How Freedom Made Us Rich

“In [1492], if you were going to bet on who was going to have a ‘Great Enrichment,'” says University of Illinois at Chicago economist Deirdre McCloskey, “you would have been crazy not to bet on China because China had the most advanced commercial institutions, the most advanced ship building technology, [and] the most advanced machinery all together.” But it didn’t work out that way. “My claim,” McCloskey says, “is that liberty was the key to modern economic growth.” In her new book, Bourgeois Equality: How Ideas, Not Capital or Institutions, Enriched the World , the third volume in a trilogy , McCloskey argues that our vast accumulation of wealth over the past two hundred years— which she’s dubbed “The Great Enrichment”—was the result of “massively better ideas in technology and institutions.” Where did they arise from?

Source: How Freedom Made Us Rich

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