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Book/Printed Material Markets in China and Europe on the eve of the Industrial Revolution

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Title

  • Markets in China and Europe on the eve of the Industrial Revolution

Summary

  • "Prevailing views suggest the Industrial Revolution began in Europe because markets had gradually become more efficient and by the 18th century the scope of economic activity was far larger than in other parts of the world. This paper compares the actual performance of markets in Europe and China, two regions of the world that were relatively advanced in the pre-industrial period, but would start to industrialize about 150 years apart. The analysis covers economies that account for about two-fifths of the world's population in the mid-18th century, and it considers some three centuries of data. Our findings suggest that relative levels of market function in China and Europe were similar prior to the Industrial Revolution. Higher efficiency in Europe is seen only in the nineteenth century when industrialization was already underway. Moreover, these improvements occurred in a dramatic and sudden fashion, further casting doubt on an evolutionary view of market development. Rather than being a key condition for subsequent growth, gains in efficiency appeared simultaneously with the turning point of modern growth. We discuss the implications of these findings for a number of explanations for long-run growth and the Industrial Revolution"--National Bureau of Economic Research web site.

Names

  • Shiue, Carol H. (Carol Hua)
  • Keller, Wolfgang, 1964-
  • National Bureau of Economic Research

Created / Published

  • Cambridge, MA : National Bureau of Economic Research, c2004.

Headings

  • -  Industrial revolution--China
  • -  Industrial revolution--Europe
  • -  Markets--China--History--18th century
  • -  Markets--Europe--History--18th century
  • -  China--Economic conditions--18th century
  • -  Europe--Economic conditions--18th century

Notes

  • -  Title from PDF file as viewed on 1/21/2005.
  • -  Includes bibliographical references.
  • -  Also available in print.
  • -  Mode of access: World Wide Web.
  • -  System requirements: Adobe Acrobat Reader.

Call Number/Physical Location

  • HB1

Digital Id

Library of Congress Control Number

  • 2005615857

Access Advisory

  • Unrestricted online access

Online Format

  • image
  • pdf

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Cite This Item

Citations are generated automatically from bibliographic data as a convenience, and may not be complete or accurate.

Chicago citation style:

Shiue, Carol H, Wolfgang Keller, and National Bureau Of Economic Research. Markets in China and Europe on the eve of the Industrial Revolution. Cambridge, MA: National Bureau of Economic Research, 2004. Pdf. https://aj.sunback.homes/item/2005615857/.

APA citation style:

Shiue, C. H., Keller, W. & National Bureau Of Economic Research. (2004) Markets in China and Europe on the eve of the Industrial Revolution. Cambridge, MA: National Bureau of Economic Research. [Pdf] Retrieved from the Library of Congress, https://aj.sunback.homes/item/2005615857/.

MLA citation style:

Shiue, Carol H, Wolfgang Keller, and National Bureau Of Economic Research. Markets in China and Europe on the eve of the Industrial Revolution. Cambridge, MA: National Bureau of Economic Research, 2004. Pdf. Retrieved from the Library of Congress, <aj.sunback.homes/item/2005615857/>.