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10,000 BCE
Agricultural Revolution
- Transition from nomadic lifestyles to settled farming.
- Development of surplus production led to trade.
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Period: 3000 BCE to 500
Ancient Trade Routes
- Establishment of trade routes like the Silk Road.
- Exchange of goods, cultures, and ideas among civilizations.
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Period: 1500 to
Mercantilism
- Economic theory prioritizing national power through trade.
- Colonization and exploitation of resources to enhance wealth.
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Period: to
Industrial Revolution
- Shift to mechanized production, boosting economic growth.
- Expansion of international trade due to improved transportation.
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Transition to Capitalism
- Rise of capitalist economies and free markets.
- Emergence of multinational corporations.
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Period: to
Gold Standard
- Countries pegged their currencies to gold, stabilizing exchange rates.
- Facilitated international trade and investment.
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The Great Depression
- Stock market crash in the U.S. led to global economic downturn.
- Rise in protectionism and trade barriers.
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Bretton Woods Conference
- Establishment of a new international monetary system.
- Creation of institutions like the IMF and World Bank to promote stability.
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Period: to
Post-War Economic Boom
- Rapid economic growth in Western nations.
- Expansion of global trade and investment.
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Oil Crisis
- OPEC oil embargo led to economic shocks and inflation.
- Highlighted interdependence of global economies.
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Period: to
Rise of Globalization
- Increased interconnectedness through trade agreements and technology.
- Emergence of new markets in Asia, Latin America, and Africa.
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Financial Crisis
- Global financial meltdown triggered by subprime mortgage crisis.
- Reassessment of financial regulations and practices worldwide.
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Period: to
Current Trends
- Focus on sustainability and fair trade.
- Impact of digital currencies and e-commerce on global economy.