The purpose of this essay is to assess your knowledge and understanding of the modern world economy since 1500. You have read 4 articles/chapters by five leading scholars in the field (Immanuel Wallerstein, Angus Maddison, Ken Pomeranz, Prasannan Parthasarathi, and Kaoru Sugihara), each of whom makes a significant contribution to the historiography of the modern world economy. Each discusses the modern world economy from a different perspective, asks a different set of questions, and offers a different interpretation. Based on your reading of the four chapters/articles and the interview/talk (Pomeranz and Wallerstein) you have watched, you will discuss the main features of the modern world economy (as these authors have discussed) and their main arguments about the relative position of the West/Europe and the Rest/Asia in it. You must discuss each of the four articles/chapters in your essay. A critical analysis of authors’ arguments and perspectives is important. So, I encourage you to challenge the authors wherever possible or necessary. The purpose of this essay is also to assess how these chapters/articles have shaped your own understanding of the history of the world economy from the 16th century to the present.
Actual Essay question:
How does your reading of the articles/chapters by Wallerstein, Maddison, Parthasarathi, and Pomeranz, and Sugihara, help you understand the dynamics (features) of the modern world economy from the 16th century to the present as well as the relative position of Europe and Asia in this world economy?
A general outline of the essay and key talking points:
Wallerstein-World systems, his idea of Households, the five sources of income, world view on the economy
Maddison-The Five reasons why the west developed faster, disagree with Maddison on Maritime technology (pg.78 of readings), world view on the economy, Critical evaluation
Parthasarathi and Pomeranz- Main ideas, Great divergence, disprove European exceptionalism/ view on world economy compared to Wallerstein and Maddison
Sugihara Main ideas, Industrialization, an abundance of labor, Labor intensive, why did Asia follow this path of economic growth? Sugihara’s view on world economies. Critical evaluation
