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This is a history of the global economy, starting with the appearance of I Homo sapiens i and ending with the 21st century with a final chapter that attempts to look into the future. From the point of view of the economy, it saw a large increase in the capital/labour ratio and labour-saving technologies leading to increased factor productivity and an explosion of international trade, chiefly to source raw materials cheaply. From the time of the Black Death the price of labour rose and the price of capital fell which induced the development of labour-saving technologies. Similarly, in the earlier transition from foraging to agriculture, innovations were biased towards land-saving and labour-using as the land/labour ratio fell. [Extracted from the article]
