Kenwood and Lougheed’s classic book has been the benchmark introduction to the development of the global economy for decades. For this fifth edition, Michael Graff has brought the story up to date to include events from the early part of the twenty first century – continued globalization, the emergence of Asia as an economic power and the greater role played by business on the international scene.

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. New features to this edition include:

a prologue explaining the initial conditions faced by the world economy in 1820, detailing the beginnings of international trade and the influence of slavery

greater coverage of developing countries

increased coverage of World Wars I and II and of the twentieth century

a number of appendices 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.

Table of Contents

1. A Short Outline of Economic History from Beginnings to 1820 2. Causes of Growth in the Nineteenth Century 3. Long-term Capital Movements, 1820-1913 4. International Migration, 1820-1913 5. Commercial Policy in the Nineteenth Century 6. Foreign Trade in the Nineteenth Century 7. Growth in the Multilateral Payments Network 8. The Gold Standard before 1913 9. The Spread of Industrialization 10. Export Economies 11. Trends and Fluctuations Before 1913 12. The War and the Economy, 1914-1918 13. The International Economy during the Interwar Years 14. The Restoration of the Gold Standard and Economic Recovery in the 1920s 15. The Collapse of the Gold Standard and Disintegration 16. International Trade during the Interwar Period 17. The Great Depression 18. The War Economy, 1939-1945 19. Planning the Future Economy 1944-1950 20. The International Economy since 1950 21. International Monetary Relations, 1945-2010 21. GATT, WTO and International Commercial Policy, 1945-2010 22. Trade and Growth, 1945-2010: The Developed Countries 23. Trade and Growth, 1945-2010: The Periphery 24. The EU, NAFTA, ASEAN, Mercosur 25. Transition Economies, 1989-2010 26. Summary, 1820-2010 and Ahead

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