The diverse growth experience of economies across the globe is perhaps the most intriguing question that the economics profession faces. The economies of East Asia have grown rapidly over the past three decades, while the economic performance of the South Asian and Latin American countries has been relatively mediocre, although better than that of the African countries, where the per capita incomes have been generally declining. Among the developed countries also, there has been considerable diversity of economic performance. There is no dearth of research on the question, but there is little agreement among economists on what explains the diversity of economic growth experience. One reason for the absence of consensus is that economic growth is a relatively recent phenomenon and we, as economists or social scientists, still do not understand well what factors bring it about. Sustained economic expansion and rise in living standards can be traced back only to the late eighteenth century, i.e., the time when the Industrial Revolution started in Great Britain. This is not to suggest that there had been little social or economic change prior to that epoch. Quite the contrary. Agricultural practices had been improved over time, and there is a rich record of the mastery and ingenuity of artisans all over the world. But such improvements in products and processes as occurred over the period prior to the Industrial Revolution somehow did not become an economic force, leading to a general improvement in the living standards.