Edmund Burke remarked in 1790 that “… which in the first instance is prejudicial may be excellent in its remoter operation… The reverse also happens: and very plausible schemes, with very pleasing commencements, have often shameful and lamentable conclusions.” The course of the French Revolution soon proved him right. Two Paths to Prosperity reaffirms Burke’s insight on an even grander stage. Avner Greif, Guido Tabellini and Nobel laureate Joel Mokyr bring contemporary social science to bear on the key junctures in European and Chinese history. Along the way, they explore the most fundamental causes of growth, freedom, and innovation that led to the Industrial Revolution and still matter today.
Author: James Herndon
A recent report comparing stock market returns from 1995 to 2025 across 14 major countries found that India boasted the highest annualized returns … while also displaying the greatest volatility. Anyone hoping to profit from that tremendous but erratic growth would do well to peruse Running Behind Lakshmi. Adil Rustomjee’s indulgent editors allowed him to publish a book that is equal parts history, textbook, and personal musing. Like India itself, the work is enormous, variegated, occasionally exasperating and utterly unique.
Our beliefs about the past pass through filters both ideological and physical. Cotton, leather and papyrus all disintegrate with time, but fired clay does not. Hence museums filled with jugs and bowls instead of scrolls and clothing. Still, such a vessel inspired one of England’s most celebrated poems, John Keat’s “Ode on a Grecian Urn”. It seems that Fahad Bishara had a similar epiphany when he beheld a century-old ship’s logbook, or ruznamah. Although written in prose, Monsoon Voyagers evokes Keats by bringing a lost world to life, combining a scholar’s rigor with a poet’s voice.
The term “Industrial Revolution” entered modern parlance in 1799, courtesy of the French diplomat Louis-Guillaume Otto. What began with incremental improvements in steam power and textiles would sweep the world, freeing societies from the Malthusian trap while upending the distribution of political power. But for all that epochal significance, scholars have never arrived at a consensus on why it began in Western Europe and not, say, East Asia. After reading Mehran Gul’s The New Geography of Innovation, one suspects that the present revolution in silicon and algorithms will also evade simple explanations.
In his book Tianjin Cosmopolis, Pierre Singaravélou remarks that “The history of modernity is a history of possible futures as much as a study of the processes of modernization.” Thanks to a new translation from the original French, English readers now have a chance to consider one possible future of China that never came to pass. Hewing to primary sources and refraining from simple narratives, Singaravélou details the agency and dynamism of the late Qing response to Western intrusion.
For over two decades, Chinese leaders have sought to rebalance their economy away from dependence on investment and exports and towards growth based on domestic consumption. In that context, few developments could have been more propitious than the explosive growth in internet commerce. While the benefits for consumers are obvious, digital marketplaces also allowed small manufacturers to proffer their wares nationwide. These “Taobao Villages” promise to alleviate China’s stubborn rural-urban inequality in the bargain. Lizhi Liu’s new book From Click to Boom explains the origins and effects of China’s vast e-commerce sector, while shedding light on its heretofore ambiguous relationship with the authorities.
Sir John Seeley once claimed that the British had “… conquered and peopled half the world in a fit of absence of mind.” This would have bemused the many adventurers, mercenaries, and administrators who dedicated their lives to displacing indigenous power across India. More pragmatic than perfidious, Albion accommodated hundreds of princely states ruled by sundry begums, nawabs, nizams, and maharajas.
Despite a reputation for abstruse thought, the French intellectual Michel Foucault once explained his research in a straightforward manner: “I set out from a problem expressed in the terms current today and I try to work out its genealogy. Genealogy means that I begin my analysis from a question posed in the present.” Keyu Jin took that approach to heart in The New China Playbook, a work that explains China’s present by tracing its economic genealogy since 1978.
After years of diplomatic pressure from the United States, China placed all fentanyl-related chemicals under an enhanced regulatory regime in 2019… only to see India emerge as a new source for the drug’s precursors the next year. Since then overdose deaths have continued to surge, prompting one US Senator to declare that “The flow of deadly synthetic opioids across our southern border is a public health crisis and a national security threat.” Peter Thilly’s new book, The Opium Business: A History of Crime and Capitalism in Maritime China, shows that a rising tide of addiction can indeed threaten a nation. It also shows why government attempts to disrupt the drug trade so often fail.
“Thou art the ruler of the minds of all people, dispenser of India’s destiny. Thy name rouses the hearts of the Punjab, Sindh, Gujarat and Maratha, of the Dravida, Orissa and Bengal.” Thus begins Rabindranath Tagore’s Jana Gana Mana. In 1939, Jawaharlal Nehru traveled to Calcutta and received Tagore’s blessing to make it India’s national anthem. That meeting took place in the home of Prasant Chandra Mahalanobis. Equal parts flawed, driven, and brilliant, Mahalanobis went on to steer the Five-Year Plans that promised to catapult India into modernity. Nikhil Menon’s new book Planning Democracy: Modern India’s Quest for Development captures this technocrat in full: how he amassed and exerted influence, and how reality fell short of his ambitions.
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