Finding a common economic pathway

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Chapter 1 in A History of the Global Economy, 2018, pp 10-21 from Edward Elgar Publishing

Abstract: The first two chapters of Part I introduce the main themes of this history, tracing the economic activity of Homo sapiens from origins to the present. Any such economic history should have at its centre the universality of innovativeness. Innovativeness changed the structure of the economy, from a predominance of foraging to in turn that of agriculture, industry and services. As a result, all societies move along a common economic pathway through four phases – foraging, agriculture, industry and services – with sub-phases of urbanisation and commercialisation during the agricultural phase. Specific innovations initiate phase entry and movement within a phase. By periodising human history, the phases provide a structure for the book. This chapter asserts the existence of two historical laws: first, in similar conditions, faced with a similar problem, humans devise a similar solution; secondly, that they seek out variety, where it is feasible. There is both independent innovation and imitation of best practice.

Keywords: Development Studies; Economics and Finance (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (2)

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