CH 23

• Technology was an important factor with the economic globalization and how fast it happened
• Technology like oil tankers, containerized shipping, and air express services lowered transportation costs
• Internet and fiber optic cables helped with the interaction between people
• Neoliberalism - when capitalist countries left earlier political control because their leaders viewed the world as a single market
• This approach was in favor with less tariffs, global movement of capital, temporary work force and spending cuts
• Economic globalization helped create the biggest increase in economic growth in history
• 1973-1974 stock market crashed because of increased oil prices which created a tough time for developing countries.
• Lost Decade - In Latin America when people couldn't pay their debts
• There were a lot of protest improvements in the 1960's