EH.Net Abstracts in Economic History

                ABSTRACTS IN ECONOMIC HISTORY
                     (c) 2006 EH.Net
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Name: Bishnupriya Gupta
Email: B.Gupta at Warwick.ac.uk
Institution: University of Warwick

Co-author:
Stephen N.        Broadberry
University of Warwick
Department of Economics
Coventry CV4 7AL
E-mail: <S.N.Broadberry at warwick.ac.uk>

Title: The Early Modern Great Divergence: Wages, Prices and Economic 
Development in Europe and Asia, 1500-1800

Internet Address of abstracted work: 
http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=4947

By mail:
Department of Economics
University of Warwick
Coventry CV4 7AL
UK

Language: English

Abstract:
Contrary to the claims of Pomeranz, Parthasarathi and other 'world 
historians', the prosperous parts of Asia between 1500 and 1800 look 
similar to the stagnating southern, central and eastern parts of 
Europe rather than the developing northwestern parts. In the advanced 
parts of India and China, grain wages were comparable to those in 
northwestern Europe, but silver wages, which conferred purchasing 
power over tradable goods and services, were substantially lower. The 
high silver wages of northwestern Europe were not simply a monetary 
phenomenon, but reflected high productivity in the tradable sector. 
The 'Great Divergence' between Europe and Asia was already well 
underway before 1800.

Bibliography: Broadberry, Stephen N. and Gupta, B. "The Early Modern 
Great Divergence: Wages, Prices and Economic Development in Europe 
and Asia, 1500-1800." Economic History Review, Vol. LIX, no. 1, February 
2006.

Subject: D
Geographical Area: 0
Country/Region: Europe, Asia
Time Period: 0

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