Final answer:
The period between 1750 and 1900 saw the development and competition of economic systems, capitalism and socialism, which emerged from the Agricultural and Industrial Revolutions. These systems influenced and were influenced by the evolution of economic theories, institutional progress, and ideological responses such as Marxism.
Step-by-step explanation:
Development of Economic Systems from 1750 to 1900
During the period from 1750 to 1900, the world experienced significant changes in economic systems, ideologies, and institutions. The Agricultural Revolution initially gave rise to economies based on trade. The subsequent Industrial Revolution mechanized production processes and catalyzed the development of capitalism and socialism. Under capitalism, private ownership and investment led to the production of goods and services for sale in an open market regulated by supply, demand, and competition. In contrast, socialism involved a common ownership of production means, with the economy centrally controlled by the government. Nations such as Russia and Vietnam have shifted economic systems due to changing political landscapes and economic challenges. For instance, Russia moved toward a market-based economy post-communism, while Vietnam transitioned from a devastated war economy to a socialist-style market economy.
Prior to 1870, economic historian Angus Maddison documented national incomes, revealing that nations can decline or rise due to a variety of factors such as epidemics, natural disasters, governance challenges, and the pace of technical and institutional progress. Institutions, including marriage, religion, education, and governance laws, have been crucial to social order and economic growth. The evolution of economic theories also played a major role, with mercantilism giving way to capitalism, and the political and social impact of mechanization brewing ideologies such as Marxism that challenged capitalist structures.