Global Economic Development Overview

The Malthusian Trap suggests that any increase in income will lead to population growth, ultimately keeping living standards low.

Positive Checks are events like famine, disease, and war that reduce population growth.

The EMP involved late marriages (around age 25-26) and a significant proportion of celibate women. This resulted in lower fertility rates and potentially higher per capita income compared to Asia.

<p>Growth Efflorescences are periods of rapid economic expansion. One example is the Golden Age of Islam (850-1050 CE), marked by agricultural and financial innovations.</p> Signup and view all the answers

<p>It marked a profound shift from agrarian economies to industrial production, fundamentally changing the way goods were produced and the structure of societies.</p> Signup and view all the answers

<p>Allen's hypothesis argues that high wages in Britain combined with cheap coal created a strong incentive for labor-saving technologies, leading to mechanization.</p> Signup and view all the answers

<p>Significant inventions include the steam engine, the spinning jenny, and the development of railways, all of which revolutionized production and transportation.</p> Signup and view all the answers

<p>The Great Divergence refers to the increasing gap between industrialized Europe and regions like China and India, where industrialization lagged behind.</p> Signup and view all the answers

<p>The Institutional Argument suggests that China's centralized state, unlike fragmented Europe, lacked competitive pressures that encouraged innovation and economic growth.</p> Signup and view all the answers

<p>Kuran argues that Islamic inheritance laws hindered capital accumulation and the lack of corporate institutions slowed economic development in the Middle East.</p> Signup and view all the answers

<p>Economic growth refers to an increase in a country's overall production (measured by GDP per capita), while economic development considers broader structural changes in an economy that lead to improved well-being, such as education, healthcare, and quality of life.</p> Signup and view all the answers

<p>Before 1750, global economic growth was extremely slow and almost nonexistent. The Industrial Revolution (1750-1850) marked a significant break from stagnation, bringing faster growth. The modern growth regime (post-1870) saw accelerated global economic divergence, with some regions experiencing rapid growth while others lagged behind.</p> Signup and view all the answers

<p>The Great Divergence refers to the widening gap in economic prosperity between the West, which industrialized rapidly, and other regions that remained largely agrarian. This divergence had long-term consequences for global power dynamics and inequality.</p> Signup and view all the answers

<p>The Neolithic Revolution transformed human societies from nomadic hunter-gatherers to sedentary agricultural communities. This shift led to population growth, specialization of labor, the emergence of complex societies, and early forms of market economies. These changes laid the foundation for future economic advancement.</p> Signup and view all the answers

<p>The Population Pressure Hypothesis argues that growing human populations during the post-Ice Age period led to increased demand for food, making stable agriculture a necessary survival strategy. As populations grew, hunter-gatherer societies could no longer sustain themselves through foraging alone. The need for a more reliable food source pushed people towards agriculture.</p> Signup and view all the answers

<p>The Neolithic Revolution, while bringing benefits, also led to negative consequences. Dense populations increased the risk of infectious diseases. Limited diets in agricultural societies could lead to malnutrition. The emergence of social hierarchy, land ownership, and centralized power often resulted in inequality and exploitation.</p> Signup and view all the answers

<p>Malthus argued that population grows exponentially, while food supply grows arithmetically. This led him to conclude that poverty and hardship were inevitable, as population growth would always outpace food production. He believed that natural checks, like famine and disease, would eventually limit population growth.</p> Signup and view all the answers

<p>Malthus believed that natural checks, such as famine, disease, and war, would eventually curb population growth. He argued that as population outpaces food production, these checks would act as a natural mechanism to restore balance.</p> Signup and view all the answers

<p>Malthus' theory resonated with the challenges faced by many pre-industrial societies. These societies were often characterized by limited resource availability, high mortality rates, and poverty. While Malthus's theory ultimately proved incorrect due to technological advancements and changes in living standards, it reflected the realities of the time.</p> Signup and view all the answers

A sustained increase in prosperity, measured by GDP per capita.

Structural changes in an economy leading to improved human well-being.

Total output per person, used to compare economic prosperity.

The period when the West industrialized while other regions lagged behind.

The shift from nomadic hunter-gatherers to settled agricultural communities.

Post-Ice Age warming made agriculture viable.

Population grows exponentially, while food supply grows arithmetically leading to constant poverty.

Stable food supply led to population growth and social changes.

A theory where income increase leads to population growth, keeping living standards low.

Factors like famine, disease, and war reduce population.

Delayed marriage and birth control that limit population growth.

High marriage age and a number of celibate women led to lower fertility.

A significant shift from agrarian economies to industrial production.

1688 event that secured property rights and stable governance in Britain.

The economic gap between industrialized Europe and agrarian Asia (1500-1900).

China’s slowdown in innovation after early advancements post-Ming Dynasty.

Industrial growth in Northwestern Europe compared to Mediterranean Europe.

Britain's industrialization relied on cheap coal and colonial resources.