World Economic Development and its Factories Changes, Summary for Dynamic of Historical Path

Abstract

The history of global economic development is commonly studied by aligning it with the Christian era and dividing it into five major stages. The earliest period, characterized by extremely backward and traditional forms of economy, lasted for nearly thirteen centuries. The economy of the Middle Ages, which served as a precursor to the rapid development of the global economy, spanned almost five hundred years.

Sustained and high-speed global economic development was made possible by the industrial revolutions. The era of capital accumulation, free markets, and competitive capitalism—successfully utilizing the achievements of these revolutions—lasted for more than two centuries and created the highest level of economic development in human society, shaping the general pattern of modern life.

In today’s information age, large-scale and innovative developments unfolding worldwide increasingly require highly concentrated material and financial resources. As a result, the economic role of enormous transnational and monopolistic business corporations, as well as that of governments, has grown significantly. There is a noticeable tendency toward the contraction of economic democracy, with declining economic participation by ordinary citizens across nations. This trend may adversely affect future global economic development and expansion.