Question by Amanda: What are the basics of the economic financial history of the world in the twentieth century?
I need some help writing a short essay that ties together things I have learned in a college level History of the Twentieth Century class. Does anyone know some of the basics about money/economies/financial history that went on in the world during this time? This includes pre-world war, wwi, wwi, and cold war. Some basic ideas would be extremely helpful and appreciated or a nice little “in a nutshell” summary! Thanks in advance!
Answer by rishab v
The Economic History Of The World is a record of the economic activities (i.e. the production, distribution and consumption of goods and services) of all humans, spanning both recorded history and evidenced prehistory.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.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 Romantic movement of the 1800s. Overpopulation was discussed in an essay by Thomas 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.
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.
According to ecological economist Malte Faber, ecological economics is defined by its focus on nature, justice, and time. Issues of intergenerational equity, irreversibility of environmental change, uncertainty of long-term outcomes, and sustainable development guide ecological economic analysis and valuation.
The world economy was predicted 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) said that developed countries will suffer “deep recession”
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