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Chapter 14: Economic Transformations

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Chapter 23 Capitalism and Culture Since 1945

Globalization, to most people, is referring to the acceleration in international economic transactions that occurred in the second half of the twentieth century. After World War II, the conference in Bretton Woods, New Hampshire, in 1944 created a set of agreements and institutions that laid the foundations for postwar globalization. Technology contributed to the acceleration as well. In the 1970s this type of economic globalization was known as neoliberalism. Following the contractions of the 1930s a "reglobalization" occurred; money as well as goods increased global mobility in three ways. The fist was foreign direct investments. The second was short-term movement of capital. The third forms of money movement involved the personal funds of individuals. Central to this was the global businesses known as transnational corporations (TNCs), which produced goods or delivered services simultaneously in many countries. There were also new patterns of human migration that occurred ...
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Chapter 14: Economic Transformations

I found it important to read that Europeans, Southeast Asians, Chinese, Indians, Armenians, Arabs, Africans, and Native Americans all play key roles in developing the world economy from the 1450s-1750s. This commerce, along with the growing empires of the time, “gave rise to new relationships, disrupted old patterns, brought distant peoples into contact with one another, enriched some, and impoverished or enslaved others” (Strayer, 602). The Portuguese sailed to India, lead by Vasco da Gama looking for an easier way to get tropical spices and other luxuries. They also used their military advantage to gain access into trading, since European goods were “crude and unattractive in the Asian market” (605). The Portuguese created a trading post empire, which by 1600 was in decline. Spain’s introduction into the Eastern trade was through the Philippine Islands. In the seventeenth century the Dutch and the English joined the Indian Ocean commerce. The Dutch was centered in Indonesia and focus...
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