Economic Change

Definition

Economic change refers to the transformation and evolution of economic systems, structures, and practices over time. In the context of East Asia from 1200-1450, this term captures shifts in trade patterns, the rise of new industries, and changes in agricultural practices, reflecting broader trends such as urbanization and the growth of merchant classes.

5 Must Know Facts For Your Next Test

1. The Mongol Empire's expansion during the 13th century improved trade routes across Asia, leading to increased economic activity and cultural exchange.
2. The introduction of new crops, such as rice varieties from Southeast Asia, helped improve agricultural productivity in East Asia.
3. Urban centers like Hangzhou and Kaifeng grew significantly during this period due to increased trade and commerce, becoming hubs for merchants and artisans.
4. The establishment of paper currency in China facilitated trade by providing a more efficient means of conducting transactions compared to barter systems.
5. The rise of merchant classes contributed to shifts in social structures, as wealth became more concentrated among those engaged in trade rather than traditional landholding elites.

Review Questions

• How did the Mongol Empire's expansion impact trade and economic change in East Asia during the 1200-1450 period?
  • The Mongol Empire's expansion had a profound impact on trade and economic change in East Asia by establishing stability along trade routes and facilitating the movement of goods. The Pax Mongolica allowed for safer passage for traders along the Silk Road, leading to an increase in trade volume. This created a network that not only boosted local economies but also fostered cultural exchange, enabling various regions to benefit economically from interaction with one another.
• Analyze how agricultural advancements influenced economic change in East Asia between 1200 and 1450.
  • Agricultural advancements played a crucial role in influencing economic change during this period by enhancing productivity and supporting population growth. The introduction of new rice varieties from Southeast Asia increased yields significantly, which led to surplus production. This surplus allowed more people to engage in non-agricultural occupations, contributing to urbanization and the development of a more complex economy centered around trade and commerce.
• Evaluate the long-term implications of economic changes in East Asia from 1200 to 1450 on global trade networks.
  • The economic changes in East Asia from 1200 to 1450 laid the groundwork for the integration of regional economies into global trade networks. The rise of powerful trading cities and advancements in agriculture resulted in increased production and specialization. These developments not only enhanced East Asia's role within the Silk Road trade but also set a precedent for future economic interactions that would shape global commerce. By promoting goods such as silk, porcelain, and spices, East Asia became a central player in global trade dynamics, influencing patterns that would persist for centuries.

Related terms

Silk Road:

An ancient network of trade routes connecting East Asia to the Mediterranean, facilitating the exchange of goods, culture, and ideas.

Agricultural Revolution:

A period of significant agricultural development marked by improved farming techniques and increased crop yields.

Mercantilism:

An economic theory that emphasizes the role of government in managing trade and accumulating wealth through a favorable balance of exports over imports.