The course offers an interpretation of long-term economic growth by looking at the historical experience of Europe and the wider World, from 1700 up to the present. The course starts by presenting the European economy in the eighteenth century, and then discusses the causes of the British Industrial Revolution to proceed with the study of the reasons why industrialization spread successfully to some parts of Europe, whereas it was delayed in others. Nineteenth century industrialization was facilitated by globalization, which was interrupted in the aftermath of World War I. We shall also study what was then lost, and why it took such a long time for the international economy to regain its momentum, which occurred only after the end of World War II. Since then, the development of the international economy has been impressive, albeit with setbacks and fluctuations. We shall also pay particular attention to Portugal, as a case study.
Prerequisites: Introduction to Economics II