Age of Empire- Blog 1

This week, we were instructed to read the first 3 chapters of Age of Empire by Friday. I would like to focus my blog entry on the second part of chapter 2. Eric Hobsbawm is summing up the world economy on the Age of Empire. He describes the world economy as more broad-based than before. The world economy was expanding it's industrialization sector because of the Industrial Revolution. International trade was growing and the areas of the Age of Empire focused more of their time into the market. Canada started to strenghten her wheat production as Argentina became a huge exporter.

Also, the world economy was being described as more pluralist. Being more pluralist means that the economy recognizes the diversity of economic activity. Britain was not only the industrialized area, but more areas were strengthening their industrialization. Although Britian was a mass power, the USA, Germany, and France all help important roles in their industrial and mining production. This Age of Empire era was seen as more of a rivalry between these four national economies. Most areas still depended on Britain's financial, trading, and shipping services because Britain was so industrialized.

Another charactiersitc of the world economy was the technological revolution. During the Age of Empire, many significant inventions were made. Inventions that created significant impact on society included the telephone invention, the wireless telegraph, the phonograph, the cinema, the automobile, the bicycle, etc which were all integrating themselves into the daily lives of citizens.

Other factors played major roles in the Age of Empire's world economy such as the transformation in the market for consumer goods and a change in the modus operandi of capitalist enterprise. I found this chapter, chapter 2, very intersting because it gave an entire overview of all the improtant events taking place to shape the world economy. The economy was developing and growing from what it used to be. The new economy was a benefit to everyone (creating jobs, etc).