ECO435H1 Study Guide - Final Guide: World Trade Organization, Spinning Wheel, Autarky
Document Summary
Maddison: in the sung dynasty, the economy was bureaucratic and in 1700s china cut itself off from the. The sung dynasty was characterized by growth in many aspects: Increase in rice growing and expansion of agriculture: population growth, as the centre of gravity shifts to the south, printing books, increase transfer of knowledge, shipbuilding, compass, and gun powder advancements. In the mongol rule, population fell by 1/3 due to war and the plague. In 1890, agriculture was 68% of gdp and 80% of the labour force. **urbanization depends on the surplus of workers not in the primary industry. There was a land shortage because only 10% of land was arable, thus crops was the focus, not cattle because they need to eat too. Focus on double cropping, grains, and textiles to increase productivity. Intensive growth (modern economic growth) increase in technology, higher productivity. Extensive growth (smithian, traditional growth) more resources or people, but per capita is still the same.
