Analysis of the causes of sustained economic growth in and after the late 18th century
DOI:
https://doi.org/10.61173/jkhhgh30Keywords:
sustained economic growth, the late 18th century, institutional reform, technology breakthrough, demographic transitionAbstract
Before the late 18th century, sustained economic growth was largely absent, but after that, the situation changed. The rarity of sustained economic growth before the late 18th century can attributed to institutional constraints on technological development and economic trade and a low-productivity equilibrium characterized by limited technological innovation and demographic pressures. After the late 18th century, the Industrial Revolution, institutional changes such as capitalism and colonialism, and demographic transitions all emerged. How these factors enabled sustained economic growth is analyzed in the essay.
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