History of Global Market Integration

In this topic, we are going to understand how people from the past shift from only
producing for their own and their family to having a thought of having different sectors work
together in order to produce, distribute, and exchange different products and services. In order
for us to understand this, we are going to discuss the Agricultural and Industrial Revolution,
Capitalism and Socialism,and the Information Revolution.

● The Agricultural Revolution And Industrial Revolution

The Agricultural Revolution was the first big economic change when people
learned that domesticating animals and plants were much better than just depending on hunting
activities. By knowing this, farming becomes a huge help for everyone as this gives them
surpluses that makes others have different things to do aside from farming and this leads to
major developments like a huge population growth, permanent residency and trade networks.

The Industrial Revolution was the second major economic revolution when
steam engines and other economic tools appeared leading to having mass production. The
concept of being laborer and specializing specific skills comes to life as factories continue to be
established giving them better productivity and access to a wider variety of goods.

Key points to discuss :

❏ What is the Agricultural Revolution about and how it started?
❏ What is the Industrial Revolution about and how it started?
❏ What are the pros and cons of the two revolutions?
❏ What is the significance of the two revolutions to present time?

● Capitalism and Socialism

Capitalism and Socialism sprung up around the time of Industrial revolution as

economic capital became more and more important to the production of goods.
Capitalism is a system in which all natural resources and means of production are
privately owned. It emphasizes profit maximization and competition as the main drivers
of efficiency. On the other hand, Socialism reject’s capitalism’s private property and
hands-off approaches. In socialism, property is owned by the government and allocated
to all citizens.

Key points to discuss :

❏ What is capitalism and socialism?
❏ How capitalism and socialism works?
❏ Is capitalism better than socialism,or vice versa?
❏ What is the upside and downside of socialism as well as capitalism?
❏ Examples of capitalism and socialism.