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Global Economic History
Why are some countries rich and others poor? In 1500 the income differences were small but they have grown dramatically since Columbus reached America. Since then the interplay between geography globalization technological change and economic policy has determined the wealth and poverty of nations. The industrial revolution was Britains path breaking response to the challenge of globalization. Western Europe and North America joined Britain to form a club of rich nations by pursuing four polices-creating a national market by abolishing internal tariffs and investing in transportation erecting an external tariff to protect their fledgling industries from British competition banks to stabilize the currency and mobilize domestic savings for investment and mass education to prepare people for
industrial work. Together these countries pioneered new technologies that have made them ever richer. Before the Industrial Revolution most of the worlds manufacturing was done in Asia but industries from Casablanca to Canton were destroyed by western competition in the nineteenth century and Asia was transformed into underdeveloped countries specializing in agriculture. The spread of economic development has been slow since modern technology was invented to fit the needs of rich countries and is ill adapted to the economic and geographical conditions of poor countries. A few countries - Japan Soviet Russia South Korea Taiwan and perhaps China - have nonetheless caught up with the West through creative responses to the technological challenge and with Big Push industrialization that has
achieved rapid growth through investment coordination. Whether other countries can emulate the success of East Asia is a challenge for the future.
industrial work. Together these countries pioneered new technologies that have made them ever richer. Before the Industrial Revolution most of the worlds manufacturing was done in Asia but industries from Casablanca to Canton were destroyed by western competition in the nineteenth century and Asia was transformed into underdeveloped countries specializing in agriculture. The spread of economic development has been slow since modern technology was invented to fit the needs of rich countries and is ill adapted to the economic and geographical conditions of poor countries. A few countries - Japan Soviet Russia South Korea Taiwan and perhaps China - have nonetheless caught up with the West through creative responses to the technological challenge and with Big Push industrialization that has
achieved rapid growth through investment coordination. Whether other countries can emulate the success of East Asia is a challenge for the future.
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