Economic Essay Example | Topics and Well Written Essays - 1500 words - 14

Economic - Essay Example In times preceding the period of Renaissance, regions in the European continent were divided in forms of principalities. The Pope of the church was considered to be the representative of God and King of a principality was considered to be the representative of Pope. Common men in the principalities did not have the freedom to undertake decisions regarding any facets of livelihood. After this era of brutality and cruelty on mankind, Europe faced the age of â€Å"rebirth† or Renaissance. Following that, Europe experienced a socialistic economic system for a long period of time. However, from the theory of Karl Marx, it can be stated that towards end of the 18th century, economy of Western Europe had experienced a capitalistic form of market system. The capitalist class in the economy were the merchants, who owned land as well as newly invented and superior state of technology (Hoffman, 2000). The labour resource, at that point of time, was almost utilized a non-living materialis tic resource. The population of the nations of Western Europe were significantly increasing. The economies were subjected to product and food crisis. Land owning farmers started to sell off their lands for establishing new factories. Crisis and scarcity forced economies to become more productive in nature. So, in order to become more productive, economies undertook the process of industrialization in Western Europe in early 19th century. Colonial rule became a common method of territory expansion for these Western European nations as economies required adequate raw agricultural inputs from its conquered colonies, for sustaining the demand for its new industrial sector. Industrialization had initially taken place in the economy of Japan in Asia, in the second-half of 19th century. However, in the latter half of 20th century, industrialization was experienced in other major economies of the Asian Continent, like, Singapore, South Korea, Taiwan