If you are curious to know more about research into the key factors that finally unlocked sustained prosperity, this section is for you.
The table below summarizes findings from what I consider to be the most pertinent books or publications that address the growth enigma, based on my research. I then provide insights into several of these works.
While many other valuable books are relevant to this topic (which I will include in the comprehensive bibliography and will reference in subsequent chapters exploring each growth factor), these selected works offer useful frameworks for understanding humanity's economic breakthrough. If you believe there's an important book or research paper that should be added to this curated list, please share your suggestion in the comments section at the end of this page!
Bernstein, William. The Birth of Plenty: How the Prosperity of the Modern World was Created. 2010.
This influential work directly addresses the growth enigma. Bernstein argues that sustained economic growth emerged in the early 19th century due to the convergence of four crucial factors: property rights, scientific rationalism, capital markets, and efficient transportation/communication networks. He presents compelling evidence that humanity experienced negligible economic growth from prehistory until approximately 1820, when these conditions aligned to ignite unprecedented prosperity. (1) In his synthesis chapter, he acknowledges the evolving role of corporations, noting that "beginning in the late 19th century...the large corporation became capitalism's prime mover" - though he does not single out corporations as one of the key factors.
Beyond explaining historical growth, Bernstein argues that these four factors are necessary precursors to democracy. He extends his analysis to contemporary society, examining the implications for developing economies and the future of the world economy.
About the author: William Bernstein is a financial theorist and economic historian. He has authored several best-selling books on finance and history and is often quoted in the business and financial media. His book on the history of world trade, A Splendid Exchange, was short-listed for the 2008 Financial Times/Goldman Sachs best business book award, and was designated a best book of the year by the Economist
Mokyr, Joel. The Lever of Riches: Technological Creativity and Economic Progress. 1992.
Mokyr presents a compelling case that technological innovation has been the primary driver of economic growth and prosperity throughout history. As the title suggests, he sees technological creativity as the lever of riches. He identifies four forces behind economic growth and technological progress: capital investment, commercial expansion, human knowledge, and "Schumpeterian growth" (the disruptive force of technological change). His analysis highlights how innovation has consistently distinguished prosperous societies from stagnant ones across time and geography.
Yet, Mokyr also warns that technological progress is fragile. Historically, resistance to innovation has often been stronger than the forces pushing it forward. Overcoming this inertia, he argues, requires a culture that values progress, embraces diversity, and tolerates dissent.
About the author: Joel Mokyr is a leading economic historian whose work bridges economics, history, and the philosophy of science. As the Robert H. Strotz Professor at Northwestern University and Sackler Professorial Fellow at Tel Aviv University, his research has helped shape our understanding of technological change and economic development across historical periods.
Mokyr, Joe. A Culture of Growth: The Origins of the Modern Economy. 2016.
This book examines the intellectual and cultural transformations that catalyzed sustained technological innovation in early modern Europe. Mokyr presents several interconnected arguments:
Between 1500-1800, European intellectual culture underwent a profound shift, becoming increasingly receptive to novel ideas and willing to challenge established knowledge. This intellectual openness created a fertile environment for scientific and technical advancement.
A distinctive transnational community of scholars, philosophers, and natural experimenters emerged, developing and propagating new approaches to knowledge acquisition and dissemination. This "Republic of Letters" established norms and practices that evolved into the modern scientific method and created institutional frameworks for sustained innovation.
The book explores how cultural evolution contributed to economic growth. The author examines the interplay between culture, institutions, and technological progress.
The book provides a compelling explanation for why the Industrial Revolution emerged specifically in Western Europe rather than in other advanced civilizations of the period. Mokyr traces how particular cultural attitudes toward knowledge became self-reinforcing and ultimately transformed material conditions.
About the author: Joel Mokyr is a leading economic historian whose work bridges economics, history, and the philosophy of science. As the Robert H. Strotz Professor at Northwestern University and Sackler Professorial Fellow at Tel Aviv University, his research has helped shape our understanding of technological change and economic development across historical periods.
DeLong, Bradford. Slouching Towards Utopia: An Economic History of the Twentieth Century. 2022.
The book is a sweeping exploration of the "long twentieth century" (1870–2010), a transformative period of unprecedented economic growth and technological progress. DeLong examines how this era finally liberated humanity from the Malthusian constraints that had defined most of history, resulting in extraordinary improvements in living standards worldwide. He also highlights why this progress failed to deliver the utopian outcome many had hoped for, as persistent inequality, political instability, and unmet human aspirations continued to characterize global society.
DeLong identifies 1870 as the critical inflection point when three powerful forces—the modern corporation, systematic applied research (institutionalized in industrial laboratories), and globalization—converged to ignite and sustain economic growth. His analysis uniquely emphasizes the central role of the modern corporation as an essential catalyst for innovation and economic transformation, distinguishing his work from other economic historians who have underappreciated this institutional innovation. Needless to say, I agree with his analysis, and will explain why in the next chapters.
DeLong’s work is both a celebration of human progress and a critique of its limitations. He weaves together economic analysis, political history, and social commentary to demonstrate how technological advancements radically transformed human possibilities while generating new challenges and failing to solve deep social issues. The book offers a nuanced perspective on modern economic history while emphasizing the need for collective action to address inequality and ensure continued progress.
About the author: J. Bradford DeLong is an economic historian, and professor of economics at the University of California, Berkeley. His practical experience includes service as deputy assistant secretary of the U.S. Treasury during the Clinton administration. He writes a widely read economics blog, braddelong.substack.com. His book Slouching Towards Utopia was named a Financial Times Best Economics Book of 2022.
Galor, Oded. The Journey of Humanity: The Origins of Wealth and Inequality. 2022.
The book explores two fundamental mysteries of human history: the origins of sustained economic growth and the roots of global inequality. Drawing on decades of research and his Unified Growth Theory, the author presents a sweeping narrative that spans more than 200,000 years, from the emergence of Homo sapiens to the present.
Part I - The Mystery of growth: Galor examines why humanity remained trapped in a Malthusian subsistence economy for most of history, where technological advances temporarily improved living standards but were inevitably offset by population growth. He identifies a critical "phase transition" beginning around the Industrial Revolution when technological progress accelerated beyond a crucial threshold. This acceleration made human capital development essential, triggering widespread investment in education (including the establishment of public education systems) and slower population growth (the "demographic transition" as people sought to raise fewer, but highly educated children). The combination of more innovative educated populations and the demographic transition enabled sustained economic growth. Galor emphasizes the interplay between technological progress, education, and a demographic transition as key drivers of this transformation. He is one of the few authors to emphasize the importance of the spread of literacy as a prerequisite for modern economic growth, something we will come back to in one of the following chapters.
Part II - The mystery of inequality: the book's second half provides an explanation for the vast disparities in development timing and outcomes across regions. Galor attributes these differences to deep historical and geographical factors, cultural adaptation (societies with long-term orientation and individualism were better suited for industrialization), and diversity (he argues that moderate diversity in populations fostered innovation while maintaining social cohesion).
Galor concludes by highlighting education, gender equality, and tolerance/cultural openness as crucial levers for addressing persistent inequality and sustaining future prosperity. The book combines historical analysis with sophisticated modeling and data-driven research, to provide a unified framework for understanding the origins of wealth and the persistence of inequality in human societies.
About the author: Oded Galor is the Herbert H. Goldberger Professor of Economics at Brown University and creator of his Unified Growth Theory. His work integrates evolutionary processes, genetic diversity, and economic development to explain the fundamental causes of prosperity and inequality across the entirety of human history.
Koyama, Mark and Rubin, Jared. How the World Became Rich: The Historical Origins of Economic Growth. 2022.
The book is a comprehensive examination of the various theories explaining the origins of sustained economic growth. It summarizes and analyzes major hypotheses about why and how some parts of the world became wealthy while others remained poor. It discusses 5 main factors: geography, institutions, culture, demography, and colonization and exploitation.
The authors emphasize the importance of inclusive institutions, limited government, and the role of culture in fostering economic growth. They argue that inclusive governance, secure property rights, and the rule of law are essential prerequisites for sustained growth. In addition to appropriate institutions, they advocate for the market to determine investment decisions and provide incentives for innovation, together with having the appropriate institutions.
About the authors: Mark Koyama is an economic historian and professor at George Mason University. His research focuses on the origins of economic growth, the development of religious freedom, and the historical analysis of institutions. Jared Rubin is a professor of economics at Chapman University. His work centers on the interplay between political and religious institutions and their impact on economic development in historical contexts.
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