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Period: Jan 1, 1492 to
Transportation
Transportation is one of the most important forces of economic globalization because without the possibility of goods to be shipped smoothly then trade wouldnt be possible. -
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Industrial Revolution
The industrial revolution contributed to economical globalization because many factory jobs were replaced by machines thus the production of goods being increased greatly and more effectivly allowing things to be made more efficiently and faster for shipment. -
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Technology
Technology is a very important asset to economical globalization because it inforces the easiest way to trade things around the world. it does this by evolving and expanding global trade by helping others to communicate as quick as possible. -
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Imperialism & Colonization
Imperialism and colonization were great factors that led to economical globalization because they had trade arrangements with one another and their colonies led to a massive increase in the production of goods. -
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The World War I
The World War I had a high impact on the force towards economical globalization by causing a large competition barrier between colonies for a source of raw materials as well as a market for their produced goods. This competition led to conflict between European countries thus the uprise of the war. The war contributed to economical globalization because many countries of imperial powers had borrowed money from other countries causing a money deficit. -
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The Civil War
The Civil War could have contributed to economical globalization because the transportation systems were broke down and things could not be shipped to cities. -
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The Great Depression
The Great Depression had a contribution to economical globalization because it caused poverty in many countries which led to a halt of international trade. -
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The World War II
The Treaty of Versailles put Germany in a mass destruction by poverty. When Hitler was elected as a leader for Germany it created the World War II thus many outcomes effecting other parts of the world like the industrial revolution, unemployment etc... -
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The World Bank and Monetary Fund
The UN support these two organizations in which to help support and expand international trade and finance. These organizations have helped to stablize economy and brought prosperity to countries by speeding up the economic progress and industrialization in countries, negotiating loans and setting exchange rates for world currencies leading to the ultimate push towards economic globalization. -
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The United Nations
The United Nations wished to help countries co-operate on trade issues thus the conference at bretton woods which then led to the the creation of the world bank and the international monetary fund. These organizations became evident because they helped contribute to the prevention of ecocnomic turmoil. -
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GATT
This organization helped to create trade rules. This helped to elimate tariffs and trade barriers which led to freer trade while helping to regulate trade within services at the same time. This helped force economical globalization because it helped to expand the range of possible international trade as well as inforcing capitalism with structure to help eliminate the possiblities of conflict. -
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Trade Liberalization
The World Trade Organization for example, uses the process of trade liberalization to increase world trade by reducing trade barriers and helping goods to be shipped easily. The world trade helps to make sure trade agreements are followed through and negotations are made to settle trade disputes. This would help with economical globalization because it helps to create a promising way of trade as well as providing a wide range of markets. This process applies to many other important sources.