During which time period did economies begin to develop globally?

During which time period did economies begin to develop globally?

a. The Industrial Revolution

b. The Post-Industrial Revolution

c. The Information Age

d. The Agricultural Revolution

Answer: a. The Industrial Revolution

The Industrial Revolution which started in the late 18th century and stretched through the early 19th century revolutionized the economies all over the world and was a very noticeable era in global economies. In this period, several wonderful innovations and evolutions took place which paved the way to the present-day economy and world markets.

Some of the major factors that contributed to the development of economies globally during the Industrial Revolution include:

Mechanization and technological innovations: The rise of machines and other technologies like the steam engine also joined hands to improve the manufacturing methods and hence the abundance of products.

Urbanization and growth of cities: The development of downtown areas helped promote the formation of workforce, capital, and resources which in turn promoted the economy as well as trade.

Expansion of transportation and communication networks: Modern inventions such as railroads and canals, and better ships that provided increased and easy transport of goods and people, ushered in the possibility of one market integrating with another and consequently the growth in international markets.

The shift from agriculture to industrial production: The Industrial Revolution was the movement from agricultural-based economies and societies to industrial societies and economies.

Rise of capitalism and market economies: Industrialization has been a great influence on the emergence of the capitalist economy and conceptualization of private propriety, profit, and the free market.

Whereas the Agricultural Revolution was foundational in leading to proto-industrialization and providing the means for industrialization and the freeing up of labour, the Industrial Revolution alone became the engine that revolutionized the world economy and set the pace for creating today’s global economy.