"Capitalism in Europe"- Part 3: The Consquence
Consequences of development of capitalism in Europe The end of the prolonged transformation from feudalism to capitalism was defined by the Industrial Revolution. Finance integrated the production process and changed the way things were done. For the first time in human history, its advent gave rise to the possibility of eradicating natural scarcity. It also resulted in the West's worldwide power being greatly expanded. The West's dominion over the rest of the globe instilled in Europeans a sense of superiority over non-Europeans. The industrial revolution, free trade, and globalization have exceedingly expanded the world. Undoubtedly, these are not the only factors influencing the capitalistic economy. But also the consequences of capitalism. After several decades as command economies and seven grueling years of 'transition' to capitalism, their average GDP per capita in 1996 was just over a third of that in the European periphery and a quarter of that in the Europea
