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
     
 

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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

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.

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:
721,659
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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