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The early modern great divergence: wages, prices and economic development in Europe and Asia, 1500-1800
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Broadberry, Stephen and Gupta, Bishnupriya (2005) The early modern great divergence: wages, prices and economic development in Europe and Asia, 1500-1800. Discussion Paper. London: Centre for Economic Policy Research (Great Britain). (Discussion paper (Centre for Economic Policy Research (Great Britain))).
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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.
| Item Type: | Working or Discussion Paper (Discussion Paper) |
|---|---|
| Subjects: | H Social Sciences > HC Economic History and Conditions D History General and Old World > D History (General) > D901 Europe (General) D History General and Old World > DS Asia |
| Divisions: | Faculty of Social Sciences > Economics |
| Library of Congress Subject Headings (LCSH): | Economic development -- Europe, Economic development -- Asia, Wages -- History, Prices -- History, Europe -- Economic conditions -- To 1800, Asia -- Economic conditions -- To 1800 |
| Series Name: | Discussion paper (Centre for Economic Policy Research (Great Britain)) |
| Publisher: | Centre for Economic Policy Research (Great Britain) |
| Place of Publication: | London |
| Date: | March 2005 |
| Number: | No.494 |
| Number of Pages: | 49 |
| Status: | Not Peer Reviewed |
| Access rights to Published version: | Open Access |
| URI: | http://wrap.warwick.ac.uk/id/eprint/1709 |
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