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A Grand Narrative Catechism: The Global Economic History of the Long 20th Century, 1870-2016


What does DeLong see as the proper temporal boundaries of the “Long 20th Century”?
The Long 20th Century began around 1870, when the triple emergence of globalization, the industrial research lab, and the modern corporation in the context of the market economy set the world on the path that pulled it out of the dire poverty that was humanity’s lot in all centuries before; and when America took the steps that made it the place where much of the action was—“the furnace where the future is forged”, to quote Russian Revolutionary Leon Trotsky. The Long Twentieth Century ended in 2016, with the sharp shock of the near-return of Great Depression-era macroeconomic conditions, with the failure of the anemic economic recovery from the Great Recession that started in 2008 to bring a restoration of the post-1870 normal pace of productivity growth; and with the election of Donald Trump, an American president hostile to global leadership, to global cooperation, and to the very ideas that America was open to immigrants.

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