economic systems
There is a series of important elements and events that has shaded the world’s economy to what is it today. This essay summaries the major historical developments that have led to the creation of your dominant economic systems prevalent in today’s society.
After a century of decline and stagnation, in the fifteenth century the European population began to grow. However, this growth had soon decreased in the early seventeen hundreds. The economies of Europe as well as the rest of the world started to change. This change was mostly attributed to the greatly expanded geographical horizons and resources’, which caused changes in the European economy especially in respects of the importance of government in an economy.
Migration, both local and overseas, began to surface. Thus resulting in urban population growth. Exploration and discovery grew and soon led to the direct commerce between Europe and Asia, as well as other remotes parts of the world.
Spain and Portugal were greatly responsible for many of Europe’s discoveries, exploration, overseas expansion and colonial conquest.
Soon precious metals, such as gold and silver, started spread throughout Europe, which eventually led to a spectacular and prolonged rise in prices resulting in “The Price Revolution”. Inflation began to worsen, due to a variety of factors, and it resulted in devastating effects on the standard of living because of the decline in real wage.
The failure of the population to adequately feed itself had become a problem in the seventeenth century. There was an increasingly need to significantly advance agricultural technology and increase labour productivity. Trade between countries was an important element to supplement the food shortages as innovation took place at a very slow pace.
Industrial innovation started to emerge in the late fifteenth century as machines and other items were invented. These innovations had a economic, political as well as cultural significance.
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After a century of decline and stagnation, in the fifteenth century the European population began to grow. However, this growth had soon decreased in the early seventeen hundreds. The economies of Europe as well as the rest of the world started to change. This change was mostly attributed to the greatly expanded geographical horizons and resources’, which caused changes in the European economy especially in respects of the importance of government in an economy.
Migration, both local and overseas, began to surface. Thus resulting in urban population growth. Exploration and discovery grew and soon led to the direct commerce between Europe and Asia, as well as other remotes parts of the world.
Spain and Portugal were greatly responsible for many of Europe’s discoveries, exploration, overseas expansion and colonial conquest.
Soon precious metals, such as gold and silver, started spread throughout Europe, which eventually led to a spectacular and prolonged rise in prices resulting in “The Price Revolution”. Inflation began to worsen, due to a variety of factors, and it resulted in devastating effects on the standard of living because of the decline in real wage.
The failure of the population to adequately feed itself had become a problem in the seventeenth century. There was an increasingly need to significantly advance agricultural technology and increase labour productivity. Trade between countries was an important element to supplement the food shortages as innovation took place at a very slow pace.
Industrial innovation started to emerge in the late fifteenth century as machines and other items were invented. These innovations had a economic, political as well as cultural significance.
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