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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. The very term 'globalization' has seen a widespread and rapid usage and acceptance since the last two decades. Economists like Martin Albrow defined globalization in terms of a single world society and system of processes which incorporates the world into one homogenous order. Or like Anthony Giddens who described globalization as a "new form of world interdependence."
However, none would have guessed the enormity of scale in which globalization has seen changes in world economy in which economy that was not based on democratic principles was bound to collapse. The book has little to offer on the pre-globalisation era except during the pre and post war periods. It only dwells at length on the different situations and practices of economy in different parts of Europe, especially central and east Europe in comparison with the well developed economy of the north and northwestern Europe.


Communication and Transport
The upsurge in economy resulting from rapid advances in communication and transport saw the emergence of a new world order. Corrupt, obsolete socialist, bigotry, and archaic systems could do little to withstand the speed with which they had to introduce reforms they would have rejected had they the choice.
True, globalization to any countries was synonymous with western culture. Because western countries like the USA, UK, Germany, and France were anyway in the forefront of the new economic system. The speed and ease with which communication and traveling became possible with the internet and airways and bullet trains were quickly adapted by these nations and countries like China, India, Korea, and the Eastern. European nations like Poland followed suit with their large skilled workforce.
The book systematically closes in, following the events of the 18th century onwards, on the inevitability of globalization even in the face of stiff ...Show more

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…
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A History of the World Economy essay example
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