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When Portugal and Europe expanded overseas reaching Africa, Portuguese started taking Africans enslaving them to Europe. European traders exchanged metals, cloth, beads, guns, and ammunition for captive Africans brought to the coast from the African interior, primarily by African traders forcing them into ships for the Middle Passage across the Atlantic Ocean.

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As the steam engine shaped the Industrial Revolution, Steam trains were started to operate. This made the transportation easier. Businesses started to boom as people and goods started to mass increase from different places.

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Thanks to the transportation revolution, trade accounted for 16–17% of global income: steamships and railroads decreased transaction costs and boosted both domestic and international trade.

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The Great Depression was the worst economic downturn in the history of the industrialized world. Wall Street went into a panic and wiped-out millions of investors when the stock market crash of October 1929. Eventually, consumer spending and investment dropped, causing steep declines in industrial output and employment as failing companies laid off workers.

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The World Bank is an international organization that helps European and Asian countries in need of funding for post-war reconstruction operations. It is dedicated to assisting poor countries through finance, expertise, and research in order to help them improve economically. The bank's primary role is to fight poverty by providing development assistance to middle- and low-income countries.

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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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After World War II, different international leaders proposed creating a global organization to maintain international peace and security, developing friendly relations amongst nations, and promoting social progress, better living standards and human rights and avoid the abuses of war.

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1947 - General Agreement on Tariffs and Trade

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1947 - General Agreement on Tariffs and Trade

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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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1962 - Coining of the Term "Global Village" 

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1962 - Coining of the Term "Global Village" 

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In 1964, media and communication theorist Marshall McLuhan invented the phrase "global village" to describe the phenomenon of the world's culture shrinking and expanding at the same time as a result of pervasive technology breakthroughs that allow for instantaneous sharing of culture (Johnson 192).

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The first myth regarding outsourcing is that it is a relatively new concept. In truth, the word dates back to the 1970s, when manufacturing corporations looking to save money began employing outside organizations to run non-essential procedures. Outsourcing was successful. Many firms now outsource 70 percent to 80 percent of their finished product content. The majority of large corporations outsource half of their IT activities. Human resources, payroll, and accounting are just a few of the back office functions that companies outsource. Companies may soon outsource more than they "insource," implying a major reorganization affecting employees, managers, consumers, and executives.

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An abrupt increase in the price of oil, frequently coupled by a reduction in supply, is referred to as an oil crisis. The first was in 1973, when Arab members of OPEC (Organization of Petroleum Exporting Countries) voted to double oil prices to about $12 a barrel.

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The creation of World Wide Web was done by Tim Berners-Lee which was developed to meet the demand for automated information-sharing between scientists in universities and institutes around the world. Furthermore, it became an interactive world of shared information through which people could communicate with each other and with machines.

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With the Berlin Wall being destroyed, the city was reunited and was no longer ruled by the Soviet Union. During the Cold War, borders were closed and organizations like the WB and IMF could not increase trade. But with the collapse of the Soviet Union borders went down and trade and money were flowing between countries. Economies were prospering with the free market.

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The Philippines' participation in the World Trade Organization's signing of agreements has resulted in changes in the country, such as more workers and more enterprises that have emerged to help the country.

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1995 - Formation of the World Trade Organization

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1995 - Formation of the World Trade Organization

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The World Trade Organization (WTO) was created on January 1, 1995, as a result of a multilateral trade agreement achieved during the Uruguay Round. It is an international organization that deals with global rules of trading. Its primary goal is to keep trade moving smoothly and freely as possible.

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The euro was born out of the Maastricht Treaty of 1991, which established an economic and monetary union as well as a common unit of exchange for the 12 founding members of the European Community (now the European Union). On January 1, 1999, the euro became the official currency of the European Union.

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Seattle was chosen to host the World Trade Organization (WTO) Ministerial Conference in November-December 1999 in January 1999. The World Trade Org. (WTO) is a global organization that deals with international trade rules. The City of Seattle Public Safety Committee began multi-agency preparation in March with the purpose of assuring participant safety and protestor freedom of expression.

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Often known as the 2007–2008 financial crisis, was a catastrophic worldwide economic downturn. Many economists believed the COVID-19 recession, which began in 2020, to be the worst financial disaster since the Great Depression.

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Cryptocurrency is a type of online payment that may be used to buy and sell products and services. Many businesses have developed their own currencies, known as tokens.

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2020 - The global economic amidst pandemic

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2020 - The global economic amidst pandemic

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The world faces the largest economic shock as a result of the of COVID-19 pandemic. As the health and human grows, the economic impact is already visible and is beginning to take its toll on the economies of countries throughout the world.

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In your own words, describe the concept of neoliberalism.  

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In your own words, describe the concept of neoliberalism.  

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Neoliberalism is an economic ideology that advocates for free markets and little government interference. Individual self-interest is cited as the determining factor in employment levels. It places an importance on free market competition. This means that it gives individuals freedom and the choice on how they want to conduct their businesses.

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Explain how neoliberalism justifies the prevailing form of economic globalization.

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Explain how neoliberalism justifies the prevailing form of economic globalization.

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On the one hand, economic globalization aims to eliminate all trade obstacles as well as privatize all accessible resources and services. In this scenario, public life will be at the whim of commercial forces, with profits going to a select few. Neoliberalism, on the other hand, is an economic theory that promotes free markets and little government intervention. The deciding element in employment levels is said to be individual self-interest. Neoliberalism and economic globalization have similar agendas. Because of the parallels, neoliberalism may be argued to have had a significant impact on present economic globalization.

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

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

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Globalization hasn't been pushed wisely or fairly, according to Joseph Stiglitz’s Globalization and its Discontents. The Policies, on the other hand, have been implemented too abruptly, in the wrong order, and frequently based on insufficient or outright incorrect economic analysis.

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Click here to learn about the pros & cons of economic globalization

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https://www.socsci.uci.edu/~dbogart/transport_revolution_surveyjan2013.pdf

http://www.inquiriesjournal.com/articles/1681/understanding-the-implications-of-a-global-village#:~:text=The%20late%20Marshall%20McLuhan%2C%20a,of%20culture%20(Johnson%20192).

http://www.inquiriesjournal.com/articles/1681/understanding-the-implications-of-a-global-village#:~:text=The%20late%20Marshall%20McLuhan%2C%20a,of%20culture%20(Johnson%20192).

https://www.history.com/topics/cold-war/berlin-wall

https://www.britannica.com/event/Bretton-Woods-Conference

https://www.un.org/en/about-us/history-of-the-un

https://www.seattle.gov/cityarchives/exhibits-and-education/digital-document-libraries/world-trade-organization-protests-in-seattle

https://www.investopedia.com/terms/w/worldbank.asp

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.everycrsreport.com/reports/98-928.html&ved=2ahUKEwj86_n34-nzAhUCGaYKHXEdB1MQFnoECBMQBQ&usg=AOvVaw1YzWEI_6XgvYQMr5Q_hiFW

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.britannica.com/topic/euro&ved=2ahUKEwj5rf_n4unzAhU9y4sBHYHdB-gQFnoECAUQBQ&usg=AOvVaw16oHnOw-cV-PmRVn9CbwS6

https://www.economist.com/media/globalexecutive/outsourcing_revolution_e_02.pdf

https://www.timetoast.com/timelines/major-events-in-globalization

https://www.investopedia.com/terms/f/financial-crisis.asp

https://www.bbc.co.uk/history/british/abolition/africa_article_01.shtml

https://books.google.com.ph/books?id=ap149fCzZkkC&pg=PA14&lpg=PA14&dq=booming+business+steam+train&source=bl&ots=eUe1XrfhOP&sig=ACfU3U0YXR93q13MqhWNlWyUREhAcHGqKg&hl=en&sa=X&ved=2ahUKEwjMupqI7eTzAhXPfXAKHZ2PAoYQ6AF6BAgiEAM#v=onepage&q=booming%20business%20steam%20train&f=false

https://www.history.com/topics/great-depression/great-depression-history#:~:text=Photo%20Galleries-,The%20Great%20Depression%20was%20the%20worst%20economic%20downturn%20in%20the,wiped%20out%20millions%20of%20investors.

https://history.state.gov/milestones/1989-1992/collapse-soviet-union

https://www.history.com/topics/world-war-ii/united-nations

https://home.cern/science/computing/birth-web/short-history-web#:~:text=Tim%20Berners%2DLee%2C%20a%20British,and%20institutes%20around%20the%20world

https://www.britannica.com/topic/General-Agreement-on-Tariffs-and-Trade

https://www.britannica.com/event/Great-Depression

https://sites.google.com/site/lindsiewasadoptedbyphilippines/home/globalization-of-the-philippines

https://www.nerdwallet.com/article/investing/cryptocurrency-7-things-to-know#1.-what-is-cryptocurrency

https://www.worldbank.org/en/news/feature/2020/06/08/the-global-economic-outlook-during-the-covid-19-pandemic-a-changed-world

https://www.investopedia.com/terms/w/worldbank.asp

https://www.wto.org/english/thewto_e/whatis_e/inbrief_e/inbr_e.htm