Publishers Weekly
07/08/2024
This brisk study from Leigh (Randomistas), an economist and member of Australia’s parliament, traces how economic factors have shaped world history from the dawn of agriculture to the present. He suggests that the transition from hunting and gathering to farming around 12,000 years ago led to the establishment of private property and food surpluses, which in turn made it possible for leaders to enrich themselves by appropriating the products of others’ labor. More effective technologies for harnessing the power of coal sparked the Industrial Revolution in the late 1700s, and the 19th-century rise of limited liability corporations stimulated the flow of capital into risky ventures that, when successful, created massive businesses whose size compelled workers to unionize in order to maintain bargaining power. Elsewhere, Leigh covers the rise of Keynesianism during the Great Depression, central banks’ role in taming inflation in the 1980s, and how the contemporary dominance of a handful of Silicon Valley tech companies results in lower wages for workers. The history will largely be familiar to readers of Yuval Noah Harari and Jared Diamond, whom Leigh cites in his research, but he does a solid job of succinctly recounting the events and developments that explain “how our market system developed.” It’s a satisfying overview of economic history. Photos. (Sept.)
From the Publisher
"If you read just one book about economics, make it Andrew Leigh’s clear, insightful, and remarkable (and short) work. Learn why we are richer, live longer, have healthier children, are monumentally more productive and are happier than our ancestors." — Claudia Goldin, recipient of the 2023 Nobel Prize in Economics and Henry Lee Professor of Economics, Harvard University
"This 'short' book is bursting with insights about economics, illustrated by memorable stories and historical events. People who are curious about but confused by economics will learn enough from this volume to be conversant for life. Andrew Leigh is not only an engaging writer, he is charming and fun as well—something that cannot be said of all economists!" — Caroline M. Hoxby, Scott and Donya Bommer Professor of Economics, Stanford University
"Leigh takes the reader on an engaging romp through key moments in the world's economic history that created the economies we see today around the globe. It is essential reading for anyone looking to understand today's economy." — Betsey Stevenson, Professor of Economics, University of Michigan, and coauthor of Principles of Economics
"Leigh manages to give the casual reader an insight into economics, one of humanity’s most powerful forces, while enticing them to run even further." — Sydney Morning Herald
“A satisfying overview of economic history.” — Publishers Weekly
