Its a delight to have someone write a historical economics book looking at economies over a long period of time across a large number of countries. This expanse aids in portraying and reasoning the economic conditions more near reality of the times. With this its trying to see what will the economic future be like. I am happy to be reading this book. Its an effort of 15 years of rigorous research on 20 countries over 3 centuries.
I am not done reading the book, but I am impatient and tempted to say that, this book may be able to see what lies as the economic future of the world. I say this because the author seems to take into consideration and be empathetic about the conditions of the times when the previous economic theories were formulated. Secondly, he is taking into account all the historical events and their connections to the economics of the times.
As a lay person ( not trained as an economist ) reading journal papers, news papers and looking the trends of things around I had this observarion about the way economies have been in recent times : Economies oscillated between the keynesian (socialist) and hayek’s ( free market ) economics . This oscillation between the extremes and all permutations and combinations of parts of these two models will be a part of the cycle the world goes through and it will continue to go through. As there is no permanent fix to any economic condition or social conditions like poverty and penury. New theories will evolve, will fix the social problems until these theories are well understood and misused by few for their own personal benefit. Economics as field so seems to be one which will keep evolving, getting more complex as time goes by and so will the problems.