Global Socio-economic Processes of Countries in the Pre-pandemic Era

Aneta A. Teperek ()

Chapter Chapter 1 in Long-Term Economic Growth in the World's Smallest Economies, 2024, pp 3-28 from Springer

Abstract: Abstract This first chapter serves as an introductory section for the subsequent chapters, offering a historical overview of the global economy. It provides an account of the evolution of global economic relationships over centuries and the emergence of important economic powers as significant players in the global economy. As the global economy has evolved, certain countries have lost their dominant positions, while others have assumed leadership roles. The exploitation of colonial policies has enabled these countries to accumulate capital, thereby securing their strong socio-economic standing. This, in turn, facilitated their earlier entry into the Industrial Revolution and enabled them to adapt more readily and rapidly to the changes of the twentieth century and accelerated globalization. These economies have derived the greatest benefit from globalization, which has contributed to a significant increase in their economic potential. Conversely, countries with smaller economies, including the world’s smallest economies, benefited less from globalization. However, without these smaller economies, the world’s largest economies would not have attained their current economic standing.

Keywords: Global economy; Global leaders; Economic potential; Colonial powers; Economic dominance (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-74212-5_1

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DOI: 10.1007/978-3-031-74212-5_1

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