Triangle Trade

World Economy – Timeline

continued from » Globalization

Before diving into the different epochs of the world economy, an overview is provided pointing out the most important events:

Until 1750:

Long-distance trading and especially triangular trade dominated during that time.

1750-1880:

Liberalism and free trade in Europe as well as the industrial revolution were the main points in this period.

Industrial Revolution

1880-1914:

Globalization started to develop: trade networks grew together. A very important aspect was also colonization.

1914-1945:

Globalization suffered a setback because of both world wars. Fordism appeared.

Fordism

1945-1970:

The world was divided into two blocks.

1970-today:

The eastern block (USSR) broke down. The development of nations like China, and the TIGER-States (South Korea, Taiwan, Singapore, Hong Kong) are very important and impressive. The worldwide globalization is growing.

Eastern Block broke down - Berlin 1989
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