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Growth is a modern phenomenon

Growth is a modern phenomenon - Growth is a modern...

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Growth’is’a’modern’phenomenon: The’expansion’of’economic’ac tivity’is’a’very’recent’thing:’up’until’1800,’most’ of’the’ world’was’poor’by’contemporary’standards Since’1820,’two -century’divergence: ’ Western’offshoot s’and’ western’Europe’lead’starting’from’1820.’ Latin’America’and’Asia’rapid’growth Eastern’Europe’had’ste ady’rise’but’crisis’in’1990±s This’divergence’happened’pretty’recently’on’the’scope’of’human’ history’ The’Madison’Historical’data: ’ Team’has’growth’rates’dating’back’to’year’1:’nobody’grows’in’first millennia’and’a’half ’ Not’until’industrial’revolution’that’you’begin’to’see’growth’rates’ increase:’ western’continues’to’grow’rapidly,’china’does’not. Europe’vs.’China: ’ Until’1500,’if’you’traveled’to’both’places’reported’that’patterns’of’economic’ activity’and’political’instituti ons’were’ very’similar ’ Skip’forward’200’years,’very’different’picture:’mass’industrialization,’ urbanization,’ technological’innovation.’China’is’almost’completely’still’ agricultural,’peasant’society,’operating’under’feudal’principles. Conventional’wisdom: ’ Prior’to’16 th ’century,’civilizations’with’agriculture,’metalworking,’and’ complex’social’organization’hit’the’“Malthusian”’wall’(population’ growth’vs.’society±s’ability’to’feed’itself’is’the’ultimate’fight’that’ keeps’our’population’in’check) Population’growth ’and’lack’of’resources’kept’standards’of’ living’low’in’spite’of’sophisticated’but’non -mechanical’ technology’ Elites’in’Europe’focused’more’on’grabbing’the’surplus’from’ the’people’rather’than’on’ enlarging’the’surplus’through’ further’investment’or’innovation ’ 1500’Europe’begun’to’outpace’C hina:’ this’is’due’to’revolution’in’ideas’in’Europe’ that’did’not’occur’in’ China:’Re naissance,’secular’humanism,’scientific’discovery ,’ laid’basis’for’England±s’eventual’industrialization Scientific’and’technological’progress’ ! ’i ndustrialization’ ! CHECK’SLIDES ’ Western’Europe’vs.’China:’currency’indicates’western’Europe’ currency’doubles’from’1000 -1800’but’after’1800,’you’go’to’6’fold’ increase’in’a’matter’of’a’century China’before’industrialization: ’ Along’a’number ’of’dimensions,’Chi nese’economic’activity’was’very’ similar’to’European’until’the’18 th ’century: ’ Caloric’intake ’ Consumption’of’basic’goods ’ Use’of’inputs’in’China’was’not’more’restrictive’than’in’Europe:
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