By Robert C. Allen
Why are a few international locations wealthy and others bad? In 1500, worldwide source of revenue changes have been small, yet disparities have grown dramatically because Columbus reached the United States. during this Very brief Introduction, Robert C. Allen indicates how the interaction of geography, globalization, technological swap, and fiscal coverage has decided the wealth and poverty of countries. Allen exhibits how the economic revolution was once Britain's path-breaking reaction to the problem of globalization. Western Europe and North the US joined Britain to shape a membership of wealthy countries, pursuing 4 polices--creating a countrywide industry by means of abolishing inner price lists and making an investment in transportation, erecting an exterior tariff to guard their fledgling industries from British festival, growing banks to stabilize the foreign money and mobilize household rate reductions for funding, and selling mass schooling to organize humans for business paintings. jointly those nations pioneered new applied sciences that experience made them ever richer. a couple of countries--Japan, Soviet Russia, South Korea, Taiwan, and maybe China--have stuck up with the West via inventive responses to the technological problem and with significant Push industrialization that has completed swift progress via coordinated funding.
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Extra info for Global Economic History: A Very Short Introduction
Chapter 4 The ascent of the rich Between 1815 and 1870, the Industrial Revolution spread from Britain to the continent with remarkable success. Not only did the West European countries catch up to the leader, but they joined the leader in forming a group of innovators that has jointly advanced the world’s technology frontier ever since. Of course, North America also industrialized in the 19th century and soon joined the innovation club. The USA, indeed, has become the world’s technological leader, but its performance should be thought of as ‘ﬁrst among equals’ – the latter including the West Europeans and the British.
The Netherlands revolted against Spanish rule in 1568 and organized itself as a republic. The country grew rapidly afterwards. The English economy suffered in the early 17th century under the rules of James I and Charles I, who imposed taxes of disputed legality and levied forced loans. Charles’s attempts to rule without Parliament failed, civil war broke out, and, in 1649, the 15 The rise of the West While cultural explanations that invoke irrationality and laziness are suspect, there are aspects of culture that affect economic performance.
High wages contributed to economic growth by sustaining good health and supporting widespread education. Finally, and most paradoxically, bare-bones subsistence removes the economic motivation for a country to develop economically. The need for more output from a day’s work is great, but labour is so cheap that businesses have no incentive to invent or adopt machinery to raise productivity. Bare-bones subsistence is a poverty trap. The Industrial Revolution was the result of high wages – and not just their cause.
Global Economic History: A Very Short Introduction by Robert C. Allen