Important Global Economic Highlights by Ashdelyte Yecla

Important Global Economic Highlights by Ashdelyte Yecla https://padlet.com/yan2061/xbeq8lsmkhzfka84 ECE31 || Ashdelyte N. Yecla || Keith Lomongo || James Walter Apitan || Anthony Suck en-us 2021-10-27 11:28:38 UTC 2023-02-16 20:02:50 UTC hello@padlet.com Incense Route (Classical Era) yan2061 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849192503 It is a series of ancient land and sea trading routes that connected the Mediterranean to the southern and eastern sources of spices and other commodities. "Other commodities like Gold, Somali incense, animal skins, feathers, and rare woods were traded from Africa while fine textile, silk, ebony, pearls, precious stones, and Indian spices were obtained from Southeast Asia". It enabled long-distance trades through land and sea routes with its center as Gerrha. The route also incited the establishment of the city of Petra.]]> 2021-10-27 18:45:59 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849192503 Silk Road (Classical Era) yan2061 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849239020 It is an ancient trade route that connected China and the Far East with the Middle East and Europe. It is the most prominent trade route that carried goods and ideas between China and Ancient Rome. China exports Silk while Ancient Rome exports wool, gold, and silver. China also received Nestorian Christianity and Buddism through this route.

"Along the Silk Roads, technology traveled, ideas were exchanged, and friendship and understanding between East and West were experienced for the first time on a large scale. Easterners were exposed to Western ideas and life-styles, and Westerners, too, learned about Eastern culture and its spirituality-oriented cosmology. Buddhism as an Eastern religion received international attention through the Silk Roads." - Vadime Elisseeff (2000)]]> 2021-10-27 19:07:31 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849239020 Discovery of the America (15th Century) yan2061 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849492569 In 1492 Christopher Columbus set foot in the Americas probably the Bahamas and Cuba where he first set up a colony for Spain. Later on, on his next voyages, he set foot on the South American continent and planted the Spanish flag in Venezuela on August 1, 1498. He is then to head to Central America for his task to find a strait and gold. He had discovered the "New World" for Europe, the riches of which would help make Spain the wealthiest and most powerful nation on the planet over the next century. This also marks the Columbian Exchange where the widespread transfer of plants, animals, precious metals, commodities, culture, human populations, technology, diseases, and ideas between the Americas and the old world.]]> 2021-10-27 21:28:26 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849492569 Vasco De Gama's Establishment of the sea route to India (15th Century) yan2061 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849546332 In 1495, Vasco Da Gama was appointed by the new king of Portugal King Manuel I to lead an expedition to send a Portuguese fleet to India to open the sea routes of Asia. This discovery ended the monopoly of Muslims with the trade with India and other eastern states. It also ended the Venetian monopoly of spice in Europe and the resulting price drops help the economy of Portugal to grow. ]]> 2021-10-27 22:08:16 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849546332 The Circumnavigation of the globe by Ferdinand Magellan (16th Century) yan2061 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849570338 On September 20, 1519, Ferdinand Magellan began his quest to achieve Christopher Columbus plan to establish a spice route by travelling west. On September 6, 1522, Juan Sebastian Elcano returned with 17 others and successfully completing the circumnavigation. This discovery opens a direct route to Asia through the pacific ocean. Their voyage not only opens a route but also a scientific one. They discovered animals new to European science, and accidentally discovered the difference in time which later on prompted the development of International date lines.]]> 2021-10-27 22:28:00 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849570338 Black Death (14th Century) yan2061 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849659764 A massive outbreak of Bubonic Plague occurred in Afro-Eurasia from 1346 to 1353. With estimated death of 75 million up to 200 million, the economy of Afro-Eurasia dwindled down. With manpower on the decline, the wages soared as labor shortage is present. The term quarantine also has its origin from this period.]]> 2021-10-27 23:39:37 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849659764 First Industrial Revolution (Late 18th and early 19th century)(Globalization 1.0) yan2061 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849691333 It was a transition from an agrarian and handicraft economy to one dominated by industry and machine manufacturing in Britain, continental Europe, and the United States. Steam engines are one of the most prominent and notable inventions of this era, they have many applications such as in mining and transportation. Railways were made practical since the emerge of the steam engine. Steamboats are also introduced. These enabled for much faster and better transportation of people and goods. The introduction and improvement of the steam engine were believed to be the heart of the industrial revolution. It also marks the beginning of standardization.]]> 2021-10-28 00:00:57 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849691333 Second Industrial Revolution (Late 19th and early 20th century)(Globalization 2.0) yan2061 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849765715 This was a phase in which the world encountered rapid standardization and industrialization. Innovations such as manufacturing interchangeable parts, machine tool industry, and production of steel with the invention of the Bessemer Process. One of the most notable features of this revolution was electrification. It enabled factories to improve working conditions which leads to greater efficiency. It is also the advent of mass production or production line which yields product faster than before. ]]> 2021-10-28 00:37:54 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849765715 Panama Canal (Early 20th Century) yan2061 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849784183 An artificial canal was built on August 15, 1914. It connects the Atlantic ocean and the pacific ocean and divides north and south America. It shortens the travel time between Asia and Europe using a sea route. "By providing a short, relatively inexpensive passageway between these two great bodies of water, the Canal has influenced world trade patterns, spurred growth in developed countries, and has been a primary impetus for economic expansion in many remote areas of the world."]]> 2021-10-28 00:45:34 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849784183 Suez Canal (Late 19th Century) yan2061 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849804245 An artificial man-made sea-level waterway in Egypt. It was built on November 17, 1869, it connected the Mediterranean sea to the Indian Ocean via the Red sea. It enabled a direct shipping line between Europe and Asia. Due to its importance in international trade, it has been the center of dispute since it was opened. It was intended to be used by all countries whether its commerce or war but that hasn't always been the case.]]> 2021-10-28 00:53:54 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849804245 References: yan2061 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849856413 Migiro, G. (2018, August 21). What was traded in the Incense Trade Route? WorldAtlas. Retrieved October 27, 2021, from https://www.worldatlas.com/articles/what-was-traded-in-the-incense-trade-route.html.

Centre, U. N. E. S. C. O. W. H. (n.d.). Incense route - desert cities in the negev. UNESCO World Heritage Centre. Retrieved October 27, 2021, from https://whc.unesco.org/en/list/1107.

Elisseeff, V. (2000). The Silk Roads: Highways of Culture and Commerce. Berghahn Books.

Encyclopædia Britannica, inc. (n.d.). Silk road. Encyclopædia Britannica. Retrieved October 27, 2021, from https://www.britannica.com/topic/Silk-Road-trade-route.

The history of Trade in Ancient Times. Transplace. (2021, March 19). Retrieved October 27, 2021, from https://www.transplace.com/knowledge-base/the-history-of-trade-in-ancient-times/.

History.com Editors. (2017, November 3). Silk road. History.com. Retrieved October 27, 2021, from https://www.history.com/topics/ancient-middle-east/silk-road.

A&E Television Networks. (2010, July 21). Columbus lands in South America. History.com. Retrieved October 27, 2021, from https://www.history.com/this-day-in-history/columbus-lands-in-south-america.

History.com Editors. (2009, November 9). Christopher Columbus. History.com. Retrieved October 27, 2021, from https://www.history.com/topics/exploration/christopher-columbus.

Enochs, K. (2016, October 10). The real story: Who discovered America. VOA. Retrieved October 27, 2021, from https://www.voanews.com/a/who-discovered-america/3541542.html.

Encyclopædia Britannica, inc. (n.d.). Vasco da Gama. Encyclopædia Britannica. Retrieved October 27, 2021, from https://www.britannica.com/biography/Vasco-da-Gama.

Magazine, S. (2015, November 2). The spice that built Venice. Smithsonian.com. Retrieved October 27, 2021, from https://www.smithsonianmag.com/travel/spice-trade-pepper-venice-180956856/.

Encyclopædia Britannica, inc. (n.d.). Industrial revolution. Encyclopædia Britannica. Retrieved October 28, 2021, from https://www.britannica.com/event/Industrial-Revolution.

Industrial history of European countries. ERIH. (n.d.). Retrieved October 28, 2021, from https://www.erih.net/how-it-started/industrial-history-of-european-countries.

Panama Canal Authority. Maritime Services - PanCanal.com. (n.d.). Retrieved October 28, 2021, from https://www.pancanal.com/eng/maritime/routes.html.

History.com Editors. (2018, February 16). Suez Canal. History.com. Retrieved October 28, 2021, from https://www.history.com/topics/africa/suez-canal.

New Zealand Ministry of Foreign Affairs and Trade. (n.d.). The importance of the Suez Canal to global trade - 18 April 2021. New Zealand Ministry of Foreign Affairs and Trade. Retrieved October 28, 2021, from https://www.mfat.govt.nz/en/trade/mfat-market-reports/market-reports-middle-east/the-importance-of-the-suez-canal-to-global-trade-18-april-2021/.

Encyclopædia Britannica, inc. (n.d.). Suez Canal. Encyclopædia Britannica. Retrieved October 28, 2021, from https://www.britannica.com/topic/Suez-Canal.

World War I (1914–1918)

https://www.britannica.com/event/World-War-I

Russian Revolution

https://www.history.com/topics/russia/russian-revolution

The Great Depression

After the stock market crash of 1929, the American economy spiraled into a depression that would plague the nation for a decade.

https://www.khanacademy.org/humanities/us-history/rise-to-world-power/great-depression/a/the-great-depression

Impact of World War II on the U.S. Economy and Workforce

https://www.iowapbs.org/iowapathways/artifact/impact-world-war-ii-us-economy-and-workforce

The creation of a fixed currency exchange rate pegged to the gold standard

https://corporatefinanceinstitute.com/resources/knowledge/finance/bretton-woods-agreement/

History of the UN

https://www.un.org/un70/en/content/history/index.html

Cold War

international politics

https://www.britannica.com/event/Cold-War

General Agreement on Tariffs and Trade

international relations

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

Economic Globalization

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

The history of the European Union

https://europa.eu/european-union/about-eu/history_en

Economic Globalization

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

Economic Globalization

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

A short history of the internet. (2020, December 3). National Science and Media Museum. https://www.scienceandmediamuseum.org.uk/objects-and-stories/short-history-internet

Were There Cryptocurrencies Before Bitcoin? (2021, May 14). Investopedia. https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/

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

Pak, A. (2020). Economic Consequences of the COVID-19 Outbreak: the Need for Epidemic Preparedness. Frontiers. https://www.frontiersin.org/articles/10.3389/fpubh.2020.00241/full

]]> 2021-10-28 01:14:36 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1849856413 World War 1 (1914–1918)(First World War, Great War, WWI) lko1645 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1853950307 World War I, also called First World War or Great War, an international conflict that in 1914–18 embroiled most of the nations of Europe along with Russia, the United States, the Middle East, and other regions. The war pitted the Central Powers—mainly Germany, Austria-Hungary, and Turkey—against the Allies—mainly France, Great Britain, Russia, Italy, Japan, and, from 1917, the United States. It ended with the defeat of the Central Powers. The war was virtually unprecedented in the slaughter, carnage, and destruction it caused.

]]> 2021-10-29 13:38:05 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1853950307 Russian Revolution (Jan 1, 1917 – Jan 1, 1922) lko1645 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854009082 The Russian Revolution of 1917 was one of the most explosive political events of the twentieth century. The Russian Revolution ended in the control of the Communist Party. The violent revolution marked the end of the Romanov dynasty and centuries of Russian Imperial rule. During the Russian Revolution, the Bolsheviks, led by leftist revolutionary Vladimir Lenin, seized power, and destroyed the tradition of czarist rule. The Bolsheviks would later become the Communist Party of the Soviet Union.

]]> 2021-10-29 14:01:32 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854009082 Great Depression (1929 - 1939) lko1645 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854034057 The Great Depression was the worst economic downturn in US history. It began in 1929 and did not abate until the end of the 1930s. The stock market crash of October 1929 signaled the beginning of the Great Depression. By 1933, unemployment was at 25 percent and more than 5,000 banks had gone out of business. Although President Herbert Hoover attempted to spark growth in the economy through measures like the Reconstruction Finance Corporation, these measures did little to solve the crisis. Franklin Roosevelt was elected president in November 1932. Inaugurated as president in March 1933, Roosevelt’s New Deal offered a new approach to the Great Depression.

]]> 2021-10-29 14:11:17 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854034057 Worl War 2 (1939–1945)(Second World War, WWII) lko1645 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854061430 World War II was fought between the Axis Powers (Germany, Italy, Japan) and the Allied Powers (Britain, United States, Soviet Union, France) started in 1939 when Germany invaded Poland. It was the deadliest war in all of human history with around 70 million people killed. American factories were retooled to produce goods to support the war effort and almost overnight the unemployment rate dropped to around 10%. As more men were sent away to fight, women were hired to take over their positions on the assembly lines.

]]> 2021-10-29 14:22:10 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854061430 Bretton Woods Agreement (July 1, 1944) lko1645 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854075814 The Bretton Woods Agreement established a system through which a fixed currency exchange rate could be created using gold as the universal standard. The agreement involved representatives from 44 nations and brought about the creation of the International Monetary Fund (IMF) and the World Bank. The fixed currency exchange rate system eventually failed; however, it provided much-needed stability at the time of its creation.

]]> 2021-10-29 14:27:43 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854075814 United Nations (October 24,1945) lko1645 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854093785 An international organization founded in 1945 after the Second World War by 51 countries committed to maintaining international peace and security, developing friendly relations among nations, and promoting social progress, better living standards and human rights, and helping stabilize the global economy, money and trade was encouraged between countries which directly affected the economy.

]]> 2021-10-29 14:34:54 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854093785 Start of the Cold War (1945) lko1645 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854102658 The Cold War was waged on political, economic, and propaganda fronts and had only limited recourse to weapons. The term was first used by the English writer George Orwell in an article published in 1945 to refer to what he predicted would be a nuclear stalemate between “two or three monstrous super-states, each possessed of a weapon by which millions of people can be wiped out in a few seconds.” It was first used in the United States by the American financier and presidential adviser Bernard Baruch in a speech at the State House in Columbia, South Carolina, in 1947.

]]> 2021-10-29 14:38:26 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854102658 General Agreement on Tariffs and Trade (October 30,1947) lko1645 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854117077 The agreements negotiated through GATT reduced average tariffs on industrial goods from 40 per cent (1947) to less than five per cent (1993). It was an early step towards economic globalization. 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.

]]> 2021-10-29 14:44:04 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854117077 Hayek's theory wins Nobel Prize in Economics (1974) lko1645 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854141590 In the 70's, after Keynes theory of government involvement was failing, Hayek's became popular, and eight percent of the world's economy were capitalistic. The free market began to expand when the Cold War ended, and twenty-eight percent of the world's economies were capitalistic. The value of foreign trade reached 664 billion dollars with more countries with similar mindsets. The free market allowed more money to flow between countries.

]]> 2021-10-29 14:53:29 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854141590 Formation of the European Union (EU) (1993) lko1645 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854167810 The EU grew out of a desire to form a single European political entity to end the centuries of warfare among European countries that culminated with World War II and decimated much of the continent. The European Single Market was established by 12 countries in 1993 to ensure the so-called four freedoms: the movement of goods, services, people, and money.

]]> 2021-10-29 15:05:13 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854167810 Collapse of the Soviet Union (1988–1991) lko1645 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854189594 The city was reunited with the Berlin wall being destroyed 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.

]]> 2021-10-29 15:14:57 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854189594 World Trade organization (1995) lko1645 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854204417 Emerging from the GATT (General Agreement on Tariffs and Trade), the World Trade Organization was helping to regulate trade through services such as telecommunications and banking. The WTO (World Trade Organization) also helped create rules to protect copyright and intellectual property. This encouraged more trade and generated more money in the global economy.

]]> 2021-10-29 15:21:33 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1854204417 The Invention of Internet (1950) sac0810 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1855658327 The internet was first used in the 1950s in the United States. During the Cold War, tensions between North America and the Soviet Union were at an all-time high. Both superpowers had lethal nuclear weapons, and the general public was terrified of long-range surprise attacks. The importance of having a communications system that could withstand a nuclear attack was recognized by the United States. Computers were only used by military scientists and university professors back then. Researchers became dissatisfied as these machines became more powerful but fewer in number. They required technology, but had to travel long distances to get it. As a solution to this problem, researchers began experimenting with 'time-sharing.' Despite having only a fraction of the computer's actual power available, users could connect to a mainframe computer via multiple terminals. Due to the difficulty of using large-scale computer networks, many scientists, engineers, and organizations have investigated them.

]]> 2021-10-30 15:55:09 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1855658327 The First Cryptocurrency (2009) sac0810 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1855663274 Under the pseudonym Satoshi Nakamoto, a programmer (or group of programmers) introduced blockchain technology and decentralized digital currencies to the world in 2009, ushering in a new era of decentralized digital currencies. "The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work," Satoshi writes in his whitepaper outlining bitcoin, for the first time introducing blockchain technology. Satoshi's whitepaper is the first to describe the concept of bitcoin, which states that "the network timestamps transactions by hashing them into an ongoing chain."

]]> 2021-10-30 16:00:07 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1855663274 Fukushima Disaster (2011) sac0810 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1859045661 On March 11, 2011, a 9.0 quake hit Japan. In the northeastern coast of the country, a 133-foot tsunami hit. The disaster claimed over 18,000 lives and thousands more went missing. The earthquake and tsunami caused an estimated $220 billion in damage. Damaged the Fukushima nuclear plant, leaking radioactive material. The "Triple Disaster" devastated Japan's economy. It halted the country's nuclear industry and convinced Europe to reduce its nuclear energy reliance.]]> 2021-11-01 15:09:40 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1859045661 Corona Virus (2020) sac0810 https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1859089931 COVID-19, a global pandemic and public health calamity, has harmed the global economy and financial markets. Many countries' disease prevention programs have resulted in considerable financial losses, increased unemployment, and disruptions in the transportation, commercial, and industrial sectors. As a result of the COVID-19 outbreak, it became clear that most nations misjudged the threat and responded reactively. Because disease outbreaks are unlikely to stop soon, a proactive global response is necessary. This will save lives and protect economic progress. The WHO has proclaimed a pandemic starting March 11, 2020. COVID-19 is blamed for three million illnesses and 207,973 deaths in 213 countries and territories. The sickness has harmed both public health and the global economy. Reduced productivity, deaths, corporate closures, trade disruptions, and the destruction of the tourism industry have already caused tremendous economic harm globally.]]> 2021-11-01 15:23:56 UTC https://padlet.com/yan2061/xbeq8lsmkhzfka84/wish/1859089931