Cato Institute Book Review: The Wealth Explosion. Author: Stephen Davies

How did the Western World become so rich in the 18th Century?  Why Europe?  Professor Stephen Davies Head of Education, Institute of Economic Affairs, London talked about his book The Wealth Explosion at the Cato Institute on May 23, 2019 at 10 AM.  Moderating was Ryan Bourne of Cato and the commentator was Professor Jack Goldstone of George Mason University.

Professor Davies mentioned the rise of cities and world-wide trade as background factors to one major change in how people lived: for the new modernity sustained very large populations around the world. Specifically, most people were living on the planet in mega-population centers called cities, interacting through communication networks extant at the time globally.  An obvious exchange of ideas among peoples of differing backgrounds.  But the wealth explosion occurred in Europe.  I think one must turn to other features to account for this historical presence in Europe of modernity (with all its accumulated wealth): the rise of the scientific method in the study of the world's features, the success, particularly in the West, of the university system in collecting, storing, and disseminating knowledge; and encouragement of experimentation and innovation among a general public imbued by the wonders of the universe!

Professor Gladstone added the development of conceptual of principles of living together and striving to achieve happiness through becoming committed citizens to Western Civilization.  The understanding that each person has rights inalienable to him.  Gladstone noted that the Chinese did not even have the notion that an individual self could contribute to his society in some lasting way by what he thinks or does.  Further, he pointed out that in several countries, the leaders were not emboldened by the spirit of accountability to those they led.  They made autocratic decisions in time of crises without formulating how their actions would bring about a healthier society of their people.
He alluded to major features in today's changed, modern society: the rise in the status of women and the termination of the practice of slavery as signs in our relating to one another.

The discussion that followed with audience participation simply highlighted Professor Davies' profound identification in world phenomena: the 18th Century was an explosion of knowledge and scientific rigor that heralded a contemporary reliance upon big cities, big corporations and, (what some analysts would say is unfortunate,) big government.