Question

Sustained economic growth did not begin anywhere in the world until around (LOI) a) 1450 b) 1600 c) 1750 d) 1900

Short answer

The correct answer is c) 1750, as it coincides with the early years of the Industrial Revolution, leading to sustained economic growth on a global scale.

Step-by-step solution

Understand the options

Read the question and options carefully. The question asks when sustained economic growth began globally. There are four possible answers: a) 1450, b) 1600, c) 1750, and d) 1900.

Evaluate each option

Think about the historical timeline and important events that occurred during each of these time periods: a) The year 1450 is around the time of the Renaissance in Europe. The economy was growing, but it was not yet considered sustained economic growth on a global scale. b) The year 1600 marks the beginning of the British East India Company and the Dutch East India Company. Again, while this period marked growth and the early stages of colonialism, sustained economic growth was still not widespread. c) The year 1750 is during the early part of the Industrial Revolution. This period saw significant technological advancements and productivity improvements leading to sustained economic growth. d) The year 1900 is too late to be considered the beginning of sustained economic growth, as the world had already experienced significant growth through the Industrial Revolution.

Choose the correct option

Based on the analysis of the historical context, the correct answer is c) 1750 because it coincides with the early years of the Industrial Revolution, which led to sustained economic growth on a global scale.

Key concepts

Industrial Revolution

The Industrial Revolution was a monumental event in human history that began in the mid-18th century, around 1750. It marked a period of immense change as economies transitioned from agrarian-based to industrial manufacturing. This revolution started in Britain and gradually spread to other parts of the world, transforming societies in the process.
Some characteristics of the Industrial Revolution include:

• Increased use of machinery, reducing dependence on human labor
• Improved transportation systems like railways and steamships
• Rapid urbanization, as people moved to cities in search of jobs
• Significant advancements in sectors like textile, iron, and coal

The rise of factories and mass production methods allowed for goods to be produced more efficiently and at larger scales. This increase in productivity led to more goods being available at lower prices. Wages began to rise as well, although often unevenly distributed. This era set the foundation for modern economic systems and industrialized societies.

Sustained Economic Growth

Sustained economic growth refers to a consistent increase in goods and services produced by an economy over a long period. It is a key driver of prosperity, improved living standards, and social progress. The Industrial Revolution played a critical role in initiating this growth pattern.
This period saw:

• Technological innovations that boosted productivity and efficiency
• Increased capital investment from profits that fueled further growth
• The development of financial systems to support new industries

Before the Industrial Revolution, economic growth was largely sporadic and limited in geographic scope. However, the revolutionary changes in technology and societal organization during this time provided a substantial and sustained boost to economic activities. This enduring growth laid the groundwork for the complex global economic networks we see today.

Global Economic Development

Global economic development encompasses the progress nations and regions make toward improved economic metrics such as GDP, employment rates, and income levels. The Industrial Revolution was a pivotal catalyst in reshaping global economic development, creating interconnections that previously did not exist.
It influenced global development by:

• Spurring international trade as production capabilities surged
• Facilitating colonial expansion, which spread industrial techniques
• Creating dependencies and connections between different economies

Global economic development during and after the Industrial Revolution saw the rise of industrialized nations which set patterns other countries would follow. The benefits, however, were not evenly distributed, leading to significant differences in development trajectories across the world. This period also laid the groundwork for the global economic system, establishing trade routes and economic relationships that continue to shape global economics today.