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Summary Unit 0. World economic history. Just an introduction
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Introduction to world economic history.
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just an introductionsome things first
What is the GDP? The Gross Domestic Product, or GDP, is the monetary measure used to
measure the economic growth. It expresses the value of the final goods and services
produced in an economy.
What is the GDP per capita? It is the GDP divided by all people living in a country. It is used
to measure how poor or rich is a country and the people who lives in.
What is the PPP? The Purchasing Power Parity, or PPP, is a currency converter and a
spatial price deflator.
What is the inflation? The inflation is the phenomena that happens when prices start to
grow uncontrollably.
inflation or deflation?
It’s better to have a bit of inflation than deflation, but why? Easy, if we had deflation, we
wouldn’t buy things waiting for a tomorrow that’d be cheaper. So, the demand would low
and with it the offer and the GDP. Although, if we had a bit of inflation, we would buy things
today because we’d know tomorrow would be more expensive. So, the demand would grow
and so the offer and the GDP.
intensive vs extensive growth
Extensive: Economic growth due to an increase of the quantity of production factors used.
An enterprise grows its production but the costs as well.
Intensive: Growth due to a better, more efficient use of the production factors: increase in
productivity. The enterprise grows its productivity, so it doesn’t have to increase the
money spent on the production. Investments in technological advances and human capital
allows to produce more with less. IDEAL GROWTH
modern economic growth
1820-1870: Slow growth
1870-1913: Prosperity: Globalisation.
1913-1950: The worst period: World Wars and Depression
1950-1973: Golden Age: Fast growth for everyone.
1973-2010: Slowdown, except Asia.
The globalisation process has generated big differences between countries.
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