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The main disagreements consist of what kind of institutional order was necessary to make that free market flourish in Western history, and to what extent such an order as the Western world has could be adopted by developing nations as a matter of policy. Although the specifics differ by author, of course, most of the economic historical mainstream still presents the story of economic history, and with it the difference between poor and rich today, as that of the ‘unfolding’ of the free market.
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This book is not concerned with the rise of the West, but with the underlying economic framework that most mainstream economic historians use in understanding the long-run socioeconomic patterns that they study.
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That is to say, much of the discussion has been primarily concerned with the question “how did Europe come to dominate the world?”, and to some extent also the followup question, “when did, whatever it was that allowed this to happen, begin? “.īas van Bavel’s recent book, The Invisible Hand?, asks a very different kind of question. Generally, however, the guiding question has been the one at issue in the ‘rise of the West’ debate and the adjacent topics of Eurocentrism, imperialism, technological progress, and colonial ideology. Under various monikers such as ‘global history’, ‘world history’, and even ‘deep history’, the comparative study of economic and social change in the long run has offered some profound perspectives on the origins of our times. In those two instances, a complex and beneficial structure is explained by invoking basic principles of human nature and economic interaction.One of the most positive trends in the social sciences in the last 30-40 years or so has been the renewed interest of economic historians in long-run analysis. In Book IV, chapter 2, of An Inquiry into the Nature and Causes of the Wealth of Nations (1776), arguing against import restrictions and explaining how individuals prefer domestic over foreign investments, Smith uses the phrase to summarize how self-interested actions are so coordinated that they advance the public interest. In Part IV, chapter 1, of The Theory of Moral Sentiments (1759), he explains that, as wealthy individuals pursue their own interests, employing others to labour for them, they “are led by an invisible hand” to distribute the necessities that all would have received had there been an equal division of the earth. Smith invokes the phrase on two occasions to illustrate how a public benefit may arise from the interactions of individuals who did not intend to bring about such a good. More controversially, it has been used to argue that free markets, made up of economic agents who act in their own self-interest, deliver the best possible social and economic outcomes. The notion of the invisible hand has been employed in economics and other social sciences to explain the division of labour, the emergence of a medium of exchange, the growth of wealth, the patterns (such as price levels) manifest in market competition, and the institutions and rules of society. Invisible hand, metaphor, introduced by the 18th-century Scottish philosopher and economist Adam Smith, that characterizes the mechanisms through which beneficial social and economic outcomes may arise from the accumulated self-interested actions of individuals, none of whom intends to bring about such outcomes.
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