The Economic History of the Last 2,000 Years in 1 Little Graph

[ST1976]

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[ST1976]

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India’s ultra-high-net-worth individuals (UHNWI) with net worth over $30 million is estimated to rise by 58.4% in the next five years to 19,119 individuals in 2027 from 12,069 in 2022. India’s billionaire population is expected to move up to 195 individuals in 2027 from 161 individuals in 2022, showed a Knight Frank India report.

India’s ultra wealthy population to grow by 58.4% in next five years, Knight Frank​

The Knight Frank India report estimates that the number of ultra-high-net-worth individuals (UHNWIs) in India will rise by 58.4% in the next five years to 19,119 individuals in 2027 from 12,069 in 2022. The Indian high-net-worth-individual (HNI) population, with asset value of $1 million and...

economictimes.indiatimes.com
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[ST1976]

@ST1976 thanks maarne se kya hum maan jayenge.

Chal bata tera gaanv kahan hai.

Cheers, Doc

my father was 'class one' officer, my mother currently receive Pension which is measured above IG standard. we are mainly from Lucknow city of India.....

my parents are from Bihar, but me and my brother born in UP, i write place of birth Gorakhpur in my Passport. i informed to Australian govt also that even if mistakenly i have used Australian passport, its the Gorakhpur, place of birth, and i was listed with graduate immigrant. my Indian passport also show my place of birth as Gorakhpur.

few things about myself......
Im allowed to use and show this degree
eView attachment 7388


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What is this IG standard?

its a State honour. my father received scholarship in school for that also.
my father didn't get State leadership, promotion was denied.
but Lucknow High Courte ordered and my Mother to receive Pension of State Honor, from UP state.
its a Mukhya Abhiyanta's/Chief Engineer wife pension. my father has expired.....
my father/ family is listed among 'Rastradhaksya' families of India...
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Im listed with scientists, and have done my BE in English language. i have 2 Masters and 3rd incomplete from Australia also. in fact, there are years when i was listed with 'stollen' scientists also. but now its OK

 

[ST1976]

i was discussing, what you people think, since when South Asia had cheaper labors than USA? the graph as below shows that at least till 1870, South Asia might be having expansive labor than US, i think
India looks dominant since Ashoka time till upto 1000. while upto 1820, US looks like lower grade country than others. since 1870, i guess they have expansive labors

View attachment 202

View attachment 203

More 2,000 years in a single graphic

Did JP Morgan's striking chart on 2,000 years of economic history bungle the x-axis? Why yes, it did.

www.economist.com

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[ST1976]

Hopefully it's rare, but with the people whipped up into a xenophobic frenzy by the likes of Modi and his ilk, and that trend not looking end, we fear this was what India was going to become, where pogroms could happen at the drop of a hat. This is why Jinnah went from a vehement supporter of a united India to one that couldn't see safety for Muslims being assured, necessitating the creation of Pakistan.

we heard, Indian government now offer "OCI"-Adhar Card to Pakistani and Bangladeshi applicants, which include Afghan nationals also.
if its true, now we are related to each other like Australia-New Zealand relation. means, South Asians can now apply for 'Rashan Card' subsidies in India with "OCI" application, which provide Adhar Card. means, it open door for Government Jobs in India also. but we do have voting right back in our native country, as per the law of India

there was a time when only Adnan Shami and Taslima Nasreen type people could get Adhar Card in India. while now we have a big number of South Asian neighbours in India, who are eligible for Adhar Card-Rashan Card in India

i heard, daughter of PM Sheikh Hashena also work in India on "OCI"-Adhar Card..........

 

[ST1976]

sometimes I wish we had data on specific regions too - like which part of china, which part of India or france, gemany, italy weren't a single country for a good chunk of human history, Russia was much smaller back than

that'd be complicated for economist/historians to figure out
but cool at the same

if we have a close look on the graphs and report of The Economist, post#4, then its is found that the Labor cost of Western countries was cheaper than South Asia till 1840s, following fall of Maratha Empire by 1818, with upto late 19th century. and, more or less the trend was maintained during/till early 20th century......

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Maratha Confederacy - Wikipedia
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Ultimately, the Third Anglo-Maratha War (1817–1818) resulted in the loss of Maratha independence. It left the British in control of most of the Indian subcontinent. The Peshwa was exiled to Bithoor (Marat, near Kanpur, Uttar Pradesh) as a pensioner of the British.
Last edited by santosh10; 23 Sep 24,, 02:52.

 

[ST1976]

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List of princely states of British India (by region)



Before the Partition of India in 1947, about 584 princely states, also called "native states", existed in India.<a href="https://en.wikipedia.org/wiki/List_of_princely_states_of_British_India_(by_region)#cite_note-1" target="_blank">[1]</a> These were not part of British India, the parts of the Indian subcontinent which were under direct British administration, but rather under indirect rule, subject to subsidiary alliances.

Things moved quickly after the partition of British India in 1947. By the end of 1949, all of the states had chosen to accede to one of the newly independent states of India or Pakistan or else had been conquered and annexed.

List of princely states of British India (by region) - Wikipedia

 

[ST1976]

here we have this chart upto year 2017

View attachment 210

https://www.visualcapitalist.com/2000-years-economic-history-one-chart/#google_vignette

 

[ST1976]

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[ST1976]

Economy of the Mughal Empire​

Industrial manufacturing. Up until 1750, India produced about 25% of the world's industrial output. Manufactured goods and cash crops from the Mughal Empire were sold throughout the world. Key industries included textiles, shipbuilding, and steel.

The Mughal Empire's economic prowess and sophisticated infrastructure played a pivotal role in shaping the Indian subcontinent's history. While Mughal Empire is conventionally said to have been founded in 1526 by Babur, the Mughal imperial structure, however, is sometimes dated to 1600, to the rule of Babur's grandson, Akbar. The economy in South Asia during the Mughal era increased in productivity compared to medieval times. Mughal India's economy has been described as a form of proto-industrialization, an inspiration for 18th-century putting-out system of Western Europe prior to the Industrial Revolution. It was described as large and prosperous. India producing about 28% of the world's industrial output up until the 18th century with significant exports in textiles, shipbuilding, and steel, driving a strong export-driven economy. While at the start of 17th century, the economic expansion within Mughal territories become the largest and surpassed Qing dynasty and Europe. The share of world's economy grew from 22.7% in 1600, which at the end of 16th century, has surpassed China to become the world's largest GDP.<a Bengal Subah, the empire's wealthiest province alone, the province statistically has contributed to 12% of Gross domestic product and a major hub for industries, contributing significantly to global trade and European imports, particularly in textiles and shipbuilding.

Economy of the Mughal Empire - Wikipedia

en.wikipedia.org

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Deindustrialization in 18th and 19th century India: Mughal ...​

Visit

 

[ST1976]

Declining share of world GDP​

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The global contribution to world's GDP by major economies from 1 CE to 2003 CE according to Angus Maddison's estimates. Up until the early 18th century, China and India were the two largest economies by GDP output.
According to British economist Angus Maddison, India's total share of the world economy went from 24.4% in 1700 to 4.2% in 1950. Over the same period Maddison estimates that India's per capita GDP increased slightly from $550 to $619. This would indicate that while India's economy did grow over the period, its total share of the world economy lost ground to the rapidly emerging economies of Europe as well as the newly created United States. India's GDP (PPP) per capita was stagnant during the Mughal Empire and began to decline prior to the onset of British rule. India's share of global industrial output also declined from 25% in 1750 down to 2% in 1900. At the same time the economies of Western Europe and the United States grew rapidly. For example, the United Kingdom's share of the world economy rose from 2.9% in 1700 up to 9% in 1870, and Britain replaced India as the world's largest textile manufacturer in the 19th century. Historian Shireen Moosvi also provides estimates of India's economic output over this period, which are slightly different to the estimates provided by Maddison. Moosvi estimates that Mughal India also had a per-capita income 1.24% higher in the late 16th century than British India had in the early 20th century, and the secondary sector contributed a higher percentage to the economy of the Mughal Empire (18.2%) than it did to the economy of early 20th-century British India (11.2%). In terms of urbanization, Mughal India also had a higher percentage of its population (15%) living in urban centers in 1600 than British India did in the 19th century.


The global contribution to world's GDP by major economies from 1 CE to 2003 CE according to Angus Maddison's estimates. until the early 18th century, China and India were the two largest economies by GDP output.

Economy of India under the British Raj - Wikipedia

en.wikipedia.org

 

[ST1976]

List of regions by past GDP (PPP)​

1–2008 (Maddison)​

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The following estimates are taken exclusively from the 2007 monograph Contours of the World Economy, 1–2030 AD by the British economist Angus Maddison.[4]
When graphed, one can see that India was the world's largest economy from year 1 to year 1500, when it lost the position to China, who subsequently lost the position around 1890. China is reasserting its position as the world's largest economy, which it had lost. [5] There was little difference in GDP per capita based on level of development in earlier eras, so in 1500, China was the largest economy in the world, followed closely by India.[5]

List of regions by past GDP (PPP) - Wikipedia

en.wikipedia.org

List of regions by past GDP (PPP) - Wikipedia

en.wikipedia.org

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Austria	213	298	1,414	2,093	2,483	4,104	8,419	23,451	25,702	85,227	124,791	198,004
Belgium	135	170	1,225	1,561	2,288	4,529	13,716	32,347	47,190	118,516	166,396	246,103
Denmark	72	144	443	569	727	1,471	3,782	11,670	29,654	70,032	93,728	135,037
Finland	8	16	136	215	255	913	1,999	6,389	17,051	51,724	84,092	127,676
France	2,366	2,763	10,912	15,559	19,539	35,468	72,100	144,489	220,492	683,965	1,000,286	1,423,562
Germany	1,225	1,435	8,256	12,656	13,650	26,819	72,149	237,332	265,354	944,755	1,302,212	1,713,405
Italy	6,475	2,250	11,550	14,410	14,630	22,535	41,814	95,487	164,957	582,713	906,053	1,157,636
Netherlands	85	128	723	2,072	4,047	4,288	9,952	24,955	60,642	175,791	247,906	411,055
Norway	40	80	183	266	361	777	2,360	5,988	17,728	44,852	76,733	132,365
Sweden	80	160	382	626	1,231	3,098	6,927	17,403	47,269	109,794	149,415	193,352
Switzerland	128	123	411	750	1,068	2,165	5,581	16,483	42,545	117,251	141,599	190,328
UK	320	800	2,815	6,007	10,709	36,232	100,180	224,618	347,850	675,941	940,908	1,446,959
12 country total	11,146	8,366	38,450	56,784	70,988	142,399	338,979	840,612	1,286,434	3,660,561	5,235,115	7,402,911
Portugal	180	255	606	814	1,638	3,043	4,219	7,467	17,615	63,397	102,922	154,132
Spain	1,867	1,800	4,495	7,029	7,481	12,299	19,556	41,653	61,429	266,896	454,166	797,927
Other	1,240	504	632	975	1,106	2,110	4,712	12,478	30,600	105,910	169,648	343,059
Total Western Europe	14,433	10,925	44,183	65,602	81,213	159,851	367,466	902,210	1,396,078	4,096,764	5,961,851	8,698,029
Eastern Europe	1,956	2,600	6,696	9,289	11,393	24,906	50,163	134,793	185,023	550,756	718,039	1,030,628
Former USSR	1,560	2,840	8,458	11,426	16,196	37,678	83,646	232,351	510,243	1,513,070	2,037,253	2,242,206
United States	272	520	800	600	527	12,548	98,374	517,383	1,455,916	3,536,622	5,703,521	9,485,136
Other Western offshoots	176	228	320	320	306	951	13,119	65,558	179,574	521,667	856,847	1,448,542
Total Western offshoots	448	748	1,120	920	833	13,499	111,493	582,941	1,635,490	4,058,289	6,560,368	10,933,678
Mexico	880	1,800	3,188	1,134	2,558	5,000	6,214	25,921	67,368	279,302	491,767	877,312
Other Latin America	1,360	2,760	4,100	2,629	3,788	9,921	21,097	94,875	347,960	1,110,158	1,735,919	3,168,621
Total Latin America	2,240	4,560	7,288	3,763	6,346	14,921	27,311	120,796	415,328	1,389,460	2,227,686	4,045,933
Japan	1,200	3,188	7,700	9,620	15,390	20,739	25,393	71,653	160,966	1,242,932	2,208,858	2,904,141
China	26,820	26,550	61,800	96,000	82,800	228,600	189,740	241,431	244,985	739,414	2,051,813	8,908,894
India[A]	33,750	33,750	60,500	74,250	90,750	111,417	134,882	204,242	222,222	494,832	1,043,912	3,415,183
Other east Asia	4,845	8,968	20,822	24,582	28,440	36,451	53,155	122,874	256,938	829,023	2,021,528	5,154,979
West Asia	10,120	12,415	10,495	12,637	12,291	15,270	22,468	40,588	106,283	548,120	855,130	1,905,346
Total Asia (excl. Japan)	75,535	81,683	153,617	207,469	214,281	391,738	400,245	609,135	830,428	2,621,624	5,972,383	19,384,402
Africa	8,030	13,835	19,383	23,473	25,776	31,266	45,234	79,486	203,131	549,993	889,922	1,734,918
World	105,402	120,379	248,445	331,562	371,428	694,598	1,110,951	2,733,365	5,331,689	16,022,888	26,576,359	50,973,935

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[ST1976]

HISTORY OF INDIAN ECONOMY

Ancient times till 1707 ADThe history of India begins with the dawn of Indus Valley civilization which flourished between 3500 BC to 1800 BC. The Indus civilization's economy appears to have depended significantly on trade, which was facilitated by advances in transport. Its citizens practiced agriculture, domesticated animals, made sharp tools and weapons from copper, bronze and tin and traded in terracotta pots, beads, gold and silver, coloured gem stones such as turquoise and lapis lazuli, metals, flints, seashells and pearls. They used to ships to reach Mesopotamia where they sold gold, copper and jewellery. Around 600 BC, the Mahajanapadas minted punch-marked silver coins. The period was marked by intensive trade activity and urban development. By 300 B.C., when Middle East was under the Greek Seleucid and Ptolemaic empires the Maurya Empire (c. 321 -185 BC) united most of the Indian subcontinent. The political unity and military security allowed for a common economic system and enhanced trade and commerce, with increased agricultural productivity. The empire spent considerable resources building roads and maintaining them throughout India. The improved infrastructure combined with increased security, greater uniformity in measurements, and increasing usage of coins as currency enhanced trade. For the next 1500 years, India produced its classical civilizations which generated wealth in huge amount. Between 1st and 17th centuries AD, India is estimated to have had the largest economy of the ancient and medieval world, controlling between one third and one fourth of the world's wealth.

During the Mughal period (1526–1858 AD) India experienced unprecedeneted prosperity in history. The gross domestic product of India in the 16th century was estimated at about 25.1% of the world economy. An estimate of India's pre-colonial economy puts the annual revenue of Emperor Akbar's treasury in 1600 AD at £17.5 million (in contrast to the entire treasury of Great Britain two hundred years later in 1800AD, which totalled £16 million). The gross domestic product of Mughal India in 1600 AD was estimated at about 24.3% the world economy, the second largest in the world. By this time the Mughal Empire had expanded to include almost 90 per cent of South Asia, and enforced a uniform customs and tax-administration system. In 1700 AD the exchequer of the Emperor Aurangzeb reported an annual revenue of more than £100 million. Given below are the figures produced by Professor Angus Maddison, Emeritus Professor at the University of Groningen, Netherlands, and Honorary Fellow at Cambridge University, estimating India's wealth relative to world GDP for the years 1000 AD, 1500 AD, 1600 AD, and 1700 AD. India's share of world GDP was slightly more than a quarter in the year 1000 AD, and slightly less than a quarter between 1500 AD and 1700 AD.GDP in millions of 1990 International Dollar

https://cgijeddah.gov.in/web_files/267622636-History-of-Indian-Economy.pdf

 

[Joe Shearer]

sometimes I wish we had data on specific regions too - like which part of china, which part of India or france, gemany, italy weren't a single country for a good chunk of human history, Russia was much smaller back than

that'd be complicated for economist/historians to figure out
but cool at the same

One study found that, in Mughal times, Bengal contributed 25% of the 'Indian' GDP, that is, 25% of 25%. Around 6.25% of world GDP.