The changing world economy since 1900

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The USA overtook Britain because its industrial output rose rapidly by 1900 and its growth continued through the early twentieth century. War demand, a large home market, and strong industrial expansi…

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Both wars increased the economic strength of the USA. After the First World War, many countries relied more on American goods and loans. After the Second World War, the USA was the world's greatest in…

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Britain had been the nineteenth-century industrial leader, but its economy slowly declined through the twentieth century. One important reason was that it remained outside the European Community until…

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In 1933, about 25 million people were out of work in the USA and about 50 million worldwide. These figures show the severe impact of the great slump and the close connection between the American econo…

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The capitalist bloc consisted of developed industrial nations such as the USA, western Europe, Japan, Australia and New Zealand. It supported private enterprise and private ownership. The communist bl…

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Third World was a term used from the 1950s for countries that were neither part of the First World nor the Second World. Most were former colonies in Africa, Asia and Latin America. The term became im…

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Many Third World countries stayed poor because they remained dependent on the North for manufactured goods while supplying food and raw materials. They often inherited one-product economies from colon…

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The Brandt Report was a 1980 report on the problems of the Third World. It divided the world into the North and the South and argued that the rich North should help the poor South. It recommended that…