Impact of Globalization in Belgium

The European Union is a group of European countries who combined together as allies after WWII for trade and peace reasons. It was established so countries in Europe would not create conflicts with each other to prevent the disaster of the two World Wars. They also signed trade deals to secure the countries in the EU would be financially stable and not go into depression and poverty like most countries did in WWII. Each country in the EU has to provide the EU with money to operate. In return, not only will they see trade with European countries, but the EU budgets will help redevelopment and regeneration of poor areas, seen in

During the period of 1492 to 1750, Europe experienced drastic changes during their Age of Discovery. As a result of contact and colonization, Western Europe’s economy, political, social, and military systems changed, but also maintained certain aspects that enabled them to build strong civilizations. Such changes include increased (international) trade routes, more centralized governments such as monarchies, decreased unifying influence of the Catholic Church, and increased interest in military conquest and expansion.

The European Union (EU) is a political economic union of 28 members. The founders are France, Belgium, Luxemburg, Italy, Netherlands, and Germany. The Maastricht treaty established the European Union in 1993. The EU aims to ensure the free movement of people, goods, services and capital and regional development. These 28 member states have successfully integrated because of their similar cultural lifestyles.

The EU was created after the Second World War to unite the neighboring countries of Europe. It was established by six European countries in 1951: France, Belgium, Luxembourg, Italy, Netherlands and West Germany (Briney, 2015). Today it consists of 28 countries united to create an economic and political community (Gov.uk, 2014).

Question: analyze the social and economic continuities and changes that occurred in Europe between 600 and 1750.

How did the growth of nation-states in Europe differ from that in the rest of the world?

Outlined in previous sections, in terms of GDP, Germany outperformed the United Kingdom in the Golden Age by a vast amount. Consequently the important question to ask is, what were the causes of such a great difference in GDP between the two countries mentioned, during that period of time.

Between 1700 and 1960, the average income between them differed by 27%. Between 1500 and 1700, per capita GDP grew 75% in Britain and 180% in the Netherlands (Source 6). These countries had higher standards of living and higher GDP growth. Protestant nations were responsible for many developments in commerce. For example, Amsterdam established the world’s first stock exchange in 1602.

11) What factors led to the dramatic population growth of Europe between 1500 and 1700?

Economic decision making as a result is quicker at responding to market impulses as better political institutions are in place. Another major factor in the growth of the European Economy at this time was Disequilibrium. Populations moved from low productivity sectors to high productivity sectors as labour demands were high in these areas. The improvement in manufacturing and the movement of populations into higher productivity areas caused Economic growth to increase rapidly within the Economy. Trade was extremely low during the War and the increase in trade post World War II promoted industrialisation. The Economic restructuring that took place after the War was majorly financed by the increase in trade and with an improved structure in industry and manufacturing created to opportunity for even more efficient trade which promoted higher Economic growth. Cyclical fluctuations were mild and also inflation rates within Europe were socially acceptable (Crafts et al, 1996).Unemployment rates within Europe were low due to the high demand for labour which also contributed to the Economic growth during ‘The Golden age’.

13. Discuss how Great Britain's macroeconomic growth lagged that of other countries since the 2nd Industrial Revolution. Which countries had higher growth rates and due to innovations in which industries? Compare the growth of British per capita income to that of other nations.

During the 18 century, in Britain occurred the most important phenomenon that changed the history, Industrial Revolution. It was a major turning point in their history but in the world’s history as well because the impact of the inventions changed the economical, social and political field forever. The standard of living increased therefore the population had increased.

The expansion of Europe in the eighteenth century and the changing way of life in the eighteenth century also helped mold the western society. The population began to explode in the eighteenth century in Europe. There had to be limitations on population. Some things that helped the population were famine, disease and war. The reason population was growing so much was mainly because the plague had just ended. The cottage industry also with the population in the eighteen century. By this time the cottage industry challenged the monopoly of the urban craft industry. There was a lot of healthy people because of the plague had ended. There was a lot of working people because of the cottage industry. The eighteenth century was good to Europe.

Before the industrial revolution, Europe was mostly dominated by farmers but as the industrial revolution progressed this changed dramatically. Industrial revolution had a significant impact in the process by making new demands that shaped the way of life through increased competition and technological innovation. Generally, it was a historical period that sparked in a stroke a number numerous changes in the economic, social and political dimensions. It is considered as a period that made the biggest impact on 19th century Europe considering that it was the period that the countries realized significant progress that shaped their economies in great details with nationalism and imperialism as well being direct impacts of the revolution.

The early western world benefitted from revenues from trading European products to the Eastern countries (Pomeranz, 2000). High earnings obtained from trading with eastern countries and sales of slave established seven percent profit per annum, which is a “relatively high rate of return considering the high rate of depreciation on pre-industrial capital stocks, which limited the amount of savings and capital accumulation”, stated Pomeranz (2000). Many theories suggest that the Great Divergence occurred as a result of trade development from Europe to Asia, which later on became the main factor of the New World. As, Pomeranz (2000) stated, “the greatest significant advantage for Europe was the vast amount of fertile, uncultivated land in the North America which could be used to grow large quantities of farm products required to sustain European economic growth and allowed labour and land to be freed up in Europe for industrialization.” A great example of this is how England saved approximately 23-25 million acres of agricultural space by importing goods such