The rise of the West is often attributed the presence of certain features in Western countries from the sixteenth century onwards such as the abolition of serfdom and protestant ethics, the protection of property rights, and free universities; elements that were absent in more traditional societies. The problem with this reasoning is that, before the 16th century, there were many countries with social structures that possessed these same features that didn't experience rapid productivity growth. This book offers a new interpretation of the "Great Divergence" and "Great Convergence" stories. It explores how Western countries grew rich and why parts of the developing world (South and East Asia and Middle East) did not catch up during the period 1500-1950 but began to prosper after 1950, whereas others (Latin America, South Africa, and Russia) thrived from 1500 to 1950 but have experienced relative slowdown since 1950. Mixed Fortunes offers a novel interpretation of the rise of the West and of the subsequent development of "the rest" and China and Russia, important examples of these two groups of developing countries, are examined in greater detail.