The Industrial Revolution did not foster uniform economic growth globally. Its gradual and uneven diffusion across the world resulted in a significant widening of income inequality between countries, as some nations industrialized and prospered while others lagged behind.

Disparate Economic Outcomes of the Industrial Revolution

The process of British colonization in India commenced in 1600. Over the subsequent two centuries, Britain emerged as the preeminent European colonial power in the area, culminating in its assumption of full control by the mid-1800s.

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Mercantilism is an economic theory, dominant in Europe from the 16th to the 18th century, which held that a nation's wealth and power were best served by increasing exports and collecting precious metals like gold and silver. This doctrine promoted extensive government regulation of the national economy to achieve a 'favorable' balance of trade. Key policies included imposing tariffs on imports, forbidding colonies from trading with other nations, and monopolizing markets with subsidized companies.

Mercantilism

To cite the ebook, use The CORE Econ Team 2023 The Economy 2.0: Microeconomics Open access e-text https://core-econ.org/the-economy/.

To cite a unit, use The CORE Econ Team 2023 The Economy 2.0: Microeconomics Open access e-text https://core-econ.org/the-economy/ Unit [unit number] (url).

CORE Econ - The Economy 2.0: Microeconomics

A protectionist policy consists of measures a government takes to limit international trade, primarily to reduce imports. The goal is to shield domestic industries from foreign competition. Common methods include imposing taxes on imported goods (tariffs) or setting import quotas.

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