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3

This appears to be quite eurocentric and built on assumptions of development: if we reference 'after the industrial revolution' does that mean we want to exclude large parts of Africa, Asia or Pacific colonies for much of the last 300 years? Are small Pacific islands 'industrialised' even now? If on the other hand we just set the start date globally at 1700 ...


2

The prime example in the recent times is communist countries where living standards of millions of people deteriorated for decades. The proof of this is the mass starvations in Soviet Union in 1921, 1932-33 and 1946 when millions of people died. Nothing on this scale happened in the Imperial Russia. Same applies to China and Cambodia/Kampuchea. I suppose ...


8

I upvoted Anixx's answer but I would still like to add mine to expand on it in a more middle ages context. Credit for purposes of trade was absolutely legal. In the work Credit as a means of investement in medieval Islamic trade we encounter the following: The earliest Muslim legal sources now justify the assertion that already in the late eighth century, ...


7

Since Fiat money (paper banknotes) are often based on the strength of an economy of the country that issued it, it is unlikly that a bigger economy would be able to use the currency of a smaller economy due the amount of currency being printed (in circulation). The issuing country would avoid printing to much paper money, since they are a form promissory ...


7

United States of America used Spanish dollar as the (sole) currency until 1792 - it even remained a legal tender until 1857. EDIT: In 1820 (when the Spanish dollar was still a legal tender and widely used), US GDP was 12548 million dollars (in 1990 US dollars), Spain 12299 million dollars – and US grew very rapidly very soon since then, while Spain stagnated....


-2

Argentina is the classic case of a country that does not trust its own currency. Traditionally, Argentina suffers from inflation, so the US dollar is the refuge for most people. Actually, during the decade of 1990, Argentine currency was fixed to the dollar. So, during that time, Argentinians actually used their currency or dollars. I still remember those ...


3

... when the Transvaal was on good terms with Britain ... That's very relatively speaking. The Boers in general did not like the British very much, to put it mildly. The Transvaal Republic was founded about 20 years after the Great Trek. The British recognized it, for lack of better options. At its founding, Transvaal wasn't worth marching a battalion of ...


7

It is a good question. The expression 'first rubber boom started in 1879' does not imply that before that the rubber extraction was zero. It just imply that these were the golden years - that is exactly what portuguese sources say, just google "ciclo da borracha" and you get "ciclo da borracha viveu seu auge entre 1879 e 1912", where '...


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