Phases of Economic Development

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Last updated 12:48 AM on 7/22/26
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6 Terms

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  1. Mercantilism

  2. Industrial revolution

  3. Fordism

  4. Post-Fordism

  5. Globalization

Phases

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Mercantilism

Countries used trade to accumulate wealth and build colonial empires

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Industrial revolution

Introduced more efficient production and operations and mechanization of factories

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Fordism

Gave rise to modern production methods and rise of multinational corporations

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Post-Fordism

Saw the prevalence of information technology in transactions

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Globalization

Economic interrelationships on a regional and global scale and an emphasis on sustainable development