By Angus Maddison
This monograph explores the reasons of the West's financial development during the last 2,000 years and contrasts it with the industrial heritage of the remainder of the area.
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Additional resources for Growth and Interaction in the World Economy: The Roots of Modernity
Income from Asia had collapsed, and Portugal had to bear the costs of reconstructing Lisbon after the 1755 earthquake. To meet this problem, Pombal, the Portuguese prime minister, expelled the Jesuits from Brazil (in 1759), confiscated their vast properties, and sold them to wealthy landowners and merchants for the benefit of the crown. Most of the property of other religious orders was taken over a few years later. When gold production collapsed, Brazil returned to agricultural exports. At independence in 1822, the three main exports were cotton, sugar, and coffee.
The link between scientific research and practical matters of navigation is clear from the work of Edmond Halley (1656–1742). He wrote his first paper for the Royal Society in 1676, when he was nineteen. It dealt with irregularities he had observed in the orbits of WHY AND WHEN DID THE WEST GET RICH? 29 the planets Jupiter and Saturn, which were believed to be uniformly elliptic. Over the next sixty-five years, he wrote another eighty scientific papers while serving as secretary of the Royal Society, professor of geometry at Oxford, and astronomer royal (see MacPike, 1932).
22 GROWTH AND INTERACTION IN THE WORLD ECONOMY TABLE 6 GLOBALIZATION RATIO: COMPARATIVE GROWTH IN THE VOLUME OF WORLD TRADE AND GDP, 1500–2001 (annual average compound growth rates) 1500–1820 1820–70 1870–1913 1913–50 1950–73 1973–2001 1820–2001 World Trade World GDP Col. 1/Col. 8 SOURCE: World trade volume 1500–1820 is derived from growth in tonnage of the world merchant fleet (Maddison 2001, 95), with a 50 percent upward adjustment for technical improvements that augmented effective carrying capacity; 1820–70 from Maddison (1982, 254); 1870–2001 from Maddison (2001, 362), updated to 2001 from International Monetary Fund, International Financial Statistics.
Growth and Interaction in the World Economy: The Roots of Modernity by Angus Maddison