European and Asian differences in economy
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Tom Giles Reading in turn 9/21/2011
The search for European differences and domination in the early modern world: A view from Asia
-Before the1800’s production was mostly agrarian. In both Asia and Europe most wealth was accumulated through land.
-Industrialization changed the economy and distribution of wealth in society.
-China and Europe had many similarities when Industrialization was introduced into their societies. Both the product and factor markets relied heavily on high productivity, and were able to achieve this by increasing the work hours in a day, and the workdays in a week.
-Both began to see the formation of native banks.
-Although similar they were drastically different as well. Europe gained a lot of their power through neo-colonialism, and the enslavement of new territories.
- In order for the Europeans to expand their empire they gave political power, and military support to private businesses.
-China did not try to increase their borders during this time, but established a strong trade between each other.
-When the Europeans began to trade with the Chinese they had very little to offer that the Chinese desired, or didn’t already have access to.
- The only thing the Europeans could offer was silver. They traded so much silver to the Chineses that it resembled more of a good than a currency.
-China began to acquire enormous sums of wealth, with all of the silver coming in, and none of it going out.
-Opium was introduced into China, which the Chinese began to purchase with silver, and a more stable economy was able to form.
-Opium usage became a serious national problem which the emperor plead with the British Government to help prevent. They were unable to get any assistance from the British Government.
-Although the Opium Wars were horrible, Europe had little power over the Chinese compared to other parts of the world, because they already had a sophisticated economy, and an abundance of natural resources that allowed them to have relative autonomy from foreign powers.