2,000 Years of Economic History in One Chart

[bitmover]

There has been a lot of discussion recently about how USD is losing value and similar discussions.

I found this amazing chart which I would like to share, showing when united states became a strong economic power, and how recently that was.

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

Looking at the chart, I don't think USA gdp will lose significant power in our lifetime, and consequently the USD. However,  other currencies,  specially bitcoin, might play a significant role in the future.

[1714990103]

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[1714990103]

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[pooya87]

Many of the countries in that list didn't even exist 2000 years ago.
For example Turkey that is categorized as "ancient" didn't even exist before 1923, before that there was Ottoman Empire that was only about 600 years old.
Germany and Italy are also not exactly old countries.

I'm also curious to know (since the article didn't help) how they came up with the initial section of this chart (the fist 1000+ years) where Iran alone was 53% of the world both geographically and population wise. How can that be included with Greece and Egypt and the non-existent country of Turkey and only have 10% of the world GDP at that stage

P.S. IMO a more interesting chart was the other one that you didn't post.

[so98nn]

Those are cool charts and lot of efforts from the economist for sure. So the three countries USA, India and China seems to be powerful countries of all time since ancient times. I’m looking at the second chart where India seems to have lot of wealth until the mid-years when they came and looted it inside out until slavery became thing of daily routine. 

Wel it seems they are back on track after that loot. They say what goes around comes around, that’s best example.

By the way you made a point about bitcoin and its importance in the future. I am not sure how strong bitcoin would go but it’s definitely gonna last for very long, but not sure if economist would be able to plot a graph of 2000 years. Bitcoin will only hold importance for us, the decentralised lovers.

[cabron]

The chart doesn't look linear as described by the author, it doesn't show the time when they shifted wealth and power. Because in over 500 years alone which is shown in that chart, they all didn't rise. in the 1500s, it was the start of the fall of China's wealth and dominance and was also the rise of the UK.

Economies rise and fall just as the major powers. Some fall already in a short period of time not even getting to the top.
In the 1500s, the rivals were Spain, France, and UK. And China at that time was already on the decline and it was always technological advancement and major wars that brought down major powers regardless of the wealth growth. It's just unbelievable to see China rise again to 86% since 2010.

[Poker Player]

Although I fundamentally agree with the great power measured in GDP that the USA has had in the 20th century, I am not entirely convinced by the chart. Like the previous comments, there are things that I do not see clearly, such as Italy having a higher GDP than Spain in the century following the discovery of America.

[bitmover]

I'm also curious to know (since the article didn't help) how they came up with the initial section of this chart (the fist 1000+ years) where Iran alone was 53% of the world both geographically and population wise. How can that be included with Greece and Egypt and the non-existent country of Turkey and only have 10% of the world GDP at that stage

P.S. IMO a more interesting chart was the other one that you didn't post.

The source is a jp Morgan article
https://www.theatlantic.com/business/archive/2012/06/the-economic-history-of-the-last-2-000-years-in-1-little-graph/258676/

Turkey just had another name, Ottoman Empire (in Portuguese Império Turco Otomano), Turkey came from this ethnic group AFAIK and is what the author considered.

[Faisal2202]

By the way you made a point about bitcoin and its importance in the future. I am not sure how strong bitcoin would go but it’s definitely gonna last for very long, but not sure if economist would be able to plot a graph of 2000 years. Bitcoin will only hold importance for us, the decentralised lovers.

You are right, the point he mentioned is a good one but the GDP of the USA or of any country listed on the graph can increase if they leverage the BTC technology, but BTC technology doesn't play the important role of increasing the GDP solely, there are other factors too which increase GDP.

But I have seen that, the USA never left any earning opportunity whether it's about Oil, Gold, or any other valuable assets they have done everything possible to achieve that thing like (well, I think I should not mention the examples, as many might not like it). It's not that I a against the USA or anything like that <-- just clearing the doubts.

Actually, I don't like their ways, overall we all have our own opinions and IMHO USA is going fast but China is giving solid competition too, After 2000 the era of technology started and I can say that till 3000 this era will be the main character to increase or decrease the GDP of countries.

[DVlog]

Looking at the chart, I don't think USA gdp will lose significant power in our lifetime, and consequently the USD. However,  other currencies,  specially bitcoin, might play a significant role in the future.

I am amazed to see how china and India are world-dominating powers in the world economy. The rise of the United States following World War II causes the GDP of these two dominant powers to fall. Wester colonials looted so much that they lost more than half of their GDP within centuries. We might now see the fall of the USA in our lifetime but we need to admit their economy has weakened and china's economy is rising again.

[Casdinyard]

Many of the countries in that list didn't even exist 2000 years ago.
For example Turkey that is categorized as "ancient" didn't even exist before 1923, before that there was Ottoman Empire that was only about 600 years old.
Germany and Italy are also not exactly old countries.

I'm also curious to know (since the article didn't help) how they came up with the initial section of this chart (the fist 1000+ years) where Iran alone was 53% of the world both geographically and population wise. How can that be included with Greece and Egypt and the non-existent country of Turkey and only have 10% of the world GDP at that stage

P.S. IMO a more interesting chart was the other one that you didn't post.

Pretty sure that's what they meant but whatever, these countries have been going on since the antiquity only to be conquered under a single banner, and then from there be emancipated once again, just like what happened to Turkey which was once a nomadic state before being fought over by the Seljuk and the Ottoman empire, so the validity of this chart at some point is still high. In any case, this pretty much shows how cyclical the power is when it comes to these countries. US for one have been in the top of the game for decades with historic lows every now and again. China has been steadily increasing in GDP but with what's going on in their internal economy I doubt they could hold this setup for long.

[hugeblack]

Many things have changed since the year 2017, such that this date has become part of the ancient past, but I see that the last 130 years have changed the features of the modern era. Since World War I, the features of the world have changed and countries emerged and others collapsed. Therefore, it is illogical to start counting from 2000 years, as it will By flattening the curve by giving values to things that no longer exist, it gives them the same effect as the last 100 years, which is more important. For example, the United States 200 years ago was not the same as it is now, and the same is true for the United Kingdom, and there were empires such as the Ottoman Empire and the Soviet Union.

[STT]

I thought UK was the largest empire prior to USA  but that would include India and all the colonies in various forms.  Hard to describe ancient trade as accurately as now and after we have left behind the common link of a gold backed currency its even harder.
  I know USA was a large part of world trade after ww2 hence its world reserve backing now, this is why in modern day with trade balance much different I presume alteration occurs in currency reserves for global.  A great adjustment is to be expected when the world has altered, the tectonic plates behind world trade may not glide smoothly but jolt surprising many unfortunately.

[Cryptomultiplier]

That's good to note. What's of importance is the lesson the chart has shown, which is how valuable the USD is  and countries with failed economic systems is a result of misleading the lot and with selfish reasons of dependence on the USD for international trading.

The idea of individuals now adopting BTC to aid in their financial life is the reason why BTC is also gaining more users and traders/investors who knows its value competes close with the USD.

[Lida93]

Looking at the chart, I don't think USA gdp will lose significant power in our lifetime, and consequently the USD. However,  other currencies,  specially bitcoin, might play a significant role in the future.

You chart alone explains it all that there were other world powers with significant GDP in those present time's but  were of course later succeeded by another nation sliding down to the USA. What makes you think the slide can't be conceivable in our generation.

There has been larger empires before the USA  yet power changed hand. Centuries previous the contention was predominantly for geographical occupation, in the 20th & 21s  century it's about nuclear power making any "change" a critical one the world have never experienced.

What role are you talking of and on the side of which polar would bitcoin be for since it's a decentralized currency

[bluebit25]

2,000 Years of Economic History in One Chart

Thinking about it a bit, there are many points that I find extremely absurd, and I also very much agree with @pooya87

I'm not sure where they got these statistics from, but they certainly don't represent the entire economy over a period of 2000 years.

But maybe we should just look at it from the period 1700 to the present in terms of this statistic.

(...)Looking at the chart, I don't think USA gdp will lose significant power in our lifetime, and consequently the USD. However,  other currencies,  specially bitcoin, might play a significant role in the future.

This seems more plausible, but I would also like to speculate that the future will have a common currency, and of course I advocate that bitcoin may be one of those influences.

[Nalain420]

There has been a lot of discussion recently about how USD is losing value and similar discussions.

I found this amazing chart which I would like to share, showing when united states became a strong economic power, and how recently that was.

https://www.visualcapitalist.com/wp-content/uploads/2017/09/share-of-gdp-history1070.jpg[
https://www.visualcapitalist.com/2000-years-economic-history-one-chart/


Looking at the chart, I don't think USA gdp will lose significant power in our lifetime, and consequently the USD. However,  other currencies,  specially bitcoin, might play a significant role in the future.

USD would no decrease its value in future because all investments are in parallel with dollar especially cryptocurrency and Bitcoin. USA economy is also strong due to good policies ,their tax system is best whole the world . All countries have to trade in dollars and no  country can deny this. The future of Dollar is very bright . Now War is happening between phalasteen and Israel and 
USA will get benefit of this and it will give weapons to Israel and their economy will be stronger and stronger. When War happen between any two states ,USA interrupts between this and sells it's weapons and make health of dollar strong. Bitcoin is also friend of dollar.

[coupable]

I'm also curious to know (since the article didn't help) how they came up with the initial section of this chart (the fist 1000+ years) where Iran alone was 53% of the world both geographically and population wise. How can that be included with Greece and Egypt and the non-existent country of Turkey and only have 10% of the world GDP at that stage

P.S. IMO a more interesting chart was the other one that you didn't post.

The source is a jp Morgan article
https://www.theatlantic.com/business/archive/2012/06/the-economic-history-of-the-last-2-000-years-in-1-little-graph/258676/

Turkey just had another name, Ottoman Empire (in Portuguese Império Turco Otomano), Turkey came from this ethnic group AFAIK and is what the author considered.

This remains unqualified to infer accurate information. In addition to the absence of statistical figures dating back to distant periods in history, the Ottoman Empire was vast and not limited to the current area of Turkey. That empire included large areas and Asia, including the entire Arabian Peninsula, parts of the Sassanian Empire (currently Persians or Iran), all of North Africa (today's Maghreb), and parts of the Balkans.
I support Pooya's observation that these charts cannot be accurate if they include a historical period dating back 2000 years. The United States itself does not date back to this date.

[DrBeer]

Many things have changed since the year 2017, such that this date has become part of the ancient past, but I see that the last 130 years have changed the features of the modern era. Since World War I, the features of the world have changed and countries emerged and others collapsed. Therefore, it is illogical to start counting from 2000 years, as it will By flattening the curve by giving values to things that no longer exist, it gives them the same effect as the last 100 years, which is more important. For example, the United States 200 years ago was not the same as it is now, and the same is true for the United Kingdom, and there were empires such as the Ottoman Empire and the Soviet Union.

It is also worth recalling that before 1721 there was no Russia, and there was Moscow ulus, it was also called Tartary. 
Moscow and Moscow ulus were created by Khan Mengu-Timur of the Golden Horde. Only in 1721 after weakening and loss of authority Moscow ulus and Moscovia became independent formation. The name "Russia" has been "invented" by Peter 1, together with borrowing of idea of the state flag. 
Many years, after Moscovia was invented the name "Russia". this country was then ruled for many decades by German appointees. Under whose rule Muscovy captured and enslaved many peoples. Which then turned into the republics of the USSR. And which at the collapse of this lousy country, gladly threw off the shackles of Kremlin power.

Just a history, since the clarifications about the countries went

PS I highly recommend to read the history of origin of the name "Russia"! You will learn a lot of new things, and get heavy dissonance

[naikturun]

Looking at the chart, I don't think USA gdp will lose significant power in our lifetime, and consequently the USD. However,  other currencies,  specially bitcoin, might play a significant role in the future.

I am amazed to see how china and India are world-dominating powers in the world economy. The rise of the United States following World War II causes the GDP of these two dominant powers to fall. Wester colonials looted so much that they lost more than half of their GDP within centuries. We might now see the fall of the USA in our lifetime but we need to admit their economy has weakened and china's economy is rising again.

I am also curious and amazed that several Asian countries are in this ranking, I don't know whether this article is true or not, but if you look at the current conditions, it seems like it is real.

[wajik-tempe]

That's good to note. What's of importance is the lesson the chart has shown, which is how valuable the USD is  and countries with failed economic systems is a result of misleading the lot and with selfish reasons of dependence on the USD for international trading.

The idea of individuals now adopting BTC to aid in their financial life is the reason why BTC is also gaining more users and traders/investors who knows its value competes close with the USD.

The graphic offers a striking historical perspective on the USD's persistent strength. However, as alternative currencies like as Bitcoin gain popularity, there is a rising awareness of the need for diverse financial tools. While the USD may remain a dominant force, the rising acceptance of decentralized and borderless currencies such as Bitcoin signals a dynamic shift in the financial paradigm that might have far-reaching consequences in the coming years.

[Husires]

The economy is written by the victor, and it is difficult to confirm it except through archeology and excavations, which may tell us some details about the histories of previous nations. 200 years ago, there were no means of documentation such as photographs and other things, and only the flags that we see, like the pyramids in Egypt, remain, which tell of a nation that had an economic position but did not. It tells us the economic situation of that country. During the past years and the coming years, many countries in the world are being reshaped, countries are separating and others are merging, countries are being occupied, the composition of their populations is changing, and many other things.