Timeline of the history of the world economy

-The Industrial Revolution (Between the 18th and 19th centuries; From 1760 to
1840). It created new sources of work in countries worldwide and gave way to the
materialization of new Industries, consolidating a new era of economic changes.
-The French Revolution (Between the 18th and 19th centuries; From May 5, 1789
to November 9, 1799). From an economic point of view, the State's unmanageable
debt was acquired by a system that led to excessive social inequality and imposed
high taxes that the privileged sectors, nobility and clergy had no obligation to pay,
but which did coerce the rest. of society to pay them.
-Construction of the Suez Canal (Erected in the 19th century; Starting on April 25,
1859 and the Canal was officially inaugurated on November 27, 1869). This
strategic area plays an indispensable role in world trade, transporting 14% of the
products that circulate the world economy, 26% of the oil destined for import and
41% of the total volume of merchandise. that arrive at the port of Arabia.
-First World War (Developed in the 20th century; Starting on July 28, 1914 and
ending on November 11, 1918). The beginning of this war contributed to all nations
suspending the gold standard as support for their economies, financial transactions
began to be regulated by the government entities of each country and the
exchange rates governed by them unilaterally, involving the state. in all relevant
economic processes. During the war, they had to import enormous quantities of
military weapons, and this led to the almost total disappearance of gold in some
countries, and in others led to the collapse of the value of gold.
-Black Thursday or also known as the New York Stock Exchange Crash of '29 or
the Great Depression (Originating in the 20th century; October 24, 1989). The
collapse of the New York Stock Exchange generated a situation of true panic that
caused a deplorable economic fall in the stock market made up of large
businesses and the subsequent banking crisis in the United States.
-Second World War (Originated in the 20th century; From September 1, 1939 to
September 2, 1945). It was one of the stages with the most economic vestiges
worldwide since it had numerous economic consequences, the creation of new
weapons that were potentially dangerous for humanity, higher fuel prices, higher
costs of life, and the bankruptcy of several countries through inflation. exacerbated
financial situation.
-Pearl Harbor War (Included in the 20th century; December 7, 1941). This attack,
combined with the aftermath of the Great Depression, generated precariousness in
the countryside and unemployment in the cities. Thus, the economic resources of
Japan and the United States were also wasted due to excessive war expenses.
And it affected the world economy, a rise in the prices of primary products in these
countries was generated, however, these consequences also had repercussions
on allied countries.
-Explosion of the Hiroshima and Nagasaki bombs (Fact originating in the 20th
century; Between August 6 and 9, 1945). This event caused a paralysis in
production, stopping the industrial development and activity of Japan's economy
with devastating effects on the Asian continent.
-The Cold War (Comprised of the 20th century; From 1947 to 1991). It meant the
imposition of the United States and the Soviet Union as the new leaders of the
world economy, with the other countries belonging to the European continent and
the nations that make up the Asian continent being below, 2 economic fronts were
built, where the Western Front prevailed and won. , thus contributing to the
inevitable destruction of the USSR.
-War in Vietnam (Included in the 20th century; From November 1, 1955 to April 30,
1975). This war caused a relevant crisis in the economy, since large quantities of
oil were needed to make the fuel that served war planes, ships and machinery for
war use. People were unable to cover the expenses, as even food prices were
affected and the entire infrastructure of Vietnam was affected.
-Fall of the Berlin Wall (A fact that occurred in the 20th century; November 9, 1989)
This event was one of the most forceful in the fall of the USSR, resulting in the
destruction of the European Eastern Front that led to privatization of state
companies throughout Germany, which caused a huge monetary issue and a
spectacular growth of the fiscal deficit that contributed to all of Europe and later to
the entire world.
-Globalization (Event originating in the 20th century; January 2, 1990) Generated
an economic impact on all nations that produced the disintegration of small and
medium-sized businesses, capitalization and monopolies of gross domestic
product coupled with the devaluation of products agricultural.
-Maastricht Treaty (Constituted in the 20th century; February 7, 1992). The union
of Europe takes place, and the Euro is created, which has a great value in the
world currency, becoming the most important currency, subordinated to the dollar.
-Fall of the Twin Towers. (Terrorist event that occurred in the 21st century;
September 11, 2001). It caused investment in greater and better security measures
at airports, the shares of airplanes plummeted as the number of people willing to fly
decreased, so cities and countries dependent on their tourism were seriously
affected.
-Iraq War (Included in the 21st century; As of March 20, 2003). Following the
American invasion of Iraq, global oil prices were affected, as Iraqi rebel forces set
fire to oil wells, causing great economic losses in their nation.
-Terrorist Attacks in Europe (A fact that occurred in the 21st century; March 11,
2004). As a result of this, the shares of the European stock markets depreciated,
and the main companies affected were those related to public transportation and
tourism, which produced an increase in security worldwide in transportation and
important public places.
-Recession of 2008 (originated in the 21st century; January 3, 2008). It generated
a crisis of high economic impact that began in North America and then expanded
throughout the world due to the high prices of raw materials and the overvaluation
of products that led to a global food and energy shortage. So too does a credit,
mortgage and confidence crisis in global markets.
-American Debt (Fact generated in the 21st century; September 30, 2009). The US
government has a deficit of 1.71 billion dollars, which means that the country, apart
from being a global economic power, is highly indebted to the rest of the world's
economic powers, which affects the world economy. Third world countries being
affected with greater consequences of these negative financial consequences.
-Breakdown of the US-China agreement (Aroused in the 21st century; As of April 6,
2011). The reduction of the US debt leads China to consider its foreign exchange
reserves.
-Covid 19 pandemic (Originated in the 21st century, starting in 2019) This
pandemic is a historical event that includes an economic phenomenon for the
nations of the world, since it has contributed to several financial markets in different
nations going into decline. hit, has increased the unemployment rate to
stratospheric levels and has exhausted the economic resources of the nations in
health expenses, scientific research to combat the disease and public health.
-Withdrawal of troops in Afghanistan (Fact occurred in the 21st century;
Materialized on August 30, 2021). It has produced an excessive emigration of
natives of that country, which has caused a global parenthesis, since when these
individuals enter new countries they produce positive consequences as new labor
and bring foreign capital into the nation, which is a matter of negative
consequences, contributing to the high rate of unemployed people worldwide or in
a situation of requiring government subsidies due to dependency and personal
ruin.
Teacher: Graduate Virginia Noriega.
Student: Alejandro Pizarro; CI: 28,594,856.
Subject: Political Economy and Socio-Economic Institutions.
Section: 3T2P

Puerto Ordaz-Bolívar State

04-10-2021