5 Steps to a 5 AP World History, 2014-2015 Edition

KEY IDEA

h 241

CHAPTER

28

Global Trade

IN THIS CHAPTER

Summary: The twentieth century witnessed active commercial and trade

interactions in virtually every region of the globe. The Great Depression

illustrated the impact of a decline in trade in one region over trade through-

out the world; an example was the manner in which the imposition of

national tariffs in Western Europe and the United States weakened global

trade in general. Price and supply manipulations by oil-producing nations in

1973 and 1979 affected the globe. Multinational corporations, often using

cheap labor in developing nations, increased their infl uence. Especially after

the decline of communism, more nations implemented free-market econo-

mies. Regional trade associations were organized to facilitate trade, and

mass consumerism created a truly global marketplace. The following sec-

tions summarize key events in global trade between 1914 and the present.

Key Terms

euro* North American Free Trade

European Economic Community Agreement (NAFTA)*

European Union* Organization of Petroleum

import substitution Exporting Countries (OPEC)*

industrialization* World Trade Organization (WTO)*

McDonaldization

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