Centuries of Economic Endeavor

Book excerpt: Why did the modern economy arise first in Northwestern Europe and Japan? And what distinguishes those few economies that have achieved sustained economic growth? These are the important puzzles that John P. Powelson answers in this original and important work. Building from an intriguing and neglected parallel between the histories of Japan and Northwestern Europe, he explores the paths of social and political development in those two regions to isolate a significant linkage between economic development and the distribution of political power. He then turns to other regions of the world, explaining why they have not experienced similar levels of economic success. Powelson offers a powerful theory that aids our understanding of many current issues, including the problems of the Third World and the long-term health of our own economy. "Extremely exciting. . . . Leverage . . . is a very important concept which I have never really seen stated in this way before." --The late Kenneth Boulding "A valuable piece of work, one which shows an immense breadth of reading. Very impressive!" --Douglass North, Nobel Laureate, 1993, Washington University, St. Louis "A major contribution . . . a big work done by an acknowledgedly careful scholar." --Mark Perlman, University of Pittsburgh John P. Powelson is Professor Emeritus of Economics, University of Colorado.