How the World Became Rich

Most humans are significantly richer than their ancestors. Humanity gained nearly all of its wealth in the last two centuries. How did this come to pass? How did the world become rich?

Mark Koyama and Jared Rubin dive into the many theories of why modern economic growth happened when and where it did. They discuss recently advanced theories rooted in geography, politics, culture, demography, and colonialism. Pieces of each of these theories help explain key events on the path to modern riches. Why did the Industrial Revolution begin in 18th-century Britain? Why did some European countries, the US, and Japan catch up in the 19th century? Why did it take until the late 20th and 21st centuries for other countries? Why have some still not caught up?

Koyama and Rubin show that the past can provide a guide for how countries can escape poverty. There are certain prerequisites that all successful economies seem to have. But there is also no panacea. A society’s past and its institutions and culture play a key role in shaping how it may – or may not – develop.

Also available as an audiobook.

Preface

1 Why, When, and How Did the World Become Rich?

2 Did Some Societies Win the Geography Lottery?

3 Is it all Just Institutions?

4 Did Culture Make Some Rich and Others Poor?

5 Fewer Babies?

6 Was it Just a Matter of Colonization and Exploitation?

7 Why Did Northwestern Europe Become Rich First?

8 Britain’s Industrial Revolution

9 The Rise of the Modern Economy

10 Industrialization and the World it Created

11 The World is Rich

Bibliography

"A vivid and crystal-clear summary of the very large body of research compiled in the past two decades on the most important question in economic history. Well informed, solidly anchored in historical facts and economic analysis, this book is a must for economics students."
—Joel Mokyr, Northwestern University

"In our current moment, when many are worried about the future of growth for the environment and the planet, this thought-provoking book by two leading scholars tells the story of how and why economic growth took off, and how it hugely raised living standards, but also increased inequality and misery on the way. This is a must-read for anybody worried about the future of growth and poverty on our planet."
—Daron Acemoglu, MIT

"[T]imely, consolidated, and refreshingly succinct.... It is likely to be a seminal text for years to come."
—The Economic History Review

Mark Koyama is Associate Professor of Economics at George Mason University.

Jared Rubin is Professor of Economics at Chapman University.