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This is the first time that products coming from Eastern country have reached the Eurasian continent, this happened through the Silk Road, this is the start of global trading.

Reference:
https://www.weforum.org/agenda/2019/01/how-globalization-4-0-fits-into-the-history-of-globalization/

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This time spices are the main focus of Islamic trade, these spices came from Spice Islands, and were extremely expensive and high valued, and was traded by the Belt a sea route as well as through Silk Road as well.

Reference:
https://www.weforum.org/agenda/2019/01/how-globalization-4-0-fits-into-the-history-of-globalization/

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This discovery of sea route by Vasco de Gama led for traders to export and import products as well as making it much faster compared from going land to land.

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This was the start of having three distinct trade networks becoming interconnected, these three trade routes were Baltic and North Atlantic trade, Caribbean trade, and the Indian Ocean trade, each route were dominated by different colonial.

Reference:
https://www.encyclopedia.com/history/news-wires-white-papers-and-books/long-distance-trade

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With the progressive increase of rural manufacturing industries and rapid urbanization, most of its products were being exported through the London port and by 18th century, with the expansion of American colonies and India’s trade routes it increased the population of London, and has been dependent on vigorous imperialism making British possessions much more distributed worldwide.

Reference:
https://voxeu.org/article/why-was-industrial-revolution-british

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The Great Depression affected international trade, dropping it by around 50%. The event prompted a global economic recession.

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This trend started in the late 1970s at large manufacturers such as General Electric, and because their CEO said that companies should seek to lower costs and maximize their profits to where it is the cheapest, and by that their suppliers were also using this method of offshoring. Different companies follow suit to this trend.

Reference:
https://theweek.com/articles/486362/where-americas-jobs-went

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It is seen as an attractive business strategy and was called traditional outsourcing where a business moves an operation that was conducted internally to external supplier.

Reference:
https://gatewayprocurement.co.uk/outsourcing-a-brief-history/

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This can be viewed as outsourcing by the opposing side, for example, if a company like Microsoft open a base of operation here in the Philippines, it is outsourcing for Microsoft however this would be insourcing for us in the Philippines, this type of business strategy can be said that it is around the same time outsourcing has emerged.

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It was coined at 1980s, but its concept was already around by 1905s, wherein the concept of a network of suppliers, producers/manufacturers and consumers has been around.  Its aim is to maximize customer value.

Reference:
https://www.logmore.com/post/history-of-supply-chain-management

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The Fall of the Berlin Wall is a highlight of Globalization as it became a literal border breaking event that catalyzed the breaking down of separation of ideas and promotion of free ideals and trade in Germany.

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The rise and fall of the Berlin Wall - Konrad H. Jarausch

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The fall of the Soviet Union allowed communist bloc countries to adapt capitalism and integrate themselves into the global market.

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It is now called strategic outsourcing and its objective is to have a competitive advantage by utilizing external resources but at the same time enhancing internal capabilities.

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Gathering of information have been made easier specially during this time when search engines like google search, yahoo search and msn search has been established.

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The introduction of Netscape also introduced Internet and was used to give browser that display images on websites, as well as started the dot-com bubble that also triggered for billions of dollars to fiber-optic telecommunications cable.

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With the introduction of Netscape 1.0, a secure financial transaction security software was integrated to it, and was able to hold transactions through online that in August 11, 1994 a Sting Album was sold online. This was only the beginning.

Reference:
https://online.csp.edu/resources/article/a-beginners-guide-to-ecommerce/#:~:text=E-commerce%20has%20a%20rich,such%20as%20Amazon%20and%20eBay.

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Voice over Internet Protocol has allowed faster and more effective intercommunication no matter how far parties are from each other. This method of passing information allows individuals to participate in economic processes and the Global economy.

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The WTO manages trades among nations which fuels Globalization itself. Allowing interactions between national economies, trade and investment. This is made by negotiations between governments that lowers trade barriers between people and economies.

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Years after the introduction of Netscape, a strategy session was held on February 3rd of 1998, wherein “open source” was labeled. Open source is where different collaborators are working on a project and produce something usually for free.

Reference:
https://opensource.org/history

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It has evolved to transformational outsourcing, and this is by adopting the advances of technology as well as the rapid change in business needs.

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The concept began to popularize by 2010, and by 2014 the awareness of the mass market was reached as Google announced to buy Nest, and at CES the theme is about IoT, this improves globalization in way that physical objects are now being linked through wired and wireless networks, it made communications between different countries much easier.

Reference:
https://iot-analytics.com/internet-of-things-definition/

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International trade has taken a big hit because of the pandemic with strict and limited supply flow and trade between countries. Despite the effects of the pandemic, Globalization still stand, and trade flows are at least expected to recover once the Pandemic ends.

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With pandemic still going on, the e-commerce is becoming more prominent to be used by people, here in the Philippines we have Lazada and Shopee that are prominently used to buy things that can come from different countries.

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- Free Trade

- Intercultural Mingling between nations

- Transfer of information between nations

- Competition between countries

- Development of underdeveloped/developing countries

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- Not friendly to Workers
- Favoring cheap labor
- Can be exploited

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1. In your own words, describe the concept of neoliberalism. 

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1. In your own words, describe the concept of neoliberalism. 

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Neoliberalism is an ideology of economic globalization that pertains to the importance of the free market and free trade. The goal is for the government to limit the control of the market and to achieve economic growth for the progress of the community.

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2. Explain how neoliberalism justifies the prevailing form of economic globalization.

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2. Explain how neoliberalism justifies the prevailing form of economic globalization.

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Neoliberalism allows minimal connection with the national government which implies that the trade among companies in different countries will have less to no tax and an independent control in the trading system. The more freedom there is for the trade and the market, the more the economic growth will be achieved from economic globalization.

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

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

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Globalization is a failure because the economic growth that is being pertained to only considered the companies that has the ability to liberalize and did not include the people’s entire well-being. This disregarded “all” the people in a country, in which globalization should be centered. Stiglitz said that according to Paul Samuelson, liberalization would lower the income of unskilled workers. The market is not efficient nor stable, these are companies that are pushing for liberalization which became a negative impact because of their goal to increase their profit and lessen the income of workers.

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We hope you guys learned something from this :)

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I like the color scheme that the group used, it was very pleasing to the eye and it contrast the background perfectly. The use of gifs is also very nice as it compliments the text and makes it more interesting.

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I would like to commend the design of the Padlet which helps to present the important details effectively regarding the significant events on Economic Globalization. I would also like to mention that the pieces of information presented in this timeline are very comprehensive. I also love the fact that the work is accompanied with engaging media like GIFs to interact with its potential viewers. Overall, the creators achieved their goal in presenting an effective timeline.

- Jan Kyle B. Hernandez, ECE31

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The timeline provided was commendable. It was very informational and creatively presented. The usage of different media like pictures and GIFs and vibrant colors for the background made scrolling amusing.