THE ASSENT OF RICH AND VIS; The dissent of contemporary time

Preface
The work signifies the dimensions and factors behind the wealth
maximization and economic development of west and America from the
advent of voyages to colonization and globalization. The modern
history in real terms is credited to western nations as there level of
income and growth was speculative which proportionately made them most
rich and powerful to influence rest of world. Modern history has
changed dramatic as new ideas and technological advancement grew which
substantially made Europe the most dominant continent in world. The
narrative and object is to comprehend the economic history. The
evolutionary element of economics is work of ADAM SMITH 'the nature
and causes of the wealth of nations' which triggered it.


the work will be continuously updated and edited for further.

The dissent of contemporary time

The work purports to comprehend the historical facts of contemporary history and signifies the rise of Europe and western world

1.The grand concurrence

The rise of Europe pertains to renaissance and voyages which gave assent to vast richness and industrial revolution which ultimately made Europe and western world most dominant in world and changed the history of world for ever. Our concern and topic is substantially and strictly focused on economic history which is queen of the social science. The whole period of history can be divided into three parts the first which lasted from 1500 to 1800 which we call as mercantilist era. It began with the hope of east and voyages of Columbus and vasco de gamma who discovered America and India eventually incorporated world economy over the period European urge to dominate entire world and lasted till industrial revolution whereby America, Africa, Asia had been mostly colonized and controlled directly or indirectly by European and trade of silver, sugar, tobacco and African people where trade as slaves and shipped to America; and Asia sent spices, textiles, porcelain to Europe. the whole race of trade ignited after voyages and discovery by Spain, Portugal and later most of Europe jumped into trade war. The whole trade was maintained by vigorous competition of acquisition by colonization and using tariffs and war to prevent other countries from trading with them. European desire was promoted at the expense of colonies. In this phase trade and manufacturing was main objective while economic development objectivity was in the second phase of economic history as termed as industrial revolution in 19^th century whereby napoleon was defeated at waterloo in 1815, Britain had established led role in industrial revolution. Economic development has been made state policy in Britain and America and common standards had been set forth; creation of unified national market with no internal tariffs and building infrastructures of communication and transportation, creating external tariff to protect their industries, chartering of banks to supply and stabilize currency and establishing mass education parameters and institutions to upgrade labours. These policies where fruitful for British and America and in this era absolutism and comparative advantages where respectively been procured to acquire economics benefits and pertain for dominance. In third phase of economic history of 20^th century a vast development in science and technology has invented better and efficient means of production. Western Europe especially Germany has developed in varied technologies and induced to ascent to richness. In Europe those countries where capital was expensive technology proved a better space for production and while those countries with less labor prices technology was not cost effective.

To be continued********************

S/D
ATHAR MUDASIR