The rise of China is no doubt one of the most important events in world economic history since the Industrial Revolution. Mainstream economics, especially the institutional theory of economic development based on a dichotomy of extractive vs. inclusive political institutions, is highly inadequate in explaining China's rise. This book argues that only a radical reinterpretation of the history of the Industrial Revolution and the rise of the West (as incorrectly portrayed by the institutional theory) can fully explain China's growth miracle and why the determined rise of China is unstoppable despite its current 'backward' financial system and political institutions. Conversely, China's spectacular and rapid transformation from an impoverished agrarian society to a formidable industrial superpower sheds considerable light on the fundamental shortcomings of the institutional theory and mainstream 'blackboard' economic models, and provides more-accurate reevaluations of historical episodes such as Africa's enduring poverty trap despite radical political and economic reforms, Latin America's lost decades and frequent debt crises, 19th century Europe's great escape from the Malthusian trap, and the Industrial Revolution itself.

First published in Germany in 1929, The End and the Beginning is a lively personal memoir of a vanished world and of a rebellious, high-spirited young woman's struggle to achieve independence. Born in 1883 into a distinguished and wealthy aristocratic family of the old Austro-Hungarian Empire, Hermynia Zur Muhlen spent much of her childhood travelling in Europe and North Africa with her diplomat father. After five years on her German husband's estate in czarist Russia she broke with both her family and her husband and set out on a precarious career as a professional writer committed to socialism. Besides translating many leading contemporary authors, notably Upton Sinclair, into German, she herself published an impressive number of politically engaged novels, detective stories, short stories, and children's fairy tales. Because of her outspoken opposition to National Socialism, she had to flee her native Austria in 1938 and seek refuge in England, where she died, virtually penniless, in 1951. This revised and corrected translation of Zur Muhlen's memoir - with extensive notes and an essay on the author by Lionel Gossman - will appeal especially to readers interested in women's history, the Central European aristocratic world that came to an end with the First World War, and the culture and politics of the late nineteenth and early twentieth centuries.