The Global Economy Has Changed Over Time - 953 Words

The global economy has been evolving over time; there are patterns that have emerged which indicate similarities and differences between the past and the present century. In this paper I will analyze how the global economy has changed and what contributed to those changes. During the 19th century the cost of transportation decreased as a result of innovation. Income per capita nearly doubled across all classes in America and in Europe during the gilded age (1870-1900). Advancements in technology radically changed trade; with the introduction of the railway system and the use of steamships, the cost of transportation decreased. The time required for goods to reach the market was reduced, and the cost of those goods was reduced as a result of the decreased shipping cost. Technology advancements and the reduction of transportation costs drove increased trade of goods and of raw materials. The standards of living rose as did the wages of people because of international trade, however, th ose changes were most evident in the industrial countries. â€Å"By the end of the nineteenth century, economic growth had been sufficiently rapid in the industrial countries that the world had bifurcated in terms of living standards and rates of economic growth† (Krueger, 2006) Prior to the trade restriction and tariff changes, which occurred in the 20th century the standard of living was not significantly different between countries. The First World War lead to many changes; globalizationShow MoreRelatedAustralia: 1700 to Present1557 Words   |  7 Pagespolitical, social, and economic continuities and changes in Australia from 1700 AD to the present. While Australia has politically gained independence since the 1700’s, their ethnicities have shifted to create a socially diverse country as they remain closely tied with the rest of the world in regards to global trade. 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