Chapter

Economic Modernization in the Half Century before World War I

Ivan T. Berend

in History Derailed

Published by University of California Press

Published in print June 2003 | ISBN: 9780520232990
Published online March 2012 | e-ISBN: 9780520932098 | DOI: http://dx.doi.org/10.1525/california/9780520232990.003.0005
Economic Modernization in the Half Century before World War I

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This chapter addresses the economic modernization of Central and Eastern Europe. Central and Eastern Europe became a part of a “globalized” European economic system. Free trade, an internationalized monetary system, and internationalized economic connections became dominant in the period when modernization of Central and Eastern Europe actually began in the 1860s. Foreign capital played a decisive role in building a modern infrastructure and banking system and major elements of economic modernization. Agricultural modernization encouraged important export sectors, mostly a cereal monoculture. Impressive increases in agricultural and raw materials exports generated higher imports, growth rates, and incomes but had little effect on the transformation and structural changes of the Balkan economies. Economic modernization experienced significant successes in Central and Eastern Europe.

Keywords: economic modernization; Central Europe; Eastern Europe; European economic system; foreign capital; agricultural modernization; Balkan economies

Chapter.  19232 words.  Illustrated.

Subjects: Modern History (1700 to 1945)

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