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The 19th century saw aggressive imperialism driven by industrial competition. What were the two main ways?
Market opening: Imperial powers forced countries like China and Japan to open markets through military interventions and unequal treaties without full occupation. Similar actions occurred in Latin America to protect economic interests.
Resource extraction: In Asia and Africa imperial powers occupied territories to exploit resources like minerals, gems and agricultural products.
This created a global division of labor.
What’s the greatest specialisation?
The great specialisation refers to this global division of labour between global South (That became increasingly specialised in the export primary products and agricultural products) Whereas the north became increasingly specialised in the production of industrial goods. The great specialisation Mark the relationship between core and periphery in the world economy. The great specialisation emerged in the 19th century and became particularly pronounced in the early 20th century.
Why did the pattern of the great specialisation deepen in the 20th century two reasons?
Deindustrialisation: Western firms with advanced machinery outcompeted handcrafted producers in Asia in the Middle East pushing their Labour forces into agriculture.
Resource demand: The second industrial revolution required neuron materials from distant regions while industrial goods from the north were exported to the south.
What is Dutch disease?
Dutch disease is an economic phenomenon where a spike in the exploitation of natural resources leads to a decline in other sectors, particularly manufacturing. It typically results from a large influx of foreign currency from resource exports, causing national currencies to appreciate, which can harm the competitiveness of other industries.
What is rent seeking behaviour?
Rent seeking behaviour refers to the practice of individuals or groups trying to gain economic advantages through manipulation or exploitation of the political environment or legal system, rather than through productive economic activities. This often leads to inefficiencies in the allocation of resources.
What’s two major research stalled economic development in the global south?
Imperialism: Economies were tied to imperial trading blocks focusing on resource exports with little diversification uand limited policy autonomy
Specialisation: Countries shifted towards resource production moving away from manufacturing as the industrial technological frontier advanced making catch up harder.
What strategies did countries in the global South adopt in the 20th century to overcome economic challenges? They faced due to imperialism and resource specialisation? 2
Import substitution industrialisation: Countries like Turkey Latin America Africa imposed high tariffs subsidise key industries and built infrastructure to replace imports with domestic product production however in efficiencies of made this approach unsuccessful.
Big push industrialisation: A coordinated effort to represented developed large scale export oriented industries require significant planning an investment ahead of supply and demand this approach succeeded in countries like China Japan, South Korea Korea with early roots in the Soviet Union.
What are the two reasons for Africa’s lack of industrialisation despite the ISI policies?
Low wages and mechanisation: Wages are too low to justify using capital intensive modern industrial technologies making mechanisation unprofitable in both industry and agriculture.
Lack of industrial networks: Unlike in rich countries Africa lacks complimentary firms that support each other in the urban networks which raise productivity and competitiveness. This absence creates a vicious cycle where firms don’t invest because of the network doesn’t exist and the network doesn’t form because firms don’t invest.
What were the six key points to Japan’s economic miracle?
Income growth: Japan close the income gap with the west Between 1950 and 1990.
Shift in technology policy: Pre-World War II-Adapted tech technologies to suit local labour intensive conditions, Lowering capital to labour ratios (Manually operated textile machines). Post World War II- Adopted capital intensive modern tech technologies on massive scale with investment reaching one third of national income creating a high wage economy.
Role of MITI: The minister of international trade and industry plant and coordinated. industrial growth controlling banking for an exchange and key imports Like Cole and iron. They focused on scaling industries like steel and automobiles to meet minimum efficient scale (MES) For competitive production.
Industrial success: steel and automobiles
Efficiency innovations: They introduced techniques like Justin Time production to reduce costs. High wages insured domestic demand excess production was exported.
Global impact: japan’s efficient industries particularly steel and auto dominated global markets exporting a third of steel output and significant shares of cars and consumer goods. The decline of the US rust belt in the 1970s was a direct response to Japan’s industrial dominance as the US struggle to compete but refrain from imposing tariffs for political reasons.
Why did China fall behind industrially despite early wealth during the song Dynasty?
By 1850 China per capita GPT was 1/5 of England due to stagnation while early communist industrialisation focused on state led heavy industry and faced setbacks like the great leap forward and cultural revolution.
What reforms drove China’s economic growth after 1978?
Pragmatic reforms, liberalised agriculture(Like the household responsibility system) Promoted Township and village Enterprises (TVEs) For consumer goods and restructured state owned Enterprises while integrated market based policies
What are China’s major industrial and economic achievements?
From 1978 to 2006 per capita income group by 6.7% annually lifting 1 billion people out of poverty. By 2022 China became the worlds largest manufacturer producing to 50% of global industrial goods, including steel vehicles and electronics.
