Question

a sequence of events, starting around 1700, led to today’s highly globalized economy and unequal global wealth distribution. place the events in chronological order.

Answer 1

Around 1700, a sequence of events led to today's highly globalized economy and unequal global wealth distribution. The sequence is as follows:

• Virtually the entire world lives at a subsistence level.
• Dramatic increase in food production in Europe due technological advances in farming lead.
• Factory production replaces European cottage industries.
• Western colonialism at its peak transfers wealth from the colonies to Europe.
• Former colonies of Europe struggle economically post independence

The economy in 1700s was based on mainly farming, fur trading, ship production, local production.

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