Globalisation Chronology

The WTO's World Trade Report 2008 brings out an interesting chronology of events that have shaped up the globalised world today.

1940s:

Economic
Establishment of Bretton Woods System (1944-71)
Establishment of GATT (in force Jan 1948)
Soviet Union establishes Council for Mutual Economic Assistance (CMEA) for economic co- operation among communist countries (1949-91)

Political

Foundation of United Nations (1945)
Launch of Marshall Plan (1948-57)
Founding of Organisation of European Economic Co-operation (1948)
Decolonisation starts (1947-1962) Independence of India, Indonesia, Egypt, etc
China becomes a socialist republic in 1949
Technological

Expansion of plastics and fibre products (eg. First nylon stockings for women in 1940)
Discovery of large oil fields in Middle East

1950s:

Economic
Treaty of Rome establishes European Community (1957). EC and European Free Trade Association (1959) favour West European integration
Major currencies become convertible (1958-64)

Political

Korean War (1950-53)
Increased use of oil from Middle East in Europe and Japan
Suez Crisis (1956)
Decolonisation in Africa (15 countries become independent between 1958 and 1962)

Technological

Just-in-time production implemented by Toyota

Increasing usage of jet-engines in air transport (1957-72)

1960s:

Economic

Foundation of Organisation of petroleum Exporting Countries (OPEC) in 1960
Development of Eurodollar market in London which contributed to the expansion of international liquidity
Kennedy Round, 6th session of GATT (1964-69)
Rapid spread of automobiles and highways in the North accelerates demand and shift in fuels consumption - from coal to oil
Trade policies of East Asian countries put more emphasis on export led development than on import substitution
Elimination of last customs duties within EC (1968)

Political

Erection of Berlin Wall (1961) and Cuban Missile Crisis (1962) - sharp confrontation between East and West
Technological

First person in space (1961) and first man on moon (1969)
Green revolution - transforming agricultural products in developing countries (1960s onwards)
First line of Japan's high-speed train system (shinkansen) opened in 1964
Mont Blanc Road tunnel (1965)
Increasing usage of containerisation in ocean transport (1968 onward)

1970s:

Economic
Departure of US dollar exchange rate gold standard (1971)
Tokyo Round of GATT (1973-79)
Oil price shocks (1973-74 and 1979) reverse decades of real oil price declines
Rise of Asian newly industrialises countries
China's Economic Reforms (1978)

Political
Yom Kippur War (1973) helps to triggr oil price hike
EU enlargement to nine members (1973)

Technological

First single chip microprocessor (intel 4004) introduced in 1971

1980s:

Economic

Volcker Fed successfully extinguishes US inflation
Developing country debt crisis
Mexico starts market reform and joins GATT in 1986
Louvre Accord promotes stabilisation of major exchange rates (1987)
Political
Enlargement of EU to 12 members
Fall of the Berlin Wall (1989)

Technological

IBM introduces first personal computer (1981)
Microsoft Windows introduced (1985)

1990s:

Economic
Indian Economic Reforms launched in 1991
Establishment of North American Free Trade Agreement (NAFTA) in 1994
Establishment of the WTO (1995) following Uruguay Round (1986-1994)
Asian Financial Crisis (1997)
Adoption of Euro by 11 European countries (1999)

Political
Dissolution of Soviet Union (1991) leads to formation of 13 independent states

Technological

Eurotunnel opens in 1994 linking UK to continent
The number of mobile phones increases due to introduction of second generation (2G) networks using digital technology
Launch of first 2G-GSM network by radiolinja in Finland (1991)

2000s:

Economic
Dotcom crisis (2001)
China joins WTO (2001)
End of Agreement on Textiles and Clothing in 2005 (quantitative restrictions lifted)

Political
Enlargement of EU to 27 members

Technological

Container ships transport more than 70 per cent of seaborne trade in value terms
Number of internet users rises to 800 million in 2005