The Early Modern Great Divergence: Wages, Prices and Economic Development in Europe and Asia, 1500-1800
LSE - London
University of Warwick - Department of Economics
Economic History Review, Vol. 59, No. 1, pp. 2-31, February 2006
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 north-western parts. In the advanced parts of India and China, grain wages were comparable to those in north-western Europe, but silver wages, which conferred purchasing power over tradable goods and services, were substantially lower. The high silver wages of north-western 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.
Number of Pages in PDF File: 30Accepted Paper Series
Date posted: March 31, 2006
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