The 1850s as Turning Point: The Birth of Globalization? - Continuities and Limitations
3 important questions on The 1850s as Turning Point: The Birth of Globalization? - Continuities and Limitations
What negative continuity persisted, despite emerging globalization?
- Sending out inexpensive exports, with shipping and commerce largely organized by foreigners, while depending on core societies for many manufactured goods remained the basic pattern.
- The imbalance between Western industrialization and the lack of industrialization almost everywhere else sharpened the gaps.
- The imbalance between Western industrialization and the lack of industrialization almost everywhere else sharpened the gaps.
What new negative economic pattern emerged?
The biggest new ingredient was growing foreign indebtedness, as societies that tried to expand exports by borrowing money to build train lines and modern ports found themselves beholden to Western banks in ways that only deepened economic dependency.
How did Africa stay poor?
Many African countries worked hard to replace slaves, in international trade, with new products like vegetable oil, but again the reliance on cheap exports (and in turn on low wages) and more expensive imports continued.
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