Britain was a colonial, commercial, and maritime power; as such, it had access to overseas sources of raw materials (e.g., cotton) as well as to markets for finished goods.
As industrialization spread, the production of Western economies far surpassed that of Eastern economies, which did not industrialize until the 20th century.
Over the course of that century, while Western industrial economies continued to thrive, China experienced a scarcity of capital and resources thanks to a rapidly growing population and little economic growth.
assets available for use in the production of further assets
Over the course of that century, while Western industrial economies continued to thrive, China experienced a scarcity of capital and resources thanks to a rapidly growing population and little economic growth.
Created on Wed Jun 19 12:01:51 EDT 2019
(updated Wed Jun 19 12:05:37 EDT 2019)
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