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5 BCE
Ancient Silk Roads
Different Chinese dynasties began "exporting" luxury products (silk) to Europe, mostly to the Roman empire, these products traveled thousands of miles through what we know today as "The Silk Roads." Global trading started to become established. This is one of the first international exchanges humanity has ever experienced, and it can be considered as the “starts” of globalization. -
1299
Creation of the Ottoman Empire
(1299-1922) The creation of the Ottoman empire, which covered most of Europe, North Africa, and the Middle East. This empire had political connections with the Safavids (Iran) and some dynasties in Central Asia and India. This empire had a huge impact on the expansion of trade in Europe. -
The First Industrial Revolution
The Industrial Revolution brought a significant increase in the quality and the quantity of products, which led to higher export and an increase in international business relations. For about a century, trade grew on average 3% per year. -
First World War
(1914-1918) Globalization was seriously affected by WWI, this war did not only increase the trading of weapons and war machines (tanks, airplanes, submarines, etc.), but it also had serious impacts on various countries’ economies and trades. After this war, the Ottoman empire, as well as other empires, collapsed this led to several political and economic changes (with the creations of new countries). -
Great Depression and Protectionism
(1929-1939) The Great Depression in the United States led to the end of the economic boom in South America, and a run on the banks in many other parts of the world. United States regional trade blocs form, excluding Germany, Italy, and Japan. Axis powers launch imperialist conquests in Manchuria, Ethiopia, Austria, and Czechoslovakia. Britain and France declare war against Germany. -
Formation of the European Union
After the events of WWII, the European Union was formed to prevent the frequent political and military events between the neighboring countries, in 1950 this Union started to take form with the 6 founding countries: Belgium, France, Germany, Italy, Luxemburg, and the Netherlands. -
General Agreement of Tariffs and Trades
The first worldwide multilateral trade agreement ushers in the post-war era of more open trade. However, this was later replaced by the World Trade Organization (WTO) in 1995. -
The Cold War
(1947-1991) A political and economic "war" between the Soviet Union and the United States. On this war, two different political positions were against each other, communism (the Soviet Union) against capitalism (the United States); although none of these countries had direct combat, they fight on other countries which had yet to decide which position to choose (ex. Vietnam and Korea). -
China joins WOT
China opens its borders and joins the World Trade Organization, becoming the world’s largest economy in development. This allowed China to participate in the global market and was a major event that helped the growth of the Chinese economy. -
Global Financial Crisis
An international banking crash along with a European debt crisis results in the worst global recession since the Great Depression. The Group of Twenty, known as G-20, nations serve as a steering committee for efforts to counter crisis effects. This financial crisis had an impact on globalization, making it take a step backwards while the world’s economies tried to become stabilized.
