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Power and Plenty: Trade, War, and the World Economy in the Second Millennium (Princeton Economic History of the Western World)
 
 

Power and Plenty: Trade, War, and the World Economy in the Second Millennium (Princeton Economic History of the Western World) (Hardcover)

by Ronald Findlay;Kevin H. O'Rourke (Author)
5.0 out of 5 stars  See all reviews (5 customer reviews)
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Product details

  • Hardcover: 624 pages
  • Publisher: Princeton University Press; illustrated edition edition (1 Jan 2008)
  • Language English
  • ISBN-10: 069111854X
  • ISBN-13: 978-0691118543
  • Product Dimensions: 23.6 x 15.7 x 3.8 cm
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (5 customer reviews)
  • Amazon.co.uk Sales Rank: 267,559 in Books (See Bestsellers in Books)

    Popular in this category:

    #58 in  Books > Business, Finance & Law > Economics > International Economics > Trade
  • See Complete Table of Contents

Product Description

Review

The excellent new book Power and Plenty explains why some countries are rich, and why others are not. [Recent books] all try to explain the biggest question of the modern world: why some [countries] are rich and other poor. Now, we have...Power and Plenty, a tome that combines the interpretive focus of the new school of explainers with the breadth and depth of the old narratives. They also put neoliberal economic theory to the historical test by asking what it would predict, and then contrasting those forecasts with history's actual path. Findlay and O'Rourke tell their tale exceptionally well.
(Eric Rauchway The New Republic )

[A] splendidly ambitious new book...an excellent reference book for anyone wanting a better understanding of economic developments in the last millennium.
(Economist )

Aiming at nothing less than documenting the history of world trade over the last 1,000 years, Power and Plenty...appears to be required reading...for the purposes of better understanding how the world works.
(Andrew Leonard Salon.com )

This new history of the last thousand years of world trade is remarkable in both its grand sweep and its scholarly depth. It pieces together the story of global commerce from the medieval spice traders and nomads of Central Asia to the discovery and incorporation of the New World, to the Industrial Revolution and the rise of Europe, and to the globalizing forces of the postwar world economy. One theme is the importance of the 'vast webs of interrelationships' between western Europe and other regions that, beginning in the medieval period, set the stage for modern economic growth. The other theme is the critical role of war in propelling economic change through upheaval and adaptation.
(G. John Ikenberry Foreign Affairs )

Power and Plenty is a wide-ranging survey, both of the facts and of the literature, not an essay organized around a single thesis. It takes on, and treats seriously, a ton of material. Bearing that in mind, it is...engaging...well written, spiced with nuggets of fascinating information and dry wit. [Findlay and O'Rourke's] economics is sophisticated and mainstream...but enriched with an unusual attention to noneconomic factors--or, as the authors put it, 'a sustained emphasis on conflict, violence and geopolitics.'
(Clive Crook Financial Times )

[A] solid new book. Power and Plenty is an ambitious endeavor that examines the works in the second millennium in light of globalization, deglobalization, reglobalization, and globalization as we know it today. The book fills a gap by scrutinizing the technological and political causes behind the long-term trends during the past thousand years. [The authors] have drawn exhaustively on the historical, political, and economic literature of the relevant periods for virtually all the major regions in the world.
(Wan Lixin Shanghai Daily )

In this magnificently conceived and executed work, Findlay and O'Rourke set out the history of global trade and show how it has been influenced by economic development and politics over the last thousand years. The authors have an important story to tell and they tell it superbly. This is a work brimming with scholarship, deftly combining narrative history with accessible economic analysis. This is a goldmine of a book. Open it where you will, there are nuggets to be extracted. It will remain the standard work on the history of world trade and indeed the development of the world economy for many years to come.
(Frank Geary Irish Times )

This magisterial volume presents an analytical history of world trade from 1000 CE to the present, with informed speculation about future trends thrown in for good measure. It is a very considerable achievement, for which Findlay and O'Rourke deserve great praise.
(M. Veseth Choice )

[T]he best book of its sort since David Landes' Wealth and Poverty of Nations.
(David Warsh Economic Principals )

[T]his is a big, important work. . . . The authors have mastered an incredibly voluminous literature . . . and produced the only truly comprehensive history of trade in the second millennium. . . . [T]his is a book that should be widely read.
(David S. Jacks World Trade Review )

International trade has shaped the modern world, yet until now no single book has been available for both economists and general readers that traces the history of the international economy from its earliest beginnings to the present day. Power and Plenty fills this gap, providing the first full account of world trade and development over the course of the last millennium.
(Wider Angle )

This is a well researched volume which is simply delightful to read. In most of the topics about which I have some knowledge, I found the analyses and the judgments offered by the authors both balanced and insightful. I expect this book will remain the standard text for many years to come.
(Sevket Pamuk EH.Net )

This is a huge enterprise, an illuminating work, a tour de force that successfully combines political and economic history of a thousand years. . . . A major contribution to the history of and debates about globalization.
(Ivan T. Berend International History Review )

Power and Plenty serves as an excellent one-volume survey on the role played by the interaction of economic and political forces in shaping the world economy of the last 1000 years. The book should be read by any serious student of world economic history, international trade, or international relations.
(John T. Dalton Southern Economic Journal )

Power and Plenty . . . with its depth and extensive coverage, makes an excellent reference work for the study world history and the history of world trade. It is a work of superb scholarship befitting the scholarly reputations of each of the co-authors, Findlay for his work in the theory of international trade and development and O'Rourke for his studies in economic history and globalization. This book will be widely read, cited, and discussed as a landmark volume on its subjects.
(Stanley Engerman New Global Studies )

By adopting a broad view across such an expanse of both space and time, Findlay and O'Rourke are able to perceive patterns that few others have identified and bring a compelling new perspective to several historical and theoretical debates that benefit from a larger view.
(Robert D. Fannion Comparative Political Studies )

Findlay and O'Rourke provide an impressive survey of 1000 years of trade and its interaction with geopolitics and political economy on a global scale that strives consciously to avoid a Eurocentric stance. . . . [T]his is a compelling and valuable volume.
(C. Knick Harley Economic History Review )

Almost anyone researching an aspect of the history of international trade will find this an excellent and stimulating starting point and will be aided by an impressive bibliography that includes many older classics as well as recent additions to the literature.
(Simon Ville International Journal of Maritime History )


Review

Trade has been the economic foundation of international integration and globalization. But, as Findlay and O'Rourke show in this masterful, state-of-the-art historical survey, it has also been a very frequent cause of rivalry between nations and maritime conflict. No better book exists on the role that commerce has played in generating both the wealth of nations and the wars between them. The authors command the literature the way Victorian admirals ruled the waves.
(Niall Ferguson, Harvard University )

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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Power and Plenty: Trade, War, and the World Economy in the Second Millennium (Princeton Economic History of the Western World)
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5 of 5 people found the following review helpful:
5.0 out of 5 stars A Big Time Fix, 7 Aug 2008
By Steve Keen "therealus" (Herts, UK) - See all my reviews
(TOP 1000 REVIEWER)   
As a fully paid up member of the Economic History Addicts' Society, I endorse this book unreservedly for all who are similarly afflicted.

As to the root of the addiction, that's simple, and partly explained by the authors up front: in order to understand where we are, it's necessary to understand how we got here, and understanding where we are is an important part of knowing how and where to move on.

Nevertheless, there are some initially gratuitous-seeming pleasures involved in the journey, like the discovery that the events in Russia of 988 CE were more significant than those of 1917, for example. But then it sinks in that this is the point at which the people that would become the Russians were assimilated by the "civilised" world, a process we can trace forward to the present day and Dmitry Medvedev.

There are some fascinating tales related to the development of trade and society at the turn of the first millennium CE, though it's odd that in an account encompassing the merry-go-round of faiths the authors themselves use the Christian appellation AD - whose "lord" are they referring to?

As we enter into the main body of the work we also get into illusion-shattering territory. There are a number of things that come up here that as a child in the UK education system of the sixties I either wasn't told or was told differently. For example, History lessons in the sixties portrayed Robert Clive, Clive of India, as an unequivocal hero; the reality it appears is more nuanced and dependent on your point of view, and I don't remember anybody mentioning that he met his end through suicide in the wake of a corporate scandal. History, as any wag will tell you, isn't what it used to be.

Much of the text is taken up in demonstrating the appropriateness of the hendiadys of the title: that there can be no Plenty without Power, and vice versa. In Great Britain they argue that there existed in the 19th Century a social contract whereby political freedoms were exchanged for higher taxes than would be tolerated by a disenfranchised citizenry. This enabled maintenance of an enormous "naval industrial complex", an expression revising Eisenhower's observation of the US in the fifties. This in turn enabled protection of existing markets, and the ability literally to break into new, overseas markets essential to fuel ongoing growth of the then nascent Industrial Revolution. In summing up the prevailing mercantilism of the time they quote the words of Jan Pieterzoon Coen: "We cannot make war without trade or trade without war".

In order to assemble their account the authors, as may be expected, have drawn upon a constellation of star sources in order to deliver sometimes a confirmation of one's existing world history view, sometimes a revision of that view, and incredibly often, and most excitingly, to insert a whole new narrative.

Examples, according to personal preference:

Towards the end of the book they analyse the inter-war conditions leading up to and causing WWII, and provide confirmation of my own view that the major factors were economic, as opposed to racially based, as contended by Niall Ferguson in War Of The World (an excellent book, notwithstanding).

In their account of the voyages of discovery they point out that as important, if not more so, as Columbus's arrival in the New World in 1492 was the completion early in the same year as the Spanish Reconquista with the fall of Muslim Granada, the contract for which is commemorated in the city of the Reconquista itself, Granada, in the Plaza Isabel la Catolica, at the end of Gran Via de Colon. The suggestion here is that without the Reconquista either Columbus would not have gone, or he would have gone under the sponsorship of Portugal, or maybe Venice.

Finally, something I felt I should have known but didn't, that Europeans introduced Japan to the firearms which were quickly adopted and ultimately, it is calculated, hastened the unification of the islands, culminating in the establishment of the Tokugawa Shogunate in 1600, which saw the consolidation of Japan's unity.

There are a number of interesting notes on origins, such as that of the word "muslin", and meanings (Genghis Khan, universal ruler), some excellent devices for making connections (Silver, Silk and Spices leading to Slavery and Sugar) and also some thought-provoking games of consequences (Napoleon's war-strained coffers requiring the sale of Louisiana to the United States) and what-ifs (what if Britain had not been such an aggressive expansionist? Answer, no Industrial Revolution!).

And although there are some puzzling omissions - no mention of the financial innovations supposedly brought to bear in building Henry VIII's navy, for example - it's easy to realise that you have to draw the line somewhere: enough is as good as a feast.

So, a nice mix of historiographic porn - interesting for its own sake - and lessons for how we can thrive, or fail, in the future.
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2 of 2 people found the following review helpful:
5.0 out of 5 stars Real Thing, 19 Dec 2008
By Ricardo F. Paixao - See all my reviews
(REAL NAME)   
This is a book written by two of the best minds in academia. Unlike most books on the "history of ..." , written my amateur BBC ( or NYT) reporters, these guys are hard core academic economists. Kevin O'Rourke is, arguably, the brightest star in quantitative economic history (Cliometrics) currently working in academia. He is the co author of already classic Globalization and History (MIT, 1999) together with Jeffrey Williamson.
The current book describes the history of trade from the year 1000 up to the WWI. To accomplish this the authors do a very through effort to show all the immense influence of the "other" (non European) cultures (China, Islam, India, Africa) on the patterns of trade. This is of the utmost importance to counterbalance all the "rise of the west..." misconceptions and to use a historian term, anachronism (to view the past with current perspective) , that plagues amateurish narratives. Its important to recall that European (and its offshoots) preeminence is a very recent phenomenon.
Its not that the authors don't have their biases, as all authors do, which are very clear in the very first page of the book where there is a picture of glorious Albion holding a sword. Power to keep all those weird foreigners in their proper place and secure plenty to her dominions. God Save the Queen!
In any case, despite the amount of detail distilled on the 800 pages of the book, you can count on the writing craftsmanship of the authors , which have managed to produce a very readable account that is accessible to any intelligent (but determined) lay reader. The reward in the end is to dispel any politically correct motivation for trade as more have been accomplished by "the barrel of a Maxim gun, the edge of a scimitar, or the ferocity of a nomadic horseman."
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2 of 2 people found the following review helpful:
5.0 out of 5 stars The future of gloablization. The imperative of attitude change of country leaders, 25 May 2008
By L. van den Muyzenberg "Management Consultant" (Cannes France) - See all my reviews
(REAL NAME)   
This book is like a six layer cake with as layers the periods 1000-1500, 1500 to 1650, 1650 to 1780, 1780 to 1814, 1914 to 1939, 1939 to 2007, and speculations about the future. Within each layer you find descriptions of what happened in seven regions that is Western Europe, Eastern Europe, North Africa with Southwest Asia, Central or Inner Asia, South Asia, and South East Asia. For each region you find wars, rulers, economic development including trade. And, especially important, the interaction and interdependence between regions

This is about as holistic, systematic and complex presentation you can ever hope to find. By the way the development of North and South America is included in Western Europe and Africa as it relates to other regions. The book is an outstanding example of a multidisciplinary approach combining the science of history with the science of economics. The book is written by an Irish and American professor. You can see from the choice of regions that it is not a European centric presentation. Asia dominated with many regions in year 1000 at the start and is moving to domination in 2007.

You will learn about many examples of interconnectedness you did not know. For example the industrial revolution in the UK would never have happened as a consequence of steam power and mechanisation in cotton spinning and weaving, only.. It was dependent on a rapid increasing supply of low cost cotton that was produced to almost 100% by slave labour in the Americas, continuous land grabbing in the Americas, military control of the seas by the UK Navy to transport the cotton to the UK and transporting cotton cloth for export and an industrial policy of protection of the UK cotton industry from foreign competition in the UK. You will also find many examples of causes of unforeseeable change. Just as an example consider the rapid expansion of population and wealth during the Song dynasty in China. That was made possible by the introduction of a different type of rice from what is now Vietnam that allowed three harvests per year.

The book demonstrates conclusively that major changes in the fortunes of countries' history cannot be understood without economics and wars and the other way around. It is disappointing even frightening to see how personal greed and greed by nations has been the driving factor of most of the major changes Concern for the well-being of others as a driving force is almost totally absent.

That should be a lesson for the future. When the increasing interdependence between nations is combined with greed as the driving force disaster is likely to occur. A disaster that can as yet can not be identified. Governments were never able to predict disasters in time in the past. That means that it is imperative that country leaders have to change their mind - sets and consider the well-being of other countries next to their own. Anybody reading this book will become convinced that this is an absolute necessity.


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5.0 out of 5 stars Brilliant study of world trade
Ronald Findlay, a professor of economics at Columbia University and Kevin O'Rourke, a professor of economics at Trinity College, Dublin, have written a fine history of world trade... Read more
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5.0 out of 5 stars Intriguing survey of the history of tumultuous world trade
Thinking of globalization as a new phenomenon or an inevitable one is all too easy. As scholars Ronald Findlay and Kevin O'Rourke explain in this thorough examination,... Read more
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