Discuss the rise of industrialization and its effects on global trade from "summary" of The History of the World by Sir Walter Raleigh
The surge of industrialization in the 18th and 19th centuries brought about a profound transformation in global trade. As nations embraced new technologies and methods of production, they were able to increase their output of goods at a rapid pace. This led to an expansion of trade networks as countries sought to sell their surplus products to markets around the world. Industrialization also had a significant impact on the types of goods that were being traded. With the advent of machinery and mass production, goods could be produced more efficiently and in larger quantities. This led to an increase in the variety and volume of goods being traded globally. Countries that had previously relied on traditional industries such as agriculture and handicrafts now found themselves able to produce a wider range of goods, from textiles to machinery. The rise of industrialization also had far-reaching effects on the global economy. As production increased and costs decreased, prices for goods fell, making them more affordable to consumers. This led to a rise in consumer demand, which in turn fueled further industrial growth. Additionally, the increased production of goods meant that countries were able to export more products, leading to a growth in their economies. However, the benefits of industrialization were not evenly distributed. While some countries saw rapid economic growth and development, others struggled to keep pace with the technological advancements of the industrial age. This led to disparities in wealth and power between nations, with those at the forefront of industrialization gaining an upper hand in global trade.- The rise of industrialization in the 18th and 19th centuries had a profound impact on global trade. It revolutionized the way goods were produced and traded, leading to an expansion of trade networks and an increase in the volume and variety of goods being exchanged. While industrialization brought about economic growth and development for some nations, it also created disparities in wealth and power that continue to shape the global economy today.
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