Global Economic History: A Very Short Introduction (Very by Robert C. Allen

By Robert C. Allen

Why are a few nations wealthy and others bad? In 1500, worldwide source of revenue alterations have been small, yet disparities have grown dramatically in view that Columbus reached the US. during this Very brief creation, Robert C. Allen exhibits how the interaction of geography, globalization, technological switch, and monetary coverage has made up our minds the wealth and poverty of countries. Allen indicates how the economic revolution used to be Britain's path-breaking reaction to the problem of globalization.

Western Europe and North the US joined Britain to shape a membership of wealthy international locations, pursuing 4 polices--creating a countrywide industry through abolishing inner price lists and making an investment in transportation, erecting an exterior tariff to guard their fledgling industries from British festival, developing banks to stabilize the foreign money and mobilize household reductions for funding, and selling mass schooling to arrange humans for business paintings. jointly those international locations pioneered new applied sciences that experience made them ever richer. a couple of countries--Japan, Soviet Russia, South Korea, Taiwan, and maybe China--have stuck up with the West via inventive responses to the technological problem and with sizeable Push industrialization that has completed fast progress via coordinated funding.

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45 But the age of Cicero was abnormally complicated: the demands of politics, as they were then being played, and of conspicuous consumption, an element in politics, involved the nobility, as well as others, in moneylending on a stupendous scale. Electoral bribery, an expensive life-style, extravag~nt public games and other forms of public largesse had become necessary ingredients of political careers. For men whose wealth was in land, the pressures were exacerbated by a shortage of liquid assets, of cash.

The chief disciple of Diogenes the Cynic was a rich man, Crates of Thebes, Orders and Status 37 who voluntarily gave up his possessions, much like the heroes of the saints' lives in the later Roman Empire. ' But they must be treated with discrimination. 2-6), "has always been the handmaiden of philosophy.... Review the greatest rogues whose memory has been preserved, you will find no poor men among them .... " Out of context that seems straightforward enough. The context, however, is not irrelevant.

47 At a later date, Cicero borrowed 8oo,ooo sesterces from Caesar, which caused him much embarrassment when he began to edge into Pompey's camp;' 8 still later, in 47 or 46, when Caesar was in full control, Cicero lent the dictator's secretary Faberius a large (unspecified) sum, and recovery of that 54 The Ancient Economy loan proved a difficult, squalid business:" Whether or not either of those two loans was interest-bearing is uncertain, but there is no doubt that both Crassus and Caesar, among others, made large interest·free loans to politically useful men.

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