The main transformations in the world economy and the future: 1500 and beyond

In 1500, while Asia came to the fore as the world's powerful economy in the regional sense, the two biggest economies were China and India that gave this power to Asia. However, this region, which had a much more developed economy compared to the rest of the world, seems to be gradually losing its power with the effect of geographical discoveries. Due to these discoveries and following colonial movements, the continents of Asia, Africa and America have come under the control of the Europeans. Silk, cotton and spices from Asia; slave and precious metals from Africa; gold, silver and foodstuffs from America were moved to Europe, especially through Portugal, Spain, England, Netherlands and France. Thus, the center of the world economy shifted from Asia to Europe. England has been the most profitable country from this process. Thanks to the Industrial Revolution that emerged towards the end of the 18th century, England became one of the most powerful economies in the world. The Industrial Revolution, which firstly spread to Continental Europe and then to America, contributed to the development of many countries, especially America. America, that gained its independence in the periods when the Industrial Revolution emerged in England, has grown rapidly over the next hundred years thanks to its industrial investments. After the First World War, which erupted in 1914, while European countries had hard times ahead economically, America came out of this process by getting stronger. Although, despite all this economic power, America, one of the most affected countries by the Great Depression experienced in 1929, regained its strenght with the Second World War. Thus, with the Industrial Revolution, while the center of the world economy shifted from Asia to Europe, especially with the second half of the 20th century, this power has passed to America now. By the 21th century, America is still the strongest economy in the world. However, Asian countries, which grew rapidly thanks to technology investments, showed that the domination of the American-centered world economy is not a distant possibility to shift back to Asia after the centuries. Turkey, also that tries to reduce foreign dependency on important sectors, increases industrial production and accelerates technology investments especially in the last twenty years; hence has become one of the most powerful economies in the region. Turkey strives to become one of the most powerful economy not only in its own region but also all over the World. In the present context, this goal seems far from Turkey, however in the long term, it is estimated to reach this goal. Keywords: World Economy, Transformation, Mercantilism, Geographical Discoveries, Industrial Revolution, Technology, 21st Century.