World Economy from 1850 Until Today
Analyze the development of the world economy from 1850 until present day.
Constantly changing, the world economy will never be the same as it was a year ago, a month ago, or even a day ago. It might repeat itself in a similar manner or proceed in cycles but because of globalization it never stagnates and there is endless activity. Two hundred years in the past, our society and economy was radically different and went through multiple phases to reach where we are today. Though the boundaries of these phases cannot be specifically defined, the world economy from 1850 until present day can be roughly split up into three different stages. The first stage being British dominance, the second being American domination, and lastly globalization from 1975 onwards.
Britain was the first country to ever experience what history has sometimes called the most important development in economics and one of the most decisive revolutions ever: the Industrial Revolution. An amazing jump forward in the story of civilization, the Industrial Revolution has formed the world, as we know it today for better or for worse. To be able to achieve such greatness and climb to the top of the economic ladder, Britain had to have the talent, the desire, and the necessary requirements. A large labor force, abundant raw materials, food to sustain its population, capital to fund the revolution, reliable transport, and receptive markets were all necessary for this revolution to take place.
Massive industrial cities like Manchester and Liverpool needed a large labor force to work in their factories whether cotton or textile. Due to agricultural advances with techniques such as alternating grains and replacing farmers with more productive and efficient machines, Britain quadrupled its food production thus inducing a rapid growth in population. Along with these agricultural advances which entailed a more stable food supply, the vaccination was created also increasing the number of people living in
Constantly changing, the world economy will never be the same as it was a year ago, a month ago, or even a day ago. It might repeat itself in a similar manner or proceed in cycles but because of globalization it never stagnates and there is endless activity. Two hundred years in the past, our society and economy was radically different and went through multiple phases to reach where we are today. Though the boundaries of these phases cannot be specifically defined, the world economy from 1850 until present day can be roughly split up into three different stages. The first stage being British dominance, the second being American domination, and lastly globalization from 1975 onwards.
Britain was the first country to ever experience what history has sometimes called the most important development in economics and one of the most decisive revolutions ever: the Industrial Revolution. An amazing jump forward in the story of civilization, the Industrial Revolution has formed the world, as we know it today for better or for worse. To be able to achieve such greatness and climb to the top of the economic ladder, Britain had to have the talent, the desire, and the necessary requirements. A large labor force, abundant raw materials, food to sustain its population, capital to fund the revolution, reliable transport, and receptive markets were all necessary for this revolution to take place.
Massive industrial cities like Manchester and Liverpool needed a large labor force to work in their factories whether cotton or textile. Due to agricultural advances with techniques such as alternating grains and replacing farmers with more productive and efficient machines, Britain quadrupled its food production thus inducing a rapid growth in population. Along with these agricultural advances which entailed a more stable food supply, the vaccination was created also increasing the number of people living in