The industrial revolution, or the First and Second industrial revolutions that happened during 18th and 19th centuries, are directly connected to the Age of Imperialism: new technology demanded new raw materials to feed newly existent ways of generating power. It was the process of accelerated industrialization the origin of the need for new raw materials and consumer markets.
The First Industrial Revolution (second half of the 1700s) happened mostly on the industry. Its most radical transformation was due to the steam engine that increased production, changed the dynamics between the city and the countryside and the division of labor.
The Second Industrial Revolution was greater in terms of changes in the daily life. It was during the 1800s that happened main breakthroughs that lead to widespread use of electricity, for example. It made transports and communications faster, increasing communication and connectivity in certain parts of the world like a few European countries (mainly England) and the U.S.
To the rest of the world these revolutions meant a violent form of "connectivity". Industrialized countries now needed many natural goods they didn't have enough in their territory. Several countries were invaded and colonized and had their natural goods stolen and/or overtly explored in order to support the economic changes in Europe and the U.S., besides serving as consumer markets.
One big change in the global economy after World War II, as compared to before the war, was a pattern of steady growth. From 1950 to 1973, the average annual GDP growth of market economies in the developed world averaged around 5% and remained rather steady. This was a strong improvement over the convulsions of the Depression that had happened prior to the Second World War.
Also over the decades after the World Wars, the global economy became more interconnected than ever before as well. Granted, during the Cold War years there was a wall (or shall we say an iron curtain) between the connected economies of the democratic countries and the connected economies of the Soviet bloc of nations. But eventually the communist system would collapse, and the increasing globalization of economies would continue and accelerate into the 21st century.
As nations like the United States have shifted more and more toward service economies rather than manufacturing economies, developing nations of the world have advanced strongly in the global economy through industrialization and growth of industrial production. So now there are new economic powerhouses in the world, such as India and China, which played a much smaller role in the global economy a century ago.
An African country by the name of Equatorial Guinea is one of the most oil rich places, yet, the people are poor and struggle. This causes their social development, health, and education to plummet, and may never be able to climb out without help.
Conservation should be given to smaller units to protect them from competition and provide more employment opportunities. Bigger firms should not be given protection.
<u>Explanation:</u>
The conservation which is important for the economy is the conservation given to the industries and the manufacturing units which are at smaller level to give employment opportunities to the people of the economy and protect them from competition.
But the conservation and protection to bigger firms should not be given, these should be exposed to competition so that they work in more efficient way and provide more choices to the people in the market.
