Global Economic Development

Definition

Global economic development refers to the period between 1750 and 1900 when many nations experienced significant changes in their economies due to industrialization, trade expansion, and colonialism. It involved the growth of capitalism, increased interconnectedness between regions, and transformations in production methods.

Related terms

Industrial Revolution: A period of rapid industrialization characterized by technological advancements in manufacturing processes and a shift from agrarian-based economies to factory-based industries.

Imperialism: The policy or practice of extending a nation's power through colonization, acquisition of territories, or exerting political/economic control over other regions.

Mercantilism: An economic theory prevalent before Adam Smith's ideas emerged that emphasized government regulation of commerce and accumulation of wealth through exports while limiting imports.