The Evolution of Economic Prioritization

This will be a shorter post and serve more as something to dwell on moving forward. A glimpse into the future decades and what the economy might expect to look like.

Let us begin with History

For a starting point let's begin at the industrial revolution. It was the dawn of the modern economy and the first substantial began to form a feasible global economy. Prior, goods would take months to produce and many more months to ship across the country if not the world. Once the industrial revolution kicked in, mass goods, mass transportation, and cheaper production truly spurred global trade like we know it today. Now, although seemingly medieval by today's trade, the founding bedrock and development of market economies began here.

The dominant economies of the time were the ones that could produce the most and cheapest goods. Those economies were also the most technologically advanced. Less developed nations were woefully unequipped to challenge the production of a wealthy Europe and United States. Specifically Great Britain was the worlds richest and most prosperous nation. It had the largest industrial capacity and access to cheap raw materials.

The former is a point that is paramount to this period. Largest Industrial capacity. That is what determined nations wealth and economy for a century. More industrial production, more wealth, bigger economy. It really was as simple as that. Britain held the reins for awhile until Germany briefly overtook the title in the 1930's/ Coincidental Germany became the largest economy for a short period following the start of world war 2. That ended quickly as the United States took over the industrial capacity title.

The transition

The synchronization between industrial production and a countries economic might started to end in the 70's and 80's. United States industrial production peaked and declined for the next 50 years. Yet, the United States has continued to be the largest economy in the world. That is because, as a lot of developed nations began to produce industrial goods, production shifted there due to costs and other factors. Advanced nations were happy to offload that industry onto them in exchange for higher production of advanced technologies and services. In the industrial revolution, only certain countries could produce mass goods, but as time wore on every country could.

These are the countries with the highest rate of industrial expansion. Notice no "first world" nations. In fact, almost almost all wealthy nations are in the latter half of the list

This is were economies shifted from production to consumption, and the country with the largest market (consumer base) ascertained the most wealth. In other words, it was a buyers market. Wealthy nations had their choice over markets and markets were easily changeable if costs became to high, or political climate became to untenable. This is where we are at currently, although it is in the later stages. We have begun to transition.

China is in a unique position to capitalize on both. Largest industrial production and, if its' ambitions are realized, largest consumer market.

The Next Paradigm

I believe cryptocurrency will usurer in the next model of economic hegemony. The economy will be built around individuals. Similar to the consumer economy of previous, but slightly different. The individual consumer will become their own economy, with country of living and economic standing supplemental factors. Individuals will lie less on the state because of increased economic decentralized freedom. Cheap and fast shipping globally, and a more cohesive and widely accepted economic medium. There's a lot in that sentence I know, but it will happen. The next generations economy is being built around the individual. It may take another two decades or more for this transition to play out, but that is where the crypto economy is taking us.

I guess time shall tell, until next time steeemians