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The Oxford History of Historical WritingVolume 5: Historical Writing Since 1945$
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Axel Schneider and Daniel Woolf

Print publication date: 2011

Print ISBN-13: 9780199225996

Published to Oxford Scholarship Online: January 2018

DOI: 10.1093/oso/9780199225996.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 19 October 2019

Global Economic History: A Survey

Global Economic History: A Survey

Chapter:
(p.113) Chapter 6 Global Economic History: A Survey
Source:
The Oxford History of Historical Writing
Author(s):

Peer Vries

Publisher:
Oxford University Press
DOI:10.1093/oso/9780199225996.003.0007

This chapter studies global economic history. Until quite recently, two perspectives have almost monopolized thinking about economic development: ‘Smithian’ and ‘Marxian’. They functioned as explanatory framework and theoretical support for almost all master narratives in global economic history. The first perspective is called after Adam Smith and covers the views of all those who regard the market mechanism as the necessary and sufficient condition for economic development. Meanwhile, the second perspective has been inspired by Karl Marx’s ideas on economic development. However, the hitherto dominant approaches of Marx and Smith have recently been challenged. Economic historians, stimulated by the successive economic miracles that have occurred in East Asia, are now more than ever taking non-European historical experience into account, while developing new models that are better contextualized and themselves have the potential to influence the Western economic discourse.

Keywords:   global economic history, economic development, Adam Smith, market mechanism, Karl Marx, Western economic discourse

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