The Global Poverty Trap

Prior to 1800, Asia and Europe enjoyed similar technological capabilities and advances, but economies were generally stagnant. After 1800, the Industrial Revolution gave England a decided competitive edge. A supportive culture, not religion, was a factor behind that surge of innovation, theorizes Gergory Clark, author of “A Farewell to Arms: A Brief Economic History of the World.” Middle-class values of hard work, patience, persistence, education, emerged and spread through families, Clark suggests. Clark's book could dispel the belief that globalization alone will eventually eliminate poverty, suggests columnist Robert Samuelson in the Washington Post. Policy alone cannot eliminate poverty. “It's culture that nourishes productive policies and behavior,” writes Samuelson. “Economic success requires a tolerance for change and inequality, some minimum level of trust – an essential for much commerce – and risk-taking.” – YaleGlobal