{"id":85102,"date":"2020-05-14T14:00:49","date_gmt":"2020-05-14T20:00:49","guid":{"rendered":"https:\/\/admin.patheos.com\/blogs\/danpeterson\/?p=85102"},"modified":"2020-05-15T00:28:21","modified_gmt":"2020-05-15T06:28:21","slug":"1820-again","status":"publish","type":"post","link":"https:\/\/www.patheos.com\/blogs\/danpeterson\/2020\/05\/1820-again.html","title":{"rendered":"1820, Again"},"content":{"rendered":"<!DOCTYPE html PUBLIC \"-\/\/W3C\/\/DTD HTML 4.0 Transitional\/\/EN\" \"http:\/\/www.w3.org\/TR\/REC-html40\/loose.dtd\">\n<html><head><meta http-equiv=\"content-type\" content=\"text\/html; charset=utf-8\"><meta http-equiv=\"content-type\" content=\"text\/html; charset=utf-8\"><\/head><body><p>\u00a0<\/p>\n<figure id=\"attachment_40306\" aria-describedby=\"caption-attachment-40306\" style=\"width: 381px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wp-media.patheos.com\/blogs\/sites\/186\/2017\/03\/Joseph_Smith_first_vision_stained_glass.jpg\" class=\" decorated-link\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-40306\" src=\"https:\/\/wp-media.patheos.com\/blogs\/sites\/186\/2017\/03\/Joseph_Smith_first_vision_stained_glass.jpg\" alt=\"Born the same year as my Dad\" width=\"381\" height=\"600\"><\/a><figcaption id=\"caption-attachment-40306\" class=\"wp-caption-text\">Joseph Smith\u2019s First Vision<br>(A stained glass window from roughly 1913)<br>Wikimedia Commons public domain image<\/figcaption><\/figure>\n<p>\u00a0<\/p>\n<p>In response to yesterday\u2019s blog post <a href=\"https:\/\/www.patheos.com\/blogs\/danpeterson\/2020\/05\/something-happened-in-1820.html\" class=\" decorated-link\" target=\"_blank\">\u201cSOMETHING happened in 1820 . . .,\u201d<\/a> my friend and colleague Ed Snow called my attention to another set of passages in the paperback edition of William J. Bernstein, <em>The Birth of Plenty: How the Prosperity of the Modern World Was Created<\/em> (New York: McGraw-Hill, 2004):<\/p>\n<p>\u00a0<\/p>\n<p><span style=\"color: #003300;\"><strong>Beginning around 1820, the pace of economic advance picked up noticeably, making the world a better place to live in. \u00a0What happened? \u00a0An explosion in technological innovation the likes of which had never before been seen. \u00a0(15)<\/strong><\/span><\/p>\n<p>\u00a0<\/p>\n<p>On page 15, Bernstein, a Ph.D.\/M.D. neurologist and the co-founder of the investment management firm Efficient Frontier Advisors, identifies the emergence of four factors as crucial to the \u201cexplosion\u201d that he identifies:<\/p>\n<p>\u00a0<\/p>\n<ul>\n<li>Property rights<\/li>\n<li>Scientific rationalism<\/li>\n<li>Capital markets<\/li>\n<li>Fast and efficient communications and transportation<\/li>\n<\/ul>\n<p>\u00a0<\/p>\n<p><strong><span style=\"color: #003300;\">Not until all four of these factors \u2014 property rights, scientific rationalism, effective capital markets, and efficient transport and communication \u2014 are in place can a nation prosper. \u00a0These four factors first coalesced, briefly, in sixteenth century Holland but were not securely in place in the English-speaking world until about 1820. \u00a0Not until much later did the four factors begin to spread over the rest of the globe. \u00a0(16-17)<\/span><\/strong><\/p>\n<p>\u00a0<\/p>\n<p>Is it too obvious to mention that the Restoration commenced on the frontier of the United States in 1820, that the <a href='https:\/\/www.patheos.com\/library\/mormonism' target='_blank'>Church of Jesus Christ of Latter-day Saints<\/a> was founded in April of 1830, that our first major international missionary effort was very successfully launched in Great Britain in 1837, and that the British migration of Latter-day Saints was a major factor in the growth of the Church for the remainder of the nineteenth century?<\/p>\n<p>\u00a0<\/p>\n<p><strong><span style=\"color: #003300;\">Before 1820, there had been only minuscule material progress from decade to decade and century to century. \u00a0After 1820, the world steadily became a more prosperous place.<\/span><\/strong><\/p>\n<p><strong><span style=\"color: #003300;\">The data are \u201cnoisy\u201d enough that identifying 1820 as the <em>annus mirabilis<\/em> of world economic growth is more than a little arbitrary. \u00a0The British data, as we shall see, put the ignition of growth a bit later; the American data, a bit earlier. \u00a0Whatever date is chosen, however, it is clear that sometime in the first half of the nineteenth century, growth of the global economy took off, bringing prosperity, despite the repeated devastation of war, civil strife, and revolution. \u00a0(19)<\/span><\/strong><\/p>\n<p>\u00a0<\/p>\n<p>These things are always bound to be a bit fuzzy, I suppose. \u00a0But I\u2019m very struck by the choice of the date <em>1820<\/em>. \u00a0And the charts on pages 18-19 \u2014 <em>Figure 1-4 World Per Capita GDP (Inflation-Adjusted)<\/em> and <em>Figure 1-5 Annualized Per Capita World GDP Growth (Inflation-Adjusted)<\/em> \u2014 are simply stunning.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 \u00a0 In response to yesterday\u2019s blog post \u201cSOMETHING happened in 1820 . . .,\u201d my friend and colleague Ed Snow called my attention to another set of passages in the paperback edition of William J. Bernstein, The Birth of Plenty: How the Prosperity of the Modern World Was Created (New York: McGraw-Hill, 2004): \u00a0 [&hellip;]<\/p>\n","protected":false},"author":1019,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[6952,11492,11495,1809,2917,4985,380,704,11498,7108],"class_list":["post-85102","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-6952","tag-bernstein","tag-birth-of-plenty","tag-church-of-jesus-christ-of-latter-day-saints","tag-economics","tag-first-vision","tag-joseph-smith","tag-restoration","tag-rich","tag-wealth"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>1820, Again<\/title>\n<meta name=\"description\" content=\"&nbsp; &nbsp; In response to yesterday&#039;s blog post &quot;SOMETHING happened in 1820 . . .,&quot; my friend and colleague Ed Snow called my attention to another set\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.patheos.com\/blogs\/danpeterson\/2020\/05\/1820-again.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"1820, Again\" \/>\n<meta property=\"og:description\" content=\"&nbsp; &nbsp; In response to yesterday&#039;s blog post &quot;SOMETHING happened in 1820 . . .,&quot; my friend and colleague Ed Snow called my attention to another set\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.patheos.com\/blogs\/danpeterson\/2020\/05\/1820-again.html\" \/>\n<meta property=\"og:site_name\" content=\"Sic et Non\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-14T20:00:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-15T06:28:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wp-media.patheos.com\/blogs\/sites\/186\/2017\/03\/Joseph_Smith_first_vision_stained_glass.jpg\" \/>\n<meta name=\"author\" content=\"Dan Peterson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dan Peterson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.patheos.com\/blogs\/danpeterson\/2020\/05\/1820-again.html\",\"url\":\"https:\/\/www.patheos.com\/blogs\/danpeterson\/2020\/05\/1820-again.html\",\"name\":\"1820, Again\",\"isPartOf\":{\"@id\":\"https:\/\/www.patheos.com\/blogs\/danpeterson\/#website\"},\"datePublished\":\"2020-05-14T20:00:49+00:00\",\"dateModified\":\"2020-05-15T06:28:21+00:00\",\"author\":{\"@id\":\"https:\/\/www.patheos.com\/blogs\/danpeterson\/#\/schema\/person\/77113e9b09701bd1599fa272c4f65045\"},\"description\":\"&nbsp; 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