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The Columbian exchange, also known as the Columbian interchange, was the widespread transfer of plants, animals, precious metals, commodities, culture, human populations, technology, diseases, and ideas between the New World (the Americas) in the Western Hemisphere, and the Old World (Afro-Eurasia) in the Eastern Hemisphere, in the late 15th and following centuries. [1]
In New York City, approximately 430,000 jobs were lost and there were $2.8 billion in lost wages over the three months following the 9/11 attacks. The economic effects were mainly focused on the city's export economy sectors. [17] The GDP for New York City was estimated to have declined by $30.3 billion over the last three months of 2001 and ...
The Price Revolution, sometimes known as the Spanish Price Revolution, was a series of economic events that occurred between the second half of the 16th century and the first half of the 17th century, and most specifically linked to the high rate of inflation that occurred during this period across Western Europe. Prices rose on average roughly ...
The economic history of the world encompasses the development of human economic activity throughout time. It has been estimated that throughout prehistory, the world average GDP per capita was about $158 per annum (adjusted to 2013 dollars), and did not rise much until the Industrial Revolution. [citation needed]
The Mississippi Bubble. 1720. Kingdom of France. Banque Royale by John Law stopped payments of its note in exchange for specie and as result caused economic collapse in France. South Sea Bubble of 1720. 1720. UK. Affected early European stock markets, during early days of chartered joint stock companies. Bengal Bubble of 1769.
The global silver trade between the Americas, Europe, and China from the sixteenth to nineteenth centuries was a spillover of the Columbian exchange which had a profound effect on the world economy. Many scholars consider the silver trade to mark the beginning of a genuinely global economy, [1] with one historian noting that silver "went round ...
The price of gold, as denominated in US dollars, was stable until the collapse of the Bretton Woods system in the mid-1970s. The Bretton Woods system of monetary management established the rules for commercial relations among the United States, Canada, Western European countries, and Australia and other countries, a total of 44 countries [1] after the 1944 Bretton Woods Agreement.
In 1995 GATT became the World Trade Organization (WTO); with the collapse of Communism its open markets/low tariff ideology became dominant worldwide in the 1990s. American industry and labor prospered after World War II, but hard times set in after 1970. For the first time there was stiff competition from low-cost producers around the globe.