International economic growth
Introduction Primarily dealing with the economic relationship in the international level, James Foreman-Peck’s informative and exceptionally substantiated work A History of the World Economy: International Economic Relations since 1850. The extent of the scope of the book spans the time from the middle years of the nineteenth century until the four periods during the 1970s including partitions at 1875, 1914, as well as 1939. An extensive and comprehensive chapter on the topic of international trade and policies on these trades as well as another chapter on the monetary policies and international financing are dedicated for every period.
An additional chapter—international factor mobility—is devoted for the years running from 1875 to 1914. Another extra chapter is given to the relationship between economics and politics and the institutions that started to exist during World War II. Critical points The book treats the primary courses in the field of trade flows in the international level for every one of the four periods. The book also treats the nature and structure of the monetary settings in the international field in force for the corresponding period.
Apart from these, Foreman-Peck talks about topics that focus on the welfare and the expansion of the economy for the economies that existed during the nineteenth and twentieth centuries. Interestingly, the book considers in detail the international factor movements which include a full chapter that is written exclusively for nineteenth century’s latter years. In essence, the author has presented an exceptional study of the exceedingly complicated field of international relations in terms of the world economy.
He is not only able to draw altogether historical investigations that have emerged over the last few decades. More importantly, the author is also able to supplement a specifically helpful overview of the appropriate economic analysis as well as an elucidation of the institutional outline. The entirety of the book is delimited by a preliminary analysis of trade and politics at the beginning timeline as well as closing chapter arguing to place the 1970s in both prospect and perspective.
Indicating a limitation of interest that is unsuccessful in doing justice to the scope of treatment in the entire work of Foreman-Peck, these two chapters outline the course of the book. One of the book’s stalwart points is its explication of international monetary arrangements. The author has utilized the time to scrutinize the international monetary arrangements in detail which provides the way towards understanding the processes behind international finance.
Moreover, the introductory analysis with regard to international economic relations is purely in terms of “core”—which is primarily restricted among America and the United Kingdom—and “periphery”. However, the idea that a majority of the trade in the international level is among countries in Europe is revealed in the second chapter. The final chapter, although it creates a strangely vague conclusion to a book that is so detailed, chiefly revolves around the case in favor and against reallocating resources to the advantage of the countries that are less-developed—this in the light of the theories of justice.
Yet, even such a partiality of interest has its own counterweighing benefits since a majority of the related economic figures are taken from various regions of the world that are repeatedly and insufficiently considered in major works. With this, it cannot be complained that the discussion on finance in the international arena in the book is short of breadth. On the other hand, Foreman-Peck assists the readers by absorbing as well as relevantly arranging a huge amount of up to date literature. Worth notable of these pieces of literature are taken from periodicals.
The author will most likely be valued and understood by students of economics rather than students of history. This is based on the observation that the author often begins with a broad economic argument proceeded by attempting to relate it with definite historical events with a wealth of factual particulars. However, the limitation of this approach is that it appears to explicate a string of restricted economic experiences as opposed to grouping them into the foundation for more broad and encompassing conclusions.
The focus on international relations as enough for “history of the world economy” may also be brought into inquiry although there is an effort in the book to illustrate several of the technological effects on the expansion of trade. Conclusion In general, the book is tarnished by several insufficiencies of style, grammar, as well as spelling. Nevertheless, if the book is placed under reprinting, something can be done in order to correct these factors which allow the book to further aid undergraduates in producing in-depth responses to numerous questions especially in exams.
The very structure and content of the book results to a very helpful volume that is somewhat hard to place. The book is probably too intense and terse to be very fulfilling as a text for undergraduate students. Nevertheless, the book does not contain the maintaining foresight of a professional monograph. This is particularly awkward since a grand attempt to encompass a very broad subject matter that presently needs sufficient examination should be appreciated. Reference FOREMAN-PECK, J. (1995) A History of the World Economy: International Economic Relations Since 1850, Brighton, Wheatsheaf Books.