The world was forever changed in 1914 when a global economy, energized by unprecedented technological advances and the movement of people and money, was brought to its knees by a terrorist attack. The resulting First World War saw the industrialized countries of Europe exhaust their resources in a conflict that many believed meant the end of the existing economic system. With this disaster came an intense intellectual and political struggle between those who sought to maintain governmental power and others who wished to shift towards a more market-based approach.
The Cold War years maintained this balance, but just beneath the surface powerful forces were bringing about change. Democracies battled deficits and inflation while communism failed to keep up with modern economic trends. Latin America attempted to reduce foreign exploitation through populist dictatorships, only to find themselves further overwhelmed with debt and runaway inflation.
In the 1980s, communism fell out of favor as more countries embraced free markets in order to attract investment capital from developed nations. China, Southeast Asia, India, Eastern Europe, and Latin America all sought to take part in this new economic reality while governments in both Republican and Democratic led countries followed suit despite opposition from labor unions.
Over time these changes have had an immense impact on our current state of affairs leading us here today. To understand exactly how these events unfolded we suggest watching “Re-Ordering The World: How Globalization Has Changed Our Economy,” an insightful documentary examining these seismic shifts in global economics over the past century. By providing an overview of the changing world order at each stage along the way you will gain valuable insight into why we are where we are today economically speaking. Don’t miss out on this essential look at our collective history!
