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The Rise of the Western World: A New Economic History, by Douglass C. North, Robert Paul Thomas
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First published in 1973, this is a radical interpretation, offering a unified explanation for the growth of Western Europe between 900 A. D. and 1700, providing a general theoretical framework for institutional change geared to the general reader.
- Sales Rank: #592457 in eBooks
- Published on: 1973-09-14
- Released on: 1973-09-14
- Format: Kindle eBook
From the Back Cover
In some respects this is intended to be a revolutionary book, but in other respects it is very traditional indeed. It is revolutionary in that we have developed a comprehensive analytical framework to examine and explain the rise of the Western world; a framework consistent with and complementary to standard neo-classical economic theory. Since the book is written to be understandable (and hopefully interesting) for those without prior economic training, we have avoided the jargon of the profession and attempted to be as clear and as straightforward as possible.
About the Author
Douglass C. North is co-recipient of the 1993 Nobel Memorial Prize in Economic Science. He is Spencer T. Olin Professor in Arts and Sciences at Washington University in St. Louis and Bartlett Burnap Senior Fellow at the Hoover Institution at Stanford University. A member of the American Academy of Arts and Sciences, Professor North received the John R. Commons Award in 1992. He is author of eleven books, including Institutions, Institutional Change, and Economic Performance (1990), Understanding the Process of Economic Change (2005), and co-author, with John Joseph Wallis and Barry R. Weingast, of Violence and Social Orders: A Conceptual Framework for Interpreting Recorded Human History (Cambridge University Press, 2009).
Most helpful customer reviews
0 of 0 people found the following review helpful.
very valuable for understanding the world
By Jon T.
A very, very good look at history through the lens of an economist who deserved his Nobel prize. Clearly written, simple and direct, this short book will go a long way to showing an engaged reader why growth exploded when and where it did.
0 of 2 people found the following review helpful.
Not bad
By Joseph Fung
Some great insights into the origins of property rights and how they relate to today's world. Well written, but tedious at times.
16 of 17 people found the following review helpful.
Less Than Advertised
By R. Albin
This is a classic statement of the economic "institutionalist" explanation for Western dominance of the world. The North/Thomas argument is essentially that Western Europe/North America developed a set of economically efficient institutions that promoted economic producitivity growth, institutional innovation, and technological innovation. These institutions are free markets and specific forms of property rights, legal and political systems that favor market stability and security of property, and government fiscal policies that provide government with enough resources to protect market stability and property rights. Government fiscal and political policies cannot, however, undermine market forces and property rights.
North and Thomas present a concise but well done overview of European economic history from 900 - 1700 AD to support their hypothesis. The gist of their case is that a pair of nations that developed these institutions, Holland and England, developed productive and expanding economies. Those nations that did not; France, Spain, etc., either stagnated or actually declined. The development of these institutions is shown to be a contingent and essentially fortunate process. Up to this point, I think that North and Thomas make a very good case, though there may be other crucial strictly non-economic factors. Holland and England were both, for example, relatively tolerant Protestant countries.
Does this argument, however, explain The Rise of the Western World of their title? Probably not. North and Thomas have made a good argument to explain how Holland and England developed more dynamic economies than their European competitors. But does this explain the subsequent Industrial Revolution that really made possible the Western conquest of the globe? The North and Thomas story terminates at 1700, before the Industrial Revolution. Its a reasonable hypothesis that the same institutions that drove economic success in Holland and Britain contributed to the Industrial Revolution, but the most you can argue on the basis of the North/Thomas thesis is that these institutions were necessary for industrialization. They present no arguments to prove that these institutions were both necessary and sufficient to drive the Industrial Revolution.
Substantial recent scholarship like Pomeranz's The Great Divergence has argued that 18th century Qing China and 18th century Europe were economically much more similar than believed previously. Yet, the Industrial Revolution arose in Europe, not in China. To date, no one has provided a convincing explanation.
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