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The Making of The Modern World Economy - Coursework Example

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During the 19th century Western Europe ended up being the wealthiest and most powerful nation leading to the term Great Divergence; thanks to the support from the New World and the East nations. Before it was termed the European Miracle, the core developed nations included the…
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The Making of The Modern World Economy

Download file to see previous pages... Commerce was revived with the expansion of specialization between its countryside’s and towns. Commerce and trade sprung in most parts of Western Europe especially in Venice and the Northern cities. During the time of exploration, the navigators discovered new paths to explore Asia and America. Commerce grew in these nations due to the establishment of financial companies and the merging of companies (Pomeranz, 2011).
There was also the difference in coal availability between China and Europe. China had plenty of coal deposits which made it a huge potential to the West. During the industrial period, coke and coal were frequently used in the transportation. Coal was used to fire steam engines which turned out to be both cheaper and efficient in terms of use, as compared to charcoal. Even though China had used coal during the Ming and Song period, China later abandoned its use due to the Chinese industry shifting to the South. The shift caused the deposits to be far away due to the destructions of Jurchen and Mongol. The technological advancements made Europe to succeed in agriculture, trading, fuel and other resources (Pomeranz, 2011).
Labor migration from the Chinese led to improved Agricultural systems in Europe. Most of the European land was idle and underdevelopment as compared with the Asian counterparts. Instead of Europe engaging in the expensive improvement of soil fertility, it embarked on the labor productivity. However due to the increased migration of people to the European nations, it caused food shortages. The problem was easily counteracted through the importation of fertilizers and appetite suppressants foods from America (Pomeranz, 2011).
Europe’s success can also be contributed by aggressive persuasion of the imperialist and the mercantilist policies through which Europe used the military and protective methods to safeguard its industrialists based in China. The rise of Europe can ...Download file to see next pagesRead More
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