Use of English

World Economy

The history of the world economy can be seen as a long process of change, in which periods of growth have often been (0) MARKED by sudden crises. In earlier centuries, trade routes gradually expanded and allowed wealth to circulate on an unprecedented scale. However, prosperity was rarely evenly (1) .........., and many regions remained dependent on stronger powers. The industrial era then brought about major shifts, as countries that had once relied on agriculture began to (2) .......... in manufacturing and finance. In the twentieth century, global markets became increasingly interconnected, which made nations more vulnerable to events that (3) .......... beyond their borders. Looking ahead, economists disagree on whether the future will be shaped mainly by cooperation or competition. Some argue that technological innovation will (4) .......... to greater efficiency and rising living standards, while others warn that automation may come (5) .......... the expense of jobs. Climate policy is also likely to play a central role, as governments try to balance economic expansion with environmental responsibility. Much will depend (6) .......... whether richer and poorer countries can work together effectively. If they fail to do so, existing inequalities may deepen and social tensions may (7) .......... up. Even so, history suggests that the global economy has a remarkable capacity to adapt, provided leaders are willing to learn (8) .......... past mistakes.