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  • World Economy Lecture 1

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    Alex Vinueza Guzman
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    The document discusses the history of the world economy from the 16th century to present day. It notes that the global economy has been connected for over 1000 years, with places like Baghdad serving as international marketplaces in the first millennium. However, 17th century Europe started gaining more economic relevance. Factors like science, free markets, property rights, and openness to foreign ideas helped certain Western nations like Britain, Germany, and the United States become economic powers over places like China and India that had been important centers of trade earlier. Japan also transformed after opening itself to foreign influence and implementing reforms in the late 19th century.

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    The document discusses the history of the world economy from the 16th century to present day. It notes that the global economy has been connected for over 1000 years, with places like Baghdad serving as international marketplaces in the first millennium. However, 17th century Europe started gaining more economic relevance. Factors like science, free markets, property rights, and openness to foreign ideas helped certain Western nations like Britain, Germany, and the United States become economic powers over places like China and India that had been important centers of trade earlier. Japan also transformed after opening itself to foreign influence and implementing reforms in the late 19th century.

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    © All Rights Reserved
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    6 views2 pages

    World Economy Lecture 1

    Uploaded by

    Alex Vinueza Guzman
    The document discusses the history of the world economy from the 16th century to present day. It notes that the global economy has been connected for over 1000 years, with places like Baghdad serving as international marketplaces in the first millennium. However, 17th century Europe started gaining more economic relevance. Factors like science, free markets, property rights, and openness to foreign ideas helped certain Western nations like Britain, Germany, and the United States become economic powers over places like China and India that had been important centers of trade earlier. Japan also transformed after opening itself to foreign influence and implementing reforms in the late 19th century.

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    © All Rights Reserved
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    of 2

    World economy

    16 century America was discovered, Eurocentric view

    First millennium, the world was already connected: China-India, Europe-Asia Silk route i.e.

    Market places in bigger cities where full of global products 1000 years ago. i.e Baghdad

    Islamic world was the more connected in the old times. Arab markets reached all the markets
    because of its connections. Core of the global economy. Other continents were considered as
    peripheric states

    17th century Europe started to have relevance in the world economics

    India, China, and Arab country are the contrary, relevant in the beginning, but losing power passing
    the years

    China case: export system changed. Factors are different. Technology takes relevance machines,
    train, etc. western countries more developed than China who was moving economy with human
    labour force

    United States after WWI

    Why not China?

    In the beginning China had expedition to discover and connect the world… Gifts to the emperor for
    all the world they arrived.

    They closed the expeditions -article-

     Science was not used for development. Lack of free market


    o Market creates competition among actors, if there is no competition there are no
    incentives to develop the economy
     Property rights no institutionalized. Emperor can do whatever he wants. No incentives to
    work in the land because it is not completely yours
     State control over everything. Science was not helped by the state budget
     Learning from Barbarians. They didn’t want to learn for foreigners

    Why Europe?

    Wages of discovery by Portugal and Spain

    Triangle trade America-Africa-Europe: slaves as labour force Africa. Goods from America. Europe
    manufactories

    You cannot change the way of thinking of a society suddenly, you may shift the path, however the
    way of thinking shapes the society

    Why Britain

    Dependent of the colonies for the goods. Extensive development

    Free trade policy. Not taxes

    Why Germany

    Unification process
    Industrial conglomeration competing with Britain. Heavy industry State importance because it
    incentives the creation of that industry, and also national banks with loans and be able to enter to
    the international market

    Qualified labour: good education

    Focused on the new technologies, not textile market… Univesities with higher level. Education for
    everyone welfare state

    They didn’t have colonial to obtain goods in comparison with other nations as Britain and France,
    but that was an advantage because of the capabilities to focus on innovation

    Why Unites States

    Difference between north and south

    South agriculture

    North industrialization

    Creation of infrastructure to connect the west with the east of the country

    Why Japan

    Isolated, not close to the rest of the world

    Meiji reformation to open to the world

    They took knowledge for the rest of the world to implement in its society

    KONDRAKEFF WAVE

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