Stories written by Shahid Mehmood

Why the West Grew Rich

About 1,000 years ago, when Europe was supposedly traversing through its dark ages, the Muslim empire was the envy of the world. Its wealth and material standards were such that Cordoba alone was pronounced as the ‘ornament of the world’ by Hrotsvitha, a mediaeval German writer and nun. By 1500, it was China and India whose riches and wealth became the stuff of fables. By the 17th century, the tide had started turning in favour of northern European nations. By the mid-19th century, this turnaround was complete. What accounts for this transformation?

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The subject of income inequality, once pushed to the margins of economics by more attractive offerings such as economic growth, has experienced a spectacular turnaround.

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