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Global Commerce: 1750-1914

Global Commerce: 1750-1914. Mick Ercole and Jerry Chung. Technological Changes. The Industrial Revolution of Europe created advancements and developments of the steam engine, spinning jenny and factorization

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Global Commerce: 1750-1914

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  1. Global Commerce: 1750-1914 Mick Ercoleand Jerry Chung

  2. Technological Changes • The Industrial Revolution of Europe created advancements and developments of the steam engine, spinning jenny and factorization • Railroads and electric lighting were also important innovations during this period of globalization • Iron ore (coke) became increasingly more abundant and cheap; it was used to power furnaces and was a replacement for charcoal

  3. Effects of New Technology • Widespread movement from rural communities to cities (urbanization) • Increased rate of production in factories • Advancements on existing products • Fluctuation of industrialized nation’s economy (except Great Britain, most of trade was based on British sterling pound due to its dependability) • More communication due to new accessibility and need for resources like iron-ore, coal and oil

  4. Global Communication • Interaction between continents skyrocketed because of the steam engine, railroads, telegraphs and other innovations • New technology for ships like ports for coke refills led to easier transport between nations and goods • Steam engines powered these ships and railroads, which connected and shipped products across continents • Telegraphs allowed for people to communicate quickly because travel was not necessary

  5. New Economic Practices • During industrialization, nations introduced new theories for government and economy • Laissez Faire was one, which meant the government would not interfere with its countries business • Socialistic theory was that the government planned and controlled the economy • Capitalism was also popular and brought ideas of free market business to the newly industrial world

  6. Asia’s Part in Global Commerce Advancement • China was split into spheres of influence, controlled by European nations, which led to an increase in the availability of Chinese goods and an increase in East-Asian trading • Another part of that trade was Japan, who the United States gained power of and was then Europe • Japan was thus opened up to global trading and helped connect trade from all major continents in trading (Europe, North America, Asia and Africa)

  7. Economic Results • Communication brought increased trading because through the telegraph, nations were able to exchange ideas and trading plans • Theories on federal involvement let governments have unique approaches to business and the theories were spread due to globalization • Technology allowed for an increase in both products and innovations, also giving people motivation for improvements and inventions

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