European Economic History

Paper Summary:

The writer of this article notes that the industrial revolution phenomenon is one of the most controversial issues studied by the economic literature, and each author tries to analyze it from a different point of view and to emphasize the aspects considered to be most significant. The writer then points out that the essence of all authorized opinions regarding the subject is that the industrial revolution took place approximately between 1760 and 1830 in Great Britain. Further, the writer discusses the industrial revolution consisted of technical, economic, and social mutations that generated industrial development and ensured Great Britain's world leadership until the end of the 19th century. The writer concludes that all over Europe, economies were reduced to a national level, the world trade reached a sudden decrease, the crisis having irreversible consequences regarding economic policies.

Outline:
The Impact of Industrialization over the European Economy
Europe's Economic Supremacy in the 19th Century
Europe's Development Process in the 19th Century
The Interwar European Economy
European Economic Trends in the 1920's and 1930's
The Great Depression and European Economy's Post-Crisis Situation

From the Paper:

"The industrial revolution in Europe represented a leap that was created by certain accumulations generated by processes and phenomena that took place in the 17th century. Political aspects, like the centralization of certain monarchical states and the quasi-permanent state of war, led to several economic issues, like: administrative apparatus growth, refined royal courts, large armies with adequate equipment, in other words - very high expenses that generated the increase of taxes, of inflation, and the emphasis on the role of the international financial network.
"The mercantile economic policy that dominated the entire century contributed in a substantial manner to the process financial capital accumulation that represents an essential premise for the existence of the industrial revolution. The industrial revolution and the industrial development until World War I took place in several countries, presented both common elements and particularities between countries and between stages. The industrial revolution and development had various degrees of intensity until the middle of the 19th century and significantly increased several countries' production potential."

Sample of Sources Used:

• Perry, K. Modern European History. Made Simple. London, 1976.
• Heaton, Herbert. Economic History of Europe. Harper & Row, London, 1966.
• Kennedy, Paul. The Rise and Fall of the Great Powers. Economic Change and Military Conflict from 1500 to 2000. London, 1989.
• Kindleberger, C.P. The World Depression 1929-1939. University of California Press, 1973.
• Friedman, M. & Schwartz, A. A Monetary History of the United States, 1867-1960. Princeton, 1963.

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