Between the late nineteenth and early twentieth centuries, the world experienced an unparalleled level of economic prosperity and integration, which spanned across national boundaries and transformed the international order. Later known as the golden age, this period represented the triumphant of globalization and capitalism in which many countries undergone the shift towards market economics and a greater global economic system. Guided by the new central principles of trade liberalization and the gold standard, international trade and developed flourished on nearly every continent. While these pillars led to newfound wealth for many countries, the coexistence of old policies that resulted in diverging and deadly consequences showed the limits
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For countries that primarily relied on specialization and exports, their economies flourished as the gold standard and heavy emphasis on international trade simplified the exchange process and connected them with new markets. “Fortunes were made by people developing a primary production and shipping it to Europe or North America” (Frieden 73). Through the principles of free trade and the golden age, specialized exports like Cuban sugar and Chilean copper boosted their respective domestic economies and provided capital for widespread development in other sectors like manufacturing. Similarly, countries in Africa and Asia also experienced rapid development through increased demand and international trade. Like many political leaders at the time, the King of Thailand favored trade, which created more outlets for important commodities like rice. As the market grew, Thailand’s export of rice increased tenfold. Not only did global integration help connect market, it also introduced foreign capital and labor migration for construct important infrastructure and industrial ventures for underdeveloped areas. International trade and the ability for underdeveloped countries to access new markets propelled their economic development, which benefitted …show more content…
In order to reproduce growth in a limited environment, many countries relied on producing new sources that would expand traditional ways and markets. There was a strong emphasis on the future, which prompted investments in research and development for new technologies as well as management expertise for planning and coordinating. The introduction of electric power transformed industrial production. It began cheaper and easier to assemble goods like clothing and foods, which incentivized mass production and the creation of large factories. Along with that, a growing working-class population cultivated a new industry for household gadgets that assisted with ordinary chores. During this period, businesses constantly sought out new innovation that would serve as their competitive advantage. For example, Henry Ford and the Model T capitalized on the growth of aggregate income and subsequently the increased demand for leisure and personal transportation. From textiles to automobiles, global integration launched a race to create cutting-edge technology and machinery to transform existing industries and challenge the standard way of life. However, this upward spiral of economic expansion required an agglomeration of raw resources and manpower that would later forge the destiny of World War
For countries that primarily relied on specialization and exports, their economies flourished as the gold standard and heavy emphasis on international trade simplified the exchange process and connected them with new markets. “Fortunes were made by people developing a primary production and shipping it to Europe or North America” (Frieden 73). Through the principles of free trade and the golden age, specialized exports like Cuban sugar and Chilean copper boosted their respective domestic economies and provided capital for widespread development in other sectors like manufacturing. Similarly, countries in Africa and Asia also experienced rapid development through increased demand and international trade. Like many political leaders at the time, the King of Thailand favored trade, which created more outlets for important commodities like rice. As the market grew, Thailand’s export of rice increased tenfold. Not only did global integration help connect market, it also introduced foreign capital and labor migration for construct important infrastructure and industrial ventures for underdeveloped areas. International trade and the ability for underdeveloped countries to access new markets propelled their economic development, which benefitted …show more content…
In order to reproduce growth in a limited environment, many countries relied on producing new sources that would expand traditional ways and markets. There was a strong emphasis on the future, which prompted investments in research and development for new technologies as well as management expertise for planning and coordinating. The introduction of electric power transformed industrial production. It began cheaper and easier to assemble goods like clothing and foods, which incentivized mass production and the creation of large factories. Along with that, a growing working-class population cultivated a new industry for household gadgets that assisted with ordinary chores. During this period, businesses constantly sought out new innovation that would serve as their competitive advantage. For example, Henry Ford and the Model T capitalized on the growth of aggregate income and subsequently the increased demand for leisure and personal transportation. From textiles to automobiles, global integration launched a race to create cutting-edge technology and machinery to transform existing industries and challenge the standard way of life. However, this upward spiral of economic expansion required an agglomeration of raw resources and manpower that would later forge the destiny of World War