The concept of economic boom has been used so much in economics textbooks that it has become a common explanation for many economic variables. However, most economic boom stories are nothing more than hype. Economic booms do occur from time to time in the history of mankind. But, the question is whether or not these economic booms last. Here is a review of how other nations throughout history have fared when experiencing an economic boom:
Egypt during the New Stone Age: During the New Stone Age, approximately 1500 B.C., Egypt experienced an economic boom that lasted for two millennia. Technically advanced through the use of copper and wheel technologies, Egypt became a vast economic center that traded with neighboring regions. Statistically, economic growth can be defined as an increase in the inflation-adjustable value of all goods and services produced by an industry over a given period. The Nile River served as an important trade route throughout the Early Neolithic period. By the time of the Pharaohs, Egypt had one of the largest and most technologically advanced civilizations in the Old World.
China during the Yin Dynasty: At the beginning of the Common Era, approximately 200 B.C., China experienced what is known as an “empire” period, from the time of the Yin Dynasty until the establishment of the Northern Dynasty. During this period, China's economy grew at a rapid rate, reaching levels that were far greater than those of any other country in the world at that time. Economic growth was tied closely to the availability of agricultural products, and development of towns and cities.
Ancient Mesopotamia: Neolithic Age and Settlement: In addition to being one of the first major civilizations on the earth, Mesopotamia also experienced significant economic development during the early Mesopotamian age. The development of polities, coupled with the rise of complex technologies such as pottery, started a period of great wealth for many of Mesopotamian society's inhabitants. By the fourth millennium B.C., Mesopotamia was recognized as a significant economic center. Its highly developed economy began to develop alongside its vast population, to the point where both could intermingle and develop a largely unified political system. During the Early Classic Period, between the third and second centuries B.C., the influence of the Assyrians and the Babylonians on Mesopotamia's economy was profound, as their military and cultural activities exerted great power on the land. The Euphrates Valley, which connected the two prime urban areas of Nineveh and Babylon, was a key route of trade.
Agricultural Growth and Development: With the domestication of animals, the population began to grow in response to a surplus of food. Farming contributed to the rise of a strong and expansive middle class, as markets became more organized and rural populations were able to pursue a larger share of the world's agricultural potential. Towards the end of the Early Classic Period, the agricultural production was so large that it posed a major barrier to economic development. As years passed, urbanization and settlement provided yet another opportunity to further enhance Mesopotamia's economy. As urban populations increased, so did the need for large-scale irrigation systems, and the political clout of the ruling classes began to enhance.
The Fall of the Assyrians: The collapse of the Assyrian empire was a major turning point in the history of Mesopotamia. The collapse occurred at the end of the third century B.C., at a time when the economy had been growing consistently for over a decade. When the fall of the Assyrians occurred, many of the Euphrates River's Euphrates Lagoon's agricultural lands were lost to neighboring empires. The total population of Mesopotamia was down by twenty-five percent from the height of the Newcomer's Dynasty to the beginning of the eighth century B.C. Economic Development and the Fall of the Assyrians
The economic boom is here to stay – The Washington Post – economic boom | economic boom
What is an economic boom and what are some examples? – Quora – economic boom | economic boom
How to Prosper in an Economic Boom Mr | economic boom
Who makes the most money when there is an economic boom – economic boom | economic boom
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