A History of the World Economy - Essay Example

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A History of the World Economy

However, it remarkably focuses on the gains and resilience of the free world economy. It systematically traces the origins and ultimate arrival of a global order now ubiquitously termed as globalization.
The industrial revolution in the early 18th century ushered in an era from when there has been no looking back. Be it political, social or economical developments, changes had started happening, and happening fast. Too fast for philosophers and researchers to apply the prevalent principles and pinpoint which way the world was headed and how best to keep matters under control to avoid situations running out of hand.
Unknown then, the world was inexorably headed towards two world wars when the globe caught in the destabilizing politics of world domination by different European countries and exultant with the benefits of the new inventions like the "Morse Code" telegraph and the steam engine, did not think what could happen to a globe as a result of selfish motives.
And when the wars did take place in two quick successions it was too late to put in place a proper political and economical order. It also led to a debilitating depression when the political framework and economic structures had lost their moorings and had to be restructured from a scratch.
None would challenge the view that the concept of globalization existed well before its actual ascendance. ...
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Summary

The evolution and transitions of the world economy have not been a smooth one. Since the era of the barter system, at no time in the period of human history has economy seen so many changes, and the changes have been turbulent at times, like before and after the world wars…
Author : flatleydestany

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