Summary of Mark Koyama & Jared Rubin's How the World Became Rich

By IRB Media

Please note: This is a companion version & not the original book. Book Preview:

#1 The world is rich. The world is richer than it has ever been, and it continues to grow richer with each passing day. Extreme poverty is in rapid decline, and will be completely eradicated within our lifetime.

#2 The world has grown wealthier over the last century, and more and more of it has been able to move past the edge of subsistence. This is not just because there is less absolute poverty, but because more people are able to afford the basics of life.

#3 The last two centuries have seen more economic growth than the rest of human history combined. Economic growth refers to a sustained increase in economic prosperity as measured by the total goods and services produced in the economy.

#4 The world economy has grown over time, and this has alleviated a vast majority of poverty worldwide. However, there were periods of economic improvement that were due to political pacification, such as the Pax Islamica over large parts of the Middle East, North Africa, and Iberian Peninsula in the centuries following the spread of Islam.

• Language: English
• Publisher: IRB Media
• Release date: Jul 14, 2022
• ISBN: 9798822547209

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Insights on Mark Koyama & Jared Rubin's How the World Became Rich

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 1

#1

The world is rich. The world is richer than it has ever been, and it continues to grow richer with each passing day. Extreme poverty is in rapid decline, and will be completely eradicated within our lifetime.

#2

The world has grown wealthier over the last century, and more and more of it has been able to move past the edge of subsistence. This is not just because there is less absolute poverty, but because more people are able to afford the basics of life.

#3

The last two centuries have seen more economic growth than the rest of human history combined. Economic growth refers to a sustained increase in economic prosperity as measured by the total goods and services produced in the economy.

#4

The world economy has grown over time, and this has alleviated a vast majority of poverty worldwide. However, there were periods of economic improvement that were due to political pacification, such as the Pax Islamica over large parts of the Middle East, North Africa, and Iberian Peninsula in the centuries following the spread of Islam.

#5

The main difference between rich and poor countries is not that rich countries grow fast during their periods of growth. What distinguishes rich countries is that they have not experienced growth reversals. Sustained economic growth has been accompanied by a dramatic reorganization of society and production.

#6

In the developed world, the structure of the economy is different. Agriculture has shrunk both as a proportion of the total economy and as a source of employment. Instead, the majority of people work for long-lived organizations independent of the state.

#7

There are many ways to measure past economies, such as GDP, wages, and prices. The increase in average height between 18 year old soldiers in the English army between 1763 and 1767 and today is a reflection of the improvements in nutritional standards that have accompanied modern economic growth.

#8

The final measure of the standard of living is life expectancy. Modern economic growth is associated with large increases in life expectancy, which is a significant component of the additional welfare brought about by economic growth.

#9

The first half of the book classifies and surveys the major strands of literature related to the origins of sustained economic growth: geography, politics, institutions, markets and states, culture, human capital,