World Economy from 1850 Until Today - 3262 Words

Analyze the development of the world economy from 1850 until present day. Constantly changing, the world economy will never be the same as it was a year ago, a month ago, or even a day ago. It might repeat itself in a similar manner or proceed in cycles but because of globalization it never stagnates and there is endless activity. Two hundred years in the past, our society and economy was radically different and went through multiple phases to reach where we are today. Though the boundaries of these phases cannot be specifically defined, the world economy from 1850 until present day can be roughly split up into three different stages. The first stage being British dominance, the second being American domination, and lastly globalization†¦show more content†¦Indeed Europe colonized Africa and Asia only after the Industrial Revolution and European industries got a lot of raw materials from their colonies. Reliable transportation and military technology from the Industrial Revolution made colonization a very easy task, thus leading to Imperialism. Th e ideas of Karl Marx, the founder of communism and an opponent of industrialization, blamed the capitalist society for imperialism; â€Å"imperialism is the highest form of capitalism†. Marx believed in a cycle, which would always lead back to a communist revolution because of the tension between the proletariat and the ruling bourgeoisie class. He wanted a â€Å"dictatorship of the proletariat† in which case the class divisions would disappear and everyone would be equal. Nonetheless, Karl Marx was not the only influential figure who had his own opinions on how a country and its economy should function. Adam Smith, a philosopher of modern capitalism, had very different thoughts from Marx. His basic ideas revolved around minimum state intervention and maximum free trade. Smith was a free market capitalist and visualized a country where the government cuts it’s spending and lets the economy recover, grow, or fail. In the middle of these two poles lie the theories of John Maynard Keynes. According to him the government should invest money (unlike free market capitalists) soShow MoreRelatedThe California Gold Rush Essay1637 Words   |  7 Pages Not only did the Gold Rush lead to California’s admittance into the Union in 1850, it also rekindled the idea of the American Dream. Hundred’s of thousands of people poured into the state by the lure of quick and infinite riches. As a result of the Gold Rush, California eventually became an advanced technologic, and agrarian state, which would help pave the roads to urban development and a very capitalistic economy. The California Gold Rush jump-started the development of California as a stateRead MoreCalifornia Gold Rush Essay1715 Words   |  7 Pagesthe Gold Rush prompt California s permission into the Union in 1850, it additionally revived the possibility of the American Dream. Hundred s of thousands of individuals filled the state by the draw of brisk and unending wealth. Because of the Gold Rush, California in the end turned into a progressed technologic, and agrarian state, which would help clear the streets to urban advancement and an exceptionally industrialist economy. The California Gold Rush kicked off the advancement of CaliforniaRead MoreThe Gold Rush And Discrimination1668 Words   |  7 Pagesacross the country and around the world that attracted hundreds of thousands of gold seekers from different areas came to California. Moreover, in the December 5, 1948, President James K. 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