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Catch UpDeveloping Countries in the World Economy$
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Deepak Nayyar

Print publication date: 2013

Print ISBN-13: 9780199652983

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199652983.001.0001

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Underlying Questions and Answers

Underlying Questions and Answers

(p.33) 3 Underlying Questions and Answers
Catch Up

Deepak Nayyar

Oxford University Press

The developments in Europe circa 1500 that exercised a profound influence on the shape of things to come in the world economy were the voyages of discovery and the colonization of the Americas. Social, political and institutional change created the initial conditions for capitalist development. Even so, in the mid-eighteenth century, the similarities between Europe and Asia were far more significant than the differences. Indeed, demography, technology and institutions were broadly comparable. There was a wide range of factors underlying the occurrence of the Industrial Revolution in Britain. Industrialization, which spread to Europe, yielded sharp increases in productivity, output and incomes. It also led to the demise of traditional industries in Asia, particularly China and India, which reduced their skill levels and technological capabilities over time. This process was reinforced by the politics of imperialism that imposed free trade to hasten the process of de-industrialization in Asia with a devastating impact on China and India.

Keywords:   Colonization, imperialism, Industrial Revolution, capitalism, Britain, China, India, culture, geography, institutions

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