World Economic History: Was India Ever Rich?
From the Blog riazhaqWhen the British arrived in Mughal India, the country's share of the world GDP was 25%, about the same as the US share of the world GDP today. By 1947, undivided India's share of world GDP had shrunk to just 2%. The colonization of India and many other nations in Asia and Africa began with the advent of the Industrial Revolution in Europe which resulted in a major power shift from East to West over the time-span of just a few decades. Prior to the Industrial Revolution, the world depended mainly on agriculture based on human and animal muscle power. Countries with large populations and farmlands had large share of the world GDP. The per capita productivity differences among nations and regions were relatively small. The machine age changed it all. Those who used machines becampakistanblogs.blogspot.comRead Full Post
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