The Shift of Economic Power from East to West Essay Sample

The Shift of Economic Power from East to West Pages
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In this essay I will talk about how the world power has shifted from the east to the west. If we see today’s modern world, we would be astonished and fascinated as to how the world power has shifted from the great east to the west. What are the main reason and factors that lead to the shift in the power?

Pardon me, if I have condemned the knowledge and thoughts of the great thinkers, but I am writing this essay with a limited knowledge of mine just for the academic purpose, and nothing more.

The world that we lived in has been shaped through the constant enumeration of events and activities which if we logically deduce are very fascinating. Though it might seem insignificant and historical to talk about the kings and their provinces of the ancient world, but it would be prejudice if we forecast our future by overlooking these facts.

As to my knowledge, of all the civilization of pre-modern world, the great power resided with china prior to 1500BC, which was then the Ming dynasty. This particular dynasty had bigger land mass, more modern and sophisticated technology along with the highest ethnic groups of that time. Even the westerners were very curious and incompetent in comparison to them. It is said that many of the discoveries that were introduced during the 18th and 19th century in the Europe were priory, enforced and eradicated by the Ming’s (i.e. paper currency, iron ore metallurgy, irrigation methodology, Ship building etc). The question comes as to why did they stop? If we see the history of china, it has always been a Confucian country with high bureaucracy. They were more secularist and rigid with the state policies. When they found that people were benefitting more from the trade and the new discoveries, which indirectly threatened the state policy they closed all the borders and ties, so as to be more self reliance, equal and improve their self dependency. China cut itself up for almost many centuries. This made it distant form the other part of the world and it slugged behind in the race.

After the fall of the east came the rise of the west, the so called Industrial revolution began during the mid of 1700’s because of the series of the event that took place in Great Britain. It began in Great Britain, and then subsequently spread throughout Western Europe, Northern America, Japan, and eventually the rest of the world. Various contingent events took place, giving more advantage to great Britain i.e. Britain had a great geographical advantage with political liberty, with high social mobility and with the invention of steam engines and scientific revolution, it went on to become a super power never before. By the end of the 16th and the beginning of the 17th century it had colonized almost half of the world. And with the development of steam engines, railways, ocean traffic, electrification, fertilizers it had an absolute advantage in almost every sector. And because it had colonies all over the world helped in the disbursement of the vast knowledge in a very short period of time.

Then during the 1900’s we saw the shift of the power from Europe to United States of America. United States of America itself was initially derived from thirteen British colonies. It was one of the first countries in the world to succeed in the colonial war of independence. Since then United States (federal constitutional republic) has been growing at the constant rate of 1.7% except during the time of great depression. But Great depression and World War II has also played a very vital role in the development of United States of America.

Here is how the story goes; Great depression began with the Wall Street crash on October 1929, because of numerous factors such as ill-regulated market that permitted overoptimistic loans by banks and investors, high consumer debts, lack of high growth in new industries, excessive bad debts in real estates, and the lack of confidence amongst the consumer. The peak of the crisis when economy reached rock bottom was during 1932-33, unemployment rose by more than 20%. Herbert Hoover lost the 1932 presidential election to Franklin Delano Roosevelt. The memory of Depression also shaped modern theories of economics and resulted in many changes in how the government dealt with economic downturns, such as the use of stimulus packages, Keynesian economics, and Social Security.

According to me World War II had played the role of the catalyst for the recovery. Large resources were mobilized and employment increased due to the defense requirement. Government spending increased by more than two folds due to the war fare production. Multipliers effect took place, and then the economy rejuvenated. Since then America has been growing constantly with a strong fiscal policy and a prudent monetary policy.

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