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Eighteenth-century China saw the end of serfdom, abolished by the Yung-cheng emperor,93 and a new freedom to buy and sell land. The number of market towns rose steadily. In the Kiangnan region on the lower Yangtze, where water communications had favoured the growth of large commercial cities, cotton cloth was manufactured on a large scale by villag

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By the eighteenth century, a new ideology was taking form, especially in Britain, that “greed is good” (to use a recent summary formulation), because greed spurs a society’s efforts and inventiveness. By giving vent to greed, the logic goes, societies can best harness the insatiable ambitions, great energies and ingenuity of their citizens. While g

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By the fourteenth century, Europe had reached broad economic and technological parity with China and the Islamic Near East. Between AD 1000 and c.1350 there was a long phase of economic growth. The population increased. Waste lands were colonized. Technical improvements like the mould-board plough (which opened up heavier lands) and the watermill i

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The Song Dynasty might justly be considered the world’s first large-scale capitalist economy: land was privately owned, merchant families invested in joint-stock companies, international trade was open, harbors were improved, and Chinese ocean-based trade expanded throughout the Indian Ocean to East Africa and the Red Sea. A navy established in the

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