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Economic history illustrates the evolution of systems governing production, exchange, and consumption influenced by human ingenuity, technology, and trade. From the barter economy transitioning to coinage and banking, to the agricultural and industrial revolutions, these changes have shaped global interactions and impacted wealth distribution. The chapter further explores globalization, technology's influence on economy, and traces patterns of economic inequality through statistical references.
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1.3
Trans‐saharan Exchanges: Social And Religious Dimensions
The Trans-Saharan trade facilitated significant economic integration between West African empires and North African states, fostering social and religious transformations through the spread of Islam and cultural exchanges.
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Term: Barter
Definition: A system of exchange where goods and services are traded directly without a common currency.
Term: Mercantilism
Definition: An economic theory advocating government regulation of a nation's economy to augment state power at the expense of rival national powers.
Term: Globalization
Definition: The process by which businesses or other organizations develop international influence or start operating on an international scale.
Term: Industrial Revolution
Definition: A period characterized by the transition to new manufacturing processes in the period from about 1760 to somewhere between 1820 and 1840.
Term: Economic Inequality
Definition: The unequal distribution of income and opportunity between different groups in society.