Найкоротша історія економіки

Shortest History

by Andrew Leigh

Чи замислювались ви про те, які саме економічні сили стоять за війнами, інноваціями і реформами? Як епідемії сприяли виникненню капіталізму і ринкової системи, а винайдення плуга — зростанню гендерної нерівності? І якою ціною сформовані ключові ідеї економіки, яким ми слідуємо й донині?

«Найкоротша історія економіки» — це пізнавальна і водночас розважальна книжка від професора економіки Австралійського університету Ендрю Лі, яка розкриває історію економіки від перших згадок давніх часів до кризових реалій сучасного світу. Автор досліджує, як економічні ідеї впливали на світ раніше, чому вони продовжують формувати світовий порядок тепер і чи можливо змінити їх у майбутньому.

Genres: Economics, Nonfiction, History, Business, Finance, Audiobook, Politics

200 pages, Hardcover

First published March 12, 2024

About the author

Andrew Leigh is a member of the Australian Parliament. He holds a PhD from Harvard University, and is a fellow of the Academy of Social Sciences in Australia. Before being elected in 2010, he was a professor of economics at the Australian National University. His books include The Shortest History of Economics, The Luck of Politics and Randomistas.

Reviews

[Callum's Column · Rating 3 out of 5]

Beginning in prehistoric times and ending in the 2020s, Andrew Leigh examines the rise of capitalism as the dominant global economic philosophy. However, capitalism is not the only economic philosophy in history. The Cold War, for instance, was partially underpinned by competing theories of economic governance—capitalism versus communism—yet this receives scant attention. Moreover, like many history books, most of this book focuses on the past century. Although this may reflect the rise of economics as an academic discipline, it diminishes the arguably greater intrigue of disparate economic systems of earlier civilisations compared to our neoliberal world order today.

Leigh concludes the second chapter by arguing that Europe's world-leading affluence by the 1400s "was rooted in luck." Leigh's statement relies on the geographic determinist argument espoused by Jared Diamond that Eurasia had more domesticable plants and animals. Leigh makes a sleight of hand by saying Eurasia when it was the Levant region where such domestication took place. Why was the Levant region also not affluent at this time? It is because Leigh conveniently ignores the gradual development of inclusive economic and political institutions in Western Europe following often bloody civil conflicts during the Middle Ages and incessant technological competition between proto-nation-states for regional power.

Leigh states that there were no decisive battles during World War II. Instead, it was economic capital that underpinned ultimate Allied victory. This is historically shallow. Take the Battle of Midway and the Battle of Stalingrad as examples. America's naval victory over Japan at the Battle of Midway was catastrophic for the Japanese Empire's capacity for offensive posturing for the remainder of the war and was decisive in the Allies' ultimate victory. Moreover, if the Soviets had lost the Battle of Stalingrad, Germany may have conquered Russian territory all the way to the Urals. They would have subsequently been able to free up millions of soldiers, potentially impeding the Allies' invasion of Normandy.

[Saman]

بعد از خوندن حدود چهل درصد از کتاب، نیمه تمام گذاشتمش.به قدری نویسنده از این شاخه به اون شاخه می‌پرید که واقعا مطلب از دست من می‌پرید و احساس کردم ادامه دادن کتاب بیهوده است. نویسنده مثل یک پیرمرد پرحرفی بود که خوش صحبت هم نیست و فقط یه جفت گوش مفت واسه شنیدن می‌خواد.چون کتاب رو نتونستم تموم کنم امتیازی نمی‌دم.

[Sam · Rating 4 out of 5]

Oh my goodness, the buzz you get ostentaciously reading this on public transport is like no other. People think you're clever but little do they know this is actually a very easy read and only 170 pages long. The font is also reassuringly large.

Fully recommend if you just wanna ground yourself in the absolute basics of economics (which is essentially everything).

To sweeten the deal, I'll throw this little story out there: My work sent me to Australia for three months... Forcing me to begrudgingly leave my wife with our 9-month baby in the UK. As she was navigating through long, scream-laden, rainy nights I was discovering flat whites during a wonderful kanageroo-filled southern hemisphere summer. I had loads of free time so I went to the book signing by Andrew Leigh, telling him about how terribly guilty I felt about having such a lovely time (whilst swigging on my coffee, obviously). He signed the book "Dear Sam, your wife is a wonderful woman". Lad.

[Ruby Arneil · Rating 3 out of 5]

3.5. Pretty interesting but very euro centric. Better title would probably be a history of the capitalist economy, would have been interesting to incorporate Indigenous economies

[B.P. Marshall · Rating 4 out of 5]

[Disclosure: this review was written for publication in the Tasmanian Times, 2024]

Black Inc. books is releasing an engaging series of Short Histories, including Andrew Leigh’s slim volume on economics, The Shortest History of Economics.

The former Professor of Economics and current Assistant Treasurer writes superbly and distils an ocean of information into a paperback that’s just shy of 200 pages, making the ‘dismal science’ interesting and relevant to everything in our lives.

Andrew Leigh writes well, not just because he knows his subject, but because he’s on a mission – to reassure us that the evolution of a lightly-regulated market economy in a democratic state (arguably what we live in now) is the only rational path to achieve the ‘greatest good for the greatest number’.

He gives us a series of simple, cogent examples of how humans formed societies and economies (almost interchangeable terms in this context), how markets of trade formed and evolved, and how actions taken in and on those markets, according to theory and economic management, had (mostly) expected consequences.

Understanding the basics of economics allows us to distinguish how events in one period can resonate and have consequences that may last through the centuries. In the shorter term, we can see what worked and what didn’t, who is winning and who is losing.

Economics isn’t a science, nor a good predictor, but it is a useful lens to study data on how we live.

Though Leigh admits ‘Capitalism doesn’t guarantee the wellbeing of those who lack capital’, with a modest amount of active government intervention in ‘the market’, most economists suggest the ‘greatest good’ will eventuate, passively, through the mostly unseen mechanisms of that market.

While inequities occur, in sometimes unexpected ways, Leigh regards these as ‘market failures’ – glitches fixable by economic management that steers between totalitarian command and anarchic libertarian ‘small government’.

Leigh sees government itself in economic terms, as a ‘risk manager’, arbitrating wisely for both markets and people who live in and depend upon them.

This slim history illustrates how economic forces have affected global human societies, and convincingly argues that market economies have extended our lives from the medieval ‘nasty, brutish and short’, to the pleasant, extended and relatively wealthy existences we prize today.

Then, in the final chapter, which I hoped would present a cut-through summary of where our history has led us, Leigh disappoints.

After offering mild warnings about ‘market failures’ leading to increasing inequity, he naively catastrophises about AI, and downplays climate with references to uncertainties of outcomes where there are none.

We know what’s happening and what will happen with climate, and to hear an otherwise thoughtful voice like Leigh’s refer to the climate crisis as merely a ‘key vulnerability’ with a ‘chance of very bad outcomes’ is, frankly, shocking to hear from someone so central to critical decision-making.

Leigh is a solidly Centre-Right neoliberal, but declines to address corporate state-capture that blocks genuine action on the biggest ‘market failures’ – global warming and the extinction crisis. This perhaps explains why his government is widely regarded as failing on climate action in favour of economic management that acts to preserve, at all costs, the system that is itself failing to address climate.

Leigh has also failed to include feminist economics beyond references to the gender wage gap and unpaid labour undertaken by women. Nor does he reference ecological economics, and how dependent our economies are on our ecological life-support systems.

Neoliberal economics only sees the living world as an externality outside the area of study, the market.

Leigh wants us to address ‘market failures’ but appears to ignore that inequity is how the global economic system works – capitalism isn’t about maintaining a level playing field for buyer and seller but about seeking constant advantage; any imbalance of power will ratchet the entire system to favour the wealthy and powerful. To fix the ‘market failure’ on climate, for example, governments would need to change the system that has entrenched share-price and corporate control of government as more urgent than the survival of our species.

Whom the ‘market’ isn’t failing is the wealthy corporate investor sector, and billionaires like Kerry Stokes and the Murdochs who own our media. It isn’t failing politicians of the major parties across the world, who refer to ‘the homelessness crisis’ or the ‘cost of living crisis’ as transient local problems that just need the right ‘risk management’ by government.

While I recommend Leigh’s book to anyone wanting to quickly level-up on economic and social history, his dismaying final chapter inadvertently explains why Labor is failing us – not on the usual macro-economic scale (I understand they’re, broadly, doing well as economic managers in the most conservative sense), but on their failure to address a broken system – market economics itself.

Market economics won’t fix climate or biodiversity crises because market investors profit from them. Market economics won’t fix homelessness because it’s working perfectly for investors, and neither major party will stop prioritising the wealthy and powerful because they bankroll the major parties.

Andrew Leigh wisely advises us ‘[not to] forget externalities – the positive and negative impacts of [our] decisions on other people’, but just as his history of economics leads us to praise the market economy, no amount of just-so stories to support it can ultimately justify a system that no longer supports us.

Leigh’s defense of neoliberalism does not resist injustice and oppression in whatever forms they take, or offer a sustainable path forward.

[Sandra Castro · Rating 4 out of 5]

1. Very accessible & engaging writing
Andrew Leigh has a knack for making big economic ideas digestible. He uses stories, concrete examples (lightbulbs vs wood fires vs LEDs, etc.), and timelines that carry you through ages without losing you.
2. Broad sweep of economic history
The book starts way back (agrarian societies, surplus, trade) and moves to modern issues. It ties economic history to innovations, trade, tech, inequality, public policy etc. You get both micro-concepts (markets, incentives, trade) and macro ones (industrial revolution, globalisation, inequality) in decent measure.
3. Balanced tone + optimism
Andrew Leigh often emphasises how markets, trade, and innovation have improved lives (living standards, health, longevity). He doesn’t act like economics is God’s path, but he makes a persuasive case for why some economic systems have brought huge gains, while also acknowledging failures and inequalities.

Overall verdict

It delivers a well-written, approachable tour through the evolution of economic systems and ideas, explaining why they matter and how they have shaped our world. It’s not the deepest or most scholarly, but it’s honest, engaging and informative.

[Julian Worker · Rating 5 out of 5]

This is a comprehensive history of economics from prehistoric times to the current times. The book is full of useful information.

Some of the more fascinating information includes the derivation of the word money - the Romans started making silver coins in 269 BC near the temple of Juno Moneta.

The Austrian economist Friedrich von Hayek feared that democratic governments could erode liberty and believed that transitional dictatorships were sometimes necessary.

In 1958, Mao ordered people to scare away sparrows so that the birds wouldn't eat the grain harvest. Due to the absence of the sparrows, the locusts ate the grain instead. Mao had to import 250,000 sparrows from the Soviet Union to return some equilibrium to the ecosystem but this only led to a 40% loss in grain production, causing a famine that killed millions.

Malcolm McLean invented the shipping container in 1956 leading to huge reductions in the cost of shipping items around the world.

[Yulia Maleta · Rating 5 out of 5]

Оцінка як для книжки своєї категорії — мені сподобався тон книжки, автор пояснює все легко, розважально, на зрозумілих прикладах, використовує цікаві сторітелінги, а ще однозначно говорить про російське вторгнення в Україну без прикрас і спроб виправдати окупантів (вже за це я готова поставити всі зірочки автору). Єдиний момент — книжка локалізується переважно на європейській та американській економіках, але очікувати від найкоротшої історії охоплення всього наївно.

Хороша книжка для тих, хто прагне трішки краще зрозуміти що ж таке економіка і як вона вплинула на історію і розвиток людства, кому цікаво дізнатися як з'явилася гра «Монополія», коли почалася тюльпаноманія в Нідерландах і навіщо проводили екскурсії в паризькій каналізації. Все це з ілюстраціями, фотографіями та цікавими доповненнями.

[Tommy Bowles · Rating 3 out of 5]

Lots of information in here; having never looked into economics before I feel like I now understand a lot more about the world’s monetary systems and how they came to be

[Kasiastarko · Rating 5 out of 5]

5 зірочок, бо тут нема жодного доброго слова про росію. перша половина дууууже цікава. те, що ближче до нашого часу, сподобалося менше.

[Gohnar23 · Rating 3 out of 5]

This was a book FULLL of information, but i dont think ill ever get to use any of that information, and also there sould be a more organized way to put all of these information together, i mean each chapter just jumps from insight to insight and from story to story all the time.

[Shu · Rating 5 out of 5]

Мені цікава економіка і ця книга для мене була супер. Вона достатньо популярно описана, якщо є якісь терміни, то вони пояснюються. Тут розповіли як еволюцію економіки, так і згадували багато цікавих фактів з різних сфер. Також з цікавого тут неодноразово згадували про мита і їх вплив на економіку, що мені дало більше інсайтів і розуміння по ситуації Америки з митами. Під кінець ставало читати все складніше, бо з розвитком економіки і більше наукових термінів і складних досліджень описувалося. Також з цікавого книга не виключно європоцентрична, а згадує багато і про країни Азії, Америки і що для мене цікаво - Австралію(бо про неї рідко щось пишуть у книгах).

Рекомендую короче)

[Jung · Rating 5 out of 5]

Andrew Leigh's "The Shortest History of Economics" provides a sweeping overview of economic development, starting from the earliest days of human civilization up to the present day. Leigh explores how innovations like agriculture, specialization, trade, and money laid the foundation for modern economies and helped transform nomadic hunter-gatherer societies into settled, complex civilizations. The book examines key economic turning points, such as the Industrial Revolution and the rise of central banks, offering insight into how these moments shaped the way economies function today.

The agricultural revolution around 10,000 BCE was the first major shift, allowing humans to produce food surpluses and smooth consumption over time. This development paved the way for specialization, which in turn led to trade. Early money systems emerged to facilitate trade, and the principle of comparative advantage became a key driver of economic efficiency, with people producing what they were best at.

The invention of the printing press in 1440 was another revolutionary moment, making knowledge accessible and fueling innovation. Leigh discusses how innovations like this are non-rival, meaning they can be shared without being depleted, unlike physical goods. The spread of knowledge boosted economic growth in Europe and introduced the challenge of how to incentivize creativity while sharing ideas. The printing press exemplified how ideas, unlike tangible goods, could change the economic landscape by fostering widespread innovation.

Leigh also delves into the Industrial Revolution, explaining how technological advancements, such as the steam engine, catalyzed industrialization and urbanization. This revolution, coupled with Adam Smith’s concept of the invisible hand and John Stuart Mill’s ideas of opportunity cost, provided a framework for understanding how individuals’ self-interest in competitive markets could lead to overall societal benefit. However, the darker side of industrialization—urban poverty and harsh working conditions—also required societal responses like the Poor Laws.

The book explores the impact of World War I and the Great Depression, leading to a significant divide between Keynesian economics, advocating for government intervention, and Hayek’s belief in the necessity of market corrections. Keynes’ vision of government spending during economic downturns contrasts with Hayek’s fear of overreach, illustrating ongoing debates about how best to manage economies.

The development of national income accounting and international institutions like the World Bank and International Monetary Fund in the post-World War II era laid the foundation for a new global economic order. Central banks, gaining independence in the 1980s, became central actors in managing national economies by controlling inflation through interest rate adjustments. As economies grew more interconnected, economic development theories from thinkers like Justin Yifu Lin and Mariana Mazzucato emerged, highlighting the role of governments in shaping innovation and growth.

Leigh also addresses the growing inequality that has accompanied globalization, particularly through the research of Branko Milanović, who found that while emerging economies like China and India saw significant gains, many lower-middle-income individuals in developed countries experienced stagnation or decline, while the wealthiest saw massive increases in income.

In conclusion, Leigh’s book outlines the continuous process of innovation, adaptation, and debate that has characterized economic history. From the agricultural revolution to modern monetary policy, human societies have constantly developed new ways to address scarcity and improve living standards. Central banks, trade, and technological innovation continue to shape the global economy, while debates over interventionist versus free-market approaches remain at the forefront of policy discussions. The story of economics, as Leigh presents it, is one of ongoing transformation, with each era building on the innovations and challenges of the past.

[RJTK · Rating 3 out of 5]

This is too superficial to be interesting. It's basically a sequence of fun facts.

[Tomislav · Rating 1 out of 5]

While reading this book, you might wonder whether there was an error in the title, as it focuses more on economic history than on economics. The first part of the title is accurate - it is a very short book, which happens to be its main redeeming quality. It provides a general and economic history of Western societies, illustrating theories and the works of famous economists through their relevance in specific eras. However, an excessive amount of space is dedicated to history, leaving economic concepts mentioned only briefly rather than as the central focus. As it approaches the modern era, the book adopts an increasingly polemical and political tone. Written in line with contemporary American standards, it allocates more space to a barely known African American activist whose speeches were "rich in economic insights" than to Adam Smith. This is also the first book I've encountered that analyses the text of Fear the Boom and Bust: Keynes vs. Hayek rap battle. While the book primarily offers sound, mainstream economic theories, it also includes some questionable ideas about social development, tech regulation, and inequality, though they are not particularly radical. Overall, this is a boring and meandering book, filled with irrelevant digressions. The history of economics is covered briefly, but the excessive unrelated content makes for a tedious read.

[Tomasz · Rating 2 out of 5]

So, Mr. Leigh, you're saying that the "Mayflower" sailed to the United States...? (He does, oh yes he does.) A VERY shallow run through... uh, history of the world rather than of economics, as the "science" gets rather short shrift here. And since the man is an economist, not a historian, he gets a lot of stuff only approximately right, if that. Simplifications galore, non sequiturs, some dubious anecdotes... no, I can't say this was a worthwhile reading experience. Stock photos add to the impression of a cheap hack job.

[Gauri Priya · Rating 4 out of 5]

Eversince I chose the commerce stream, Economics has been my favorite subject. More so, I was obsessed with it during my school time. This book reminded me of my long-lost love for the subject. Sure, this is about the history of economics; which means that the book tells you about how the major events that happened in the world like industrialization, world wars, the Great Depression, and pandemics changed the course of the subject overall and affected the world economy.

As the title of the book suggests ‘shortest’, you only will find the jist of everything. Events are mentioned in crisp and direct form. It seems like the author is connecting the dots and trying to make sense of everything that has happened so far and built the world economy as it is today. And it all makes sense.

‘Economics can be defined as a social science that studies how people maximize their well-being in the face of scarcity.’ <3 (I haven’t read such a crisp and clear definition of economics anywhere).

The arguments made in the book are presented with basis and proofs. One can understand how this world as a whole works by reading the 200-pager. Every page and sentences have information in them that you may like to know if you want to understand the whole mechanics.

You don’t need to know anything beforehand, everything is explained in there that too very crisp and direct. (However, you may need to look it up, if you are not aware of these major events. Simple googling would be sufficient). However, you would not find much in the Indian context though except here and here occasionally, evidently so.

If you have the urge to understand world history and economics but do not know where to start, this book may be a good starter. If not everything in depth, you would be able to decide which ones you are interested in. And not just the readers interested in the subject, I believe people without any prior knowledge and interest in the subject should read it to understand how any major event, development, trend or activity affects the economy. Well, that is capitalism (free market) for you!!

*Disclaimer: I received a copy of this book from the publisher in exchange for an honest review."

[Amy · Rating 4 out of 5]

I thought it was a very interesting book, with a lot of history on how we have shaped our world around Economics, even from agricultural periods. The more it progressed, the more enticing I found it, living through the periods and having that knowledge was so important in understanding more deeper. Would definitely recommend if you’re interested in economics as it’s helped my understanding.

[Cameron Robinson · Rating 4 out of 5]

Does what it says on the tin. Very insightful but quick rundown on economics past & present. Anyone with an interest in a bit of history plus just how the world turns in the monetary sense will enjoy this. Worth a try it’s not very long. Will deffo try the other books in the series next.

[Matyas Hlavacek · Rating 4 out of 5]

Very easy read and quite stimulating, you'll learn a lot and get to understand a bit more of the world we live in and make better decisions going forward.

[Connor · Rating 4 out of 5]

This does what it says on the tin very well, but it doesn't mention Marx at all? At least, I couldn't find him in the index after reading about half of the book. Maybe the argument there is that Marx is more of a historian/social historian/economic historian, but it feels like an oversight nevertheless.

Anyway, this is a fast and easy read - like reading a well-written, long Wikipedia article. It did introduce me to maybe the worst thesis I've ever encountered in aesthetics, which is David Galenson's conception of 'Old Masters and Young Geniuses.' If you're not familiar, I recommend Googling - it's one of the most severe cases of 'economics brain' (misappropriating economic thought to other fields) I've ever seen.

[Jess Etherington · Rating 5 out of 5]

I really enjoyed this book - a short and sharp history of world economics that provides context to some of the biggest issues of today. 5 stars!

[Stephanie Melodia · Rating 5 out of 5]

Such a good book - and way more interesting than it sounds!! Fast-paced, clear, educational - jam-packed with interesting stories and insights. A surprising top book for me in 2025 so far!

[David B. · Rating 3 out of 5]

Concisely written, amusing at times, but do not expect political neutrality. The Author is biased, and it shows. Aside from this, no major errors except for the points where my personal economic philosophy lets me have a different point of view.

[Sarah Cupitt · Rating 4 out of 5]

Shortest history but longest summary I've seen that's well executed (extra short: five economic innovations: surplus production; consumption smoothing; specialisation; money; and trade based on comparative advantage.) Perfect 170 pages.

Notes:
- 10,000 BCE, with the agricultural revolution, as the hunter-gatherer societies shifted to settled farming communities
- Surplus production paved the way for specialization. With not everyone needed for food production, some could focus on developing other skills, like toolmaking or pottery. This diversification of labor led to increased productivity and the emergence of trade, as people exchanged their specialized goods and services.
- Money serves three functions: a unit of account, a store of value, and a medium of exchange.
- Invented around 1440, the printing press wasn’t just a technological marvel – it was an economic revolution in disguise.
- China’s Grand Canal, stretching over 1,600 kilometers, exemplified how waterways could knit together vast regions economically. Venice flourished as a global trading hub.
- Yet the printing press traded in a different kind of wealth: ideas. Ideas, unlike physical goods, are what economists call “non-rival.” If I give you my apple, I no longer have it – that's a rival good. But if I teach you a new skill, I still have the skill myself – that's non-rival.
- The invention of the steam engine led to more efficient mining, providing cheaper access to coal. This cheaper coal then powered . . . well, more steam engines
- When people pursue their own goals in a competitive market, they’re inadvertently led to provide goods and services that others value, as if guided by an invisible hand. This insight helped explain how market economies could function to create wealth in a decentralized way.
- John Stuart Mill further refined economic thought with two crucial concepts. His model of Homo economicus – portraying humans as rational, self-interested economic agents
- Mill also introduced the idea of opportunity cost – the value of the next-best alternative that we forego when we make a decision. For example, the opportunity cost of attending university isn’t just the tuition fees, but also the income you could have earned working full-time instead. This concept helps us understand the true cost of our choices in a world of scarcity.
- World War I was perhaps the world’s first fully industrialized war. It was a calamity, not just of human suffering and geopolitical upheaval, but in terms of setting the stage for profound economic turmoil. Its aftermath saw Germany burdened with crippling reparations, leading to hyperinflation, while the 1929 stock market crash ushered in the Great Depression, sending shockwaves through the global economy.
- John Maynard Keynes advocated for active government intervention, arguing that increased public spending could stimulate economic recovery. In contrast, Friedrich von Hayek viewed recessions as necessary corrections for imprudent investments. He argued that artificially low interest rates led to poor investment decisions, and that allowing these investments to fail was a crucial part of economic renewal.
- In the wake of World War II, the Bretton Woods Conference established a new international economic order. This system aimed to prevent the economic isolationism that had exacerbated the Great Depression. The World Bank and International Monetary Fund were created to provide institutional support for market-based international development, as well as financial stability. A modified gold standard was implemented, with the US dollar pegged to gold and other currencies pegged to the dollar, creating a framework for stable exchange rates.
- The 1980s marked a turning point, with central banks increasingly gaining independence from political interference. This shift aimed to prevent the manipulation of interest rates for short-term political gain, a practice that had often led to boom-and-bust cycles corresponding – not coincidentally – with election years.
- between 1980 to 2016, while the global middle class (particularly in emerging economies like China and India) experienced significant income gains, those in the lower-middle income brackets of developed countries saw stagnation or even decline.

[Ignatius Incognitus · Rating 3 out of 5]

Whilst I consider myself better off for having read this, I consider it to have been too short, and in one respect, intellectually dishonest.

Leigh does a good job of explaining the history of market economies and the development of the study of economics. He argues, persuasively, that (mostly) open market economies have drastically improved wellbeing.

The book sits at 194 pages. Succinctness is obviously the point of this series, but still I found myself not entirely satisfied I had read an account of the history of economics at a high-level. Surely there must be more? Consider that other books in the same series on England (272 pages), China (252 pages), India (260 pages) and sex (300 pages), for example, are comfortably longer and still brief enough to be 'short'.

The last point - the intellectual dishonesty. A minor theme in Leigh's work is his explanation for the 'Great Divergence' (why Europe has developed, and subsequently prospered, much more than the rest of the world), though he never explicitly calls it that. There are a number of arguments as to why the Great Divergence occurred. At the highest level there are cultural arguments v geographic/economic/resource/material arguments. Leigh presents a specific geographic argument (the heavily critiqued argument of Jared Diamond) and simply presents it to the reader as 'why Eurasia colonised Africa, the Americas and Oceania' (at p 17). He presents this argument to the reader as though there is a universal consensus that this is the cause of the Great Divergence. My problem is not that he adopts a flawed position, but that he does not even acknowledge, let alone address, the existence of other positions, which are much more compelling than Diamond's. How one can argue that the cause of European advancement is solely due to geography, and that culture did not play a role (see Joseph Henrich's extremely interesting (and compelling) work for more), is beyond me. The notion of absolute equality is obviously foundational to Leigh's political ideology.

Why is this such a big problem? Yes, it's a small part of the work. But the uninformed reader will likely take Leigh's word (and Diamond's argument) as gospel. And I am an uninformed reader with respect to economics - so he may well have done a similar thing multiple times throughout the work. Ignoring the existence of alternative arguments is inexcusable, especially for a self-professed academic.

[Sravanthi V · Rating 5 out of 5]

Unveiling the intricate tapestry of economic history, this "shortest history" book offered a dense yet enlightening exploration. Despite my scientific and artistic background, the text illuminated the complex interplay between societal, environmental norms, and our economic journey.

From ancient times to the modern world, "The Shortest History of Economics" uncovers the hidden economic forces behind war, innovation, and social transformation. Andrew Leigh skillfully traces the origins of capitalism, introducing key ideas and figures while exploring diverse facets of economics. The journey spans centuries and continents, delving into topics like -

●The radical origins of Monopoly
●The impact of the plough on gender inequality
● The role of diseases in colonialism patterns

In this illuminating narrative, the author connects the dots between economic ideas and the forces shaping our ever-evolving world.

Starting from the end, the book adeptly fulfilled its threefold objectives:
●Narrating capitalism's emergence
●Discussing key economic ideas & figures
● Outlining the historical impact of economic forces.

Grateful for an era of widespread access to education, vaccines, and the internet, the author's portrayal of our fortunate reality resonated.

My prior passion for Economics during college days was rekindled by this book, providing a concise yet direct account of major events shaping the world economy.

True to its "shortest" title, the book encapsulates essential concepts. Clear definitions like 'Economics is a social science studying how people maximize well-being in scarcity' demystify complex ideas. The author's arguments, supported by solid evidence, unravel the world's mechanics over 200 pages.

No prerequisite knowledge is necessary; the book comprehensively explains events, occasionally prompting a quick Google search for unfamiliar occurrences. While lacking depth in the Indian context, it serves as an excellent starting point for understanding world history and economics. Highly recommended.

#EconomicHistory #ShortestHistory #BookReview #EnlighteningRead #CapitalismEmergence #KeyEconomicIdeas #GlobalHistory #EducationAccess #InternetImpact

[Ernest Morozov · Rating 4 out of 5]

I’ve always loved economics, and after working through plenty of economics books over the years, I was looking for something that would give me a quick refresher on economic history—especially around tariffs and global trade. This book hit the mark. It breaks down the key ideas behind modern economic theory in plain English and gives you these interesting little nuggets that make you want to dig deeper.
If you’ve read Guns, Germs, and Steel (which I have), the first part won’t teach you much new. The author makes the same argument about how geography and environment shaped technological and political development, then races through the agricultural revolution, Industrial Revolution, and so on. Each of these topics could easily fill their own book, so he’s jumping around pretty quickly. Honestly, if the whole book had been like this, I probably wouldn’t have enjoyed it much.
But the second half is where things get interesting. He slows down and really digs into 20th and 21st-century economics—global trade, behavioral economics, inflation, central banking theory. This was exactly what I wanted. The last few chapters even touch on inequality, climate change, and AI, which got me excited to learn more.
This part really stuck with me:
“Worldwide, most income differences are determined by a person’s country of birth and their parents’ social position.”
He talks about two big theories on inequality. First, it’s basically a race between education and technology—when tech advances faster than education, inequality grows. Second, there’s this relationship between economic growth (g) and returns on capital (r). Since the wealthy own most capital assets (76% of global wealth sits with the top 10%), high capital returns just make the rich richer.
Here’s what’s troubling: technology is advancing about twice as fast as education right now. Capital returns are at historic highs while economic growth stays sluggish. Throw in AI potentially displacing millions of jobs and climate change threatening to push even more people out of work, and you’re looking at a serious squeeze on the middle class. The next generation might be worse off than we are. Not exactly encouraging

[Anton Tymkiv · Rating 2 out of 5]

Книга дуже розчарувала. Я не очікував що дізнаюся все про економіку або дізнаюся всі дрібні деталі, як не як назва говорить про "Найкоротшу історію" тобто вижимку і головне.

Я уже мав справу з цією серією, хоча і з іншою авторкою - Ліндою Явін та її "Найкоротшою історією Китаю". Мене купив класний дизайн (кращий ніж в оригінальної серії) а книга виявилась дуже змістовною і я очікував такого ж від цієї.

Ця книга це майже буквально декілька речень про світ до Другої світової ну і післявоєнний світ головне захоплення автора.
Я дізнався вкрай мало про те як ми прийшли туди де ми є зараз. Я очікував що автор розкаже хоча би базові речі, про зародження капіталізму, що таке біржі, акції, цінні папери і в який момент це з'явилося. Натомість перша згадка про це "Ну от велика депресія це коли щось сталося з цінними паперами і бум". Автор абсолютно рандомно кидає у нас термінами які вкрай рідко пояснює.
"Ризиковані субстандартні кредити" - моя думка, якщо ви не пояснюєте що це то не пишіть про це. Хоча видно, що автор коли хоче може пояснити на простих словах (у нього, саме тому як треба пояснювати приділено кілька абзаців) і прикладах але щось він робить це вкрай рідко.
Тому галопом по Європах пробіглися по всій історії, щось там сказав про минуле а тепер послухайте про історії рівня групи "Лайфхак" у Вконтактє чи Однокласниках. Або інформацію з шкільного підручника за 9 клас.
Висновки рівня "Люди бідні коли мало заробляють" у цій книзі повсюди.

Перекладачі не завжди визначаються, що треба перекладати а що ні. Я англійську знаю і мені в цілому ок але я за послідовність, примітки або на всі англ терміни або на жодний. Хоча я би ще додав до книги ХОЧА би глосарій всіх незрозумілих термінів які він каже.

[Lawrence Patterson · Rating 5 out of 5]

Economics makes many run a mile but this book in a very short history which shows how simple it is and how it has effected generation after generation from time began (for the human race anyway). It is more a social history of all the up's and down's of a world and its people who have had prosperity and depression and how these came about and how they affected different lands. The author is more a social economist than a numbers man but percentages of all sort pop up and many surprise you. I found it a fascinating and never dry like those books that I read when studying Economic Development in my last year at school but the author was in the mold of my teacher and those discussions all came flooding back. This book is up to date with sections on Climate Change and AI both needing to be addressed seriously or we may have bigger problems than negativity equity or rampant inflation. There are big issues commented on but just in a few lines and the pros and cons seem to come through in equal amount. The human race is now more prosperous, better educated and has access in most places to good health - we live longer, have fewer deaths at the birthing stage and are more equal in learning, getting employment and being treated for our abilities as opposed to our race, our status or our background or our sex. These are positives but there are pockets of worry whether it be war, famine, or just sheer poverty - this book explains why we achieved prosperity and why we still have much to come to terms with.
Don't worry about the subject in the title this book is worth a few hours to understand how we have got where we are!