The Mediterranean Sea in the entire Mediterranean region is embedded with rich cultural and economic values. The development of the Blue Economy has resolved many challenges over the years to improve economic value in the area and also provide endless growth opportunities for its people. The ocean surrounding the Mediterranean has rich economic value, and the government is involved in taking steps to preserve and make the best use of this ecosystem, which will help maintain and support its financial growth.
Studying the economic history of the Mediterranean region is one of the most crucial but poorly understood developmental phases when the area faced the transition from the Bronze Age into the Iron Age. The behavior and evolution of economic reforms in the early Iron Age throw light on the accelerating growth of the ancient Mediterranean basin, which has led to its drastic growth today.
At the end of 1000BC, new phases for reforms in the social field affected the trading activities of precious materials. The downfall of the Bronze Age and the drift towards the Early Iron Age saw a drastic change in the technological region in the Mediterranean basin. It was also marked as a start for ironworking technology in the region.
Due to the Phoenician expansion at the beginning of the 12th century, the cultural increase was primarily across the eastern parts of the region, directly affecting its economic growth. The word that Phoenicia is an example of the development of a “world economy” spread like wildfire across the empires surrounding the Mediterranean region. However, the wars with Sassanid Persia and the domination by the Byzantine empire in the 6th century AD led to instability in climate, which disrupted trade and production. This, in turn, led to an economic decline.
The cultural and economic fall in the Mediterranean region and the surrounding empires allowed the Muslims to conquer and sweep through those regions. Hence, immediately after this, the Arab kingdom gained control over the Mediterranean economy and fostered an international relationship between the Mediterranean Sea and the Indian Ocean.
Modern Mediterranean Economy
After facing instability in the economic region over thousands of years by different empires ruling the area, now the Mediterranean Sea generates an annual income of 450 billion USD. Fisheries are significant contributors to the region’s economic growth.
The “Blue Economy” model created in recent times by the government helps sustain these economic revolutions, helped by the tourism industry as well. It aims to improve and maintain the Mediterranean region’s financial consistency.
The Mediterranean Sea is also a crucial part of the economic growth in the Mediterranean region, which provides a source of employment. According to an estimate, 430,000 people work in the aquaculture sector of the Mediterranean land, and the region also contributes to 30% of global tourism.