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Beginning of the long distance trade [16th Century]

In the manufacturing process, long-distance trading was formed. The commercial production and commodities transactions in Europe were enlarged with the new arrival of precious metals from the New World [particularly through the Atlantic and Pacific routes — via Palestine and Iran, as well as the Philippines and China].

Source: Globalization Since the Fourteenth Century. (n.d.). A Quick Guide to the World History of Globalization. https://www.sas.upenn.edu/~dludden/global1.htm

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Boats and boating--Equipment and supplies

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Gold Standard established [1821]

The gold standard is a monetary system in which a certain amount of gold is regarded as the standard unit of currency. The currency can be convertible into a fixed amount of gold per unit of currency either within the country or overseas. It was initially implemented in the United Kingdom.

Source: The Editors of Encyclopaedia Britannica. (n.d.). gold standard | Definition & History. Encyclopedia Britannica. https://www.britannica.com/topic/gold-standard

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Great Depression [1929-1941]

The Great Depression was the world's largest and longest economic downturn in the modern history. The stock market crash of 1929 because of speculative market investment, the Fed's flip-flopping, protectionist tariffs, and banking panics (which happened in 1930 and 1931) were all contributing reasons.

Source: What Was the Great Depression? (n.d.). Investopedia. https://www.investopedia.com/terms/g/great_depression.asp

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World Bank established [1944]

The International Bank for Reconstruction and Development, which was later renamed the World Bank, was founded in 1944, and its loans aided the rebuilding of countries that were destroyed by World War II. From the reconstruction to development, it is now working to combat poverty, promote economic growth, and assure long-term improvements in people's lives in developing nations.

Source: History. (n.d.). World Bank. https://www.worldbank.org/en/about/history

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Bretton Woods System [July 1944- 1973]

The Allies fighting the Axis powers built a plan for the post-World War II international monetary system, with the founders envisioning a fixed exchange rate regime. With the abolition of currency controls for current-account operations, the Bretton Woods System became functioning in 1958. This system necessitated a currency peg to the US dollar, which was then tied to the price of gold.

Moreover, the Bretton Woods system collapsed in 1973, giving way to the United States' dependence on macroeconomic policy coordination mechanisms with the other developed countries to maintain the international monetary order.

Source: World Economic Order: Present and Future. (n.d.). Center for Strategic and International Studies. https://www.csis.org/world-economic-order-present-and-future

Hetzel, R. B. L. (n.d.). Launch of the Bretton Woods System. Federal Reserve History. https://www.federalreservehistory.org/essays/bretton-woods-launched

Bretton Woods Agreement and System: An Overview. (2020, April 30). Investopedia. https://www.investopedia.com/terms/b/brettonwoodsagreement.asp

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New International Economic Order adopted by UN [1974]

The Declaration for the Establishment of a New International Economic Order (NIEO) was adopted by the United Nations General Assembly to aid Third World countries. NIEO calls for ordered market structures to stabilize commodity prices, institutionalised forms of technology transfer, and adjustments in trade rules to give the third world more accessibility to OECD markets whilst safeguarding their domestic markets from global competitors and multinational firms. Due to the debt crisis of the early 1980s, however, third-world cooperation on the NIEO crumbled.

Source: International Economic Order | Encyclopedia.com. (n.d.). Encyclopedia.Com. https://www.encyclopedia.com/social-sciences/applied-and-social-sciences-magazines/international-economic-order

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SAPs involves in economic globalization [late 1970s]

Economic globalization was aided by structural adjustment policies (SAPs), which were enforced by the International Monetary Fund (IMF) as a condition for lending (loan) to countries. SAPs compel governments to adopt a number of steps to promote globalization. They also demand austerity policies that disproportionately affect the poor, especially women.

Source: Pyle, J. L. (2001). Economic Globalization and Gender. Science Direct. https://www.sciencedirect.com/topics/economics-econometrics-and-finance/economic-globalization

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Fall of Berlin Wall [November 1989]

In November 1989, East German citizens gathered in the East Berlin as the news about the announcement delivered by Gunter Schabowski, an East government official, that the permanent relocations can be done through all border checkpoint between the East into the West of the country. But because of the increasing number of citizens arriving around the Berlin Wall, the border guards let the people to cross. This fall of famous Berlin Wall made impact to the history, which represents the beginning of German's reunification and economic restoration after more than 25 years of division and repression.

Source: BBC News. (2019, November 5). Fall of Berlin Wall: How 1989 reshaped the modern world. https://www.bbc.com/news/world-europe-50013048

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NAFTA formed [1994]

The North American Free Trade Agreement (NAFTA) was first signed in 1992 and taken in 1994. This trader pact had been controversial, which slowly abolished most tariffs and the other barriers to trade in goods and services (bloc of free trade) between the United States, Canada and Mexico, which are the three largest countries in North America.

Source: Bondarenko, P. (n.d.). North American Free Trade Agreement | Definition, Purpose, Members, Replacement, & Provisions. Encyclopedia Britannica. https://www.britannica.com/event/North-American-Free-Trade-Agreement

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Global-wide Investment [1995]

Foreign direct investment of 10 major developed countries, including G7, Switzerland, Sweden, and the Netherlands reached 85.1% of the total value of foreign direct investment around the world.

Source: Shangquan, G. (2000). Economic Globalization: Trends, Risks and Risk Prevention. CDP Background Paper No. 1. https://www.un.org/en/development/desa/policy/cdp/cdp_background_papers/bp2000_1.pdf

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Emergence of Multinational Companies [1996]

Multinational corporations (MNCs) have emerged as the primary catalysts of economic globalization, as they have grown globally to transform the world's macroeconomic systems. More than 44,000 multinational corporations (MNCs) were founded in 1996, with 280,000 overseas subsidiaries and branch offices. MNCs owned almost 80% of the US$ 3,000 billion foreign direct investment balance at the end of 1996. Furthermore, MNCs accounted for almost 70% of all international technical transfers.

Source: Shangquan, G. (2000). Economic Globalization: Trends, Risks and Risk Prevention. CDP Background Paper No. 1. https://www.un.org/en/development/desa/policy/cdp/cdp_background_papers/bp2000_1.pdf

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Asian Financial Crisis [July 1997 – December 1998]

In July 1997, Thailand had a financial crisis that expanded throughout East Asia. It all began when Thailand depreciated its currency against the US dollar, triggering months of speculation pressures that exhausted the country's official foreign exchange reserves and damaged its currency, equities, and property markets. Other neighboring nations, such as Malaysia, the Philippines, Indonesia, Hong Kong, and South Korea, too have experienced market pressures, short-term stock market sell-offs, and significant balance-of-payments problems as a result of this issue. Market participants and policymakers were taken aback by these developments, which became known as the Financial Crisis.

Source: Clark, B. M. C. A. J. (n.d.). Asian Financial Crisis. Federal Reserve History. https://www.federalreservehistory.org/essays/asian-financial-crisis

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Rise of Technology affects global economy [20 th century]

The emergence of the technological economy on the market has a significant impact, even infusing the measure of the market economy. Technological giants such as Apple, Google and Amazon, replaced large industrial companies, as their stocks are assessed much higher than those of many long-standing industrial members.

Source: Cavallo, M. A. (2016, December 21). The growing importance of the technology economy. CIO. https://www.cio.com/article/3152568/the-growing-importance-of-the-technology-economy.html

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International Interdependence [20th Century]

The consolidation of the European Union in the 20th century was also a significant element of globalization, which united a total of 27 countries under one currency. The alliance of these 27 member states has made clear the concept of international interdependence.

Source: Historical Developments in the Global Economy | Boundless Management. (n.d.). Lumen. https://courses.lumenlearning.com/boundless-management/chapter/historical-developments-in-the-global-economy/

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The Financial Crisis of 2007–08 [2007-2008]

The Great Recession occurred in 2007 and 2008, known as the worst financial crisis since the Great Depression, which devastated financial markets around the world. This crisis led to the downfall of Lehman Brothers, one of the world's largest investment banks, brought many major financial institutions and corporations to the brink of ruin, and required government bailouts of unprecedented proportions.

Source: Bondarenko, P. (n.d.). 5 of the World’s Most Devastating Financial Crises. Encyclopedia Britannica. https://www.britannica.com/list/5-of-the-worlds-most-devastating-financial-crises

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Greek Debt Crisis Threatens European Union [2015]

The Greek debt crisis is related to the non-payment of €1.6 Billion, the largest financial rescue of a bankrupt country in history. The European Union (EU) has lent Greece enough to continue making payments and avoid default. However, the crisis prompted bailouts for other countries and led many to question the viability of a single currency for the EU.

Source: Amadeo, K. (2021, April 30). Top Economic Events of the 21st Century. The Balance. https://www.thebalance.com/what-were-the-top-ten-events-of-the-decade-3305697

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World Trade Slowdown [2016]

World trade grew slower than GDP for the first time in 15 years. In the latest report from the International Monetary Fund (IMF), they attributed most of the slowdown in trade to weak global demand, including weak investment growth and the shift from developed to emerging economies. Other evidence suggests that structural change is taking place and that world trade has reached a “new normal”.

Source: The Changing Paradigm of Trade in the 21st Century. (2019, March 25). Global Challenges. https://globalchallenges.ch/issue/3/the-changing-paradigm-of-trade-in-the-21st-century/

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Brexit Vote [2016]

On June 23, 2016, the UK decided to leave the European Union (EU) known as Brexit. Britain officially left the EU on January 31, 2020. As a result, economic growth slowed significantly in the first quarter of the year, reaching a low that has not been reached since 2013.

Source: Amadeo, K. (2021, April 30). Top Economic Events of the 21st Century. The Balance. https://www.thebalance.com/what-were-the-top-ten-events-of-the-decade-3305697

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Stock Market Crash [2020]

In 9th of March 2020, the stock market crash was the largest drop in points in the history of the Dow Jones Industrial Average (DJIA). The event was caused by rampant global fears about the spread of the coronavirus, falling oil prices, and the possibility of a recession in 2020.

Source: Amadeo, K. (2021b, May 9). How Did the 2020 Stock Market Crash Compare With Others? The Balance. https://www.thebalance.com/fundamentals-of-the-2020-market-crash-4799950

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Economic situation due to COVID-19 pandemic [2020-present]

In March 2020, the World Health Organization declared the new coronavirus COVID-19 a pandemic, prompting many countries to seal their borders. The COVID-19 pandemic triggered supply and demand shocks that swept through the global economy. Tourism and travel industries are most affected by sectoral services, as authorities encourage social distancing and consumers to stay home.

Source: Amadeo, K. (2021, April 30). Top Economic Events of the 21st Century. The Balance. https://www.thebalance.com/what-were-the-top-ten-events-of-the-decade-3305697

Source: The Global Economic Impacts of Covid-19. (2020). Center for Strategic and International Studies. https://www.csis.org/analysis/global-economic-impacts-covid-19

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The timeline has shown significant events throughout economic globalization that dates back to the 16th century up to the present. The topics present on the timeline were carefully selected and are the benchmark of events on globalization. The overall aesthetic and appearance of the padlet to the viewers were very well and organized. The visual aid, such as pictures, were complete all-throughout the timeline. Each of the highlights presented is complete with sources and a cohesive description of the key points of that specific event. Through this Padlet, the viewers could easily understand the progress and development of economic globalization.

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The timeline accurately depicted the most significant aspects of globalization from an economic standpoint. Each event from the 16th century to the current day was thoroughly detailed, including how it influenced the economy at the time it occurred, whether in a positive or negative way. The group was able to give photographs of the event, which allowed viewers to have a better sense of what was going on during the event. Visually, the background did not overshadow any of the events, which was a bonus in my opinion. Overall, the work was well-executed, and the goal of emphasizing the highlights of economic globalization was achieved.

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The presentation of the timeline was good and well-organized. It shows all significant events that had happened through the course of time. They have provided sources, included picture and description in each specific event that help viewers to understand the highlights even more. From this timeline, viewers can easily understand how economic globalization transformed and how it affects not just the economy but also the living of each individuals. Also, important key points were mentioned such as the rise and fall of Economic Globalization in history. The Great Depression which was a great blow to the economic globalization because of the massive economic downturn during this period, but then after, the World Bank was created mainly for the intention of combating poverty and increase economic growth. Afterwards, more organizations and companies were created for the growth of economic globalization. Economic Globalization was then changed by the emergence of technology which made quite a huge impact that also changed the market. However, since the 20th century, Economic Globalization has become stagnant and more economic disasters have occurred such as the Financial Crisis of 2007-2008, World Trade Slowdown, Brexit Vote, and of course our currently most alarming problem which is the COVID-19 Pandemic. Overall, economic highlights were well defined, and the most important topics were covered which can be used to possibly improve economic globalization in the future.

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The timeline that the group created was well-organized and presented professionally. It depicts the significant historical events of globalization. The group also has provided pictures and descriptions of each specific event to help readers understand the highlights presented. They also provided the sources of each event in case the readers wanted to read more. Overall, the group's work is excellent, and readers will be able to easily comprehend the contents and gain an understanding of the progress and development of economic globalization throughout history.