Historical Events What happened?
Significance
1. Silk Road A network of pathway of the
ancient world that spanned
from China to what now the
Middle East and Europe.
2. Galleon trade The first time that America
directly connected to Asian
trading routes.
3. 1867 Open Trade The lead of the United
system Kingdom, United states and
other European nations
adopted the gold standards
at an international monetary
conference in Paris.
4. Great Depression Global economic crisis
5. Fiat Currencies The world economy operates
based on currencies that are
not backed by precious
metals.
6. Bretton Woods It provided a big boost to the
System world trade which grew
annually at over 8 per cent
between 1950 and 1970.
7. General Agreement Countries commited
on traffics and trade themselves to further global
(GATT) in 1947 economic intergration.
8. Keynesianism Government poured money
into their economies,
allowing people to purchase
more goods and in process,
increase demand on these
products.
9. 1970 Organization of The Prices of oil rose sharply
Arab Petroleum as the result of OAPEC
Exporting Countries Imposition of embargo in
response to the decision of
US and other countries to
resupply the Israeli military
with the needed arms during
the yom kippur war.
10. Stagflation A decline in economic growth
and employment (stagnation)
takes place alongside a sharp
increase in prices (inflation)
11. Neoliberalism Neoberalism became the
codified strategy of the
Signifies the International
trading, one of the profitable
product through this network
was sil.
The Manila galleon trade
signifies the contribution of
Spanish culture. It served as
an economic lifeline for the
Spaniards in Manila. 
It signifies the common
system that allow the
efficient trade and prevent
the isolationism of the
merchantilist era.
the worst economic downturn
in the history of the
industrialized world
gives the government to
have greater control to their
economy.
a system of payments based
on the dollar, which defined
all currencies in relation to
the dollar, itself convertible
into gold, and above all, "as
good as gold" for trade.
It signifies the reduce tariff
and other hindrances to free
trade.
It increased government
expenditures and lower taxes
to stimulate demand and pull
the global economy out of
the depression.
It signifies the Arab countries
stabilize their economies and
growth. And signifies the
effectively ending of Bretton
wood system.
Signifies the combination of
stagnant economic growth,
high unemployment, and
high inflation.
Signifies contemporarily used
to refer to market-oriented
 United States Treasury
Department, World Bank,
IMF and eventually the World
Trade Organization (WTO)
12. Washington Dominated global policies
Consensus from 1980s until early 2000s.
this advocate pushed for
minimal government
spending to reduce
government speed.
13. The Global Financial The world experienced the
Crisis and Challenge greatest economic downturn
to Neoberalism where the united states
systematically removed
various banking and
investment.
reform policies such as
"eliminating price controls,
deregulating capital markets,
lowering trade barriers" and
reducing state influence in
the economy, especially
through privatization and
austerity.
It signifies to help developing
countries that faced
economic crises.
It signifies the Economic
slowed growth and high level
unemployment.