Global Economic History: A Very Short Introduction PDF Download Ebook. Robert C. Allen reveals how the interaction of geography, globalization, technological change, and economic coverage has determined the wealth and poverty of nations. Allen exhibits how the economic revolution was Britain's path-breaking response to the problem of globalization.
Western Europe and North America joined Britain to form a membership of wealthy nations, pursuing four polices--making a nationwide market by abolishing internal tariffs and investing in transportation, erecting an exterior tariff to protect their fledgling industries from British competitors, creating banks to stabilize the currency and mobilize domestic savings for investment, and promoting mass education to arrange folks for industrial work.
Together these countries pioneered new technologies which have made them ever richer. A number of countries--Japan, Soviet Russia, South Korea, Taiwan, and perhaps China--have caught up with the West by way of inventive responses to the technological challenge and with Massive Push industrialization that has achieved rapid growth by coordinated investment.
It opened up huge new sources of energy and raw materials, freeing the economic system from the narrow useful resource constraints of an organic, plant-primarily based economy. The new cheaper, extra plentiful energy produced dramatic reductions in the costs of transportation; a growing quantity and range of products might now enter into lengthy-distance and international trade; and this quickly created the premise for an international division of labor.
But the resource substitution additionally deepened the logic of uneven development. On the one hand, the mineral-based mostly financial system created several positive feedbacks that strengthened the already present tendency in direction of the division of trading areas into Core and Periphery, or concentrations of high and low value-added activities.
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