Global Economy
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Globalization, where economies are concerned, encompass viewing economic and financial issues, instruments, and investments from a global rather than a national perspective. If we examine two time periods in American history (1880-1900 & 1980-2000), we can see similarities and differences between the global economy then and the global economy now. The late 19th Century was a period when the industrial revolution helped America achieve unprecedented status in the global economy, just as the technology or information age has done in the latter part of the 20th century. However, freer trade among nations and markets, the spread of democracy and the erosion of communism, and technology, have made the global economy at present much broader, less border-oriented, and vastly different than the one that existed in 1880-1900.From 1860-1900 vast changes swept America and the global economy because of the industrial revolution. American factories produced an enormous amount of goods as manufacturing replaced agriculture as the chief source of economic growth. By 1890, most of the American labor force was employed in nonagricultural pursuits and a rural society was transforming into a nation of industrial laborers living in urban areas. Heavy industry rapidly grew from 1880-1900. New technology produced innovations in the steel industry. National transportation (railroads) and communications (Western Union) networks were created. New energy sou
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from 50 to 550 between 1870 and 1930, while trade increased 1,500 percent.”
The global economy was much more restricted in the period of 1880-1900 because trade barriers and hostile regimes prevented the level of free trade we associate with today’s global economy. Yet, countries still competed with one another for economic and political hegemony. The global market was shaped by a few powerful nations, most with different forms of government and trade practices, in competition with one another for new markets and new places for investment. One might say the situation resembled a modern corporation that is in competition to increase market share with another corporation selling the same product. However, the 1880-1900 era gave birth to many types of trade restrictions such as tariffs, favorite-nation privileges and a host of other trade barriers we see eroding to a degree in today’s global economy “The British, in competition with France, Germany, and Russia, took advantage of the weak, crumbling Manchu dynasty by making trade treaties with China. These gave access to treaty ports and most-favored-nation trading privileges in various spheres of influence throughout the country. After 1989, Americans with dreams of exploitin
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Approximate Word count = 1651
Approximate Pages = 7 (250 words per page)
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