has failed to investigate the two factors of coal and trade at a suitable level preferring instead to take an approach that is analogous to that of Piketty in ignoring the role of innovation in developing wealth. Stalinism's unsavory aspects, according to Allen, are separable from the extent to which the planned economy—output targets plus soft budget constraints mobilizing unemployed labor—broke the USSR out of a low-equilibrium trap by establishing heavy industry, attracting peasants to the cities, and lowering female fertility. Quality of life went from improving very gradually if at all for the vast majority of human history to improving very, very quickly. Our book leads to the conclusion that there is no silver bullet explanation for why the world became rich.

It presents complex economic concepts clearly and understandably, avoiding excessive technical jargon. The book’s consideration of historical context and long-term trends enhances our comprehension of the dynamics of economic growth over time.

Well informed, solidly anchored in historical facts and economic analysis, this book is a must for economics students. Many of the innovations of the first Industrial Revolution were not science-based and thus did not require a highly skilled workforce.

While these remain problems, these are problems that are far better than starvation and early death (Fogel, 2004).There have been many such transformations in the last two centuries due to inventions such as the telegraph, locomotive, automobile, telephone, electrification, steam engine, and much more. It was characterized by the rapid rise of particular industries such as cotton textiles which were centered in the northwest of the country. By the time British gunboats were marauding on the Yangtze, in other words, Manchester’s factories already had an unassailable cost advantage. In addition, good governance, transparency, and a robust legal framework are essential for promoting entrepreneurship and attracting domestic and foreign investment (Alesina et al.