09.25.09 - 09.25.09 Phases of Development in the world...

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09.25.09 Phases of Development in the world economy Changes to the world economy 1500’s to late 1700’s Atlantic trading system Accumulation in western Europe. Increase finance capital leads to industrial revolution in Western Europe Eurasian trading system – trade reorients from eastern focus to one centered on western Europe Specialization of exports of raw materials from a periphery uninitiated Transition (1750-1880’s) Transition to western domination of the world ecnomy Productivity increasing due to new methods and better organization Capital and goods move relatively freely with improved transit Leads to a change in the volume and composition of foreign trade As industrial growth and diffusion accelerates leads to population growth (natural and immigration) A rise in real incomes in Europe and North America Increases demand for raw materials Increased demand for food stuffs (basic and luxary) Leads to industrial colonialism
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This note was uploaded on 02/01/2010 for the course GEOG 208 taught by Professor Akin during the Spring '10 term at McGill.

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09.25.09 - 09.25.09 Phases of Development in the world...

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