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Contemporary

The postwar period (1945-1970s) established key institutions like the IMF and World Bank, while the Cold War limited globalization due to ideological divides. The 1990s marked the end of the Cold War, leading to increased globalization and the creation of the WTO, alongside the rise of the Internet. In the 2000s and beyond, globalization faced challenges from populism, the COVID-19 pandemic, and climate change, reshaping global commerce and economic policies.

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Gerard Bea
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3 views

Contemporary

The postwar period (1945-1970s) established key institutions like the IMF and World Bank, while the Cold War limited globalization due to ideological divides. The 1990s marked the end of the Cold War, leading to increased globalization and the creation of the WTO, alongside the rise of the Internet. In the 2000s and beyond, globalization faced challenges from populism, the COVID-19 pandemic, and climate change, reshaping global commerce and economic policies.

Uploaded by

Gerard Bea
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Postwar period (1945-1970s).

The Bretton Woods Conference (1944) created the International Monetary Fund (IMF) and the World
Bank, laying the foundation for a new global economic system

GATT (1947): The General Agreement on Tariffs and Trade was signed to promote international trade by
reducing tariffs and other trade barriers.

The Cold War (1947–1991) divided the world into two ideologies: capitalism (led by the United States)
and communism (led by the Soviet Union). Ideological disputes hindered economic and political
integration during this period, resulting in limited globalization.

Decolonization (1945-1970s led to the liberation of former colonies in Africa, Asia and the Middle East,
leading to the creation of new regimes and the restructuring of global power structures

Neoliberalism emerged in the 1970s and 1980s.

Oil Crisis (1973): OPEC’s oil embargo causes a global economic crisis that emphasizes the
interconnectedness of global markets.

The Washington Consensus (1980s) promoted free market policies such as deregulation, privatization
and trade liberalization, especially in developing countries. These measures were promoted by
organizations such as the IMF and the World Bank.

Growth of multinational companies: Companies have begun to expand their operations across borders,
resulting in increased foreign direct investment (FDI) and outsourcing of products and services.

The 1990s saw the end of the Cold War and the acceleration of globalization.

Fall of the Berlin Wall (1989) Fall of the Soviet Union (1991): The end of the Cold War was a one-
dimensional world dominated by the US. the beginning of the 19th century, and the rapid spread of
capitalism and democracy

The World Trade Organization (WTO) was created in 1995, to promote global trade by replacing GATT
with international trade agreements.

The rise of the Internet (1990s): Internet commerce transforms communication and commerce, creating
a truly global marketplace.
Globalization in the new millennium (2000s).

China's accession to the WTO (2001): China's entry into the WTO represents its integration into the
global economy, making it a major economic power

9/11 and the War on Terror (2001): The September 11, 2001 terrorist attacks led to heightened security
measures and a more coordinated fight against terrorism around the world

Financial crisis (2007-2008): The global financial crisis highlights the weakness of the interconnected
global financial system, leading to a global recession and affecting the future of neoliberal economic
policies

Modern Globalization (2010s-Present) .

The rise of populism and nationalism: The 2010s saw a resurgence of opposition to globalization, and
the emergence of populist and nationalist movements in many countries, leading to issues such as Brexit
(2016) and the election of politicians with protectionist policies came

The rise of cell phones, social media and e-commerce platforms such as Amazon and Alibaba have
reshaped global commerce and communication, creating a new economic and cultural revolution

The COVID-19 pandemic (2020): This pandemic is disrupting global supply chains, increasing digitization,
and stimulating discussions about resilient global partnerships, with some advocating local innovation.

Climate change and sustainability: Growing concerns about climate change are driving global policies to
transition to renewable energy and reduce carbon emissions, affecting global trade and the economy
system

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