3. While the rise of various Western European countries to a position of dominan
ID: 3493470 • Letter: 3
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3. While the rise of various Western European countries to a position of dominance in the global trading system is sometimes portrayed as a purely European accomplishment, it was a process that occurred only through interaction with peoples from all over the globe. Some of these s were peaceful and cooperative, others were violent and coerced. What roles did non-Europeans play in the building of the global economy during this time period and what does this tell us about the emergence of a global trading system in the seventeenth and eighteenth centuries?Explanation / Answer
Answer: Global trading is a process of import and export of goods and services across the international boundaries. Trade played a more central role in the mercantilist period of European history from 1500 to 1750 – sometimes referred to as early capitalism or trade capitalism – than in almost any other period. This process was primarily determined by Europe from the 15th to the 20th century. From the 16th century to 1914, trade within Europe at all times constituted the most significant portion of global trade, and the volume of that trade grew disproportionately quickly during the early modern period and into the modern period. Starting in the late Middle Ages at the latest and continuing at least into the 19th century, Europe dominated most developments in international trade. From the end of the 19th century, North America began to exert a stronger influence on the global economy. Around the beginning of the 21st century, the Asian states – most notably China – gained influence and the USA became financially dependent on its East Asian creditors, while China seems to become the engine of growth of the current century. The beginning of central trends in the development of economic ties between Europe and regions outside Europe from 1450 to 1950. The focus is on the increasing diversity and volume of goods exchanged, and the reciprocal enrichment of material cultures between the continents and non European countries.
In the 18th and 19th centuries, parts of Asia were increasingly drawn into the process of European industrialization. India in particular, as part of the Commonwealth, became an important source of raw materials (particularly cotton) as well as food and stimulants (particularly tea). The period of industrialization and of the rise of the middle class in Europe would not have been possible without these supplies and the intensification of exchange with Asia. The building of railways – a European innovation – began in the 19th century in Turkey, India, Japan and China, with lasting consequences for the territorialisation of economics and trade, and it provided the basis for further trade. The telegraph line between Calcutta and London, which was constructed by Siemens and opened in 1870, gave an important new stimulus to trade and the exchange of information between Europe and Asia.
In this way non European countries become the part of global trading but there are some key issues with developing countries and most important among them is liberalization of agricultural trade; abolition of the Multifibre Arrangement; environmental and labour standards; competition policy; regional integration in South East Asia; and the implications for developing Asian countries of the liberalization of the Chinese economy and its WTO membership. The most obvious signs of non European countries’ (China’s and India’s) importance in the global economy are their large economic size, huge population and dynamic economic growth. Beyond these common traits, China and India also share common long-run challenges.
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