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The Pre-Industrial Revolution

Decent Essays

In Jim O’Neil’s 2001 paper Building Better Economic BRICs, he, for the first time, illustrates how eventually, the BRIC countries (Brazil, Russia, India and China) will overtake the G7 economies as the world’s largest economies. Now, while India, in particular, is quickly becoming a major wold economy, they most closely resemble pre-industrial revolution Britain and still have some issues to work out before they can exit the third world. Therefore, by looking back in time, India can learn a great deal from the lessons provided by Britain as they entered the Industrial Revolution. First, India has been identified by the World Bank as a country that will “lead the world’s urban population surge in the next 40 years.” According to India’s census, Urbanization rates have increased from 11% in 1901 to well over 30% in 2011. While urbanization is commonly conflated with a growing economy and a move from blue-collar to white-collar jobs, Deborah Oxley showed in her paper The seat of death and terror: urbanization, stunting …show more content…

Articles authored by Liam Brunt and Carlos, Key and Durpee showed how investment vehicles allowed capital to be moved to their most effective locations. By sharing risk, they promoted innovation and allowed for small ideas (the copper steam engine) to be turned into huge inventions. Currently, this is the same thing that is happening in India. According to the Economic Times, “The last three years have seen a significant expansion of the venture capital industry in India, as nearly a dozen funds raised billions of dollars to invest in local startups” (Gooptu). Money is pouring into Indian companies at a rapid rate which will allow the risk of these small companies to be shared among many investors, just like it was in the London coffee houses that laid the framework for the Industrial

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