Search

This introductory piece for the research cluster 'The Economic Power of European Queens: Sources, Resources and Expenditure both delineates the content of the cluster and places it in the context of wider research. The article highlights common themes among the four articles in the cluster and common issues with the survival of sources which document the economic activity of royal women. It also highlights the importance of new research which is beginning to illuminate the financial element of queenship and helping us to understand this vital, yet understudied, part of the queen's office. [ABSTRACT FROM AUTHOR]

The article provides an overview of the historical organization of data collection on vital events and population in German territories during the pre-statistical era and briefly presents about a dozen related datasets. Data can be divided into the two categories of aggregate data on population and vital rates at the national, regional and community levels, and of nominative data at individual and household levels. The latter type of data is typically available only for individual communities or parishes. We illustrate the use of the datasets in published studies and point to directions for future research. The most important recent development concerns the increasing availability of indexed church records and online village genealogies, which offer a vast and little exploited potential for analysing the demographic patterns that prevailed prior to the onset of the demographic transition. [ABSTRACT FROM AUTHOR]

The Austrian school of economics was well within the mainstream of economic thought into the 1930s. By mid-twentieth century the Austrian school had established a distinct identity, partly because of methodological developments in mainstream economics, but moreso because of its policy conclusions. Austrian school was best known for its claim that rational economic calculation was not possible without markets and market prices, challenging the mainstream view that looked favorably on central economic planning. In addition, the Austrian business cycle theory challenged the Keynesian macroeconomics that dominated macroeconomic thought up through the mid-1970s. While there were methological differences between the Austrian school and the mainstream, these policy differences defined the Austrian episode. By the end of the twentieth century, the Austrian school had won the economic calculation debate, Keynesian macroeconomics had been displaced, and the methodological differences between the Austrian school and the mainstream had narrowed. The Austrian episode had passed. In the twenty-first century, the Austrian school's ideas, still relevant, have been combined with complementary ideas from other heterodox traditions, diminishing the distinctive identity the Austrian school had in the second half of the twentieth century. [ABSTRACT FROM AUTHOR]

Facing the prospect of dual crises in domestic production and international supply of oil in the 1970s, Washington looked to an unlikely new source: The People's Republic of China. Reputable American analysts at the time assessed that China's near offshore contained reserves on par with the Persian Gulf region. Three consecutive administrations in Washington seriously considered China one geoeconomic "fix" to pressing concerns about concentrated resource dependency, first for oil then later for metals and minerals. During the Nixon Administration, fears of overdependency on producer nations encouraged this turn. By Carter's time, officials maintained a more expansive view of China's mineral potential and were committed to transcending oil dependencies partly via a program of investment in Chinese minerals. Though China now represents Washington's gravest point of dependency, rather than its soundest escape, the fulcrum of the US-China economic relationship today remains the same as in the 1970s: foreign resource dependency. [ABSTRACT FROM AUTHOR]

During the Mughal and colonial periods, Bengal was among the most prosperous regions of the subcontinent. Despite the rapacity of the colonial administration, and despite partition, at independence, West Bengal was one of the most industrialised and developed states of India. However, its performance now is just average among Indian states. This article investigates the causes of this decline, objectively, taking a holistic view and analysing all relevant factors, using available public data and assessing the various views that are offered by scholars over the years. While partition dealt a heavy blow to West Bengal, several other factors aggravated the state's economic problems, including central and state policies. These impinged in areas of industrial and agricultural growth, urban development, human development and the state's resources for growth. In recent years West Bengal has seen better overall growth, including the industrial sector. State finances have improved and have the potential for further consolidation. Kolkata has better urban infrastructure. Increased regional cooperation with Bangladesh can undo the loss of markets and resources that partition had imposed. If managed properly, the state can further improve its overall development performance. This article offers suggestions regarding the priority development interventions that are necessary. [ABSTRACT FROM AUTHOR]

Human productivity began increasing in the mid‐19th century in a group of societies whose institutional structures simultaneously transformed. This paper develops a general way of thinking about institutional structures and identifies how specific institutional changes that occurred in the mid‐19th century could have caused an increase in productivity across many of the organizations in a society. External rules enforced by one organization but used by other organizations, are central to the argument, as is the emergence of impersonal rules that apply equally to all citizens. The productivity revolution of the late 19th century occurred in an era when a few societies adopted impersonal rules on a broad scale for the first time in human history. [ABSTRACT FROM AUTHOR]

In this paper, we explore contemporary regional development in a historic industrial region. Specifically, we unpack the influences of industrial history and culture, built up over several centuries, on contemporary regional development dynamics and issues. In doing so, we draw on an evolutionary perspective within economic geography and perspectives from deindustrialization studies to understand how the past shapes the present. We combine these with theories of agency to understand how key actors comprehend the industrial heritage of a place, and how this is incorporated into contemporary regional development efforts. We explore this combination of conceptual lenses through an in-depth case study of Karlskoga, in Sweden, one of the country's 'bruksorter' (mill towns) that grew up around the production of iron and steel, leading to it eventually becoming one of the largest arms manufacturing cities in Europe, home of the well-known Bofors company. However, all has not been plain sailing, and Karlskoga has experienced the challenges of de-population, industrial restructuring, and shocks to the sector upon which the town is reliant. By analysing these mixed fortunes we develop new insights into how regional development is intertwined with structural, institutional, and cultural industrial legacies. [ABSTRACT FROM AUTHOR]

Indian politics tried to benefit from the competition between the two Cold War Blocs by gaining beneficial terms for economic cooperation and assistance. At times, Soviet and Central and Eastern European designs could prove more successful on the ground than their direct competitors from the West. This paper analyses cooperation schemes in the steel sector and scrutinises the reasons why this was the case. Economic cooperation between East and South was vibrant and could be mutually beneficial during the whole period of the Cold War, thereby calling into question a narrative of steady decline inherent in state socialism. [ABSTRACT FROM AUTHOR]

This article explores the historical impact of droughts in the early modern Caribbean and their effects on the region's environment and population. The author examines a letter from 1726 written by Colonel John Hart, the Governor of the British colony of the Leeward Islands, which describes the devastating consequences of a prolonged drought in Antigua. The letter raises questions about climate change, water security, and environmental racism, highlighting the need for further research on how colonialism altered the region's climate and affected the lives of African, Indigenous, and European residents. The article emphasizes the importance of understanding the historical context of droughts in order to address present-day challenges of water insecurity and climate change in drought-prone regions worldwide. [Extracted from the article]

This paper investigates the causes and the consequences of the emergence of agriculture in the Middle East. Agriculture has emerged in many parts of the world since the end of the last Ice Age about 15 000 years ago. The paper first surveys the Palaeolithic Period to understand why agriculture did not emerge earlier. Then the paper considers the processes that led to the emergence of agriculture in the Middle East. The question is approached as a problem in economic history, and the archaeological record is understood in terms of changes in labour productivity, as measured by calories produced per hour of work, and in the size of the associated agricultural surplus (the difference between the calories produced by a food procurement system and the calories required to sustain the people trying to support themselves with that system). The shift from foraging to the cultivation of wild seeds and the later impact of the emergence of domestic seed and improvements in tool design are assessed in this framework. It is also used to analyse the impact of agriculture on human wellbeing, the origin of manufacturing (e.g. pottery), and the emergence of inequality, states, and warfare. [ABSTRACT FROM AUTHOR]

AbstractModern economic history literature has extensive coverage of the Overend, Gurney crash of 1866 and the associated Lender of Last Resort operations of the Bank of England. But it basically ignores the giant British investment mania of the 1860s that led to that crisis and to the crisis of 1867 that followed. Yet that mania has many other interesting features that are relevant for dealing with bubbles. In particular, that historical episode shows that high interest rates may not suffice to deflate a bubble. It also demonstrates the dangers of “financial innovation,” which flowered in that period and enabled promoters to mislead and ruin investors in novel ways, while producing a rapid expansion of the railway system that escaped public notice. Even some of the most sophisticated contemporary observers, such as Walter Bagehot, who were bothered by the market anomalies they saw, were deceived by that pioneering “financial engineering” which has strong similarities to the one that led to the Global Financial Crisis of 2008. This paper points out some of the many neglected aspects of that mania. Those include an illustration of the evolution of economic thought towards ignoring underlying causes of financial crises and concentrating just on the panics in which they culminate. [ABSTRACT FROM AUTHOR]

This article introduces a special issue on Walter Bagehot and his book Lombard Street. Bagehot, known primarily as an essayist and journalist, was the editor-in-chief of The Economist and made it a reference journal for the financial center of London. The article discusses Bagehot's background in banking and his pragmatic approach to describing the world of finance. It also explores the relevance of Bagehot's views in the present, including their application during the Global Financial Crisis and the Covid-19 pandemic. The special issue includes articles that examine the construction and reception of Lombard Street, its application in later financial crises, and Bagehot's views on financial markets and crises. The text discusses various perspectives on Walter Bagehot's ideas on the governance of the Bank of England and the role of central banks in financial stability. It highlights Bagehot's belief in reconciling conflicting interests and the importance of an international lender of last resort. The text also examines the reception of Bagehot's ideas in the wake of the Global Financial Crisis and analyzes the interpretations of his principles by Ben Bernanke, former chairman of the Federal Reserve. Additionally, it explores Bagehot's failure to spot a financial bubble in the past and his contribution to the creation of modern Treasury bills. [Extracted from the article]

The new paradigm of ancient economic history that has dominated the last twenty years is based on New Institutional Economics; its key concepts are growth and transaction costs. It has succeeded in proving that the ancient economies were not static and in documenting the significance of ancient markets; but by excising labour, slavery, and exploitation from discussion, the conceptual limits of this paradigm are becoming apparent to more and more people. The volume edited by John Weisweiler on debt in the ancient Mediterranean and Near East is solid evidence that an alternative, non-neoliberal, paradigm is currently in the process of formation. The book is obviously an attempt to assess the validity of David Graeber's blockbuster book on debt for the study of ancient economic and social history. As with the volume on citizenship presented below, the fact that this collection of twelve essays ranges temporally from the archaic period to the early middle ages and includes Greek, Roman, and Near Eastern societies is an excellent illustration of a growing and encouraging trend in our discipline. This is a highly stimulating volume. The essays explore: the nexus between coinage, slavery, and warfare in various ancient societies; how quantified social obligations colonized various social, political, and intellectual fields; and whether Graeber's concept of the Axial Age is valuable for the study of ancient history. Perhaps unsurprisingly, Graeber's model seems to fit best the world of ancient empires (Roman, late Roman, and Sassanian), but seems to make less sense for the world of Greek poleis. This illustrates, yet again, the need for Greek historians to think seriously about the peculiarities of the Greek world and the appropriate comparisons. [ABSTRACT FROM AUTHOR]

This paper offers a historical review of the evolution of mathematical methods in economics, tracing their development from the earliest attempts in the 18th century to the sophisticated models of the late 20th century. The study begins by examining the initial integration of mathematical techniques into economic thought, highlighting key milestones that shaped the field. Symmetry concepts are naturally embedded in many of these mathematical frameworks, particularly in the balance and equilibrium found in economic models. Symmetry in economics often reflects proportional relationships and equilibrium conditions that are central to both micro- and macroeconomic analyses. Then, the paper elaborates on the progression of economic growth models, including the foundational Solow–Swan model, which introduced the concept of technological progress (knowledge) as a key factor influencing growth. The review also encompasses the Lucas growth model and the Mankiw–Romer–Weil model, both of which incorporate human capital into the growth equation, highlighting its importance in driving economic development. Finally, the paper addresses the Nonneman–Vanhoudt model, which extends the analysis of growth by integrating multiple types of capital, providing a more comprehensive framework for understanding economic dynamics. By documenting these developments, the paper demonstrates the significant role that mathematical modeling has played in advancing economic theory, providing tools to quantitatively analyze complex economic phenomena and driving the discipline towards greater analytical precision and rigor. This analysis emphasizes how symmetry principles, such as balance between inputs and outputs, equilibrium in supply and demand, and proportionality in growth models, underpin many economic theories. [ABSTRACT FROM AUTHOR]

The article focuses on the often-overlooked contributions of John Witherspoon to the Scottish Enlightenment, the American Revolution, and the formation of the American republic. Topics include a brief overview of Witherspoon's life and career, the significance of a rare letter he wrote to George Washington in 1778 about the dangers of price controls, and his early career and role in the Jacobite uprising.

During the commercial revolution of the Middle Ages, the monetisation of economy gave rise to a series of cultural, legal and social challenges to the commonly accepted Aristotelian background. In this dynamic context, new forms of trade and contracts emerged, affecting not only commercial doctrines but also financial theories. In this framework, Franciscan economic speculation played a major role by analysing social realities with an entirely original pragmatism. Through his monetary reflection, Alexander Bonini not only gave a surprising explanation of the 'forms of money' but also praised the activity of the money-changers, considering their service (and related costs) fundamental to the realisation of a common benefit. His thought-provoking synthesis introduced many themes of the modern monetary doctrines. The article contains the first English translation of some crucial passages of the Bonini's treatise On Usury (De Usuris). [ABSTRACT FROM AUTHOR]

The article in the journal "Public Choice" discusses the economic analysis of the medieval church, particularly critiquing the work of Ekelund and Tollison. The response piece argues that while there are issues with historical interpretation in Ekelund and Tollison's work, the economic approach to religious organizations is not fully critiqued. The article delves into specific topics such as usury laws and the church's control of marriage, highlighting the application of public choice economics to the study of religion. The author defends the broad approach taken by Ekelund and Tollison and other scholars in the economics of religion, emphasizing the importance of interdisciplinary dialogues in understanding historical institutions. [Extracted from the article]

The text discusses a critique by ecclesiastical historian David d'Avray on the research of Robert Ekelund and Robert Tollison regarding the medieval church as an economic firm. Ekelund, Tollison, and Robert Hébert pioneered a public choice approach to understanding the medieval church's policies. The authors used stylized facts and metaphors to construct economic models, which is a common practice in economics. D'Avray criticizes the use of stylized facts and metaphors, highlighting differences in methodology between historians and economists. The text concludes with a reflection on the divergent perspectives of ecclesiastical historians and economists. [Extracted from the article]

Drawing on archival data and oral histories, this paper examines the history of the Eastern Economic Association from its beginnings in 1974 to its 50th anniversary in 2024. It sheds light on the ideological, social, and political motivations behind the EEA's founding, focusing on its commitment to addressing the narrowness of the economics profession and the marginalization of women and underrepresented minorities. It also documents some of the problems that the Eastern Economic Association and the Eastern Economic Journal faced over time and how they have resolved these problems. Based on this history and analysis, the paper contributes to a deeper understanding of the EEA's enduring impact on the field of economics and its continuing relevance in fostering a more inclusive and pluralistic academic community. [ABSTRACT FROM AUTHOR]

The Symposium in the Eastern Economic Journal celebrates fifty years of the Eastern Economic Association with four papers focusing on the organization's history and key figures. The EEA was founded on principles of inclusivity, diversity, and openness, reflected in its leadership and intellectual diversity over the years. The papers highlight the contributions of past Presidents, such as Barbara Bergmann and David Colander, who embodied the EEA's mission of critical inquiry and pragmatic improvement in economics. The symposium also delves into behavioral economics, discussing loss aversion and its implications for decision-making processes. [Extracted from the article]

Semiconductors have emerged as a headline in the resurgence of modern industrial policy. This paper explores the political economic history of the sector, the changing nature of the semiconductor supply chain, and the new sources of concern that have motivated the most recent turn to government intervention. It also explores details of that turn to industrial policy by the United States, China, Japan, Europe, South Korea, and Taiwan. Modern industrial policy for semiconductors has included not only subsidies for manufacturing, but also new import tariffs, export controls, foreign investment screening, and antitrust actions. [ABSTRACT FROM AUTHOR]

The "Journal of Economic Perspectives" article provides recommendations for further reading, including a review of the "Inequality: IFS Deaton Review" project, a study on changing labor market and income inequalities, and an analysis of purchasing power parity measures. It also covers topics such as industrial policy, economic history, construction costs, and interviews with prominent economists. The article offers insights into various economic issues and research areas, making it a valuable resource for those interested in economics and related fields. [Extracted from the article]

What was the contribution of Anna Schwartz to the landmark book she co-authored with Milton Friedman, A Monetary History of the United States, 1867-1960? A close examination of archival evidence suggests three primary contributions Schwartz made to the work, and to Friedman's career more generally. The first was meeting the classic challenge of quantitative economic history: going into the field to locate and collect archival data that had been assembled for purposes unrelated to economic research, and deciding how best to use that data. Second, Schwartz had a decades-long role as technical sounding board and shaper of the statistical approach taken in the book. Schwartz's third and arguably greatest contribution was to transform A Monetary History of the United States into a compelling narrative argument that made an impact far beyond the economics profession. Together, these findings show Schwartz to be a scholar who made significant and lasting contributions to monetary economics, economic history, and the broader field of economics. [ABSTRACT FROM AUTHOR]

This essay offers an interpretation of the canonical history of strolling as a non-economic practice, that is, as a practice free of purpose and means. I consider strolling as a state of mind that discloses abundance in a similar way as rationality discloses scarcity. I inquire into the multiple facets of this state of mind by re-reading three phases in its literary and cultural history: the early modern artist-stroller of the nineteenth-century panoramic literature that finds its peak in Charles Baudelaire; the high modern consumer-stroller as described in the inter-war period, notably in the work of Walter Benjamin; and the late modern subversive stroller that is re-discovered in the mid-twentieth century by the Situationist Guy Debord among others. This interpretation both sheds light on the social preconditions of economic rationality as an organizing principle of a market society, as well as the potential to step out of this principle. [ABSTRACT FROM AUTHOR]

The article analyzes the factors and reasons that influenced the opening of the commodity exchange in Tyumen, as well as its activities in the period from 1910 to 1917. Based on the study of press materials and unpublished sources from the funds of the State Archive of the Tyumen region and the application of historical methods such as historical-comparative, historical-genetic, statistical, the aim of the study is achieved — the mechanism of the exchange is analyzed, the main directions of its activities are identified, its efficiency is assessed.

The article examines the approaches of government departments regarding the development of private shipping on the Amu Darya, emphasizing the importance of the Amu Darya waterway in the context of the development of the Central Asian regional transit potential at the turn of the 19th–20th centuries. The work also analyzes the financial indicators of this infrastructure project, its impact on strengthening the position of the Russian Empire on the territory of the southern Central Asian frontier. The author noted key role of the Military Department in the discussion and implementation of the Amudarya flotilla project, the contradictory approaches of government structures regarding private shipping projects, which ultimately led to the lack of a decision on this issue. The author concluded that, during the discussion of this water transport project, due to the uncertainty of many of its aspects and the unsettled financial issues the model of attracting private investors to its implementation was not accepted by the state. At the same time, due to geostrategic and economic reasons, the Amudarya flotilla remained important for the Military Department even in a situation of increasing budgetary unprofitability of this project. The main provisions and conclusions of the work may be of interest to historians specializing in economic history and orientalists studying the region of Central Asia and the Middle East.

Can we use data on the biographies of historical figures to estimate the GDP per capita of countries and regions? Here, we introduce a machine learning method to estimate the GDP per capita of dozens of countries and hundreds of regions in Europe and North America for the past seven centuries starting from data on the places of birth, death, and occupations of hundreds of thousands of historical figures. We build an elastic net regression model to perform feature selection and generate out-of-sample estimates that explain 90% of the variance in known historical income levels. We use this model to generate GDP per capita estimates for countries, regions, and time periods for which these data are not available and externally validate our estimates by comparing them with four proxies of economic output: urbanization rates in the past 500 y, body height in the 18th century, well-being in 1850, and church building activity in the 14th and 15th century. Additionally, we show our estimates reproduce the well-known reversal of fortune between southwestern and northwestern Europe between 1300 and 1800 and find this is largely driven by countries and regions engaged in Atlantic trade. These findings validate the use of fine-grained biographical data as a method to augment historical GDP per capita estimates. We publish our estimates with CI together with all collected source data in a comprehensive dataset. [ABSTRACT FROM AUTHOR]

AbstractNatural liberty is a powerful idea of social order. However, a tension has always existed between its reality and social values. Here, I try to identify where the fault line may lie between an order that fulfils social expectation and one that does not. I claim that throughout history, this fault line had been manifested in the distinction drawn between the concepts of price and value. The first emerges in markets and the second reflects social expectations. Juxtaposing the two reveals either harmony or dissonance between natural liberty and social expectations. Convergence then is a necessary condition for social validity. [ABSTRACT FROM AUTHOR]

Purpose: The purpose here is to show how the "shadow" economy has grown in scale and impetus in recent years, though even before modern times it has been present (e.g. the City of London, Shaxson, 2011) since at least the middle ages. The reasons for this have become complicated, but we can identify some "deep structures" that are common. Firstly, "globalisation" made it easier for multinationals to escape national regulatory regimes. Secondly, one of the ways neoliberal trading regulations allowed such actors to augment their assets was by means of what they initially called "transfer-pricing" but which now is officially known as "profit shifting" through tax havens. Thirdly, the growth in international trade in legal and illegal ways caused money laundering – even by otherwise respectable banks – to grow across borders. Conversely, from the supply-side, tax haven status was increasingly accessed by jurisdictions that sought to achieve economic growth by supplying tax haven services, both Delaware and Ireland as exemplars of a "developmental" fiscal policy. Design/methodology/approach: This paper adopts a "pattern recognition" design, an approach that is abductive, meaning interpretive, as shown in the observation that explanation can be valid or reliable without direct observation. This is shown in the indirect observation that "rain fell because the terrace has puddles" or "ancient glaciers once carved this valley". Findings: Reviewing the European Union's (EU) list of non-co-operating jurisdictions in support of the OECD's review of base erosion and profit-shifting activity, Collin concluded the EU's listing "moved the needle" somewhat but was only a modest success. This is because of its reluctance to sanction its own members or large economies like the USA. Data on foreign direct investment and offshore banking assets suggest listed jurisdictions did not suffer notably from being named and shamed. In all cases studied, this contribution found legally damaging, fraudulent, conflict of interest and corrupt practice activities everywhere. Originality/value: The originality is found in three spheres. Firstly, the pattern recognition method was vindicated in yielding hard to research results. Secondly, the "assemblage-thirdspace" theory was found advantageous in demonstrating the uneven geography of tax haven clusters and their common history in turbocharging economic development. Finally, the empirics showed the ruses executed by cluster members in tax havens to circumvent the law from global management consultancies to micro-firms consisting of tax lawyers and other experts interacting in knowledge supply chains of dubious morality. [ABSTRACT FROM AUTHOR]

The article in the journal "Social Research" explores the connection between economic forces and the rise of antidemocratic regimes in countries like Turkey, Hungary, India, Brazil, the United Kingdom, and the United States. Economists argue that economic factors such as deindustrialization, income inequality, and globalization have contributed to the rejection of democratic norms. The interdisciplinary collection of essays delves into the future of capitalism in the face of declining democracy, highlighting the uneasy relationship between economics and democratic politics throughout history. The article also discusses alternative economic approaches, such as industrial policy and social capitalism, to address economic injustice and promote democracy in the face of authoritarianism. [Extracted from the article]

The article provides a response to J. Bradford DeLong's book, "Slouching Towards Utopia: An Economic History of the Twentieth Century," emphasizing its significance in examining the economic developments and challenges throughout the twentieth century. The author acknowledges the importance of grand narratives in understanding historical events but also emphasizes the need for humility and openness to alternatives. The text discusses the conflict between Hayek and Polanyi, portraying it as a conflict between capital and labor over the meaning of democracy. The neoliberal turn of the 1970s is described as an offensive by capital against labor, leading to the persistence of neoliberalism due to the crisis and defeat of postwar social democracy. [Extracted from the article]

The article "Science, Technology, and Utopia" critiques J. Bradford DeLong's book "Slouching Towards Utopia" for its technological determinism, economic absolutism, and economic realism. It argues that DeLong presents technology as the primary driver of economic growth without considering its historical context or the social implications of technological advancements. The article also challenges DeLong's use of economic metrics, such as global wealth and poverty, as transhistorical and absolute measures. It suggests that markets and economies are social constructs and calls for a deeper understanding of the historical and political factors that shape economic systems. [Extracted from the article]

This article provides a commentary on J. Bradford DeLong's book, "Slouching Towards Utopia: An Economic History of the Twentieth Century." The commentator acknowledges DeLong's narrative of moderate progress with occasional crises and limited efforts to rein in the negative aspects of capitalism. However, the commentator questions DeLong's focus on the struggle between unbridled capitalism and socialism, pointing out that many European countries have successfully implemented extensive welfare states that align with utopian ideals. The article also highlights the need for a more nuanced understanding of politics and economies, rather than simply pitting capitalism against socialism. While the commentator finds the book erudite and challenging, they suggest that it may require a well-informed reader. Additionally, the text discusses various perspectives and critiques of the book, including the absence of perspectives from China and Africa, limited exploration of economic growth drivers and issues like economic downturns and globalization, and the book's treatment of conflicts and democratic institutions. However, the text praises the book's discussion of newer globalization dynamics and the Great Recession. Overall, the article recommends the book for educated readers who are willing to engage with its complex narrative. [Extracted from the article]

"Slouching towards Utopia: An Economic History of the Twentieth Century" by J. Bradford DeLong is a comprehensive analysis of the global economy from 1870 to 2010. The book examines this period through an economic lens and identifies three key factors that contributed to unprecedented economic growth. However, it acknowledges that humanity never achieved utopia due to the unresolved political question of how to distribute the abundance of production. While the book has received praise for its grand narrative, some scholars have called for more attention to be given to other continents, the history of economic ideas, environmental damage, and demographic factors. Overall, the book provides a thought-provoking account of history during this period, but there is room for improvement in terms of organization and inclusion of additional topics. [Extracted from the article]