History of Economic Development
Capitalism and Colonization
• Capitalism as an economic system spread beyond Europe, mainly to North America and Australia. Descendants of the English and French colonists grew in number and with new immigrant waves, primarily from Europe.
• However, in Africa, the Indian Subcontinent, East Asia, and in Latin America the indigenous people were relatively numerous.
• The colonists created an administrative structure, which encouraged or more likely coerced, the indigenous peoples to produce primary products for export to the home countries.
• These primary products were then transformed in the production process into manufactured goods, some of which were re-exported back to the colonies. Under these conditions there was little incentive to create new industries in these colonies.
United States of America
• American history has its roots in European colonization in the 16th to 18th centuries. From 1776 wherein the United States of America was composed of small independent farming communities, over the next 2 centuries the United States grew to a huge, integrated, industrialized economy that makes up nearly a quarter of the world economy.
• Major factors in this growth included
o A large unified market
o A supportive political-legal system
o Vast areas of highly productive farmlands
o Vast natural resources
o An entrepreneurial spirit and commitment to investing in material and human capital.
• The economy has maintained high wages, attracting immigrants by the millions from all over the world.
De-colonization
• 1940’s – 1970’s - Birth of many new nations as the European powers decolonized.
• This means that many developing countries are relatively young, especially those in Africa, ...
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