Economic history of the world
The Economic History Of The World is a record of the economic activities (i.e. the production, distibution and consumption of goods and services) of all humans, spanning both recorded history and evidenced prehistory.
Prehistory
The primary economic activities of prehistoric humans were hunting, gathering and the manufacture of tools, clothing and shelter.
[edit]Antiquity: Bronze/Iron Ages
Shift to agriculture. Trading.
[edit]Ancient economic legal codes and formula
The city states of Sumer developed a trade and market economy based originally on the commodity money of the Shekel which was a certain weight measure of barley, while the Babylonians and their city state neighbors later developed the earliest system of economics using a metric of variouscommodities, that was fixed in a legal code.[2] The early law codes from Sumer could be considered the first (written) economic formula, and had many attributes still in use in the current price system today... such as codified amounts of money for business deals (interest rates), fines in money for 'wrong doing', inheritance rules, laws concerning how private property is to be taxed or divided, etc.[3] For a summary of the laws, see Babylonian law.
Temples are history's first documented creditors at interest, beginning in Sumer in the third millennium. By charging interest and ground rent on their own assets and property, temples helped legitimize the idea of interest‑bearing debt and profit seeking in general. Later, while the temples no longer included the handicraft workshops which characterized third‑millenniumMesopotamia, in their embassy functions they legitimized profit‑seeking trade, as well as by being a major beneficiary.[4]
[edit]Antiquity: Classical Era
[edit]Greek and Italian city states
Ancient Greek and Roman thinkers made various economic observations, especially Aristotleand Xenophon. Many other Greek writings show understanding of sophisticated economic concepts. For instance, a form of Gresham’s Law is presented in Aristophanes’ Frogs.Bryson of Heraclea was a neo-platonic who is cited as having heavily influenced early Muslim economic scholarship.[5]
[edit]Money, economics and barter
Main article: History of money
Barter like methods may date back to at least 100,000 years ago. Trading in red ochre is attested inSwaziland, shell jewellery in the form of strung beads also dates back to this period, and had the basic attributes needed of commodity money.[6] To organize production and to distribute goods and services among their populations, before market economies existed, people relied on tradition, top-down command, or community cooperation.
According to Herodotus, and most modern scholars, the Lydians were the first people to introduce the use of gold and silver coin.[7] It is thought that these first stamped coins were minted around 650-600 BC.[8] A stater coin was made in the stater (trite) denomination. To complement the stater, fractions were made: the trite (third), the hekte (sixth), and so forth in lower denominations.
The first banknotes were used in Tang Dynasty China in the 9th century (with expanded use during the Song Dynasty), and the first in Europe issued by Stockholms Banco in 1661.
In the Western world, a prevalent term for coin-money has been specie, stemming from Latin in specie "in kind".[9]
[edit]The Industrial Revolution
Economic history as it relates to economic growth in the modern sense first occurred during theindustrial revolution in the West, due to high amounts of energy conversion taking place.[edit]The 20th Century
Economic growth spread to all regions of the world during the 20th century, when world GDP per capita quintupled. The highest growth occurred in the 1960s during post-war reconstruction and in the early 2000s, driven by new technology and globalization.[edit]Economic theory developments
By the 20th century, the industrial revolution had led to an exponential increase in the human consumption of resources. The increase in health, wealth and population was perceived as a simple path of progress. However, in the 1930s economists began developing models of non-renewable resource management (see Hotelling's Rule) and the sustainability of welfare in an economy that uses non-renewable resources (Hartwick's Rule).Concerns about the environmental and social impacts of industry were expressed by some Enlightenment political economists and in the Romanticmovement of the 1800s. Overpopulation was discussed in an essay byThomas Malthus (see Malthusian catastrophe), while John Stuart Mill foresaw the desirability of a "stationary state" economy, thus anticipating concerns of the modern discipline of ecological economics.[10][11][12][13][14]Ecological economics was founded in the works of Kenneth E. Boulding,Nicholas Georgescu-Roegen, Herman Daly and others. The disciplinary field of ecological economics also bears some similarity to the topic of green economics.[15]According to ecological economist Malte Faber, ecological economics is defined by its focus on nature, justice, and time. Issues ofintergenerational equity, irreversibility of environmental change, uncertainty of long-term outcomes, and sustainable development guide ecological economic analysis and valuation.[16][edit]Financial economic growth reverses
The world economy is set to shrink by between 0.5% and 1.0% in 2009, the first global contraction in 60 years. In its forecast the International Monetary Fund (IMF) says that developed countries will suffer "deep recession".[17][edit]Energy in economics
Energy accounting is proposed in the early 1930s as a scientific alternative to a price system, or money method of regulating society.[18][19]Joseph Tainter [20] suggests that diminishing returns of the EROEI is a chief cause of the collapse of complex societies. Falling EROEI due to depletion of non-renewable resources also poses a difficult challenge for industrial economies. Sustainability becomes an issue as survival is threatened due to climate change.Thermoeconomists claim that human economic systems can be modeled as thermodynamic systems. Then, based on this premise, they attempt to develop theoretical economic analogs of the first and second laws of thermodynamics.[21] In addition, the thermodynamic quantityexergy, i.e. measure of the useful work energy of a system, is the most important measure of value. In thermodynamics, thermal systemsexchange heat, work, and or mass with their surroundings; in this direction, relations between the energy associated with the production,distribution, and consumption of goods and services can be determined.
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The Industrial Revolution
Economic history as it relates to economic growth in the modern sense first occurred during theindustrial revolution in the West, due to high amounts of energy conversion taking place.
[edit]The 20th Century
Economic growth spread to all regions of the world during the 20th century, when world GDP per capita quintupled. The highest growth occurred in the 1960s during post-war reconstruction and in the early 2000s, driven by new technology and globalization.
[edit]Economic theory developments
By the 20th century, the industrial revolution had led to an exponential increase in the human consumption of resources. The increase in health, wealth and population was perceived as a simple path of progress. However, in the 1930s economists began developing models of non-renewable resource management (see Hotelling's Rule) and the sustainability of welfare in an economy that uses non-renewable resources (Hartwick's Rule).
Concerns about the environmental and social impacts of industry were expressed by some Enlightenment political economists and in the Romanticmovement of the 1800s. Overpopulation was discussed in an essay byThomas Malthus (see Malthusian catastrophe), while John Stuart Mill foresaw the desirability of a "stationary state" economy, thus anticipating concerns of the modern discipline of ecological economics.[10][11][12][13][14]
Ecological economics was founded in the works of Kenneth E. Boulding,Nicholas Georgescu-Roegen, Herman Daly and others. The disciplinary field of ecological economics also bears some similarity to the topic of green economics.[15]
According to ecological economist Malte Faber, ecological economics is defined by its focus on nature, justice, and time. Issues ofintergenerational equity, irreversibility of environmental change, uncertainty of long-term outcomes, and sustainable development guide ecological economic analysis and valuation.[16]
[edit]Financial economic growth reverses
The world economy is set to shrink by between 0.5% and 1.0% in 2009, the first global contraction in 60 years. In its forecast the International Monetary Fund (IMF) says that developed countries will suffer "deep recession".[17]
[edit]Energy in economics
Energy accounting is proposed in the early 1930s as a scientific alternative to a price system, or money method of regulating society.[18][19]Joseph Tainter [20] suggests that diminishing returns of the EROEI is a chief cause of the collapse of complex societies. Falling EROEI due to depletion of non-renewable resources also poses a difficult challenge for industrial economies. Sustainability becomes an issue as survival is threatened due to climate change.
Thermoeconomists claim that human economic systems can be modeled as thermodynamic systems. Then, based on this premise, they attempt to develop theoretical economic analogs of the first and second laws of thermodynamics.[21] In addition, the thermodynamic quantityexergy, i.e. measure of the useful work energy of a system, is the most important measure of value. In thermodynamics, thermal systemsexchange heat, work, and or mass with their surroundings; in this direction, relations between the energy associated with the production,distribution, and consumption of goods and services can be determined.
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