Details

Autor(en) / Beteiligte

• Henry Heller

Titel

CAPITALISM AND WORLD HISTORY

Ist Teil von

• The Birth of Capitalism, 2015, p.215

Ort / Verlag

Pluto Press

Erscheinungsjahr

2015

Quelle

Alma/SFX Local Collection

Beschreibungen/Notizen

• The coming of the Industrial Revolution signalled the global triumph of capitalism. This economic revolution, coupled with imperialist rule, underpinned the subsequent two centuries of Western ascendancy. But what strikes me is how slow the arrival of the triumph was – it took three centuries – and how economically hard-pressed capitalism was up almost to the last moment before it finally prevailed. Up to the second half of the eighteenth century, the longstanding outflow of bullion from Europe toward Asia continued. This ongoing fiscal deficit reflected the competitive inferiority of Western products. This was particularly marked in the commercially decisive cotton industry.