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The forces that shape economic growth:—The size of markets. Large markets make economies of scale possible and thus encourage saving, investing, and the development of new products.—The availability of information and the literacy of the population. The spread of information gives people access to scientific and technical ideas, products, and productive farming, manufacturing, and marketing techniques.—Natural resources. These seem like primary requirements but are not: they depend on markets for their commercial value.—Surplus capital—savings—that can be used as investment.—Basic economic rights such as guarantees of property and contracts.—Entrepreneurialism, creativity, and the human drive for self-improvement.—Technology and invention. While commonly seen as primary (or even the only) requirements for growth, these are strongly dependent on other factors.
|1||Why Economies Grow||1|
|2||The Invention of the New Economy||13|
|3||The Importance of Economic Growth||31|
|4||The Causes of Industrial Revolution||47|
|5||The Drama of the American Industrial Revolution||69|
|6||The Productivity Slowdown of the Late Twentieth Century||87|
|7||Why We Grew Rapidly Again||115|
|8||The Challenges to Prosperity||133|
|9||Making America Grow: Challenges and Principles||143|
|10||Making America Grow: An Agenda||163|
|11||Why We Won't Do It||179|
Posted December 10, 2002
"Why Economies Grow" is an extenisve account of how history shows why economies grow. The author, Jeff Madrick, gives many points and facts to essentially prove why econmies grow. He uses Global history and innovation to explain that technology or innovation causes the movement of economies. Econmies such as the European and North American markets. This movement is noted in his book from when time began all the way up to the internet bubble of the late 20th Century. The book spends an immense amount of time deconstructing the Industrial Revolutions in Europe and America. Madrick used the mass maunfacturing of Henry Ford, the steam engine and improvement of tools in the 1800s,the huge amount of innovation and invention of the 1970s, 1980s, and 1990s and the internet. However, the book almost gets repetitive and I did not like that at all. I felt as if I was reading the same thing over and over again. By the time we arrived at the 1970s and 1980s I was well into the idea that technological advances in communication and processing had made huge impacts on the history of the economy. In early chapters he jumps from, for example, 1940 into a short blurp about the 1980s. Overall I did not like the book. This may be because of my knowledge of economic history as a whole, but it was a common sense issue that could have been done in a 100 page report instead of a 200 page book.Was this review helpful? Yes NoThank you for your feedback. Report this reviewThank you, this review has been flagged.