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By David E. McNabb

A Comparative background of trade and undefined, quantity II deals a subjective overview of ways the cultural, social and financial associations of trade and advanced in industrialized countries to provide the establishment we now be aware of as service provider.

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Extra resources for A Comparative History of Commerce and Industry, Volume II: Converging Trends and the Future of the Global Market

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16 A Comparative Hist ory of Commerce and Industry This resulted in the military, tax collection, and the judicial system, all of which had been the rights of the nobility, falling under the absolute control of the king. This age of absolutism died with the French Revolution. The newly emerging absolutist states, led by France under Louis XIV, came to control economic life, often through chartered corporations or trading organizations. It was not long before mercantilist thinking expanded into finding and securing sources of raw materials for domestic factories and markets for their products.

Birth of Industrial Institutions For large-scale trade to develop, a new concept was needed: the idea of a firm as an entity distinct from its proprietor or the founding family; T h e Pa t h t o I n d u s t r i a l i z a t i o n 17 an entity with a continuity of association, but with a capacity to create feelings of loyalty and duty similar to those of a family enterprise. It was necessary that such an entity be separated from investors’ other property and that transactions take place in the name of the entity itself.

Or did the costs in human resources and capital caused by the long First World War send the economy into a tailspin from which it would never completely recover? ” Britain’s rate of growth did become slower in the last quarter than it had been during the Victorian boom years. Still, this could in no way be considered a failure. While this slowing of growth in the British economy was occurring, other nations’ economies were speeding up. Britain remained the world’s most powerful economy, although her competitors were growing closer.

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