Centuries of Economic Endeavor: Parallel Paths in Japan and Europe and Their Contrast with the Third World [Paperback]

John P. Powelson (Author)

Book Description

Publication Date: June 1, 1997

Why did the modern economy arise first in Northwestern Europe and Japan? And what distinguishes those few economies that have achieved sustained economic growth? These are the important puzzles that John P. Powelson answers in this original and important work.

Building from an intriguing and neglected parallel between the histories of Japan and Northwestern Europe, he explores the paths of social and political development in those two regions to isolate a significant linkage between economic development and the distribution of political power. He then turns to other regions of the world, explaining why they have not experienced similar levels of economic success. Powelson offers a powerful theory that aids our understanding of many current issues, including the problems of the Third World and the long-term health of our own economy.

"Extremely exciting. . . . Leverage . . . is a very important concept which I have never really seen stated in this way before." --The late Kenneth Boulding

"A valuable piece of work, one which shows an immense breadth of reading. Very impressive!" --Douglass North, Nobel Laureate, 1993, Washington University, St. Louis

"A major contribution . . . a big work done by an acknowledgedly careful scholar." --Mark Perlman, University of Pittsburgh

John P. Powelson is Professor Emeritus of Economics, University of Colorado.

Product Details

• Paperback: 496 pages
• Publisher: University of Michigan Press (June 1, 1997)
• Language: English
• ISBN-10: 0472084267
• ISBN-13: 978-0472084265
• Product Dimensions: 7.8 x 5.1 x 1 inches
• Shipping Weight: 1 pounds
• Average Customer Review: 5.0 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #5,907,653 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

7 of 7 people found the following review helpful:

5.0 out of 5 stars World History: Why Some Countries Prosper, And Some Don't, February 4, 2002

By 

Gordon Johnson (Alexandria, VA USA) - See all my reviews
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This review is from: Centuries of Economic Endeavor: Parallel Paths in Japan and Europe and Their Contrast with the Third World (Paperback)

If you believe in Lord Acton's dictum that "Power tends to corrupt and absolute power corrupts absolutely," this book is for you. There have been a variety of theories why some countries have prospered and some have not. Some say it depends on allowing free trade; some argue it depends on the degree of democracy as opposed to socialism or communism. Douglass North won a Nobel prize for his work to prove that the key is having the right societal institutions. Certainly it takes more than having natural resources.

Professor Powelson (Economics at the U. of Colorado) has worked extensively in developing countries and observed that despite all the good advice these countries received, and had been receiving for 50 years, they were making very little progress. To find out why, he decided to study history, going back over ten centuries in every important region of the world to see what lessons could be learned. His conclusions are startlingly simple: People prosper and societies thrive where there is genuine diffusion of power -- power earned, not bestowed by a ruler. Where power is centralized among a ruling few, the ruling few are able to take care of themselves, but their nations fail to grow and prosper and the people stay poor.

This book explains why every college freshman should be required to study Western Civilization before studying any other. As George Santayana has said already, "Those who ignore the lessons of history are doomed to repeat them." Professor Powelson has written the most important history book of the past century for anyone interested in the lessons to be learned from the histories of Northern Europe, Japan, China, India, Russia, the Middle East, Africa and Latin America, all covered beautifully in this one book.

5 of 5 people found the following review helpful:

5.0 out of 5 stars What a surprise!, July 28, 2000

By 

Free Polazzo (Douglasville, GA USA) - See all my reviews
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This review is from: Centuries of Economic Endeavor: Parallel Paths in Japan and Europe and Their Contrast with the Third World (Paperback)

Jack Powelson's book, Centruies of Economic Endeavour, gives a clear explanation of why some countries (like the U.S. and Japan) are so much better at providing economic resources to its citizens than other countries, like in Eastern Europe, Africa and South America. His many years in business as well as academia results in relevant and clearly detailed notes for the reader to follow up. This book helped me understand why, even today, so many countries with large amounts of natural resources, cannot seem to get their people out of poverty. Must reading. Highly recomended.

4 of 4 people found the following review helpful:

5.0 out of 5 stars Crucial for a full understanding of economic development, April 27, 2000

By 

Christopher Jackson - See all my reviews

This review is from: Centuries of Economic Endeavor: Parallel Paths in Japan and Europe and Their Contrast with the Third World (Paperback)

Powelson turns to the historical experience of nations for an answer to the central question of economic development: why do some nations grow rich while others do not? The answer lies in the relationship between the decentralization of power and the ability of economic actors to play a role in the formation of transactional institutions. Absolutely necessary for students of development.