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Second Review Globalization

The chapter analyzes how historical events, particularly the Black Death, influenced the economic and political systems of Europe, leading to divergent developments in Western and Eastern Europe. It highlights how England's Glorious Revolution fostered inclusive institutions, while Eastern Europe maintained serfdom, resulting in long-term economic disparities. Additionally, it discusses the impact of critical junctures on institutional frameworks across different regions, contributing to global inequality.

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21 views2 pages

Second Review Globalization

The chapter analyzes how historical events, particularly the Black Death, influenced the economic and political systems of Europe, leading to divergent developments in Western and Eastern Europe. It highlights how England's Glorious Revolution fostered inclusive institutions, while Eastern Europe maintained serfdom, resulting in long-term economic disparities. Additionally, it discusses the impact of critical junctures on institutional frameworks across different regions, contributing to global inequality.

Uploaded by

osoriovale003
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© © All Rights Reserved
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REVIEW ABOUT “SMALL DIFFERENCES AND CRITICAL

JUNCTURES: THE WEIGHT OF HISTORY”

This chapter discusses how historical events, primarily the Black Death, affected European
economic and political systems. The great loss of population due to the plague created
different economic and political developments between the regions of Western and Eastern
Europe. The shortage of labor in England allowed peasants to struggle to improve their
status, which led to the weakening of feudalism along with an economy that included all
social classes. Attempts to keep changes at bay with the Statute of Laborers of 1351
ultimately proved unsuccessful, as it initiated the development of an unfettered labor
market. The Eastern European landlord class strengthened the existing serf system because
they needed to maintain control of their subjects as Western markets demanded more
agricultural products. Institutional disparities became more pronounced over time, which
determined the long-term trajectory of economic development. This chapter demonstrates
how England's Glorious Revolution in 1688 succeeded in creating inclusive institutions by
establishing the protection of property rights along with limitations on the power of
monarchs and innovative infrastructures that subsequently accelerated the advance of the
Industrial Revolution. Initial economic disparities widened considerably after the historical
moments to determine the differences between the two countries.
The different patterns of development in England and France and Spain during the
seventeenth century are the result of slight institutional differences that produce important
long-term consequences in periods of transition. Periods of disruption including the Black
Death or Atlantic trade contribute to existing institutions through processes that generate
beneficial or detrimental outcomes. England developed stronger political pluralism because
its weaker monarchy did not support absolutist rule like France and Spain. The system of
serfdom in place in Eastern Europe further distanced the region from Western European
modes of civilization. The course of history depended on random pivotal events including
the defeat of the Spanish Armada in 1588, which allowed England to advance through the
Glorious Revolution and develop inclusive institutions.
Substantial transformative events known as critical junctures shape institutional elements
either through strengthening or weakening them. The property of "virtuous circle" regularly
occurs in inclusive institutions yet they eventually transform into extractive mechanisms.
The political and economic institutions of Venice became more inclusive during its initial
development yet switched control over to an exclusive ruling class. The way the Industrial
Revolution spread throughout the world depended on which institutional frameworks
existed before its arrival. The economic expansion of England did not spontaneously evolve
into new institutions across other regions. The process of European colonization led to
increased institutional separation primarily in North American and African territories. The
U.S. and Canada built inclusive institutions although Spanish colonial policies made Latin
America maintain an extractive system. The institutional framework of Africa declined into
greater levels of decay due to both the transatlantic slave trade and European colonisation
during this period. Botswana defied the African norm by achieving modernization because
it received favorable historical circumstances during leadership under able guidance. Asia
followed varied paths. A single authoritarian leadership in China blocked economic
expansion but Japan launched institutional reforms upon the Meiji Restoration which
triggered its economic acceleration. As a result South Korea and Taiwan developed their
economic models based on the Japanese precedent. The Middle East experienced a slow
economic development because it fell under Ottoman and European colonial rule which led
to extractive political institutions. Historical developments prove that crucial moments
alongside small institutional divergences lead to extended impacts which create worldwide
inequality.

Valentina Angel

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