This analysis reminded me of the current assertions regarding the spread of democracy elevating the standard of living. The question is: has the age of industrial revolution passed? And, if so, is this argument still applicable?
The Industrial Revolution began in Great Britain because social, political, and legal conditions there were particularly favorable to change. Property rights, such as those for patents on mechanical improvements, were well established. More importantly, the predictable, stable rule of law in Britain meant that monarchs and aristocrats were less likely to arbitrarily seize earnings or impose taxes than they were in many other countries. As a result, earnings were safer, and ambitious businesspeople could gain wealth, social prestige, and power more easily than could people on the European continent. These factors encouraged risk taking and investment in new business ventures, both crucial to economic growth.
In addition, Great Britain’s government pursued a relatively hands-off economic policy. This free-market approach was made popular through Scottish philosopher and economist Adam Smith and his book The Wealth of Nations (1776). The hands-off policy permitted fresh methods and ideas to flourish with little interference or regulation.
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