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Growth of the International Economy has been the benchmark introduction to the development of the global economy for decades. Updating the story to the present day, the new edition of this classic textbook includes coverage of key events from 2008 onwards which have impacted and brought disruption to the global economy.
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. Significant additions to the sixth edition include coverage of the aftermath of the Great Recession, the growing impact of China and the New Silk Route and the economic consequences of Covid-19 pandemic. The geopolitical and economic reasons for the war in Ukraine, and its consequences, are also considered. References and recommendations for further reading are included at the end of each chapter to encourage additional study, and a selection of appendices are incorporated into the book, 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.
List of contents
Introduction. Prologue: The International Economy from the Beginnings to 1820.
1. The Causes of the Growth of the International Economy in the Nineteenth Century
2. International Long-Term Capital Movements
3. International Migration
4. Commercial Policy in the Nineteenth Century
5. Foreign Trade in the Nineteenth Century
6. The Evolution of a Multilateral Payments Network
7. The Evolution of an International Monetary System: The Gold Standard Until 1914
8. International Aspects of Economic Growth in the Nineteenth Century: The Spread of Industrialization
9. International Aspects of Economic Growth in the Nineteenth Century: The Export Economies
10. Trends and Fluctuations in the International Economy Up to 1914
11. The International Economy from 1914 to 1939
12. The Restoration of the Gold Standard and the Economic Recovery of the 1920s
13. The Collapse of the Gold Standard and the Disintegration of the International Economy
14. International Trade During the Interwar Period
15. The Great Depression: An Overview
16. The International Economy from 1939 to 1950
17. The International Economy, 1950-2000
18. International Monetary Relations, 1945-2000
19. The GATT, the WTO and International Commercial Policy, 1947-2000
20. Trade and Growth in the International Economy: The Developed Countries, 1945-2000
21. Trade and Growth in the International Economy: The Periphery, 1945-2000
22. The New Millennium, 2001-24
23. The International Economy until 2024 and Beyond. Bibliography.
About the author
Michael Graff is Professor emeritus of ETH Zurich, Switzerland. From 2007 until his retirement in 2024, he was Head of the Business Cycle Research Division at the KOF Swiss Economic Institute. Before this, he was Professor of Development Economics at Jacobs University Bremen, Germany, Senior Lecturer at the University of Queensland, Australia, and Economic Advisor at the Reserve Bank of New Zealand.
A. G. 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.
A. L. Lougheed was an educator, first 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.
