HISA04H3 Chapter Notes - Chapter Chapter 2: Advantageous, Industrial Technology, Comparative Advantage
Document Summary
The great empires - a very short introduction. To the east of europe asian countries were dominated by various empires, the biggest of which were the long line of chinese dynasties. Europe industrialized because of its gains from globalization, as well as through access to an abundance of coal reserves. The 19th century saw eastern empires fall along with the largest manufacturing industries in the world, and no modern manufacturing industries to replace them. Three factors drove economic success in europe: technology, globalization, and state policy. Western industrial revolution drove out asian businesses because industrial technology helped cut costs in manufacturing within europe. Industrial technology was not cost effective in other parts of the world, like india. There was no point, for instance, in the indians trying to compete against english textiles by using spinning machines since they increased the capital costs of spinning in india more than they lowered the labour costs.
