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1、CHAPTERSIXTwentiethCenturyGrowthNicholasCrafts*andKevinHjortshøjORourke*DepartmentofEconomics,UniversityofWarwick,CoventryCV47AL,UnitedKingdomAllSoulsCollege,OxfordOX14AL,UnitedKingdomAbstractThispapersurveystheexperienceofeconomicgrowthinthe20thcenturywithafocusontechno
2、-logicalchangeatthefrontiertogetherwithissuesrelatedtosuccessandfailureincatch-upgrowth.Adetailedaccountofgrowthperformancebasedonhistoricalnationalaccountsdataisgivenandisaccompaniedbyareviewofgrowthaccountingevidenceonthesourcesofeconomicgrowth.Thekeyfeaturesofouranaly
3、sisofdivergenceingrowthoutcomesareanemphasisontheimportanceof“directed”technicalchange,ofinstitutionalquality,andofgeography.Weprovidebriefcasestudiesoftheexperienceofindividualcountriestoillustratethesepoints.KeywordsCatch-upgrowth,Divergence,Growthaccounting,Technicalc
4、hangeJELClassificationCodesN10,O33,O43,O476.1.INTRODUCTIONThischapterdoesnotpretendtoprovideacomprehensivesurveyofthevastlit-eraturethathasbeenwrittenoneconomicgrowthduringthe20thcentury:forsuchatask,notevenabookwouldsuffice.Rather,itisabriefinterpretativeessay,whichaimsto
5、placethe20thcenturygrowthexperienceintoabroaderhistoricalcontext,andhighlightsomeofthewaysinwhichthefieldofeconomichistorycancontributetothestudyofeconomicgrowth.Athemeofthechapteristhatthe20thcenturysawthegradualworkingoutofseverallong-runimplicationsoftheIndustrialRevol
6、ution:thelatterwasamassiveasymmetricshocktotheworldeconomy,whichsetintrainavarietyoflong-runadjustmentprocesseswhicharestillongoing,andwhichseemsettodefinetheeconomichistoryofthe21stcenturyaswell.Wewillbeemphasizingtwokeyfeaturesoftheeconomichistoryliterature.Thefirstisafo
7、cusoninstitutions,followingtheinsightsofNorth(1990)andothers.WhileinstitutionshavecertainlybecomeacentralfocusofmainstreamempiricalworkonHandbookofEconomicGrowth,Volume2A©2014ElsevierB.V.ISSN1574-0684,http://dx.doi.org/10.1016/B978-0-444-53538-2.00006-XAllrightsreserved.
8、263264NicholasCraftsandKevinH.O’Rourkeeconomicgrowth(e.g.Acemogluetal.2001),economichistorianstendtobeq
