Power and Plenty: Trade, War, and the World Economy in the Second Millennium (The Princeton Economic History of the Western World)

"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."--Jacket TITLE......Page 4 COPYRIGHT......Page 5 CONTENTS......Page 10 ACKNOWLEDGMENTS......Page 14 PREFACE......Page 17 1 Introduction: Geographical and Historical Background......Page 30 Western Europe......Page 33 Eastern Europe......Page 40 North Africa and Southwest Asia: The Islamic World......Page 44 Central (or Inner) Asia......Page 53 South Asia......Page 58 Southeast Asia......Page 62 East Asia (China, Korea, and Japan)......Page 66 2 The World Economy at the Turn of the First Millennium......Page 72 The Golden Age of Islam......Page 77 China: The Sung Economic Miracle......Page 90 The Indian Ocean and Southeast Asian Trade......Page 96 The Pirenne Thesis......Page 100 Eastern Europe: The Viking Connection......Page 102 The Economy of Western Europe......Page 109 3 World Trade 1000–1500: The Economic Consequences of Genghis Khan......Page 116 Trade and War in the Mediterranean and the Black Sea, 1000–1350......Page 117 The Indian Ocean and the South China Sea, 1000–1350......Page 127 The Pax Mongolica and Overland Trade, 1000–1350......Page 130 Eurasia on the Eve of the Black Death......Page 138 The Black Death......Page 140 Trade between Western and Eastern Europe, 1350–1500......Page 149 Overland Trade, 1350–1500: The Aftermath of the Pax Mongolica......Page 153 The Emergence of Russia......Page 155 The Middle East, the Mediterranean, and International Trade, 1350–1500......Page 156 Southeast Asia and China, 1350–1500......Page 162 Quantifying the Late Medieval Spice Trade......Page 169 4 World Trade 1500–1650: Old World Trade and New World Silver......Page 172 Portugal, the Atlantic, and the Indian Ocean......Page 174 Spain, Portugal, and the New World......Page 187 The Pacific and East Asia......Page 196 The Dutch Rise to Primacy in World Trade......Page 204 Russia, Sweden, and the Baltic, 1500–1650......Page 216 Southeast Asia during the Age of Commerce......Page 223 The Cape Route, Venice, and the Middle East......Page 233 Silver, Silk, and Spices......Page 241 5 World Trade 1650–1780: The Age of Mercantilism......Page 256 Origins of the British Empire: Trade, Plunder, and Settlement......Page 258 Mercantilism, Commercial Rivalry, and the Anglo-Dutch Wars......Page 267 Britain, France, and the Dutch Republic......Page 274 Britain and France: Commercial Expansion and the Second Hundred Years' War......Page 276 India: The Disintegration of the Mughal Empire and the Transition to Colonial Rule......Page 291 Southeast Asia and the End of the Age of Commerce......Page 304 The Manchu Empire......Page 313 China's Overseas Trade......Page 315 Chinese and Russian Overland Trade......Page 324 Conclusion......Page 333 6 Trade and the Industrial Revolution......Page 340 Trade during the Industrial Revolution......Page 353 Trade, Overseas Expansion, and the Industrial Revolution......Page 359 Why Britain? Why Europe and Not Asia?......Page 375 Conclusion......Page 393 7 World Trade 1780–1914: The Great Specialization......Page 394 War and Revolution......Page 395 The Revolutionary and Napoleonic Wars: Short-Run Implications......Page 398 The Revolutionary and Napoleonic Wars: Long-Run Implications......Page 400 The Industrial Revolution and Transportation Technology......Page 407 Bulk Commodities and Heckscher–Ohlin Effects......Page 412 Nineteenth-Century Imperialism......Page 416 Nineteenth-Century Trade Policy......Page 424 Commodity Market Integration, 1815–1914......Page 431 Complementary Factor Flows and the Great Frontier......Page 436 Trade and the Global Division of Labor......Page 440 Trade, Tropical Frontiers, and the Great Divergence......Page 443 The Terms of Trade......Page 453 Conclusion......Page 454 WorldWar I......Page 458 The Aftermath of War......Page 464 Interwar Commercial Policy......Page 472 Transport Costs......Page 484 The Volume of World Trade......Page 487 Price Convergence and Divergence......Page 490 The Great Depression, the Collapse of World Trade, and the Developing Countries......Page 494 The Collapse of the Ottoman Empire......Page 498 Conclusion......Page 500 World War II......Page 502 Geopolitical Consequences: Communism, the Cold War, and Decolonization......Page 505 The Gradual Reconstruction of the Atlantic Economy: 1950–70......Page 518 Policy Divergence: 1945–80......Page 522 Reglobalization: 1980–2000......Page 525 International Transport Costs......Page 530 Trends in Openness: Quantities and Prices......Page 534 Unraveling the Great Specialization......Page 541 Openness and Convergence in the Late Twentieth Century......Page 544 Conclusion......Page 554 10 Globalization at the Dawn of the Twenty-First Century......Page 556 The Future of Globalization: Economic Challenges......Page 563 The Future of Globalization: Political Challenges......Page 568 BIBLIOGRAPHY......Page 576 A......Page 622 B......Page 623 C......Page 625 E......Page 628 F......Page 629 G......Page 630 H......Page 631 I......Page 633 K......Page 634 L......Page 635 M......Page 636 N......Page 638 P......Page 639 R......Page 641 S......Page 642 T......Page 645 V......Page 646 W......Page 647 Z......Page 648 Introduction : Geographical And Historical Background -- The World Economy At The Turn Of The First Millennium -- World Trade 1000-1500 : The Economic Consequences Of Genghis Khan -- World Trade 1500-1650 : Old World Trade And New World Silver -- World Trade 1650-1780 : The Age Of Mercantilism -- Trade And The Industrial Revolution -- World Trade 1780-1914 : The Great Specialization -- World Trade 1914-39 : Deglobalization -- Reglobalization : The Late Twentieth Century In Historical Perspective -- Globalization At The Dawn Of The Twenty-first Century. Ronald Findlay, Kevin H. O'rourke. Includes Bibliographical References (p. [547]-592) And Index. '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 policy-makers in the 21st century