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Industrial Revolution: 1750s–1840s. The Industrial Revolution brought factories to Europe, especially England and Scotland, 1750s to 1830s. France and the U.S. experienced its industrial revolution in the early 19th century; Germany in the 19th century; and to Russia in the early-mid 20th century.
By the late 17th century, Virginia's export economy was largely based on tobacco, and new, richer settlers came in to take up large portions of land, build large plantations and import indentured servants and slaves. In 1676, Bacon's Rebellion occurred, but was suppressed by royal officials.
- United States
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Colonial economy. Shipping scene in Salem, Massachusetts, a shipping hub, in the 1770s. The colonial economy was characterized by an abundance of land and natural resources and a severe scarcity of labor. This was the opposite of Europe and attracted immigrants despite the high death rate caused by New World diseases.
The economy of territory that became the United States evolved dramatically from ca. 1000 ce to 1776. Before Europeans arrived, the spread of maize agriculture shifted economic practices in Indigenous communities.
The English, Dutch, and French had overtaken Spain and Portugal as the most powerful European states, economically. Financial innovations strengthened the region’s economies, as both European colonial territories and cities expanded. Governments were becoming more centralized and complex.
Economic history as it relates to economic growth in the modern sense first occurred during the Industrial Revolution in Britain and then in the rest of Europe, due to high amounts of energy conversion taking place. Global nominal income expanded to $100 billion by 1880.
The integration of Europe into the world economy, following a period of insularity between the disappearance of the Roman Empire after about 500 and the beginning of the Crusades in the eleventh century, took place in three stages.
