East Asia (China, Korea, and Japan) 37

Chapter 2: TheWorld Economy at the Turn of the First Millennium 43
The Golden Age of Islam 48
China: The Sung Economic Miracle 61
The Indian Ocean and Southeast Asian Trade 67
The Pirenne Thesis 71
Eastern Europe: The Viking Connection 73
The Economy ofWestern Europe 80

Chapter 3: World Trade 1000-1500: The Economic Consequences of Genghis Khan 87
Trade and War in the Mediterranean and the Black Sea, 1000-1350 88
The Indian Ocean and the South China Sea, 1000-1350 98
The Pax Mongolica and Overland Trade, 1000-1350 101
Eurasia on the Eve of the Black Death 109
The Black Death 111
Trade between Western and Eastern Europe, 1350-1500 120
Overland Trade, 1350-1500: The Aftermath of the Pax Mongolica 124
The Emergence of Russia 126
The Middle East, the Mediterranean, and International Trade, 1350-1500 127
Southeast Asia and China, 1350-1500 133
Quantifying the Late Medieval Spice Trade 140

Chapter 4: World Trade 1500-1650: Old World Trade and New World Silver 143
Portugal, the Atlantic, and the Indian Ocean 145
Spain, Portugal, and the New World 158
The Pacific and East Asia 167
The Dutch Rise to Primacy in World Trade 175
Russia, Sweden, and the Baltic, 1500-1650 187
Southeast Asia during the Age of Commerce 194
The Cape Route, Venice, and the Middle East 204
Silver, Silk, and Spices 212

Chapter 5: World Trade 1650-1780: The Age of Mercantilism 227
Origins of the British Empire: Trade, Plunder, and Settlement 229
Mercantilism, Commercial Rivalry, and the Anglo-Dutch Wars 238
Britain, France, and the Dutch Republic 245
Britain and France: Commercial Expansion and the Second Hundred Years'War 247
India: The Disintegration of the Mughal Empire and the Transition to Colonial Rule 262
Southeast Asia and the End of the Age of Commerce 275
TheManchu Empire 284
China's Overseas Trade 286
Chinese and Russian Overland Trade 295
Conclusion 304

Chapter 6: Trade and the Industrial Revolution 311
Trade during the Industrial Revolution 324
Trade, Overseas Expansion, and the Industrial Revolution 330
Why Britain? Why Europe and Not Asia? 346
Conclusion 364

Chapter 7: World Trade 1780-1914: The Great Specialization 365
War and Revolution 366
The Revolutionary and Napoleonic Wars: Short-Run Implications 369
The Revolutionary and NapoleonicWars: Long-Run Implications 371
The Industrial Revolution and Transportation Technology 378
Bulk Commodities and Heckscher-Ohlin Effects 383
Nineteenth-Century Imperialism 387
Nineteenth-Century Trade Policy 395
Commodity Market Integration, 1815-1914 402
Complementary Factor Flows and the Great Frontier 407
Trade and the Global Division of Labor 411
Trade, Tropical Frontiers, and the Great Divergence 414
The Terms of Trade 424
Conclusion 425

Chapter 8: World Trade 1914-39: Deglobalization 429
WorldWar I 429
The Aftermath of War 435
Interwar Commercial Policy 443
Transport Costs 455
The Volume of World Trade 458
Price Convergence and Divergence 461
The Great Depression, the Collapse of World Trade, and the Developing Countries 465
The Collapse of the Ottoman Empire 469
Conclusion 471

Chapter 9: Reglobalization: The Late Twentieth Century in Historical Perspective 473
World War II 473
Geopolitical Consequences: Communism, the Cold War, and Decolonization 476
The Gradual Reconstruction of the Atlantic Economy: 1950-70 489
Policy Divergence: 1945-80 493
Reglobalization: 1980-2000 496
International Transport Costs 501
Trends in Openness: Quantities and Prices 505
Unraveling the Great Specialization 512
Openness and Convergence in the Late Twentieth Century 515
Conclusion 525

Chapter 10: Globalization at the Dawn of the Twenty-First Century 527
The Future of Globalization: Economic Challenges 534
The Future of Globalization: Political Challenges 539

Bibliography 547
Index 593

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