Besides economy, agriculture is required in industrial revolution because without it, three fundamental functions of industialization cannot be done. Three main functions mentioned by Hobsbawm are increasing production and productivity, providing more surplus substantial for the towns and industries and providing mechanism to add to the capital(Eric 1996, 47). In general, agriculture prepares both material and capital for the industrial revolution; therefore it is significant in the emergence and growth of
Does greater globalisation reduce poverty and inequality? Discuss this with reference to country examples. Globalisation is a concept that has been widely used since the 1990s; it is a web of complex processes with contradictory impacts on developing countries (Kolodko, 2003). It is described as the “process through which goods and services, capital, people information and ideas flow through borders and lead to greater integration of economies and societies” (International Monetary Fund, IMF, 2002, p.1). Although the process of globalisation may have started as early as the colonial period, the discourse of globalisation and development is a recent phenomenon.
The concept was also used and analysed by third world, advanced capitalist and the socialist nations in the 1970s. In those days it was also designed to aid the development of a strong and sustainable industrial bourgeoisie, the rise of which was halted by the historical effect of the colonial and imperial domination of the Third World countries. Increase in state intervention in the economic activities of a country is what differentiates today’s state capitalism from the early one. The most important measure taken by some states in pursuing state capitalism was the nationalisation of foreign-owned industries mostly mining, steel production, oil, and petro-chemical industries (Ostrowski 2012). Also there are sovereign wealth funds (SWFs) whose goals are to preserve living standards of the population for future generations.
As a result of, the State had to come with another way to acquire income and profit, which was to reform taxation. Most of Japan’s economy was still based on agriculture, so land taxes were the most strong source of earnings. The Meiji government switched the former taxation system to one based on the “assessment of the land’s value” (Segal, 4). This implicated that even if the harvest was good or bad, its farmers had to pay the taxes anyway. Additionally, Meiji leaders committed to strengthen their currency, shrinking the money supply to avoid inflation and other methods to boost the economy’s power.
Jordan notes that “the widespread diffusion of the technology was made possible only by the millennial revolution in iron production” Increased iron production was instrumental for cutting down the forests and plowing the fields of Europe. Cleared land meant increased economic opportunity for some Europeans. Jordan explains that “assarting made people free (‘Rodung macht uns frei’); it elevated them from slavery and serfdom” In towns, business people formed collective enterprises to advance their economic fortunes. The commenda in Italy was created to accumulate funds and resources for sea ventures. Guilds were also created to regulate industries and protect merchants and others from competition.
Throughout the course of global history, several pivotal movements have occurred and one of the most influential on social and economic reparations to occur is that of Industrialism from 1750-1914 in Europe. Industrialism entails an emergence of a factory system which is the preferred method of economic organization rather than farming through agriculture or commerce. On page 803 of our textbook it includes, “Along with the new networks of transportation and communication, new materials, and new sources of energy, the industrialized nations underwent significant changes in how they viewed politics, social institutions, and economic relationships during this time”. Thanks to several advantageous factors this period began in Britain which ultimately
In 1944 at Bretton Woods, New Hampshire, the foundation for a post-war globalization was laid. The “Bretton Woods System negotiated the rules for commercial and financial dealings among major capitalist countries while promoting relatively free trade, stable currency values linked to the U.S. dollar, and high levels of capital investment.” (Strayer, 1025). But with this new foundation being laid, several problems were created. It lead to unfair and disproportionated economic growth, it had also shifted the power in favor of big businesses, and created instability for the world economy and distribution of wealth. Economic globalization had its undeniable positive effects on the world also.
The governments also need to integrate the industrial and agro-industrial sector and establish trans-border development basins. To enhance regional average yields, the governments need to invest in agriculture thereby ensuring food security in the region. To strengthen the processing capacity of the agricultural industry; government should provide subsidies inputs and fertilisers. Schiller, (2009 p334) confirms that the easiest kind of growth comes from increased use of our productive
Agriculture was the prevailing economic activity in England and Europe through the early modern era. The agricultural revolution laid a fundamental base for the industrial revolution. If agricultural productivity in England grew between the middle ages and the nineteenth century, then most of it occurred before the mid-eighteenth century. It all started with the “Bing-Bang”, the Black Death of 1348. Followed by new crops and techniques, increases in output and land improvement, but also urban growth, agriculture became much more productive.
Globalization allows the MNCs to freely produce and move goods and services in the international markets worldwide. Globalization had encouraged developing countries to make vital changes through large loans from the World Bank and had persuaded market reforms through the International Management. This led to the removal of tariffs and freeing economies of various developing countries. The developed countries now had the opportunity of investing in the developing nations, producing job opportunities. For example, Swift growth in India and China decreased world poverty.