Global Economic Highlights by Fritz Albert https://padlet.com/vfl0880/8lsro3snlpmz433y Babilonia, John Joshua || Casipit, Mon Eriel || Piocos, Janine Bianca || Rivera, Alyssa Mae || Villaflores, Fritz Albert {ECE 32} en-us 2021-10-23 01:24:59 UTC 2025-10-13 15:18:36 UTC hello@padlet.com https://padlet.net/icons/png/1f3d9.png Silk road, Ancient and Medieval period vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838471896 Because it facilitated the movement of cultures, goods, and ideas, the Silk Road was a catalyst for the emergence of many types of globalization. The spread of religion and civilizations along the Silk Road played a significant role in the advancement of globalization. Along the Silk Road, Christianity from the West, Islam from the Middle East, and Buddhism from the East came into contact and eventually became intertwined.

Source: 
Davis, B. (2019). How did the Silk Road contribute to cultural exchange and cultural diffusion? Access denied | www.mvorganizing.org used Cloudflare to restrict access. https://www.mvorganizing.org/how-did-the-silk-road-contribute-to-cultural-exchange-and-cultural-diffusion/



]]> 2021-10-23 21:33:57 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838471896 Spice routes, Medieval period vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838474159 Spices arrived in Europe via land routes (the Silk Road) and marine channels in the 15th century (the Spice Route). The Spice Routes are a series of maritime routes that link East and West. These spices were in high demand for both cooking and medicinal purposes. Spices were the most profitable items traded, giving the routes their name. Vasco Da Gama was one of the pioneers to discover a route that would connect Europe and Asia.

Sources: 
Cartwright (2021). The Spice Trade & the Age of Exploration. Retrieved from https://www.worldhistory.org/article/1777/the-spice-trade--the-age-of-exploration/

UNESCO (2014). What are the Spice Routes?. Retrieved from https://en.unesco.org/silkroad/content/what-are-spice-routes#:~:text=The%20Spice%20Routes%2C%20also%20known,across%20the%20Mediterranean%20to%20Europe.]]> 2021-10-23 21:37:10 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838474159 Magellan’s Circumnavigation vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838476479 Ferdinand Magellan’s circumnavigation began on September 20, 1519. The reason for his circumnavigation was to find a Spanish route leading to the spice island of Moluccas. It was the first recorded circumnavigation around the globe and connected the East and West opening a new chapter allowing countries to interact with each other by means of trading.

Source:
Anthony, D. (2020). 
Magellan’s Circumnavigation of the Earth. Retrieved from https://origins.osu.edu/milestones/magellan-circumnavigation-earth]]> 2021-10-23 21:40:15 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838476479 Suez Canal, 1869 vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838477421 The Suez Canal is a man-made canal that allows trade between Europe and Asia to be faster and safer. Because of its importance for international trade, the canal has been a source of dispute from its inception in 1869. Currently, 50 ships sail through the canal on a daily basis, delivering around 300 million tons of cargo each year.

Source:
History.com Editors. (2018, February 16). Suez Canal. History. Retrieved from https://www.history.com/topics/africa/suez-canal. 

]]> 2021-10-23 21:41:28 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838477421 Industrial Revolution, early 19th century vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838477900 The Industrial Revolution began during the 19th century. Technological changes such as machine manufacturing and industrial manufacturing dominated the old agriculture-based economy that marked the beginning of the industrial revolution. The most notable invention during the Industrial was the steam engine. The Railway system began allowing people to travel at a faster rate which improved productivity and efficiency.

Source:
History.com editors (2019). Industrial Revolution. Retrieved from https://www.history.com/topics/industrial-revolution/industrial-revolution]]> 2021-10-23 21:42:06 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838477900 WWI, 1914-1918 vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838478366 World War I, also known as the Great War, began in 1914 after the assassination of Archduke Franz Ferdinand of Austria. His assassination started a European conflict that lasted until 1918. During the war, the Central Powers (Germany, Austria-Hungary, Bulgaria, and the Ottoman Empire) fought alongside the United Kingdom, France, Russia, Italy, Romania, Japan, and the United States (the Allied Powers). The aftermath of the war altered the global economic balance, leaving European countries deeply in debt and establishing the United States as the world's dominant industrial power and creditor. In most countries, inflation soared, and the German economy was severely harmed after making reparations.

Source:
History.com editors (2014). World War I. Retrieved from https://www.history.com/topics/world-war-i/world-war-i-history

History on the Net (2019). Effects of World War 1. Retrieved from https://www.historyonthenet.com/effects-of-world-war-1]]> 2021-10-23 21:42:44 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838478366 Russian Revolution, 1922 vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838478955 The Russian Revolution set the groundwork for communism's global emergence as a powerful political ideology system. Communist Party gained control of Russia. It paved the way for the Soviet Union's ascension to global prominence. Russia's economic structure was radically altered. It quickly disproved private property theory, relying instead on the state's ownership of all assets.

Source:
A&E Television Networks. (2009, November 9). Russian revolution. History. Retrieved from https://www.history.com/topics/russia/russian-revolution. ]]> 2021-10-23 21:43:31 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838478955 The Great Depression, 1929-1941 vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838479255 The Great Depression was the worldwide economic downturn in the history that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world, sparking fundamental changes in economic institutions, macroeconomic policy, and economic theory. Although it originated in the United States, the Great Depression caused drastic declines in output, severe unemployment, and acute deflation in almost every country of the world. Its social and cultural effects were no less staggering, especially in the United States, where the Great Depression represented the harshest adversity faced by Americans since Civil War.

]]> 2021-10-23 21:43:53 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838479255 Creation of UN, 1945 vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838480164 One of the objectives of the United Nations is to maintain international peace and security as well as social cooperation. The organization was intended to stabilize trade, money, and the global economy.

Source:
History.com Editors. (2018, April 4). United Nations. HISTORY. https://www.history.com/topics/world-war-ii/united-nations]]> 2021-10-23 21:45:10 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838480164 Hayek's theory wins Nobel Prize in Economics (simply Capitalism), 1974 vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838480945 For their pioneering work in the theory of money and economic fluctuations, as well as their profound study of the interconnection of economic, social, and institutional phenomena, Hayek received the Nobel Prize in Economics in 1974, as did Myrdal.
Astonishing breakthrough in economics, his hypothesis on how changing prices communicate information to help people arrange their finances was a huge success

Source:
Who was Friedrich Hayek? (n.d.). Investopedia. https://www.investopedia.com/terms/f/friedrich-hayek.asp
 ]]> 2021-10-23 21:46:13 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838480945 Iron Curtain collapsed, 1989 vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838481421 Specifically, the Iron Curtain refers to an imaginary line that divides Europe into two parts: those under Soviet influence and those under Western influence. It represents the Soviet Union's efforts to prevent itself and its satellite states from having open contact with the West and non-Soviet-controlled areas. The fall of the Berlin Wall signified the end of the Iron Curtain, as communism crumbled and freedom and democracy spread throughout the Soviet Union and Eastern Bloc countries. By finally triumphing, the West demonstrated that principles cannot be artificially contained within walls and bounds.

Source:
Iron Curtain. (n.d.). Info: Main Page - New World Encyclopedia. https://www.newworldencyclopedia.org/entry/Iron_curtain]]> 2021-10-23 21:46:51 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838481421 Low Tariff rates, 2000 vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838481741 Total world trade has increased by 22 times by the year 2000, compared to the previous year. Increased multilateral international trade happened at the same time that trade barriers, particularly tariffs, were being reduced or, in some cases, eliminated around the world. Numerous economic gains are generated as a result of tariff reductions, including lower living costs, higher incomes, and increased productivity.

Source: 
Tariff reduction and the growth of international trade. (n.d.). Encyclopedia Britannica. https://www.britannica.com/topic/tariff/Tariff-reduction-and-the-growth-of-international-trade]]> 2021-10-23 21:47:17 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838481741 Internet revolution, 2005 vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838482001 In the early millennium, most households in the U.S had access to personal computers. 2005 was the benchmark year where things started to shift from analog to digital. Through this, global communication and trade furthered. One of the issues that stemmed from this is cybersecurity and lack of regulations.

Source:
Kaufman, M. (2013, January 22). The Internet Revolution is the new industrial revolution. Forbes. Retrieved from https://www.forbes.com/sites/michakaufman/2012/10/05/the-internet-revolution-is-the-new-industrial-revolution/?sh=425046bf47d5. 

]]> 2021-10-23 21:47:37 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838482001 Colonization, 15th-18th centuries vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838482743 In the 15th century, Europe wanted to establish trade routes to new nations and spread Christianity to the East.
During the European Age of Discovery, global colonial empires grew, connecting Europe, Asia, Africa, and the New World.
Slave demand surged as European colonial powers expanded into the New World, making the slave trade lucrative for many West African kingdoms.

Source:
The expansion of Europe | Boundless US history. (n.d.). Lumen Learning – Simple Book Production. https://courses.lumenlearning.com/boundless-ushistory/chapter/the-expansion-of-europe/

]]> 2021-10-23 21:48:39 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838482743 World War II, 1939-1945 vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838482763 World War II ushered in a cultural and economic change, and the aftermath still reverberates today. Many nations were physically and financially destroyed after WWII, yet they restored many old infrastructures, resulting in an attitude of inventing new technology and economic models.

Sources:
Boyte-White, C. (2021, October 12). The Basic Economic Effects World War II had on the global economy. Investopedia. Retrieved from https://www.investopedia.com/ask/answers/112814/how-did-world-war-ii-impact-european-gdp.asp. ]]> 2021-10-23 21:48:40 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838482763 World Trade Organization, 1995 vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838482778 The World Trade Organization (WTO) is an international organization that regulates and liberalizes global trade. The General Agreement on Tariffs and Trade is the precursor of the WTO. The organization's principal purpose is to make trade flow as easily, reliably, and freely as plausible.

Source:
What is the WTO? World Trade Organization. (n.d.). Retrieved from https://www.wto.org/english/thewto_e/thewto_e.htm. ]]> 2021-10-23 21:48:42 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838482778 World flattening, 2010 vfl0880 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838482800 According to Freidman, the playing field is 'leveling'. The world has diversified and opened more opportunities and chances to collaborate, thus having globally competitive individuals. A few of the multiple dimensions in globalization are outsourcing, offshoring, etc. as it became prevalent.

Source:
The New York Times. (2005, April 3). It's a flat world, after all. The New York Times. Retrieved from https://www.nytimes.com/2005/04/03/magazine/its-a-flat-world-after-all.html. ]]> 2021-10-23 21:48:43 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1838482800 Bretton Woods System, 1944 cme1030 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1840553909 Two financial institutions were established namely IMF (International Monetary Fund) and IBRD (International Bank for Reconstruction and Development) which is later renamed as World Bank.

Source:
Corporate Finance Institute. (2021, September 10). Bretton Woods agreement. https://corporatefinanceinstitute.com/resources/knowledge/finance/bretton-woods-agreement/#:]]> 2021-10-25 04:03:57 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1840553909 General Agreement on Tariffs and Trade, 1947 cme1030 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1840615111 The General Agreement on Tariffs and Trade (GATT) was signed, promoting free trade among member countries. This agreement aims to help the economy recover after World War II by rebuilding and liberalizing global trade.

Source:
WTO | 2017 news items - 70th anniversary of the general agreement on tariffs and trade. (n.d.). World Trade Organization - Global trade. https://www.wto.org/english/news_e/news17_e/gen_30oct17_e.htm]]> 2021-10-25 04:39:11 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1840615111 COVID-19 Recession, 2020 rab0081 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1843783433 The COVID-19 recession is a global economic downturn that started in February 2020. Following the global recession, countries throughout the world have adopted policies such as limiting travel, closing non-essential enterprises, and imposing social distancing regulations, which are having an economic impact. Every advanced and emerging economy has entered a recession or depression within seven months.

Source:
Covid-19 to plunge global economy into worst recession since World War II. World Bank. (n.d.). Retrieved from https://www.worldbank.org/en/news/press-release/2020/06/08/covid-19-to-plunge-global-economy-into-worst-recession-since-world-war-ii. ]]> 2021-10-26 03:36:25 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1843783433 Review #1 by Charlee Mesina mce0852 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1844664511 For me, the group did an excellent job as they provided the essential information to highlight twenty (20) significant events of Economic Globalization. Each year in the timeline discusses what really made that specific event a significant part of economic globalization, and how that event paved the way to how people see the concept of globalization now. The texts provided were enough to simply understand each event (or for it to be easily understood), and the given images were great as they provide a good visual for each given event. They also provided the sources in proper APA format, which is very much needed to support their work. Overall, their work is a 10 out of 10. 

]]> 2021-10-26 11:43:50 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1844664511 Review #2 by Julia Moralidad mma1718 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1845738734
This timeline highlighted the most significant economic events from the Ancient and Medieval period up to present which greatly contributes to Economic globalization. The group organized the information well by giving a brief and concise description with images and proper citation of sources, emphasizing how each event becomes significant. I noticed that the events they most highlighted are related to trade, which really affects the economic integration of different countries. Overall, I will give this group's work a rating of 10 out of 10.]]> 2021-10-26 17:10:48 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1845738734 Review #3 by Alexander Cabral chriscabral071100 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1846651531
The timeline presented by the group clearly depicts the significant highlight of events pertaining to Economic Globalization that occurred over the years up to today’s time.  Each entry provided in the timeline presents how each event affected/transformed the economy as well as its effect to each individual. As for the overall design and presentation of the timeline, the group had provided relevant visuals and titles for each event alongside brief descriptions which made the information much easier for the readers to understand.  The group also included properly-cited sources which highly contributes to the credibility of each event pertaining to the global economic highlights. Finally, I commend the group as their work effectively discussed the topic throughout the presentation. Being said, I would give a 10/10 rating for this group.

]]> 2021-10-27 00:51:31 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1846651531 Review #4 By Mc Kristian Algara aka0263 https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1846703127         The group did a great work in researching as they highlight 20 integral events in history that affects globalization and global economics. I agree to all 20 highlights they presented since I also believe that these events in history really had an impactful effect on economic globalization. On top of that, the description placed at each highlight was on point and it clearly explained why it is considered a global economic highlight.

        On the other hand, in terms of the design and technicalities, the group did a great job in designing and in presenting the 20 global economic highlights in a clear yet aesthetically pleasing way. Particularly, I like the use of an urbanscape background as it really signifies economic globalization. Likewise, the sources used were gathered and were presented in a proper manner.

        Overall, the group did an amazing job in terms of researching, designing and presenting 20 global economic highlights. If I were to give this group a grade, I would give it a 10 out of 10 grade. Great job!

]]> 2021-10-27 01:11:47 UTC https://padlet.com/vfl0880/8lsro3snlpmz433y/wish/1846703127