Why study of Economy hsitory is important and why it has privilages U.S.Social or International history - Essay Example

Study of economy history The history of the economy is considered an important branch of the economic analysis at both the education level and the real world environment. It encompasses issues that look at the past events and scenarios with the hope of explaining the present day facts and occurrences. A study of the economic history is critical because economy as a subject is a process that is historical in time. It is next to impossible for any individual to try to understand any economic phenomena including the present day ones without the rich knowledge and background of historical facts and experiences.

In addition, the lack of experience has led to fundamental errors and omissions caused in the present times. Furthermore, the study of economy history is important as it allows the students to understand how the economic and the non-economic facts are related to one another. In summary, the importance of economy history study is that it is an excellent economic foundation and base for those who study it.Economic history has significant privileges in the U.S International History. It provides modern day students and scholars with a background of understanding the economic events that have shaped the U.S. history.

For instance, the modern economic student cannot explain the 2008-2009 economic crisis without intimate understanding of the Great economic depression that occurred in 1929. Nevertheless, economic history addresses the gains the U.S economy contributed to the world. For example, the innovations in transport that included the steam engine revolutionized the movement of goods and people. Fast, efficient and easy movement of goods by railroad bolstered trade not only domestically but also internationally (Cameron and Neal, 35-50).

Works CitedCameron, Rondo and Larry Neal. A Concise Economic History of the World. UK: Oxford University Press, 2013. Print.