The story of the great divergence between Europe and Asia is the great drama of the nineteenth-century world economy. This is the period when the world fell into the hands of the North Atlantic powers, first Britain and the other European empires, and then in the twentieth century the United States, especially after World War II. Only with the rapi

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China followed a fundamentally different path but with no less extraordinary results. It has been some seventy years since China’s Communists gained control, and in that time the country’s annual economic output has grown from under $100 million to more than $13 trillion. Under Mao Zedong, China was an economic basket case, having experienced the w

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