The Historical Setting

John Mills

Chapter 2 in America’s Soluble Problems, 1999, pp 23-43 from Palgrave Macmillan

Abstract: Abstract Industrialisation might have started during the period of the Roman Empire, but it failed to do so. There is some evidence that in China during the fifteenth century something close to the beginning of an industrial revolution did occur, but it was snuffed out by the country’s leaders who turned back to traditional ways. India, on the other hand, never showed any more signs of sustained industrial development than the Romans, despite the ability of the Mughal culture to build the Taj Mahal, its high point of excellence in both design and execution. Nor were smaller empires. significant though they may have been at the time, any better at producing sustained economic growth. On the contrary, it was in Europe, divided into a large number of relatively small states, that there began to be a sustained increase in living standards, starting early in the second millennium, which eventually produced the Industrial Revolution.

Keywords: Price Level; Money Supply; Industrial Revolution; Industrial Output; Military Expenditure (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-27407-9_2

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DOI: 10.1007/978-1-349-27407-9_2

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