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The resource curse, also known as the paradox of plenty or the poverty paradox, is the hypothesis that countries with an abundance of natural resources (such as fossil fuels and certain minerals) have lower economic growth, lower rates of democracy, or poorer development outcomes than countries with fewer natural resources. [1]
Ancient Egypt was one of the world's first civilizations, with its beginnings in the fertile Nile valley around 3150 BC. Ancient Egypt reached the zenith of its power during the New Kingdom (1570–1070 BC) under great pharaohs. Ancient Egypt was a great power to be contended with by both the ancient Near East, the Mediterranean and sub-Saharan ...
Hesiod active 750 to 650 BC, a Boeotian who wrote the earliest known work concerning the basic origins of economic thought, contemporary with Homer. [3] Of the 828 verses in his poem Works and Days, the first 383 centered on the fundamental economic problem of scarce resources for the pursuit of numerous and abundant human ends and desires.
Egyptian Empire. In 2002, the journal Nature published a game-changing report that revealed an incredible economic disparity in ancient Egypt. The vast majority of ancient Egyptians, it turns out ...
One of the most prolific examples of resource war in history is the conflict over Chincha Island guano in the late 19th century. The Chincha Islands of Peru are situated off of the southern coast of Peru, where many seabirds were known to roost and prey on fish brought there by the currents of the Pacific Ocean . [ 3 ]
Scarcity involves making a sacrifice—giving something up, or making a trade-off—in order to obtain more of the scarce resource that is wanted. [ 19 ] The condition of scarcity in the real world necessitates competition for scarce resources, and competition occurs "when people strive to meet the criteria that are being used to determine who ...
Landscape resulting from the ruina montium mining technique at Las Médulas, Roman Spain, one of the most important gold mines in the Roman Empire. The main mining regions of the Empire were Spain (gold, silver, copper, tin, lead); Gaul (gold, silver, iron); Britain (mainly iron, lead, tin), the Danubian provinces (gold, iron); Macedonia and Thrace (gold, silver); and Asia Minor (gold, silver ...
Cash crops were more frequently grown, specialised industries were founded, and the economic growth caused by privatisation of state industries resulted in one of the most prosperous periods in Chinese history, exceeding that of the earlier Song dynasty. The Ming was also a period of technological progress, though less so than the earlier Song ...