European Economics

Robert ClarkPeriod 7

Summary

A healthy economy is a necessary factor in the process of becoming an empire. Among the major European powers, it was the deciding factor among them. Whichever power had the strongest economy was the one at the head of the race, and would achieve empire before the rest. This was a coveted position, as it would give the first empire a place of power above the rest.

Main Economic Factors

Industrialization Market Transportation

Transportation

Transportation of goods is a main factor in an economy. If goods can be delivered at a faster rate, and over a larger space than other countries, then there is more room for profit, which will come in at a faster rate. One of Britain's main edges in this faculty was the Shipbuilder's Union, a society dedicated to the production of ships for Britain's massive fleet, which had a massive product transport capacity.

Market

The more cultural markets available to an economy, the more potential for profit. Most all of the European markets were being tapped into, but many markets of the Far East remained untouched. Any power that could tap into those markets before the others would gain a massive amount of potential profit over its opponents. This was shown in the opening of China and Japan, where thriving new trades were established with Britain, giving it a whole new source of income.

Industrialization

To effectively support an economy, it must be able to produce at an effective rate. Without industrialization, production and export rate is dismally low compared to the rate of industrialized countries. A country cannot fully mature to an empire without first completing the task of industrialization.