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Description

This book explores the long-term economic growth of three key regions: China, Central Eurasia, and Western Europe. It discusses why some areas experienced faster, and more sustained growth than others by focusing on how new ideas are created (innovation), how different countries use these ideas (adoption), and how these factors influence long-term economic differences and similarities (divergence/convergence). These key drivers are examined across time and throughout different regions, considering factors like state involvement, urbanization, the development of specific resources (e.g., fertile land), labor relations, and prices and wages.

The book presents new research, connects chapters with recurring themes, and offers combined explanations. Without getting stuck in purely theoretical or historical discussions, it thus goes beyond the various theories to study how the nations caught up, fell behind, and forged ahead in GDP and immaterial well-being. Finally, the book highlights that, while there is value in understanding various existing theories, it is important to acknowledge the complexities in each region's specific historical and regional context.