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I need some assistance with these assignment. divergent factors leading to growth in europe and not in china Thank you in advance for the help!
I need some assistance with these assignment. divergent factors leading to growth in europe and not in china Thank you in advance for the help! According to Kenneth, China, in spite of making advancements in science was unable to emerge as a strong economy. It was troubled due to its non-integrated political framework that prevented free trade and exchange of goods between different regions (Kenneth, 12-15) Weak political structure not allowed much of innovations to be carried forward to the next level of production. However, Europe attempted for excellence in its work, brought new styles of production that reduced time and energy and facilitated greater efficiency.
Another factor that greatly influenced capitalism was the geographical setup. North Western Europe has vast coal mines. When North America became the largest importer of coal then Europe started specializing in the production of energy rather than agriculture. An influenced of trade and commerce came at hand, which in turn gave a phenomenal increase to entrepreneurship in Europe. Individual enterprise, easy availability of credit and huge profits were the motivations for the people of Europe.
The capitalists in Europe emerged from monasteries as these religious places amassed wealth. Materialistic tendencies gave rise to the individualist approach towards trade practices. This need to increase wealth gave rise to capitalism that fueled one of the most important revolutions of the modern world i.e. The Industrial Revolution.
