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Song Dynasty in china produced the economic output, instruments, financial, technologies, and impetus for the medieval world economy that linked Europe and China by land and sea across Eurasia and the Indian Ocean.

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The creation of the ottoman empire spanning Europe, North Africa, and the Middle East, and connected politically overland with Safavids and dynasties in Central Asia and India. Creating the great imperial arch of integration that spawned a huge expansion of trade with Europe but ALSO raised the cost for trade in Asia for Europeans. a side effect of this was the movement of Genoese merchant wealth to Spain to search for a Western Sea route to the Indies.

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Globalization 1.0 was pre-World War 1 globalization, which was launched by a historic drop in trade costs when steam and other forms of mechanical power made it economical to consume goods made far away. This globalization came with almost no government support. There was no global governance unless you count the British Navy as the UN, the Bank of England as the IMF, and Britain’s free-trade stance as the WTO.

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Nations removed barriers to speed up trade and economic growth. That, in turn, boosted the rate at which workers became displaced. This displacement is a huge problem. But many economists and policymakers don't even recognize it.

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

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Marked as the beginning of a new era of mass consumption of news and entertainment. This is both technological and cultural, because television has become such an integral aspect of modern life, and greatly accelerates cultural globalization.

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The Great Depression was the worst economic downturn in the history of the industrialized world, lasting from 1929 to 1939. It began after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors.

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WWII was the greatest conflict of an era of mass warfare. Both the world wars required a vast mobilization of productive effort. Mobilization for the Second World War was more extensive than for the First. WWI was fought on land in Europe and the Near East and at sea in the Atlantic, while WWII was expanded to Asia and the Pacific and the air. While the major economies mobilized 30% to 60% of their national incomes for WWI, WWII demanded 50% to 70%. Both wars reached the limit of what was sustainable for a modern economy at the time.

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April 25, 1945: Established of United Nation

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April 25, 1945: Established of United Nation

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Due to the Second World War, the United Nations has been born. Furthermore, it leads to the beginning of the Cold War. The war has also been economic because capitalism started to enhance the world and it lead to the establishment of the International Monetary Fund (IMF).

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The World Bank is an international financial institution that provides loans and grants to the governments of low and middle-income countries to pursue capital projects.

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Dec 27, 1945: Established of International Monetary Fund

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Dec 27, 1945: Established of International Monetary Fund

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The IMF is an international organization that aims to promote global economic growth and financial stability, reduce poverty, and encourage international trade.

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The modern payment card was created in 1950 by Ralph Schneider and Frank McNamara who founded Diners Club. This was the first general-purpose charge card, but it required consumers to pay each month's statement balance in full.

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OPEC is both a political and economical event since it is an intergovernmental organization (political) and it is about a fair and stable price for petroleum producers.

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The oil price shocks of the 1973 forced many Americans for the first time to realize that the US economy was not independent of the rest of the world. The recessions following the oil crises of 1973 and in 1979 led to both recession and inflation simultaneously. The oil price shocks set into motion events that are still present in today’s global economy.

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Dec 1978: Opening of China to the rest of the world

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Dec 1978: Opening of China to the rest of the world

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China opened up to the rest of the world, allowing trade between China and other countries.

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The creation of the steam train made it possible to trade materials faster as well as letting humans move from one place to another faster. It helped advance the economies of the world

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November 9, 1989: The Berlin Wall had fallen

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November 9, 1989: The Berlin Wall had fallen

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The fall of the Berlin Wall signaled the fall of the Soviet Union and communism. 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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Is considered the official birthday of the Internet. Prior to this, the various computer networks did not have a standard way to communicate with each other. A new communications protocol was established called Transfer Control Protocol/Internetwork Protocol (TCP/IP).

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This technological development has had a heavy influence on globalization- information from all over the world is at the fingertips of many, as is the ability to distribute information. Smartphones are part of what allows the connection between Arlington and Groningen to exist.

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Jan 1, 1995: Established of World Trade Organization

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Jan 1, 1995: Established of World Trade Organization

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WTO is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably, and freely as possible.

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Globalization 3.0 allowing individuals all over the world to talk, work and enjoy leisure activities would not be possible without the spread of the Internet and the world wide web. Not mentioned is the effect such globalization 3.0 is having on the nation-state, and the rise of "region-states" new forms of government with new and unlimited power.

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Pros
• Economic Globalization provides businesses with a competitive advantage by allowing them to source raw materials where they are inexpensive. Globalization also gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.

• Different parts of a product may be made in different regions of the world.

• More jobs in countries where jobs are needed, which can have a positive effect on the national economy and result in a higher standard of living.

• Consumers will benefit too because globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers.

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Cons
• Workers in the developed world must compete with lower-cost markets for jobs; unions and workers may be unable to defend against the threat of corporations that offer the alternative between lower pay or losing jobs to a supplier in a less expensive labor market.

·• Economic Globalization may contribute to income disparity and inequality between the more educated and less educated members of a society. This means that unskilled workers may be affected by declining wages, which are under constant pressure from globalization.

• It encourages the development and spreading of disease. Having a globalized economy means that there will be more people traveling internationally than ever before. As the 2014 Ebola outbreak showed, an illness can spread quickly when people hop onto airplanes and can travel anywhere in the world in 2 days or less. With more people doing this, more diseases are going to spread into places of the world where they generally aren’t seen today.

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Question 1: In your own words, describe the concept of neoliberalism

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Question 1: In your own words, describe the concept of neoliberalism

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Neoliberalism is simply described as a free market. It allows international trade, reduces marginal tax rates, deregulation of markets, and reduces government debt. There were a lot of lawmakers who were all about removing restrictions on markets and allows the market to operate free of any impediments in which societal resources are distributed efficiently and justly such as deregulating capital markets, eliminating price controls, and reducing through privatization in the economy. Because they believed in the concept that consumers will vote with their dollars and those who don't operate in the consumers' best interests will go out of business.

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

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

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Neoliberalism aims are to facilitate international trade. It's all about the free movement of goods, resources, and businesses to always locate cheaper resources and increase profitability and efficiency. To make it possible they raise profits by minimizing the costs of investment and having the market have a free operation with a long-run advantage to improved economic welfare and individual freedom. Resources can be utilized by investing in research and development without restrictions and regulations which open businesses to more possibilities to develop new products, and venture into foreign countries. Meaning government would need to collect fewer taxes to both businesses and consumers.

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

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

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According to Joseph Stiglitz globalization has not been implemented carefully or sufficiently he says we are now facing dire results, including increases in destitution and social conflict, and widespread frustration. Because globalization supposed to bring benefits to both developed and less developed countries, on the contrary, it generated antipathy or aversion to these countries due to inequitable share of benefits many of the less developed countries made worst off it while developed countries get the largest share of the gains due to the asymmetric way of globalization. Gaining global economic stability without the appropriate safeguards and capital market liberalization have been pushed too far that consequences in greater instability. Few countries learned how to manage globalization for their own benefit while leaving other countries to not be able to afford products such as generic medicines needed to sustain lives which puts economic values (profits) over the interest of the value of life.

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• A Quick Guide to the World History of Globalization (upenn.edu)

• When Did Globalization Start? (investopedia.com)

• HISTORY OF GLOBAL ECONOMY (usi.edu)

• Economic Globalization – Pros and Cons (with Examples) (helpfulprofessor.com)

• 12 Economic Globalization Pros and Cons - BrandonGaille.com

• https://www.history.com/topics/great-depression/great-depression-history

• https://voxeu.org/article/economics-second-world-war-seventy-five-years-new-ebook

•https://www.jri.co.jp/english/periodical/rim/1999/RIMe199904threereforms/

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

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

• https://americanhistory.si.edu/american-enterprise-exhibition/consumer-era/energy-crisis

• History (worldbank.org)

• The History of Credit Cards - Experian

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Austria, Keans Erol T.
Ginete, Crystal Jeanne
Guevarra Jr, Ferdinand
Recto, Sherwin R.