The World Economy from the past to the future
Prof. Angus Maddison is a retired scholar of Economics at the University of Groningen in the Netherlands, but he is far from passive. He recently published a book called “Contours of World Economy 1-2030 AD“.
Economic theory can be sometimes a little bit abstract. If you want to know what really happened in Economic history, read Prof. Maddisons book!
He is one of the few scholars who write as clear as a sharp knife. He makes his points in the most precise matter. does not distract his readers by referencing to theoretical camps in Economics or Political Science.
The book is split in three parts: the first one deals with various regions of the world (Europe, Asia, Africa), their economic development since 1 AD, and their economic relations. If you want to have a precise summary of world history and major trends, then each chapter can be useful starting point.
He also presents a multitude of data on income, population growth, and GDP. For me personally the period between the end of the West-Roman-Empire in middle of the first millenium and renaissance in the middle of the 15th century was most interesting to read. Maddison covers the political events taking place in the Middle-East and in Africa during that time.
The second part of his book discusses the history of Macro-Measurement. It is quite interesting to see how the development of macro-economic measurement coincided with the emergence of nation-states and large-scale civil administration.
The third part features an outlook of the World Economy in 2030. He predicts that by 2018, China will become the world’s biggest economy, India will be third. Maddison covers in detail is the impact on Climate Change on Economic Growth.
For a glimpse into the future of our planet, the book is a fascinating reading.
