The inception of modern economic development

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Chapter 19 in A History of the Global Economy, 2018, pp 339-354 from Edward Elgar Publishing

Abstract: Part VI covers the emergence of the modern economy. This chapter introduces the concept of modernity, including the modern economy. It distinguishes between the Western conception of modernity and a more general conception. The chapter periodised a three-stage entry into modernity, noting the readiness of various societies to make that entry. There is a major discontinuity, following a long and broad-based period of preparatory evolution. During the evolutionary first stage, there was put in place a set of enabling conditions. The second stage saw the introduction and spread of defining general-purpose technologies – the input of fossil fuels as a source of power, the mechanisation of production and the spread of the factory system. It concludes by looking at the overall pace of change, noting how superficially slow the initial movement appears, but how significant is cumulative change, notably during the third stage of self-sustaining industrial momentum.

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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