By Charles Calomiris
The global development towards privatization, liberalization, and globalization has produced vast monetary advantages.
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Extra info for A Globalist Manifesto for Public Policy (Occasional Paper, 124)
8 Political competition between these empires and the West widened the chasm between them. Unlike outward-oriented European states, which responded to competition by expanding the range of internal power-sharing, the Eastern empires responded to losses of territory or trading routes by squeezing their own subjects all the more. Thus stagnant growth became persistent decline. That decline did not reflect a lack of interest in wealth, per se, 8 34 Although it is not important for our present purposes, I note in passing that economic historians are also rediscovering the importance of geography in explaining the locational origins of economic success.
As Landes notes: [in] Indonesia, where the Chinese form 4 percent of the population, they controlled in the early 1900s seventeen of the twenty-five largest business groups. 7 7 One can make a similar point by comparing the relative economic performance of North and South Korea, or East and West Germany: all these comparisons demonstrate that, holding ‘culture’ constant, institutions matter, specifically institutions that either encourage or discourage individual initiative. 33 a globalist manifesto for public policy China’s approach was the rule rather than the exception.
As I have already suggested, political fragmentation and competition were key ingredients. The Judeo-Christian tradition, no doubt, contributed to an emphasis on individual freedom through its emphasis on individual worth and choice, as well. There are a multitude of contributing factors that explain why Great Britain was poised to overtake the rest of Europe both as an empire builder and as an industrial dynamo. But the many causes that have been put forward for British dominance in the eighteenth and nineteenth centuries (the pre-existing network of local markets and developed transportation system, the presence of a skilled labour force, high literacy and the prevalence of applied scientific knowledge, the relative weakness of protective guilds blocking technological progress) all reflected a different role of the individual in English society which can be traced back to at least the thirteenth century.
A Globalist Manifesto for Public Policy (Occasional Paper, 124) by Charles Calomiris