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The First Wave of Globalization (1900 - 1914)

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The first wave of globalization, which roughly occurred over the century ending in 1914. By the end of the 18th century, Great Britain had started to dominate the world both geographically, through the establishment of the British Empire, and technologically, with innovations like the steam engine, the industrial weaving machine and more. It was the era of the First Industrial Revolution.

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World War I (January 1, 1914 - January 1, 1918)

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The First World war resulted in the destruction of many farms, towns, buildings, roads etc. and was very costly. After the war the economic system was devastated and the production of goods was really low. Many countries around the world were in great debt.

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The Russian Revolution (January 1, 1917 - January 1, 1922)

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The Russian Revolution ended in the control of the Communist Party. This directly affected the economic system of Russia as the government controlled everything, even everything that passed in and out of the borders of Russia. Every person in Russia worked for the collective and the economy of Russia. This limited innovation and trade within Russia.

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The Great Depression (January 1, 1929 - January 1, 1941)

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The Great Depression had a major impact on the whole economic system of the world. With the stock markets crashing, people loosing jobs and money, almost every person was poor. Countries could not trade with each other and governments struggled to keep society running.

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World War II (January 1, 1939 - January 1, 1945)

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With the world in a depression, the war demanded the manufacturing of arms, airplanes, and ships. This caused many women and unemployed civilians to join the workforce. There were less people unemployed and the economy began to rebuild itself.

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In this conference they discussed ways on how to successfully sustain a stable economy. The organization the United Nations supported the International Monetary Fund and The World Bank which directly helped the global economy and encouraged international trade.

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Bretton Woods Agreement was made in US, Bretton Woods, New Hampshire. This agreement established system of rules and institutions for the global economy. The world bank, the IMF, and the General Agreement on Tariffs and Trade are all major elements of the Bretton Woods Agreement. The countries that were involved are Germany, Italy, Japan, including United States and Canada were in the Bretton Woods Agreement.

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The Cold War happened from about 1945 to about 1990. It was not really a war. It was a competition between the United States and the Soviet Union to see who would dominate the world. They each thought that their system of government and economics was best and should dominate the world.

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Creation of the United Nations (April 25, 1945)

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This was the official establishment of UN. With its goals and structure already set, countries were free to sign up as a member of the organization. They aimed to maintain international peace and security and social cooperation. With UN helping stabilize the global economy, money and trade was encouraged between countries which directly affected the economy.

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International Monetary Fund (December 29, 1945)

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At first only 29 countries came together in order to build the IMF and its purpose is to help the countries redevelop economically. Nowadays, the IMF, a financial institution, is now consisted of almost 190 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

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The World Bank gives advice and finance to member countries for economic development and reducing poverty. It originated at Bretton Woods, New Hampshire. The World Bank helps out countries who need money for finance. The Bank's first loan was to France, it was $250 Million for repairing destroyed roads during the Second World War.

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General Agreement on Tariffs and Trade (January 1, 1947)

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This agreement was signed by many countries. It ended trade taxes (tariffs) and other trade barriers. This allowed countries to prosper in trading goods and services nationally. The agreement enhanced the global economy through international trade.

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Hayek's Theory wins Nobel Prize in Economics (January 1, 1974)

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Hayek's Theory wins Nobel Prize in Economics

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Hayek's Theory wins Nobel Prize in Economics

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In the 70's, after Keynes theory of government involvement was failing, Hayek's became popular and eight percent of the world's economy were capitalistic. The free market began to expand when the Cold War ended and twenty-eight percent of the world's economies were capitalistic. The value of foreign trade reached 664 billion dollars. With more countries with similar mindsets, the free market allowed more money to flow between countries.

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The Second Wave of Globalization (1985 to Present)

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Characterized by an increase of the goods and services ratio to World GDP of 9 pp, integration of capital markets with an expansion of 23 pp in FDI over GDP, more intense communication and information relationships with significant transfers of human capital and build-up of business and technological networks.

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The Fall of Berlin Wall (November 9, 1989)

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The Berlin Wall fall and destruction began November 9th, 1989. German & Berlin was separated in to 4 zones each controlled by one of the allies, France UK, USA & USSR USSR and the East German government referred to the Berlin Wall as the anti-fascist protection barrier. During WW2, the Germans tried to invade breaking a pact between the USSR which led the USSR capture of Berlin. This huge occupation of central and eastern Germany sparked the USSR into the beginning of the Cold War and the erection of the Berlin Wall. The USSR finally fell in 1991, a couple years after the downfall of the Berlin Wall.

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We are still in the midst of the second wave of globalization, yet a third one has already emerged. The third wave of globalization began to be felt worldwide in the last half of the 1990's and will probably express its overwhelming presence in full force at the dawn of the 21st century. This looming third wave is the global information economy. The colonial powers were mercantilist and, later, industrial countries in their early expansionist stages. The post-colonial powers were industrial countries in their late stages, when capitalism had developed further, combining industrial and finance capital into huge monopolistic conglomerates in continual search for new acquisitions, sources of cheap raw materials and labor, and markets.

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North American Free Trade Agreement (January 1, 1994)

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North American Free Trade Agreement (NAFTA)

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North American Free Trade Agreement (NAFTA)

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NAFTA is a trade agreement between Mexico, US, and Canada. It removed taxes on products traded between these three countries. It protects copyright, patents, and trademarks. This agreement updated the North American Agreement on Environment Cooperation, which help set more environmental regulations in order to reduce pollutions. It also affected the Labor Cooperation, which helped fight for better working conditions.

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The Establishment of the World Trade Organization (January 1, 1995)

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The Establishment of the World Trade Organization 

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The Establishment of the World Trade Organization 

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Emerging from the GATT, the World Trade Organization was helping to regulate trade through services such as telecommunications and banking. The WTO also helped create rules to protect copyright and intellectual property. This encouraged more trade and generated more money in the global economy.

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The Euro is the currency used within the Euro zone. Twelve countries had changed their currencies completely and adapted to Euro notes and coins as their currency. This period is also known as the "Transition Period", where both the old national money and euro were accepted.

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In a world increasingly dominated by two global powers, the US and China, the new frontier of globalization is the cyber world. The digital economy, in its infancy during the third wave of globalization, is now becoming a force to reckon with through e-commerce, digital services, 3D printing. It is further enabled by artificial intelligence, but threatened by cross-border hacking and cyberattacks.

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The Pros and Cons of Economic Globalization

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The Pros and Cons of Economic Globalization

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The Pros and Cons of Economic Globalization

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Pros (Advantages)

One of the advantages of Economic Globalization is on international trade, it reduces the prices of the goods that they consume. Many basic needs are becoming or has become more affordable to everyone. Technological advancement is one of the major advantages of this as this resulted to raising productivity, innovating things, raise wages, and lowering prices of the products in the world economy. This also promotes countries or people working together as they will rely on one another for certain goods and services. More opportunities are also given to poorer countries as it allows companies move their production from high-cost locations to lower ones overseas.

Cons (Disadvantages)

Disadvantages of Economic Globalization are the unequal economic growth, because the richer countries benefit more than the developing ones. This also introduces the lack of local businesses to some as they will have to compete with international prices. It also causes job displacements as it redistributes jobs by moving production from higher cost countries to the lower ones. It increases potential global recessions, because if one of the countries’ economy starts to struggle, they can cause a chain reaction that can affect multiple other countries that can possibly cause a financial crisis.

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In your own words, describe the concept of neoliberalism.

Neoliberalism is a belief in free-market capitalism as one of the most efficient and just means of distributing societal resources. Its goal is to eliminate pricing controls while also eliminating trade barriers. The rich get richer and the poor get poorer as a result of neoliberalism.

Explain how neoliberalism justifies the prevailing form of economic globalization.

In theory, neoliberalism is all about making international trade easier. It's about allowing goods, resources, and businesses to move freely in order to always locate cheaper resources and maximize profits and efficiency.

Explain why economic globalization according to Joseph Stiglitz is a failure.

According to Stiglitz, the globalization has not been pushed wisely, or fairly. Liberalization policies, on the other hand, have been implemented too quickly, in the wrong order, and frequently based on insufficient or outright incorrect economic analysis.

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References:

https://www.timetoast.com/timelines/economic-globalization-b9366f01-e782-4532-afde-fb639ac7800c

https://prezi.com/e9vdgfdurv2z/economic-globalization-timeline/

https://www.weforum.org/agenda/2019/01/how-globalization-4-0-fits-into-the-history-of-globalization/?fbclid=IwAR2bXdQmLIhYh9Kda7LgHJEGX-fkmlia-DHfMlJBO9jNDjGRFZ8DHaME1TU#:~:text=A%20brief%20history%20of%20globalization%201%20Silk%20roads,the%20Age%20of%20Discovery.%20...%20More%20items...%20

https://ipeclub.co/three-waves-of-globalization-a-brief-overview/#:~:text=Generally%20speaking%2C%20the%20third%20globalization%20wave%20was%20an,understood%20the%20communist%20block%20will%20not%20resist%20long.

https://www.corpwatch.org/article/globalization-third-wave

https://www.enotes.com/homework-help/cold-war-why-did-happen-who-was-involved-what-was-394081#:~:text=The%20Cold%20War%20happened%20from%20about%201945%20to,economics%20was%20best%20and%20should%20dominate%20the%20world.

https://falloftheberlinwallhfp.weebly.com/dissolving-the-ussr.html#:~:text=During%20WW2%2C%20the%20Germans%20tried%20to%20invade%20breaking,years%20after%20the%20downfall%20of%20the%20Berlin%20Wall.

Neoliberalism justifies the prevailing form of economic globalization:

https://www.globalissues.org/article/39/a-primer-on-neoliberalism

Globalization is a failure according to Stiglitz:

https://www.anderson.ucla.edu/faculty_pages/sebastian.edwards/Stiglitz.pdf

https://scholar.harvard.edu/files/cooper/files/stiglitz.pdf

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This Padlet timeline was published by:

Gultiano, Justin Rey

Ilano, Prixther Jay

Imperial, Christian Joseph

Montalbo, Aeron Gabriel

BIT34