5th Edition

Growth of the International Economy, 1820-2015

    392 Pages 41 B/W Illustrations
    by Routledge

    386 Pages 41 B/W Illustrations
    by Routledge

    Kenwood and Lougheed’s classic book has been the benchmark introduction to the development of the global economy for decades. For this fifth edition, Michael Graff has brought the story up to date to include events from the early part of the twenty first century – continued globalization, the emergence of Asia as an economic power and the greater role played by business on the international scene.

    Beginning with the industrial revolution, the book charts the long nineteenth century, the impact of colonialism, the fast pace of technology growth and the impact of global wars. New features to this edition include:

    • a prologue explaining the initial conditions faced by the world economy in 1820, detailing the beginnings of international trade and the influence of slavery
    • greater coverage of developing countries
    • increased coverage of World Wars I and II and of the twentieth century
    • a number of appendices outlining the economic concepts and theories underlying the text

    This new edition of Growth of the International Economy provides the reader with a clear understanding of the factors which have been instrumental in creating the economic environment we face two hundred years after the industrial revolution.

    1. A Short Outline of Economic History from Beginnings to 1820 2. Causes of Growth in the Nineteenth Century 3. Long-term Capital Movements, 1820-1913 4. International Migration, 1820-1913 5. Commercial Policy in the Nineteenth Century 6. Foreign Trade in the Nineteenth Century 7. Growth in the Multilateral Payments Network 8. The Gold Standard before 1913 9. The Spread of Industrialization 10. Export Economies 11. Trends and Fluctuations Before 1913 12. The War and the Economy, 1914-1918 13. The International Economy during the Interwar Years 14. The Restoration of the Gold Standard and Economic Recovery in the 1920s 15. The Collapse of the Gold Standard and Disintegration 16. International Trade during the Interwar Period 17. The Great Depression 18. The War Economy, 1939-1945 19. Planning the Future Economy 1944-1950 20. The International Economy since 1950 21. International Monetary Relations, 1945-2010 21. GATT, WTO and International Commercial Policy, 1945-2010 22. Trade and Growth, 1945-2010: The Developed Countries 23. Trade and Growth, 1945-2010: The Periphery 24. The EU, NAFTA, ASEAN, Mercosur 25. Transition Economies, 1989-2010 26. Summary, 1820-2010 and Ahead


    Michael Graff is Head of the Business Cycle Research Division at KOF Swiss Economic Institute, ETH Zurich, Switzerland. He is also Professor of Development Economics at Jacobs University Bremen, Germany.

    George Kenwood retired as Head of the Department of Economics at the University of Queensland, Australia in 1989. He retained his interest in teaching (at universities in Queensland and Papua New Guinea), research and publishing in his areas of interest, Australian and British Economic History and Development. George was also an Honorary Research Consultant at the University of Queensland until he passed away in 2005.

    Alan Lougheed was an educator, firstly as a primary and secondary teacher, then as Lecturer and Reader in Economics at the University of Queensland, Australia. Alan retained his keen interest in research, publishing and teaching (at universities in Queensland) after his retirement in 1992. He was an Honorary Research Consultant at the University of Queensland until he passed away in 2002.

    Graff make no claim to predict the future, but he does provide useful economic forecasts from the World Bank. He also considers challenges for the 21st century that include population growth and living with scarce resources. Summing Up: Recommended. - R. T Sweet, Hood College, CHOICE