National Review: The Miracle of Industrialization

Editor’s Note: This is a work in progress.

Marian Tupy:

“Then, beginning in the mid 18th century, many people’s standard of living skyrocketed. What brought about this dramatic improvement, and why?

Our story has to begin with income, for, as Oxford economist Paul Collier has noted, economic “growth is not a cure-all, but lack of growth is a kill-all.” The history of economic growth, as Angus Maddison and his team at the University of Groningen found, resembles a hockey stick. For thousands of years, growth was negligible. This period is represented by the shaft of the stick. Toward the end of the 18th century, however, economic growth started to accelerate, first in Great Britain and then in the rest of the world. The blade represents this sharp upward turn.” …

Whatever its exact causes, the Industrial Revolution, which started in the mid 18th century, brought widespread changes, including new fuels, such as coal and petroleum; new motive power, such as the steam engine and the internal-combustion engine; new machines, such as the spinning jenny and the power loom; and the factory system, which reorganized work and required much greater division of labor and specialization of function. These changes increased the use of natural resources and enabled the mass production of manufactured goods.

“Whatever its exact causes …”

Is that the best the brain trust over at National Review can manage in the “capitalism vs. socialism” debate on the causes of the Industrial Revolution? Why not consult the vast academic literature on the issue?