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

by Ronald Findlay, Kevin H. O'Rourke
     
 

ISBN-10: 0691143277

ISBN-13: 9780691143279

Pub. Date: 08/10/2009

Publisher: Princeton University Press

International trade has shaped the modern world, yet until now no single book has been available for both economists and general readers that traces the history of the international economy from its earliest beginnings to the present day. Power and Plenty fills this gap, providing the first full account of world trade and development over the course of the

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Overview

International trade has shaped the modern world, yet until now no single book has been available for both economists and general readers that traces the history of the international economy from its earliest beginnings to the present day. Power and Plenty fills this gap, providing the first full account of world trade and development over the course of the last millennium.

Ronald Findlay and Kevin O'Rourke examine the successive waves of globalization and "deglobalization" that have occurred during the past thousand years, looking closely at the technological and political causes behind these long-term trends. They show how the expansion and contraction of the world economy has been directly tied to the two-way interplay of trade and geopolitics, and how war and peace have been critical determinants of international trade over the very long run. The story they tell is sweeping in scope, one that links the emergence of the Western economies with economic and political developments throughout Eurasia centuries ago. Drawing extensively upon empirical evidence and informing their systematic analysis with insights from contemporary economic theory, Findlay and O'Rourke demonstrate the close interrelationships of trade and warfare, the mutual interdependence of the world's different regions, and the crucial role these factors have played in explaining modern economic growth.

Power and Plenty is a must-read for anyone seeking to understand the origins of today's international economy, the forces that continue to shape it, and the economic and political challenges confronting policymakers in the twenty-first century.

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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:
1,128,747
Product dimensions:
6.10(w) x 9.20(h) x 1.38(d)

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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