Module-2-The Contemporary World

University of La Salette
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MODULE The Contemporary World

2 Prepared by: KATHLEEN MAE T. GALESTRE
STEPHEN JAE G. FONTANILLA
The Structures of
Globalization
Introduction
To dismiss the multifaceted nature of globalization would be
inappropriate; the same goes as to how it would be incorrect to dismiss the
Learning Outcomes: essential and crucial role that the economic dimension plays as a driving force
of globalization.
At the end of this This module primarily introduces you to the concept of economic
module, you should be globalization, the actors that facilitate it and the modern global economic
able to:
system it has built today.
1. evaluate the roles
Motivation: Add to cart and check out!

played by the actors
facilitating economic
globalization in the
context of an economic
crisis;
As the Covid-19 pandemic spreads, goods and services are now available
with just a touch of your fingers. Have you (or your family members) bought an
2. formulate a stance on
item or items through an online shop or app? If yes, kindly list at least three (3)
the role of financial
items you have bought online and indicate how you paid for the item/s. If you
institutions;
have not tried purchasing an item through an online method or an app, explain
your reason. USE THE PROVIDED ANSWER SHEET.
3. explain economic
globalization as a
phenomenon;
4. appraise how economic Processing questions:

globalization works in
the contemporary [The succeeding questions are intended for those who have already
world; purchased online]
1. What are the similarities or differences between the purchasing method you
5. articulate a stance on experienced and the traditional buying and selling?
an economic 2. Between the traditional and modern modes of purchase, which do you
phenomenon. prefer? Provide justifications.
[The succeeding questions are intended for those who have not purchased anything yet
online]
\
3. Based on your own experiences, what do you think are the boons and banes
of the traditional mode of purchase in times of pandemic?
4. Considering your answers, do you think the traditional mode of purchase is
better than that of the modern?
THIS MODULE IS FOR THE EXCLUSIVE USE OF THE UNIVERSITY OF LA SALETTE, INC. ANY FORM OF REPRODUCTION, DISTRIBUTION, UPLOADING, OR
POSTING ONLINE IN ANY FORM OR BY ANY MEANS WITHOUT THE WRITTEN PERMISSION OF THE UNIVERSITY IS STRICTLY PROHIBITED. 1
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The Contemporary World

TOPIC 1 Prepared by: KATHLEEN MAE T. GALESTRE
The Global
Economy
Content
The International Monetary Fund (IMF) regards “economic
globalization” as a historical process representing human innovation and
technological progress. It is characterized by the increasing integration of
economies around the world through the movement of goods, services, and
capital across borders. These changes are the products of people,
organizations, institutions, and technologies. As with all other processes of
globalization, there is a qualitative and subjective element to this definition.
Evidently, international economic globalization is a core tenet when talking about Globalization. It refers to
the interconnectedness of world economies in this age. But economic Globalization is not without its
implications. As we move towards a ‘globalized’ world based, we also face “globalized problems.”
International Trading Systems
Trading systems are not relatively a

new concept. The oldest international trade
route was the Silk Road- a network of
pathways in the ancient world that spanned
from China to what is now known as Middle
East; and to Europe. (Claudio and Abinales,
2018 p. 14). It was named as “Silk Road”
because one of the highly-prized products
traded in this route was silk. The Silk Road was
used regularly from 130 BCE until 1453 BCE
when the Ottoman Empire closed it. While the
Silk Road was “international” as it
encompassed numerous countries, it was not
“global” as it did not include ocean routes
towards other countries and continents. (Ibid). Figure 1.0 The Silk Road was an important trade route from East to West. Image source from:
Encyclopedia Britannica: Silk Road.
Historians Dennis O. Flynn and Arturo Giraldez posited that the age of “globalization” began when “all important
populated continents began to exchange products continuously-both with each other directly and indirectly via other
continents-and in values sufficient to generate crucial impacts on all trading partners.” Both historians attribute this to
1571 with the establishment of the Galleon Trade that connected Manila in the Philippines and Acapulco in Mexico.
(Claudio and Abinales, 2018, p.14)
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Prepared by: KATHLEEN MAE T. GALESTRE
The Galleon Trade was part of the mercantilism age. It was based on
Mercantilism is a the notion that a nation’s wealth and power were served by increasing exports-
system of global trade
and so increasing trade. This economic system spanned from the 16 th to 18th
with multiple
century where countries, primarily in Europe, competed with one another to sell
restrictions as it
more goods as a means to boost their country’s income (called monetary
includes application
reserves later on). To defend their products from competitors who sold goods
of high taxes to
more cheaply, these regimes (mainly monarchies) imposed high tariffs, forbade
protect local income.
colonies to trade with other nations, restricted trade routes, and subsidized their
exports. (Ibid)
Figure 1.1 The Manila-Acapulco Galleon Trade. Take note of the usage of the sea routes that differ it from the Silk Road. Image source from the Official
Gazette
Another trading system emerged in 1867 where

countries such as the United States, United Kingdom, and other
European states adopted the gold standard at an
international conference in Paris. This system, in its simplest
sense, meant that currency prices and a fixed exchange rate
system are based on the value of gold. While this was a simpler
trading system, it was a very restrictive one.
Generally, it targeted the goal of establishing a “common
system” that allows efficient trade, dissolving then the
“isolationism” brought about by the mercantilist era. Using gold
as a basis for currency prices meant that countries were now
compelled to back their currencies with fixed gold reserves.
Figure 1.2 Gold is a highly-coveted resource that includes making
Having a fixed gold reserve meant that a country’s currency value of expensive items-and in one part of history, determining the
would remain stable. wealth of a country. Image source from History.com
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TOPIC 2 Prepared by: KATHLEEN MAE T. GALESTRE
Market
Integration World War I almost depleted the gold reserves of countries to fund their
armies. Due to the low gold reserves, they adopted a floating currency that
was no longer redeemable in gold. A floating exchange rate is a regime where
the currency price of a nation is set by the forex market based on supply and
demand relative to other currencies. (Investopedia, n.d.)
After World War I, an economic crisis called the Great Depression started- ending in
1930. The event was one of the longest economic depressions- and one of the worst experienced
by the Western world. Experts argue that this was due to the adoption of the gold standard, and
after WWI, gold reserves were almost depleted and it limited the amount of circulating money.
(Claudio and Abinales, 2018 p. 15)
Today, we do not operate using the gold standard. We use a Fiat currency- a currency that is not backed by a
commodity such as gold. This increased the role of banks as they can now control how much money can be printed
for the public.
Planning the post-war economy and avoiding another Great Depression

(Baylis, Smith, and Owen,2014)
At the end of World War II, the challenge was to create ways to avoid another economic crisis:
a. A stable exchange rate system

b. A reserve asset or unit of account (such as gold standard)
c. Control of international capital flows
d. The availability of short-term loans to countries facing a temporary balance of payment crisis
e. Rules to keep economies open to trade
Talking about the Bretton-Woods and the Neo-Liberal movement

The Bretton Woods System was adopted during the aftermath of World War II. This system was envisioned to
create a global economic system that would ensure a longer-lasting global peace. For peace to be achieved here, the
system offered to set up a network of global financial institutions that would promote economic growth and
prosperity. (Ibid). The system was highly influenced by British Economist John Maynard Keynes. Keynes believed that
"economic crisis occurs not when a country does not have enough money, it occurs when money is not being spent.
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The Bretton Woods system created two (2) financial institutions. The
World Bank (previously the International Bank for Reconstruction and
Development) and the International Monetary Fund, (IMF).
The World Bank was previously responsible for funding reconstruction
projects after World War II. The IMF meanwhile, was the lender of last resort
for countries to prevent it from collapsing. If economic growth in a country
Figure 2.1 The IMF and the World Bank. slowed down because there was no enough money to restart the economy, the
Image source from Rappler.com
IMF would step in.
Breaking down the “Bretton Woods system”
It was agreed that all countries’ currencies would be fixed at a certain value at the Bretton Woods Conference.
In effect, currencies were fixed to the dollar to gold at $35 per ounce. In this sense, the exchange rates were anchored to
a dollar-gold standard. According to the Bretton Woods system, any country that wants to change the value of its
currency had to seek permission from the IMF. This results in a stable and unchanging exchange rate. (Baylis, Smith,
and Owens, 2014)
The “Neoliberal” Movement
Keynesian economics saw its application throughout the 1940s to

1970s. During this period, governments poured money into their economies,
allowing people to purchase more goods and, in the process, increase demand
for these products. As demand increased, so did the prices of these goods.
Western and some Asian economies like Japan accepted this rise in prices
because it was accompanied by general economic growth and reduced
unemployment. The theory went that, as prices increased, companies would
earn more, and would have more money to hire workers. Keynesian
economists believed that all this was a necessary trade-off for economic Figure 2.0 John Maynard Keynes. Image source from:
The Economist.
development. (Claudio and Abinales, 2018 p.17)
By the 1970s however, the price of oil rose sharply as a result of the
Organization of Arab Petroleum Exporting Countries (OPEC) imposing an
embargo in response to the decision of the United States and other countries Embargo is a government
order that restricts commerce
to resupply the Israeli military with needed weapons during the Yom Kippur
with a specified country or the
War. Arab countries also used the embargo to stabilize their economies and exchange of specific goods. They
growth (Ibid) are usually created as a result of
In addition, stock markets crashed in 1973-1974 when the United unfavorable political or economic
circumstances between nations.
States stopped linking the dollar to gold, effectively ending the Bretton Woods (Investopedia, 2019)
system. The result was a phenomenon called stagflation- a decline in
economic growth and employment.
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Stagflation takes place alongside a sharp

increase in price inflation. This was the phenomenon
that Keynesianism failed to predict, giving then birth to
a new form of economic thinking that negated the
Keynesian orthodoxy, the “neoliberal thinking”.
Figure 2.2 Milton Friedman (left) Friedrich von Hayek (right) Image source:
Britannica.com
Keynesian economics was challenged by economists such as Friedrich von Hayek and Milton Friedman. Both
argued that the government’s practice of spending money on their economies had caused inflation by increasing the
demand for goods without increasing supply. More profoundly, they argued that government intervention in
economies distorts the proper functioning of the market. The “neoliberal” thinking emerged to contrast Keynesian
ideas. From 1980s onward, neoliberalism became the strategy of the US Treasury Department, The World Bank, the
IMF, and eventually the World Trade Organization in 1995. The policies they forwarded are now known as the
Washington Consensus. (Claudio and Abinales, 2018 p. 18-19)
The Washington Consensus dominated global economic policies from the 1908’s until the early 2000s. Its
advocacies pushed for minimal government spending to reduce government debt. It also called for the privatization
of government-controlled services like power, power, communications, and transport-believing that the free market
can produce best results. Finally, governments were pressured, particularly in the developing world to reduce tariffs
and open up their economies, arguing that it is the quickest way to progress.
From GATT to WTO

Tariffs are used to restrict
The General Agreement on Tariffs and Trade (GATT) was imports by increasing the
an agreement signed in 1947 with the goal of establishing an price of goods and services
international organization. Its successor, the World Trade purchased from another
Organization, would be established by 1 January 1995. country, making them less
attractive to domestic
The GATT was a forum for trade negotiations, with consumers. (Investopedia,
numerous ‘rounds’ of talks. In the Kennedy Rounds of 1962-1967m 2019)
it was successful in the reduction of trade barriers among
industrialized countries. However, when protectionism in 1970s
flourished, the GATT was powerless to restrain powerful members
from restricting trade and abusing the many exceptions and
safeguard in the agreement. It was also slow in response due to its
nature for consensus on any decision regarding dispute.
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The WTO’s function meanwhile includes a. acting as a forum for trade negotiations; handling trade disputes; b.
monitoring national trade policies; c. supplying technical assistance to developing countries; d. cooperating with
other international organizations. (Baylis, Smith, and Owens, 2014)
The Global Financial Crisis and the Challenge to Neoliberalism

As Neoliberalism gains ground and support from countries, it is not without issues. Neoliberalism was under
fire during the 2008 Global financial crisis. Even if it happened primarily in the United States, since countries are
interconnected in the form of investments and foreign capital-other, the latter were affected.
Below are excerpts from an Article by the History Extra (The Official website for BBC History Magazine)
on the Global Financial Crisis of 2008:
What was the financial crisis of 2008?

The 2008 crash was the greatest jolt to the global financial system in almost a century – it pushed the world’s banking
system towards the edge of collapse.
Within a few weeks in September 2008, Lehman Brothers, one of the world’s biggest financial institutions, went bankrupt;
£90bn was wiped off the value of Britain’s biggest companies in a single day; and there was even talk of cash machines
running empty.
When did it begin?
On 15 September 2008, Lehman Brothers [a Wall Street investment bank] filed for bankruptcy. This is generally considered
to be the day the economic crisis began in earnest. The then-president George W Bush announced that there would be no
bail-out. “Lehmans, one of the oldest, richest, most powerful investment banks in the world, was not too big to fail,” says
the Telegraph.
What caused the financial crash?
The 2008 financial crash had long roots but it wasn’t until September 2008 that its effects became apparent to the world.
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The immediate trigger was a combination of speculative activity in the financial markets, focusing particularly on property
transactions – especially in the USA and western Europe – and the availability of cheap credit, says Scott Newton,
emeritus professor of modern British and international history at the University of Cardiff.
There was borrowing on a huge scale to finance what appeared to be a one-way bet on rising property prices. But the
boom was ultimately unsustainable because, from around 2005, the gap between incomes and debt began to widen. This
was caused by rising energy prices on global markets, leading to an increase in the rate of global inflation.
“This development squeezed borrowers, many of whom struggled to repay mortgages. Property prices now started to fall,
leading to a collapse in the values of the assets held by many financial institutions. The banking sectors of the USA and
the UK came very close to collapse and had to be rescued by state intervention.”
“Excessive financial liberalization from the late 20th century, accompanied by a reduction in regulation, was underpinned
by confidence that markets are efficient,” says Martin Daunton, emeritus professor of economic history at the University
of Cambridge.
Where did the crisis start?
“The crash first struck the banking and financial system of the United States, with spill-overs into Europe,” Daunton
explains. “Here, another crisis – one of sovereign debt – arose from the flawed design of the eurozone; this allowed
countries such as Greece to borrow on similar terms to Germany in the confidence that the eurozone would bail out the
debtors.
“When the crisis hit, the European Central Bank refused to reschedule or mutualize debt and instead offered a rescue
package – on the condition that the stricken nations pursued policies of austerity.”
…
Was the crisis unusual in being so sudden and so unexpected?
“There was a complacent assumption that crises were a thing of the past, and that there was a ‘great moderation’ – the
idea that, over the previous 20 or so years, macroeconomic volatility had declined,” says Daunton.
“The variability in inflation and output had declined to half of the level of the 1980s, so that the economic uncertainty of
households and firms was reduced and employment was more stable.
“In 2004, Ben Bernanke, a governor of the Federal Reserve who served as chairman from 2006 to 2014, was confident that
a number of structural changes had increased economies’ ability to absorb shocks, and also that macroeconomic policy –
above all monetary policy – was much better in controlling inflation.
“In congratulating himself for the Fed’s successful managing of monetary policy, Bernanke was not taking account of the
instability caused by the financial sector (and nor were most of his fellow economists). However, the risks were apparent
to those who considered that an economy is inherently prone to shocks.”
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Newton adds that the 2008 crisis “was more sudden than the two previous crashes of the post-1979 era: the property
crash of the late 1980s and the currency crises of the late 1990s. This is largely because of the central role played by the
banks of major capitalist states. These lend large volumes of money to each other as well as to governments, businesses
and consumers.
“Given the advent of 24-hour and computerized trading, and the ongoing deregulation of the financial sector, it was
inevitable that a major financial crisis in capitalist centers as large as the USA and the UK would be transmitted rapidly
across global markets and banking systems. It was also inevitable that it would cause a sudden drying up of monetary
flows.”
How did politicians and policymakers try to ‘solve’ the crisis?
Initially, policymakers reacted quite successfully, says Newton. “Following the ideas of [influential interwar economist]
John Maynard Keynes, governments didn’t use public spending cuts as a means of reducing debt. Instead, there were
modest national reflations, designed to sustain economic activity and employment, and replenish bank and corporate
balance sheets via growth.
“These packages were supplemented by a major expansion of the IMF’s resources, to assist nations in severe deficit and
offset pressures on them to cut back which could set off a downward spiral of trade. Together, these steps prevented the
onset of a major global slump in output and employment.
“By 2010, outside the USA, these measures had been generally suspended in favor of ‘austerity’, meaning severe
economies in public spending. Austerity led to national and international slowdowns, notably in the UK and the eurozone.
It did not, however, provoke a slump – largely thanks to massive spending on the part of China, which, for example,
consumed 45 per cent more cement between 2011 and 2013 than the US had used in the whole of the 20th century.”
Daunton adds: “Quantitative easing worked in stopping the crisis becoming as intense as in the Great Depression. The
international institutions of the World Trade Organization also played their part, preventing a trade war. But historians
might look back and point to grievances that arose from the decision to bail out the financial sector, and the impact of
austerity on citizens’ quality of life.”
What were the consequences of the 2008 crisis?
In the short term, an enormous bail-out – governments pumping billions into stricken banks – averted a complete collapse
of the financial system. In the long term, the impact of the crash has been enormous: depressed wages, austerity and deep
political instability. Ten years on, we’re still living with the consequences.”
(HistoryExtra, 2019)
*Some parts of the original article were omitted.
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The Global Financial Crisis: In a nutshell

Task DIRECTIONS: Through your major takeaways from the issue of Global
financial crisis in 2008, respond lucidly to the following questions on THE
PROVIDED ANSWER SHEET.
.
1.) What was the root cause of the Global financial crisis in 2008?
2.) How do you think the following institutions, through their roles, can respond to a crisis like the 2008 Global
Financial Crisis?
a) International Monetary Fund

b) World Bank
c) World Trade Organization
DIRECTIONS: Draw an editorial cartoon that depicts your response

to the question below. Provide a brief yet substantial explanation of
your drawing after reading carefully the provided context. Use FILE
SUBMISSION for this activity.
.
Last April 2020, the World Bank approved the $500 Million loan
asked by the Philippines under the Philippines Emergency Covid-19
Reflection
activity
Response Development Policy Loan. It also included funding to
support Small-Medium Enterprises; additional financial relief through
deferral of tax and social security payments, and a credit guarantee to
help continuity of business operations. (World Bank, 2020).
▪ As a taxpayer, what is your stand regarding the loan amount

granted by the World Bank? Are you amenable to it? Why/Why
An editorial cartoon or a political
not? cartoon is an image drawn that gives
(*Note: Your answer here should be in a form of an editorial cartoon with a
comments or point of views regarding
brief yet substantial explanation. Please review the given directions.)
a certain issue. You usually see editorial
cartoons in newspapers.
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SYNTHESIS
Applying the knowledge you have obtained from this module, create your
diagram (i.e., flowchart, Mind map, etc.) on the provided answer sheet illustrating how
economic globalization practically works. Subsequently, based on how you have
construed your self-made diagram, answer the following questions with COGENT
JUSTIFICATIONS:
1.) Is economic globalization a new concept?
If yes, what are the historical manifestations?
If no, provide at least two (2) arguments in defending your answer.
2.) Does economic globalization exist in the contemporary world?
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Rubrics
Provided herein is a rubric that will be used in evaluating your tasks.
Review the rubric below for you to be guided in accomplishing them.
COMPONENT 5 points 4 points 3 points 2 points

Grammar and Virtually no spelling, Few spelling and Some spelling, Numerous spelling,
Spelling punctuation, or punctuation errors, punctuations, or punctuation, and
grammatical errors minor grammatical grammatical errors grammatical errors
errors that it interferes
with the answer the
student wants to
convey
Understanding the The student has The student has The student has an The student has not
source material completely understood the source idea of the source understood the source
understood the source material by but some material given but material as there is no
material by giving points are not most of the points lack clarity or conciseness in
accurate, clear, and thoroughly elaborated coherency and his/her answer
concise answers to the or linked. accuracy
questions
Self-made Rubric
Provided herein is a rubric that will be used in evaluating your reflection activity. Review the rubric below for
you to be guided in answering.
COMPONENT 5pts 4pts 3pts 2pts
Relevance to Student Students Student The student’s viewpoint is

topic opinion/thought is opinion/thought is opinion/thought is poorly conveyed. The idea
clearly conveyed and discernable marginally conveyed is not clear
easily understood. through the cartoon
Visual Cartoon/Illustration is Cartoon/Illustration is Cartoon/Illustration is The illustration cannot be
Presentation clearly presented. neatly presented somewhat discernable discerned
Self-made rubric
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Provided herein is a rubric that will be used in evaluating your

synthesis section. Review the rubric below for you to be guided in
accomplishing the activity therein.
CATEGORY Exemplary (5) Proficient (3) Unsatisfactory (1)
Arrangement of The main concept easily The main concept is easily identified; most The main concept is not clearly
Concepts identified; subconcepts branch subconcepts branch from the main idea. identified; subconcepts don’t
appropriately from the main idea consistently branch from the
main idea.
Content Reflects essential information; is Reflects most of the essential information; Contains extraneous
logically arranged; concepts is generally logically arranged; concepts information; is not logically
succinctly presented; no presented without too many excess words; arranged; contains numerous
misspellings or grammatical fewer than three misspellings or spelling and grammatical
errors grammatical errors. errors.
Total Points
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References Textbook:
Baylis, Smith, and Owens. (2014). The Globalization of World Politics 6th
Edition. Oxford University Press. Oxford United Kingdom.
Claudio, Lisandro, Abinales, P, Patricio (2018). The Contemporary World. C&E

Publishing. Quezon City.
Website:
Encyclopedia Britannica. (n.d). Milton Friedman. https://www.britannica.com/biography/Milton-Friedman
Encyclopedia Britannica. (2020). Friedrich Von Hayek. https://www.britannica.com/biography/F-A-Hayek
Encyclopedia Britannica (2020). Silk Road. https://www.britannica.com/topic/Silk-Road-trade-route
HistoryExtra(2019).The 2008 Financial Crisis Explained. https://www.historyextra.com/period/modern/financial-

crisis-crash-explained-facts-causes
History.com (2020). How Did the Gold Standard Contribute to the Great Depression?
https://www.history.com/news/how-did-the-gold-standard-contribute-to-the-great-depression
Investopedia. (2019) Definition of Embargo. https://www.investopedia.com/terms/e/embargo.asp
Investopedia. (2019). Definition of Tariff. https://www.investopedia.com/terms/t/tariff.asp
Official Gazette (2015). PH. Mexico pushes to nominate Manila-Acapulco Galleon Trade Route to World Heritage List.
https://www.officialgazette.gov.ph/2015/04/28/ph-mexico-push-to-nominate-manila-acapulco-galleon-trade-
route-to-world-heritage-list/
Rappler.com (2020). IMF, World Bank roll out all their lending tools.
https://www.officialgazette.gov.ph/2015/04/28/ph-mexico-push-to-nominate-manila-acapulco-galleon-trade-
route-to-world-heritage-list/
The Economist (2020). The enduring legacy of John Maynard Keynes. https://www.economist.com/books-and-
arts/2020/05/07/the-enduring-legacy-of-john-maynard-keynes

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MODULE The Contemporary World

Motivation: Add to cart and check out!

4. appraise how economic Processing questions:

The Contemporary World

International Trading Systems

Trading systems are not relatively a

The Contemporary World

Another trading system emerged in 1867 where

The Contemporary World

Planning the post-war economy and avoiding another Great Depression

a. A stable exchange rate system

Talking about the Bretton-Woods and the Neo-Liberal movement

The Contemporary World

Breaking down the “Bretton Woods system”

The “Neoliberal” Movement

Keynesian economics saw its application throughout the 1940s to

The Contemporary World

Stagflation takes place alongside a sharp

From GATT to WTO

The Contemporary World

The Global Financial Crisis and the Challenge to Neoliberalism

What was the financial crisis of 2008?

When did it begin?

What caused the financial crash?

The Contemporary World

Where did the crisis start?

The Contemporary World

How did politicians and policymakers try to ‘solve’ the crisis?

What were the consequences of the 2008 crisis?

*Some parts of the original article were omitted.

The Contemporary World

The Global Financial Crisis: In a nutshell

a) International Monetary Fund

DIRECTIONS: Draw an editorial cartoon that depicts your response

▪ As a taxpayer, what is your stand regarding the loan amount

The Contemporary World

The Contemporary World

COMPONENT 5 points 4 points 3 points 2 points

COMPONENT 5pts 4pts 3pts 2pts

Relevance to Student Students Student The student’s viewpoint is

The Contemporary World

Provided herein is a rubric that will be used in evaluating your

The Contemporary World

Claudio, Lisandro, Abinales, P, Patricio (2018). The Contemporary World. C&E

Encyclopedia Britannica. (2020). Friedrich Von Hayek. https://www.britannica.com/biography/F-A-Hayek

Encyclopedia Britannica (2020). Silk Road. https://www.britannica.com/topic/Silk-Road-trade-route

HistoryExtra(2019).The 2008 Financial Crisis Explained. https://www.historyextra.com/period/modern/financial-

Investopedia. (2019) Definition of Embargo. https://www.investopedia.com/terms/e/embargo.asp

Investopedia. (2019). Definition of Tariff. https://www.investopedia.com/terms/t/tariff.asp

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