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How important is International Trade for Economic Development? What light does the experience of Venice and Portugal between 1000 and 1600 shed on this issue?
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World Economy: EC104 Christy Smith. How important is International Trade for Economic Development? What light does the experience of Venice and Portugal between 1000 and 1600 shed on this issue? Economic development is a broad measure of the benefits of GDP growth highlighting the importance of non-material considerations i.e. intensive growth through rising living standards. International trade facilitates economic growth and hence development through the rigours of world competition and openness to imports leading to technical knowledge acquisition and capital accumulation, funded by export orientated industrialisation. The Venetian Republic was the Western Europe p.c. income leader between 1000 and 1500 AD largely due to the key role it played in opening up trade routes between Europe and the East. Venice also lost its leadership as a result of loss of these privileged trade links imposed by the Ottoman Empire after the Mamluks were overthrown, and the opening of new trade routes to...
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