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European Economic History From 1800 s until 1945

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1.2. Europes economic supremacy in the 19th century


The European supremacy becomes even more obvious when observing that Western Europe integrated in its profit the international division of labor and that it also plays an important role in the global economic and financial systems functioning. Europes supremacy is confirmed by the following features:
Given the industrial development of European countries, their industrial products trade has significantly increased. In the first 7 decades of the 19th century the predominant goods exported by these countries were consisted of textile products made out of cotton and wool. Between 1880 and 1913 these products continue to represent a great percentage in these countries export, but the trend was decreasing
The imports of Europes industrialized countries in this period was characterized by a high percentage of alimentary goods that in some cases reach almost over 80% of the total imports. During this period, the international trades development was stimulated by the intensification of commercial exchanges between industrial and agrarian countries, and by the intensification of the intra-European trade, which explains Europes increased percentage in the international trade......