Customer Reviews

Centuries of Economic Endeavor: Parallel Paths in Japan and Europe and Their Contrast with the Third World

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If you believe in Lord Acton's dictum that "Power tends to corrupt and absolute power corrupts absolutely," this book is for you. There have been a variety of theories why some countries have prospered and some have not. Some say it depends on allowing free trade; some argue it depends on the degree of democracy as opposed to socialism or communism. Douglass North won a Nobel prize for his work to prove that the key is having the right societal institutions. Certainly it takes more than having natural resources.

Professor Powelson (Economics at the U. of Colorado) has worked extensively in developing countries and observed that despite all the good advice these countries received, and had been receiving for 50 years, they were making very little progress. To find out why, he decided to study history, going back over ten centuries in every important region of the world to see what lessons could be learned. His conclusions are startlingly simple: People prosper and societies thrive where there is genuine diffusion of power -- power earned, not bestowed by a ruler. Where power is centralized among a ruling few, the ruling few are able to take care of themselves, but their nations fail to grow and prosper and the people stay poor.

This book explains why every college freshman should be required to study Western Civilization before studying any other. As George Santayana has said already, "Those who ignore the lessons of history are doomed to repeat them." Professor Powelson has written the most important history book of the past century for anyone interested in the lessons to be learned from the histories of Northern Europe, Japan, China, India, Russia, the Middle East, Africa and Latin America, all covered beautifully in this one book.

Jack Powelson's book, Centruies of Economic Endeavour, gives a clear explanation of why some countries (like the U.S. and Japan) are so much better at providing economic resources to its citizens than other countries, like in Eastern Europe, Africa and South America. His many years in business as well as academia results in relevant and clearly detailed notes for the reader to follow up. This book helped me understand why, even today, so many countries with large amounts of natural resources, cannot seem to get their people out of poverty. Must reading. Highly recomended.

Powelson turns to the historical experience of nations for an answer to the central question of economic development: why do some nations grow rich while others do not? The answer lies in the relationship between the decentralization of power and the ability of economic actors to play a role in the formation of transactional institutions. Absolutely necessary for students of development.