Before the Age of Explorations

a world of economy-worlds EuropeIslamic worldIndiaChinaInsulindiaJapan Moscovyand others (Africa, Americas …)

Before the Age of Explorations

the European example:

the manor system is still the

economic base

trade and finance

commodity flows outside the

European economy-world

Before the Age of Explorations

economy-worlds around the world an Amerindian example: Quechua’s

economy-worda self-sufficient economy determined

by altitude exchange circles in Quechua’s

economy-word

Before the Age of Explorations

economy-worlds around the world an economy-word before Europe:

Islamic worldChina: world’s major economy-world the sub-Indian economy-world a ranking of economy-world trade

and financial systems

Before the Age of Explorations

linking economy-worlds: the Age of explorations pre-existing trade flows explorations, a summary two spheres of influence: Asia

(Portugal), and America (Spain economic goals for explorations:

spices

After the Age of Explorations

Long distance trade and new economic balances the shift in the European economic

axis: from Mediterranean to Atlantic from Lisbon to Antwerp, the

Portuguese failureAmerican silver around the world,

the Spanish attempt

After the Age of Explorations

Long distance trade and new economic balances

The Dutch “miracle”

the rise of England

After the Age of Explorations

Outside Europe: colonies and slaverygrowing at someone else’s

expensesmodels of colonizationneeded hands for sugar and

cotton: African slaves

Rates of growth of GDP per capita (annual average %)

After the Age of Explorations

Agriculture and the escape from the “Malthusian trap”land and property rights new plants from around worldthe agricultural revolution towards a new demographic

pattern

Industrialization

Industrial Revolution: the break with the past technologynatural resources and raw materials leading industrygrowing demand for manufactured

goods

The evolution of regional GDP per capita (years 0-2000)

Industrialization

spillovers: the second Industrial Revolution a different pattern

emerging players

the role of transports and communications

Industrialization

the Age of economic Liberalism post 1860 free-trade policiescreating an international capital-

market urbanization work-force migrations

Industrialization

unpredicted effects of the first wave of market-integration the sad fate of the Indian cotton

industry 1870s collapse of food prices desplacing people and

produtctions

Industrialization

a “charmed circle” and a huge periphery

the shift from interlinked economy-worlds to a world economy

the selecteded ones who reap the profits of industrialization

A sudden stop: between the two wars

WWI and its aftermath the end of free-trade

State intervention in the economic sphere

an unexpected chance for the periphery

A sudden stop: between the two wars

the greatest crisis ever: 1929-1934 USA’s charming Twenties the crisis and its immediate

consequencesthe following crisis fallout: the

“State economy”

The return of economic growth

Post-World War II economic trend a new economic order: Bretton

Woodsthe postwar economic recovery the “Golden age” of Western

economy

The return of economic growth

the last decades: towards a new balance? 1970s oil crisis and its

consequences the collapse of the Second world emerging players: China and India