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Maybe Scheidel reconstructed something new, and more solid. But I am not sure it endangers Pomeranz's thesis. That is, despite everything, it is not necessary that the West must rise.
#GreatDivergence
#GreatDivergence
Scheidel himself is careful. Perhaps he is just polite, being confident of his work. 
But it is very clear very soon what is most important is not capitalist, industrialized production. It was the other beast, a development framework that went beyond "economics".
“systematic policy of capital accumulation derived from an ongoing process of colonization,
“systematic policy of capital accumulation derived from an ongoing process of colonization,
1/ Looks like an opportunity to play the #greatdivergence in the market has opened up. Markets are already aware that emerging economies are set to outperform, but it hasn’t yet repriced the stocks.
2/ This is pretty unusual from an historical point-of-view and almost looks like an arbitrage opportunity to go long EM, short DM. (Almost, its a bit more complicated than that).
3/ EM multiples tend to trade a bit weird, so in reality this could be more so a signal that the DM markets (or at least the US) is trading way too high given growth rate projections and need to come down.
