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:
Long-distance trading and especially triangular trade dominated during that time.
Liberalism and free trade in Europe as well as the industrial revolution were the main points in this period.
Globalization started to develop: trade networks grew together. A very important aspect was also colonization.
Globalization suffered a setback because of both world wars. Fordism appeared.
The world was divided into two blocks.
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.