Question

Write two causes of the rise of the World Economy.

Hint:

The growth of the world economy can be linked to both industrial innovation and technological advancements in transportation, which have helped integrate global markets.

Answer 1

Introduction:
The rise of the world economy can be attributed to various factors that contributed to the globalization of trade, industrialization, and interconnectivity between different nations. Two significant causes of the rise of the world economy are:
1. Industrial Revolution:
The Industrial Revolution, which began in the 18th century in Britain, played a pivotal role in the rise of the world economy. The invention of machinery, new technologies, and the establishment of large factories led to mass production and reduced the cost of goods. As a result, there was an increase in both domestic and international trade, and global economic activity surged. Countries began to import and export goods on an unprecedented scale.
2. Advances in Transportation and Communication:
Advancements in transportation and communication, such as the development of railways, steamships, and the telegraph, revolutionized global trade. These improvements made it easier and faster to transport goods and information across long distances, leading to the expansion of global markets. Countries that were previously isolated now had access to a wide range of goods, and industries flourished as a result of the interconnectivity facilitated by these advancements.
Conclusion:
In conclusion, the rise of the world economy was driven by technological advancements, including the Industrial Revolution and improvements in transportation and communication. These factors enabled countries to participate in a globalized market, fostering economic growth and international cooperation.