After the Revolutions of , states in Central Europe and the Baltic states dealt with change, former Yugoslavian republics descended into war and Russia, Ukraine and Belarus are still struggling with their old systems. Europe's largest economy, Germany, struggled upon unification in with former communist German Democratic Republic , or East Germany , influenced by the Soviet Union.
The GDR had much of its industrial infrastructure removed during the Cold War, and for many years unified Germany struggled to build infrastructure in the former East Germany up to the level of former West Germany.
War severely hampered economic growth, with only Slovenia making any real progress in the s. The economy of Europe was by this time dominated by the EU, a huge economic and political organization with then 15 of Europe's states as full members. EU membership was seen as something to aspire to, and the EU gave significant support and aid to those Central and Eastern European states willing to work towards achieving economies that met the entry criteria.
During this time, 12 of the 15 members of the EU became part of the Eurozone , a currency union launched in , whereby each member uses a shared currency, the euro, which replaced their former national currencies. Three states chose to remain outside the Eurozone and continue with their own currencies, namely Denmark, Sweden and the United Kingdom.
In early , 10 mostly former communist states joined the EU in its biggest ever expansion , enlarging the union to 25 members, with another eight making associated trade agreements. The acceding countries are bound to join the Eurozone and adopt the common currency euro in the future. The process includes the European Exchange Rate Mechanism , of which some of these countries are already part. Most European economies are in very good shape, and the continental economy reflects this. Conflict and unrest in some of the former Yugoslavia states and in the Caucasus states are hampering economic growth in those states, however.
Despite this, the three Caucasus states have said in the past they would one day consider applying for EU membership, particularly Georgia. Slovenia became the first formerly communist nation to adopt the EU currency, the euro , in , followed by Malta and Cyprus in , and Slovakia in In , Estonia became the first republic from the former Soviet Union to adopt the euro, followed by Latvia in , and Lithuania in Recently, Croatia became the 28th member of the European Union, which had entered on the 1st day of July In , the Global Financial Crisis, triggered by the housing bubble in the United States, caused a significant decline in the GDP of the majority of the European economies, which was a precedent to a far broader and more problematic Eurozone debt crisis , which threatened the collapse of economies in the south, particularly Greece , Italy recently affected by the ongoing political crisis, Portugal and Spain.
Having also been hit hard, Ireland exited the crisis in mid Meanwhile, increased bailouts of the International Monetary Fund and European Central Bank alleviated somehow the situation in the debt-stricken nations, with Central and East European economies led by Germany escaping the worst of the s debt crisis.
By the mid s, —, Ireland was recovering at a steady pace having graduated from the bail out programme successfully. The Eurozone as a whole had become more stable, however problems in Greece and slow recovery in Italy and in Iberia Spain and Portugal continue in keeping growth in the Euro area to a minimum. With positive growth expected across the Euro area.
Although uncertainty still surrounds Greece and debt payments in the Greek state, at present things appear stable. European businesses have been in decline against worldwide ones since the crisis. Of the 50 most valuable global firms, only seven were European as of , compared to 17 in In addition, former technologic heavyweights like Nokia , Ericsson and Alcatel have also declined against evolving American companies in the Silicon Valley.
European countries with a long history of trade, a free market system, and a high level of development in the previous century are generally in the north and west of the continent. They tend to be wealthier and more stable than countries congregated in the European East and South, even though the gap is converging, especially in Central and Eastern Europe, due to higher growth rates.
The poorest states are those that just emerged from communism, fascist dictatorships and civil wars, namely those of the former Soviet Union and Yugoslavia , excluding Slovenia. Former Western Bloc itself presents some living standards and development differences, with the greatest contrast seen between Scandinavia Sweden, Norway, Denmark, Finland and Spain, Portugal, Italy and Greece. Below is a map of European countries by gross national income per capita.
The European Union has the largest economy in the world. Trade within the Union accounts for more than one-third of the world total. The European Union or EU is a supranational union of 28 European states, the most recent acceding member being Croatia, which became full member on 1 July It has many functions, the most important being the establishment and maintenance of a common single market, consisting of a customs union, a single currency adopted by 18 of the 28 member states  , a Common Agricultural Policy and a Common Fisheries Policy.
The European Union also undertakes various initiatives to co-ordinate activities of the member states. The union has evolved over time from a primarily economic union to an increasingly political one. This trend is highlighted by the increasing number of policy areas that fall within EU competence: political power has tended to shift upwards from the Member States to the EU.
In a referendum, Switzerland ever keen on neutrality chose not to participate in the EEA although it is linked to the European Union by bilateral agreements similar in content to the EEA agreement , so the current members are the EU states plus Norway , Iceland and Liechtenstein. Although the CIS has few supranational powers, it is more than a purely symbolic organization and possesses co-ordinating powers in the realm of trade, finance, lawmaking and security. It has also promoted co-operation on democratization and cross-border crime prevention.
To join, each new EU member must meet certain criteria, when these are met their own currencies will be replaced by the euro.
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Becoming a member of the EU involves a pledge to work towards Eurozone membership, except in the cases of the United Kingdom and Denmark who have opt-outs. Currently, 19 of the 28 EU member states use the euro. There are some non-EU members who have elected to use the euro as their national currency like Kosovo and Montenegro , either with or without specific agreements with the EU to do so, those with agreements with the EU may mint their own euro coins.
Some countries while maintaining their own national currency have pegged its value to the euro. In some of these countries, there is a fixed exchange rate between the national currency and the euro and in this case the currency is actually a submultiple of the euro. Currencies pegged to the euro include the currencies of Bulgaria, Bosnia and Herzegovina and Cape Verde.
Denmark has a foreign exchange band tied to the euro. Below is a list of the central banks and currencies of Europe , with exchange rates between each currency and both the euro and US dollars as of 1 May As of May 1, , five 5 European cities are ranking among the 10 largest financial centers in the world: London 1st , Paris 5th , Frankfurt 6th , Zurich 7th and Geneva 8th.
There are many stock exchanges within Europe. Europe's agricultural sector is in general highly developed. The process of improving Central Europe's agriculture is ongoing and is helped by the accession of Central European states to the EU. The agricultural sector in Europe is helped by the Common Agricultural Policy CAP , which provides farmers with a minimal price for their products and subsidizes their exports, which increases competitiveness for their products.
This policy is highly controversial as it hampers free trade worldwide protectionism sparks protectionism from other countries and trade blocs: the concept of trade wars and is violating the concept of fair trade. This means because of the protectionist nature of the CAP, agricultural products from developing countries are rendered incompetitive in both Europe an important export market for developing countries and on their home markets as European agricultural products are dumped on developing countries' markets with help from European agricultural subsidies.
This controversy surrounds every system of agricultural subsidies the United States' policy of subsidizing farmers is also controversial. The Common Fisheries Policy is surrounded by an extensive system of rules mainly consisting of quotas to protect the environment from overfishing. Despite these rules, the cod is becoming increasingly rare in the North Sea resulting in drastic shortages in countries such as Canada and the United Kingdom.
Strict fishing rules are the main reason for Norway and Iceland to stay out of the European Union and out of the Common Fisheries Policy. Price guarantees and subsidizations of fishermen are implemented in the same way as agricultural subsidies are. Bluefin tuna is also a problem. Global stocks of the species are overfished with extinction in the wild a possibility in the near future.
This also has the negative effect of threatening their traditional, natural predators. Europe has a thriving manufacturing sector, with a large part of the world's industrial production taking place in Europe. Most of the continent's industries are concentrated in the ' Blue Banana ' covering Southern England , the Benelux , western Germany, eastern France, Switzerland, and northern Italy.
However, because of the higher wage level and hence production costs, Europe is suffering from deindustrialization and offshoring in the labour-intensive manufacturing sectors. This means that manufacturing has become less important and that jobs are moved to regions with cheaper labour costs mainly China and Central and Eastern Europe.
Central Europe Berlin, Saxony, the Czech Republic and Little Poland was largely industrialised by  but Eastern Europe European Russia begun industrialisation between — and intensified it during the communist regime as USSR but it suffered from contraction in the s when the inefficient heavy industry based manufacturing sector crippled after the collapse of communism and the introduction of the market economy.
The first wave of globalization came to an end with the beginning of the First World War, when the decline of liberalism and the rise of nationalism led to a slump in international trade. In the chart we see a large drop in the interwar period. After the Second World War trade started growing again.
This new — and ongoing — wave of globalization has seen international trade grow faster than ever before. Klasing and Milionis , which is one of the sources in the chart below, published an additional set of estimates under an alternative specification. You find all these alternative overlapping sources in this comparison chart.
Over the early modern period, transoceanic flows of goods between empires and colonies accounted for an important part of international trade. The following visualizations provides a comparison of intercontinental trade, in per capita terms, for different countries. As we can see, intercontinental trade was very dynamic, with volumes varying considerably across time and from empire to empire.
Leonor Freire Costa, Nuno Palma, and Jaime Reis, who compiled and published the original data shown here, argue that trade, also in this period, had a substantial positive impact on the economy. The following visualization shows a detailed overview of Western European exports by destination. Figures correspond to export-to-GDP ratios i. But this process of European integration then collapsed sharply in the interwar period.
After the Second World War trade within Europe rebounded, and from the s onwards exceeded the highest levels of the first wave of globalization. In addition Western Europe then started to increasingly trade with Asia, the Americas, and to a smaller extent Africa and Oceania.
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The indicators in this chart are indexed, so they show changes relative to the levels of integration observed in This gives us another viewpoint to understand how quickly global integration collapsed with the two World Wars. In this interactive chart you can explore trends in trade openness over this period for a selection of European countries. The world-wide expansion of trade after the Second World War was largely possible because of reductions in transaction costs stemming from technological advances, such as the development of commercial civil aviation, the improvement of productivity in the merchant marines, and the democratization of the telephone as the main mode of communication.
The visualization below shows how, at the global level, costs across these three variables have been going down since The reductions in transaction costs had an impact, not only on the volumes of trade, but also on the types of exchanges that were possible and profitable. The first wave of globalization was characterized by inter-industry trade.
This means that countries exported goods that were very different to what they imported — England exchanged machines for Australian wool and Indian tea.
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As transaction costs went down, this changed. In the second wave of globalization we are seeing a rise in intra -industry trade i. France, for example, now both imports and exports machines to and from Germany. The following visualization, from the UN World Development Report , plots the fraction of total world trade that is accounted for by intra-industry trade, by type of goods. As we can see, intra-industry trade has been going up for primary, intermediate and final goods. This pattern of trade is important because the scope for specialization increases if countries are able to exchange intermediate goods e.
Above we took a look at the broad global trends over the last two centuries. The next chart plots estimates of the value of trade in goods, relative to total economic activity i. These historical estimates obviously come with a large margin of error in the measurement section below we discuss the data limitations ; yet they offer an interesting perspective.
Each country tells a different story. If you add the Netherlands, for example, you will see how important the Dutch Golden Age was. Here is the same chart but showing imports , rather than exports. In the next chart we plot, country by country, the regional breakdown of exports. This gives us an interesting perspective on the changing nature of trade partnerships.
In India, we see the rising importance of trade with Africa — this is a pattern that we discuss in more detail below. This metric gives us an idea of integration, because it captures all incoming and outgoing transactions. The higher the index the larger the influence of trade on domestic economic activities. The visualization below presents a world map showing the trade openness index country by country. For any given year, we see that there is a lot of variation across countries. The weight of trade in the US economy, for example, is much lower than in other rich countries.
If you press the play button in the map, you can see changes over time. This reveals that, despite the great variation between countries, there is a common trend: Over the last couple of decades trade openness has gone up in most countries. Expressing trade values as a share of GDP tells us the importance of trade in relation to the size of economic activity.
The chart below shows the value of exports goods plus services in dollars, country by country. All estimates are expressed in constant dollars i. The main takeaway here are the country-specific trends, which are positive and more pronounced than in the charts showing shares of GDP. This is not surprising: most countries today produce more than a couple of decades ago ; and at the same time they trade more of what they produce. Here is the same chart, but showing imports rather than exports.
Trade transactions include goods tangible products that are physically shipped across borders by road, rail, water, or air and services intangible commodities, such as tourism, financial services, and legal advice. Many traded services make merchandise trade easier or cheaper—for example, shipping services, or insurance and financial services. Trade in goods has been happening for millenia ; while trade in services is a relatively recent phenomenon. Globally, trade in goods accounts for the majority of trade transactions. This interactive chart shows trade in services as share of GDP across countries and regions.
Firms around the world import goods and services, in order to use them as inputs to produce goods and services that are later exported.
Trade and Globalization
That is, the share of the value of exports that comes from foreign inputs. Foreign value added in trade peaked in — after two decades of continuous increase. This is consistent with the fact that, after the global financial crisis, there has been a slowdown in the rate of growth of trade in goods and services, relative to global GDP.
This is a sign that global integration stalled after the financial crisis. The integration of global value chains is a common source of measurement error in trade data, because it makes it hard to correctly attribute the origin and destination of goods and services.
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We discuss this in more detail below. The following interactive chart from the Observatory for Economic Complexity OEC , at the Massachusetts Institute of Technology, shows a breakdown of total world merchandise exports by product category, for You can visit the OEC website to see this composition country by country. In this embedded interactive chart you can use the options at the bottom to change how the data is presented. RISM's other publications are divided into series, reflecting the early structure of the project, though with the integration of much of the data into the online environment, the strict division into series plays a secondary role.
Series B is designed to cover specific categories of repertory. Special volumes have also been published on the Tenorlied and RISM library sigla now available as an online directory. It documents manuscripts, printed music, libretti, and treatises. Series A is entirely available free online. At over , entries, this is the most comprehensive source available for printed musical works.
Sources from over libraries, museums, archives, churches, schools, and private collections in more than 35 countries around the world are described in the database. Full bibliographic information is available for over one million records. Included are manuscripts, printed music, librettos, and treatises. The database is updated monthly. Publisher: Munich: G.
Henle unless otherwise noted. They offer a "description of all manuscripts in which are preserved Latin treatises--however small--dealing with the theory of music which was in use from the Carolingian era to [which was extended to in volume 3]. Moreover, it relates the anonymous treatises in one or other manuscript to those other manuscripts in which the same--generally unpublished--treatise is found