which period has been identified as rewards of growing international economic cooperation
Answers
Answer:
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Answer:
Truly global trade kicked off in the Age of Discovery. It was in this era, from the end of the 15th century onwards, that European explorers connected East and West – and accidentally discovered the Americas.
Explanation:
During the Industrial Revolution, economic growth in the modern sense first occurred during the Industrial Revolution in Britain and then in the rest of Europe due to high amounts of energy conversion. Economic growth spread to all regions of the world during the twentieth century, when world GDP per capita quintupled.
In the late 1980s and early 1990s, there is also a great 'leap' in the degree of openness in the global world due to the fall of the Berlin wall and the collapse of the Second World (the USSR and the Soviet bloc).
The four phases of economic growth are expansion, peak, contraction, and trough. Tax cuts are generally less effective in spurring economic growth than are increases in government spending.
Geriffi, for example, emphasizes three structural periods: investment-based globalization (1950–70); trade-based globalization (1970–95); digital globalization (1995 onwards).
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