The Impacts of Golden Age to The World Economy

The golden age is a time of great prosperity, learning, advances in thought, technology, art, literature, science and research. It is also usually a time of peace, though victorious wars are often part and parcel of a Golden Age. During the Golden Age, there is a gold standard which is a monetary system that defines the dollar as a fixed weight of gold. In practice, that means you may present dollars at the bank for gold coins and vice versa. 

 That time, the Great Britain has the power to control the world’s economy. Since the days of Golden Age era, many changes occurred in the world. Per capita growth has started to decreased rapidly. There also a big difference in some countries. In Western Europe and Japan, growth of per capita fell away in the appeal at the time of the Golden Age. But at the Asian countries that began to develop, the per capita growth faster than during the Golden Age period. 

The impact on Asian countries are beginning to rise significantly because of they were managed to mobilize and allocate resources efficiently and improve human resources to develop the technology and knowledge. However, on the other hand, there was a significant decrease occurred in Africa. There has been no progress in their per capita income. In Latin America, their income also only be a small fraction compared to the Golden Age era. 

The countries which the economy still dependent and based on Golden Age era, began to experience some difficulties since most of these countries still haven’t been able to adapt well to the condition of international economy that exist today that has changed from the days of Golden Age. 

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