scholarly journals The British Industrial Revolution in Global Perspective

2011 ◽  
Author(s):  
Robert C. Allen
Keyword(s):  
Great Britain ◽  
Atmospheric Pressure ◽  
World Trade ◽  
Global Economy ◽  
Industrial Revolution ◽  
Global Perspective ◽  
Steam Engine ◽  
Energy Prices

This chapter presents the text of a lecture on the Industrial Revolution in Great Britain given at the British Academy's 2009 Keynes Lecture in Economics. This text suggests that the Industrial Revolution was Britain's response to the global economy that emerged after 1500 and that Britain's success in world trade resulted in one of the most urbanised economies in Europe with unusually high wages and cheap energy prices. The text here also highlights the contribution of Britain in the invention of the steam engine and the cotton spinning machines and in scientific discoveries relating to atmospheric pressure.

scholarly journals The Invention of the Steam Engine

2019 ◽  
Author(s):  
Rochelle Forrester
Keyword(s):  
Diffusion Process ◽  
Scientific Knowledge ◽  
Atmospheric Pressure ◽  
Royal Society ◽  
Industrial Revolution ◽  
Scientific Progress ◽  
Steam Engine ◽  
Trial And Error ◽  
Engineering Knowledge

This paper was written in order to examine the conditions needed, and the order of the discoveries made, for the invention of the steam engine. There were a number of conditions necessary for the invention of the steam engine. A vital one was the presence of a need, initially that of how to get water out of mines and later how to drive the new machinery that was being produced as part of the industrial revolution. But needs are common and they are not always met. The reasons why those needs were met was due to the scientific progress that was going on in 16th and 17th century Europe concerning the knowledge of atmospheric pressure, how to create vacuums and of the properties of gases. Allied to this scientific progress was a belief in Europe at the time that progress could be made and problems could be solved. The inventors at the time applied scientific knowledge to solving the problems that existed and after long periods of trial and error, including the development of new and better materials, were able to produce a working steam engine. Crucial to the progress made by the inventors was the diffusion of scientific and engineering knowledge which enabled them to build on each other’s work. The earlier development of printing was important to the diffusion process and the role of organizations such as the Royal Society was also important.

Irrational Exuberance, 2004–2007

2018 ◽  
Author(s):  
Ashoka Mody
Keyword(s):  
World Trade ◽  
Global Economy ◽  
German Economy ◽  
Well Being ◽  
Great Moderation ◽  
European Central ◽  
Trade Growth ◽  
Irrational Exuberance ◽  
Rate Mechanism ◽  
Economic Well Being

This chapter looks at the strong global economic recovery which took place in mid-2004, which accelerated world trade growth to historically high rates—a special advantage to European nations who all rely heavily for their economic well-being on international trade. With improved trade opportunities, even the struggling German economy began to show signs of life. The Eurozone, however, had economic and financial vulnerability. A source of instability inherent to monetary unity was vividly manifest during the crisis of the European Exchange Rate Mechanism (ERM) in the early 1990s. A longer-term problem was the Eurozone's banks. Ultimately, the story of the next three years—between mid-2004 and mid-2007—revolves around a contest between the forces of “great moderation” and “irrational exuberance.” In the Eurozone, as member states benefited from an improving global economy, a belief in the European Central Bank's (ECB) distinctive ability to maintain stability reinforced the narrative of great moderation.

The world economy

1998 ◽  
Vol 165 ◽  
pp. 35-42
Author(s):  
Nigel Pain
Keyword(s):  
Capital Market ◽  
World Trade ◽  
Global Economy ◽  
World Economy ◽  
Domestic Demand ◽  
The World ◽  
Asian Economies ◽  
Trade Growth ◽  
The Impact ◽  
The Capital Market

Developments in the Asian economies have clearly begun to be felt in the wider global economy in recent months. It has always been expected that the OECD economies would be affected by the aftermath of the capital market turmoil last year, although the timing and magnitude of the impact was difficult to predict. Domestic demand in the affected Asian economies has proved much weaker than expected, with the effects magnified by a continued downturn in Japan. GDP fell by 5¾ per cent in Korea in the first quarter of this year and by 1¼ per cent in Japan. The aggregate volume of merchandise imports in Asia is expected to decline by around 5½ per cent this year, with falls of up to 25 per cent in countries such as Korea, Thailand and Indonesia. This largely accounts for our projected decline in world trade growth to under 6 per cent this year from an estimated 9¾ per cent in 1997.

OUTSOURCING: ENERGY AND EMPIRE IN THE AGE OF COAL, 1820–1911

2015 ◽  
Vol 47 (3) ◽  
pp. 425-445 ◽  
Author(s):  
On Barak
Keyword(s):  
Middle East ◽  
Political Participation ◽  
Ottoman Empire ◽  
19Th Century ◽  
Industrial Revolution ◽  
Steam Engine ◽  
Fossil Energy ◽  
Global Context ◽  
The Impact

AbstractDuring the long 19th century, British coal proliferated throughout the Ottoman Empire in increasing quantity, rapidity, and regularity via junctions and political arrangements that became evermore stable and dominant. The British used coal export to project their power elsewhere, offshoring the Industrial Revolution by building an infrastructure that could support it overseas and connect it to existing facets of the imperial project. Examining this “outsourcing” and the importance of foreign coal markets to industrialization helps provincialize the steam engine and anchor it in a global context. It also allows us to explore the impact of fossil energy on the Middle East and the ways coal both set the stage for the arrival of oil and informed the possibilities for translating carbon power into politics. Coal, the article suggests, animated political participation in England while reinforcing authoritarian tendencies in the Middle East.

scholarly journals Introduction: Corruption, Empire and Colonialism in the Modern Era: Towards a Global Perspective

2021 ◽  
pp. 1-19
Author(s):  
Ronald Kroeze ◽  
Pol Dalmau ◽  
Frédéric Monier
Keyword(s):  
Latin America ◽  
Great Britain ◽  
Local Population ◽  
Global Perspective ◽  
Abuse Of Power ◽  
Empire Building ◽  
The Press ◽  
History Of ◽  
The Caribbean ◽  
Modern Era

AbstractScandal, corruption, exploitation and abuse of power have been linked to the history of modern empire-building. Colonial territories often became promised lands where individuals sought to make quick fortunes, sometimes in collaboration with the local population but more often at the expense of them. On some occasions, these shady dealings resulted in scandals that reached back to the metropolis, questioning civilising discourses in parliaments and the press, and leading to reforms in colonial administrations. This book is a first attempt to discuss the topic of corruption, empire and colonialism in a systematic manner and from a global comparative perspective. It does so through a set of original studies that examines the multi-layered nature of corruption in four different empires (Great Britain, Spain, the Netherlands and France) and their possessions in Asia, the Caribbean, Latin America and Africa.

scholarly journals THE IMPACT OF THE COVID-19 PANDEMIC ON INDUSTRY 4.0 IN THE CONTEXT OF GLOBAL ECONOMIC DEVELOPMENT

InterConf ◽  
2021 ◽  
pp. 54-59
Author(s):  
Bohdana Hunko
Keyword(s):  
Economic Development ◽  
Industry 4.0 ◽  
Global Economy ◽  
Industrial Revolution ◽  
Negative Consequences ◽  
Negative Effects ◽  
Technology Industry ◽  
World Economic ◽  
The Impact

The paper analyzes the role of Industry 4.0 in the process of overcoming the global economy from the crisis situation associated with the total Covid-19 pandemic. The aspect of economic profitability of using the technologies of the fourth industrial revolution to improve world economic development in the context of the Covid-19 pandemic was also identified. The author identified the positive and negative consequences of the involvement of technology Industry 4.0, on the basis of which a number of recommendations for small and medium-sized businesses were formed in order to quickly overcome the negative effects of the crisis. Based on the work, the author formulated a number of trends and prospects for global economic development, taking into account the current conditions of the Covid-19 pandemic.

scholarly journals Internet finance: Digital currencies and alternative finance liberating the capital markets

2015 ◽  
Vol 4 (4) ◽  
pp. 190-201 ◽  
Author(s):  
Kim Wales
Keyword(s):  
Capital Markets ◽  
Financial Services ◽  
Global Economy ◽  
Industrial Revolution ◽  
Peer To Peer ◽  
Agricultural Revolution ◽  
Internet Finance ◽  
P2p Lending ◽  
Conducting Wire ◽  
Alternative Finance

This article discusses how the sudden shift in policy reform and innovation has the potential to liberate the financial markets. The economic potential of internet finance is beginning to take hold across the capital markets as industries like Peer – to – Peer Lending, Equity and Debt based Crowdfunding and virtual currencies and cryptocurrencies which are types of digital currency are quickly transforming the way businesses are being financed. From borrowing and lending, buying and selling securities, to conducting wire transfers internationally, these innovations are creating a new class and generation of investors will source investments opportunities. Helping institutions and governments assess risks and manage performance in order to determine where to deploy capital; and showing signs of lessening the inequality gap. Following the neolithic agricultural revolution and the industrial revolution, this new revolution will enable more people to access financial services in less traditional ways, especially the unbanked world with its huge potential. These new financial opportunities, such as peer – to - peer (P2P) lending, will be discussed and examined, and we will stress how they can allow people to bypass current barriers in the global economy. We conclude by arguing that all these developments, energized by the efforts of innovators and entrepreneurs, have the potential to radically transform the world in which we live, while promoting the core values of industrialized societies including democracy, capital formation, sustainability, and equality without solely relying on tax increases.

The Global Perspective

2013 ◽  
Author(s):  
Zoltan J. Acs
Keyword(s):  
Global Economy ◽  
Global Perspective ◽  
The European Union ◽  
Unequal Distribution ◽  
Distribution Of Wealth ◽  
American Model ◽  
The World ◽  
American Style ◽  
Unequal Distribution Of Wealth ◽  
The One

This chapter examines the American economy and American-style capitalism in the context of the global economy. It first provides an overview of American exceptionalism before revisiting who the Americans are and comparing the American model of liberal democracy with that of East Asia and the European Union. It then reflects on what America's future looks like and what the world will look like in 2050. It concludes with an assessment of whether the American model that is spreading around the world in bits and pieces could be better promoted. The chapter suggests that American-style capitalism, with its interplay between entrepreneurship and philanthropy, on the one hand, and its balancing act between wealth and opportunity, on the other, should be encouraged despite the unequal distribution of wealth entrepreneurship creates.

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