The Emergence of the World Economy (from 1000 to 1500)

Edward B. Barbier

doi:10.1017/CBO9780511781131.005

4 - The Emergence of the World Economy (from 1000 to 1500)

Published online by Cambridge University Press: 05 June 2012

Edward B. Barbier

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Edward B. Barbier: Affiliation:
University of Wyoming

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Summary

Both agriculture and civilization continued to expand to new ground between 1000 and 1500, but more slowly than before because so many of the most favorable regions had already been claimed. Instead, the most significant development was intensified interaction within Eurasia and most of Africa, due largely to improved water transport and to the spread of practices and understandings that facilitated trade and promoted specialization of labor.

(McNeill and McNeill 2003, p. 116)

… valued raw materials unavailable elsewhere (fine-quality wool in England, camphor in Sumatra, frankincense and myrrh on the Arabian Peninsula, spices in the Indian archipelago, jewels in Ceylon, ivory and ostrich feathers in Africa, and even military slaves in eastern Europe) … did not account for the world system; they were products of it.

(Abu-Lughod 1989, p. 355)

Introduction

Around 1000 AD an important development took place that would have profound implications for world economic history. This development was the rapid expansion of international trade, which heralded the first signs of a truly “global” economy.

The upsurge in trade between countries and regions during 1000 to 1500 also ushered in an unprecedented period of growth in global population and GDP per capita. By the end of this 500-year period, world population had nearly doubled (see Table 4.1). It is likely that the average world level of GDP per capita had also increased from US$436 per person to US$566 over 1000 to 1500.

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Type: Chapter
Information: Scarcity and Frontiers
How Economies Have Developed Through Natural Resource Exploitation
, pp. 157 - 224

DOI: https://doi.org/10.1017/CBO9780511781131.005 [Opens in a new window]

Publisher: Cambridge University Press

Print publication year: 2010

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