In the Ming empire, the changes that they went through economically and socially were very dependent on the silver trade. As silver became a global staple for trade, the want and feeling of luxury that silver brought enabled everyone to be included in the trade(Doc 1). In China, people could use silver extravagantly or in common expenses. This increased the economic base
Carnegie set a model for a big and successful corporation and industry as an initial adopter of new technologies. After exploring in Europe and seeing the Bessemer blast furnace, Carnegie founded the American practice of the technology at his Braddock, Pennsylvania steel works in the 1870s. Carnegie was the first to implement the steelmaking process in the United States. The resulting increase in quality and lower prices made his product highly demanded. J.P. Morgan rose to power by dramatic financial battles.
By the tenth century C.E the Song Dynasty lost control over the Silk Road trade route and in 1276 the Mongols conquered China and continued the trade route. The Silk Road experienced constant changes throughout the first century C.E through the thirteenth century C.E in the participants engaged in the trade route due to the social status of merchants evolving and the rise and fall of empires. Due to surplus of supplies allowing people to specialize in an occupation, people were able to specialize in trade and engage in the trade network. As a result, rather than the merchant class being considered lowly, merchants began to engage in trading due to their contribution to society becoming a vital aspect. During the fall of empires, the location of empires was displaced by invaders and caused the trade routes to be susceptible to armed bandits, war, and tax collectors and as a result, partners involved in the route shifted.
The early republic had frequent wars and changes in policies which eventually led to a collapse of central authority and economic contraction. In the republic of China, after the fall of the Qing dynasty, new industrial developments resulted in an increase in demand for Chinese goods. This demand led to an increase of profit for the industrial workers. Years later around 1931, the rural economy of China hit a Great Depression. The Great Depression was caused by an overproduction of agricultural goods which led to an increase on imports and falling prices in the Chinese market.
The revolution challenges between the two parts were payment of taxes and slavery this brought inequalities in the country and as the time went on the North grew in population and economically while the South lagged behind (Clawson, 1980). Before the civil war the North owned 75% f farm acreage, 71% of the rail road, 75%, 91% of factory production and 71% of the total population. This made the country to be divided into two because of sectionalism. This made the south to develop a need for freedom and secession from the north. Clawson (1980) argues that the American economy by the time being an agricultural state the slaves were used to work in agriculture farms which were more in the south.
After Wu became the emperor, she changed the laws for the economy in China, and compiled a book named “兆人本業記”, in order to improve certain industries in China such as: famers. After the book was compiled, and the laws were changed, the lifestyle of the citizens in China got better, the society was peaceful. Many industries such as the agricultural industry, the handwork industry and the trading industry had a big improvement since the beginning of Tang dynasty, the number of bank accounts grew more and more from around four million in the year 652, to six million in the year 705. From this you can clearly see Emperor Wu’s contribution to China’s economy, the amount of bank accounts and the environment that the citizens living in China grew and improved rapidly. Which then also improves the later generations and the later citizens of
China has also benefited greatly because market socialism. According to an article by The Monthly Review, Jul-Aug 2004, “When the leaders of China of announced their program of market socialist reforms in 1978, they argued that it was a necessary step to overcome growing problems of economic stagnation and waste caused by the Mao era's overly centralized state systems of planning and production” “China then experienced a rapid growth and a complete industrial transformation in the 1980’s, which caused many who opposed the idea of market socialism, to view it as an attractive vehicle for achieving sustained growth, an egalitarian distribution of goods and services, and new forms of democratic participation in economic decision making (The Monthly Review, Jul-Aug 2004).” Wealth equality or socialism is not always to be opposed or feared, it can actually benefit the economy, and raise the standard of living for the
In feudalism there was no change in structure and size but in capitalism size and structure changed as new institutions, transport and communication facilities were introduced. Economy grew in capitalist society as surplus is re-invested but static in feudalistic society as surplus is consumed. Goods were produced for local consumption with no intention to produce more for a bigger market but in capitalist society goods were produced with the motive of making profit and were even sold abroad. There were economic compulsions for workers in capitalist society but not in feudalistic society, though there were various norms and values to be followed. Capitalism led to industrialization but latter was not the integral part of
In his time Russia was rich in raw materials but lacked the factories and railways and required to produce and export manufactured goods. Building this would require huge sums of money, but Russia did not have the funds for this investments. The majority of Russian peasants did not have complete freedom of movement; which limited the migration of workers to towns and cities to swell the workforce needed for new manufacturing industries. Russia had a very small business class, as wealthy nobles were not interested in industry, dismissing it as
As the globalization increased, influence in the cross cultural growth was experienced in China. Moreover, with the economic growth of China during the last in 15 years showed growth of new market for American’s design sector. Thus in order to examine the preference of Chinese's and American customer on the visual attributes of interior environments, quantitative methodology was adopted. The survey for present study was conducted in both China and United States and questionnaires were designed using the 80 interior settings (Scott, 1989) using 5-point Likert scale. The data was collected among 321 American students and 312 China students.