A comparative study of the salient features and factors of economic development of the United Kingdom,
United State of America, Japan and U.S.S.R
here’s a comparative study of the salient features and factors of economic development of the United Kingdom, United States of America, Japan, and the USSR:
I. United Kingdom:
- Historical Factors:
- First Industrial Revolution
- Growth of mercantilism and colonialism
- Colonies provided raw materials and markets
- Natural Resources:
- Coal and iron ore
- Access to sea
- Economic Policies:
- Emphasis on free trade and open markets
- Establishment of the Bank of England
- Encouraged private enterprise
- Technological Advancements:
- Steam engine
- Spinning jenny
- Water frame
- Power loom
II. United States of America:
- Historical Factors:
- Westward expansion and land acquisition
- Civil War and Reconstruction
- World War II and post-war boom
- Natural Resources:
- Abundant natural resources, including coal, iron, timber, and oil
- Access to sea
- Economic Policies:
- Capitalist economy with emphasis on private enterprise
- Strong protection of property rights
- Establishment of Federal Reserve System
- Technological Advancements:
- Automobile and assembly line
- Telegraph and telephone
- Electricity and electric appliances
- Computer and internet
III. Japan:
- Historical Factors:
- Meiji Restoration and modernization
- World War II and post-war reconstruction
- High economic growth from 1950s to 1970s
- Natural Resources:
- Limited natural resources, which necessitated importation
- Access to sea
- Economic Policies:
- State-led economic development with strong government intervention
- Close collaboration between government and business
- Protectionist policies in early stages of development
- Technological Advancements:
- Steel production and shipbuilding
- Electronics and semiconductors
- Robotics and automation
- High-speed rail and bullet trains
IV. USSR:
- Historical Factors:
- Communist Revolution and establishment of Soviet state
- World War II and post-war reconstruction
- High levels of military spending
- Natural Resources:
- Abundant natural resources, including oil, natural gas, and minerals
- Access to sea
- Economic Policies:
- Planned economy with central control of production and distribution
- Emphasis on heavy industry and military production
- Limited private enterprise
- Technological Advancements:
- Nuclear energy and space exploration
- Heavy industry and steel production
- Arms manufacturing
- Limited consumer goods production
In summary, the United Kingdom’s economic development was driven by natural resources and free trade policies, while the United States of America’s economic development was fueled by abundant natural resources and a capitalist economy. Japan’s economic development was characterized by state-led economic development and technological advancements in electronics and high-speed transportation. Lastly, the USSR’s economic development was driven by central planning, heavy industry, and military production.