“The second wave of globalization began at about the time of the founding of the United States, with the onset of the Industrial Revolution. The steam engine and new manufacturing technology multiplied productivity and wealth a thousand-fold. Over the next 200 years, this further accelerated the rise of Western wealth and dominance. In 1776, the year of the American Declaration of Independence, China still had by far the world's biggest and most powerful economy, with the area we now call India and Pakistan following close behind. Indeed, at this time, Asia accounted for well over half of global gross domestic product. Industrialized mass production dramatically reversed the balance; by the end of the 20th century, the US and Europe accounted for two-thirds of global GDP, while Asia was responsible for only 20 percent.”
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