An Economic History Of The World Since 1400

An Economic History of the World Since 1400 is a comprehensive review of the economic history of the world since 1400. The book examines the major economic and social shifts that have occurred since the start of the fifteenth century, and how these changes have affected global trade, industry, and finance. It also examines the impact of colonization, technological advancements, and international trade on the global economy. Written by renowned economic historian Angus Maddison, this book is a must-read for anyone interested in the history of the world’s economy.

1) The Pre-Industrial Era (1400-1750)

The pre-industrial era (1400-1750) was a period of economic stagnation, characterized by little progress in global economic development. Before the industrial revolution, most of the world’s population lived in rural areas, with subsistence farming the main source of income. There were few economic opportunities outside of agriculture, and opportunities for trade were limited. In addition, the population was largely isolated, with very little contact between different countries and regions. As a result, the pre-industrial era saw very little economic activity or growth.

The emergence of mercantilism in the 16th and 17th centuries represented the first major shift in the global economy, with the rise of large trading empires and the development of a more complex trading system. This era saw the emergence of the first global trading networks, as well as the beginnings of a global banking system. It also saw the rise of large trading companies, such as the Dutch East India Company and the British East India Company, which had a major impact on the global economy.

Despite these advances, however, the pre-industrial era was a period of economic stagnation, with few advances in technology or economic development. With the emergence of the industrial revolution in the late 18th century, the global economy began to change drastically, ushering in a period of unprecedented economic growth and development.

2) The Industrial Revolution (1750-1850)

The Industrial Revolution was a period of rapid technological development that began in Europe in the mid-18th century and spread to the rest of the world by the mid-19th century. It marked a fundamental shift in the way goods were produced, and had an immense impact on global economic activity. During this time, advancements in steam power, iron production, and the use of fossil fuels enabled the mass production of goods, which in turn brought about a new era of economic growth and prosperity. The production advances of this time period also led to the emergence of new industrial production methods, such as the factory system, which eventually replaced traditional craftsmanship. The Industrial Revolution also saw the emergence of new forms of transportation, such as the steam locomotive, and an increase in global trade as markets were connected by new transportation networks. While the Industrial Revolution had some negative effects, such as environmental degradation and a widening gap between the wealthy and the poor, its overall impact on the world economy was overwhelmingly positive.

3) The Age of Imperialism (1850-1914)

The Age of Imperialism (1850-1914) saw a dramatic increase in the control of European nations over much of the rest of the world. This period was characterized by the establishment of colonial empires, the exploitation of resources, and the subjugation of native populations. This period of imperialism had a profound effect on the world economy, as it allowed Europe to gain access to a vast array of resources and markets which were previously unavailable. During this period, countries such as Britain, France, Germany, and the United States took advantage of the opportunity to expand their economic reach. They were able to establish monopolies over various resources, which allowed them to control the prices of commodities. This period of imperialism also allowed Europe to gain access to new markets for their manufactured goods, which helped to fuel Europe’s industrialization. In addition, the imperial powers used their military might to gain control of strategic geographical locations, which allowed them to gain access to resources and markets that were previously unavailable. The Age of Imperialism had a huge impact on the world economy, and its effects are still felt today.

4) The Interwar Period (1914-1945)

The Interwar Period (1914-1945) marked a pivotal moment in economic history, as the world was thrust into a new era of international conflict and global economic upheaval. World War I saw the emergence of a new economic order, with the emergence of new technologies, the rise of a new global economic system, and a period of intense economic dislocation and conflict. After World War I, the world economy underwent a long period of adjustment, with many countries experiencing deflationary policies, and a large-scale contraction in output. The Great Depression of the 1930s, caused by the fall in commodity prices and a collapse in demand, saw a period of prolonged stagnation and high unemployment. The period also marked a shift towards protectionist policies, with countries increasingly imposing tariffs and quotas on imported goods, and seeking to promote their own industries. Following the end of the war in 1945, the world economy experienced a period of rapid growth, with the development of new technologies, the emergence of a global trading system, and the rise of the United States as the world’s economic superpower. The period saw the emergence of new economic powers such as Japan and the European Union, as well as the emergence of the modern global economy.

5) The Post-WWII Boom (1945-1975)

The years following World War II saw a tremendous economic boom in the Western world. This period of increased economic growth has been dubbed “The Golden Age of Capitalism” and saw the global economy expand exponentially. In the United States, the G.I. Bill of Rights provided returning veterans with access to education, housing, and employment opportunities. In Europe, the Marshall Plan provided billions of dollars of aid to help rebuild infrastructure and jumpstart recovery. In Japan, a massive government-funded reconstruction program revitalized the economy and ushered in an era of unprecedented economic growth. As a result of these initiatives, the world experienced a period of unprecedented economic expansion, with global GDP rising from an estimated $2.3 trillion in 1945 to $15 trillion in 1975. This period of growth was driven by a combination of factors, including the spread of free-market capitalism, increased global trade, and technological innovation. During this time, the world population also nearly doubled, adding to the global economic growth.

6) The Modern Global Economy (1975-Present)

The modern global economy can be traced back to the mid-1970s, when many countries began to open their markets to international trade and investment. This evolution of the global economy has been marked by increasing economic interdependence and integration, due to the proliferation of multinational corporations, the development of worldwide financial systems, and the integration of international capital markets. The period since 1975 has also witnessed rapid technological change, with digital technologies and the Internet having a profound effect on the way goods and services are produced, distributed, and consumed. The modern global economy has been characterized by a shift away from traditional manufacturing and towards services, as well as the rise of a number of new economic powers, such as India and China. In addition, the emergence of new technologies and the globalized nature of the economy have had a profound impact on the labor market, with jobs being created and lost in different parts of the world at an unprecedented rate. While the global economy has been largely successful in providing higher standards of living for many people, there are still issues such as inequality, poverty, and environmental degradation that need to be addressed in order to ensure sustainable economic growth.

FAQs About the An Economic History Of The World Since 1400

Q1: What topics are covered in An Economic History Of The World Since 1400?
A1: An Economic History Of The World Since 1400 covers a range of topics, including the development of early global trade networks, the emergence of capitalism and industrialization, the world wars and their economic consequences, and the rise of international finance.

Q2: Who is the author of An Economic History Of The World Since 1400?
A2: An Economic History Of The World Since 1400 was written by Angus Maddison.

Q3: What is the focus of An Economic History Of The World Since 1400?
A3: An Economic History Of The World Since 1400 focuses on the development of global economic activity and its implications for the world’s major economies. It considers the major economic and political changes that have occurred since 1400 and how they have shaped the modern global economy.

Conclusion

Overall, An Economic History Of The World Since 1400 provides an in-depth look into the global economy since the beginning of the 15th century. It examines the economic developments in various parts of the world such as Europe, Asia and the Americas, and how they have shaped global economic history. It also discusses the impact of various industrial revolutions, wars, and other major events on the global economy. This book provides an invaluable resource for anyone looking to gain a deeper understanding of how the global economy has evolved over the past 600 years.