ECON 162 Lecture Notes - Lecture 2: Arable Land, Social Evolution, Air Conditioning
26 Dec 2018
School
Department
Course
Professor
Document Summary
Why economists think this is important to economic development. Traditional subsistence economy: climate, land, water, other resources, economy, etc. Modern economy: trade, coastal lines, ports, roads, other logistics and infrastructure. Cultural and social evolution (identity, language, family and higher organizations) Annual rainfall is limited to coastal regions. China and india similar us is different (abundant land) During song dynasty china had the highest per capita production and income in the world but declined since. China"s total gdp was still the largest until the middle of the 19th century. China"s modern history began with integration into the world as a negative experience. The british problem: balance of payments deficit with china (tea, silk, porcelain) A special commodity to trade: opium from india. The opium war of 1840, china"s first defeat in 700 years. Treaty of nanking: conceded hong kong opened ports, allowed extraterritorial rights in chinese territories (foreign exemption from domestic laws)
