History of Globalization: A Timeline of Key Milestones

The euro was introduced as an electronic currency in 11 European Union member states, with physical notes and coins following in 2002. This creation of a unified currency across multiple sovereign nations represented an unprecedented level of economic integration, facilitating trade and reducing transaction costs across a major portion of the global economy.

On January 1, 1995, the World Trade Organization (WTO) was established, succeeding the General Agreement on Tariffs and Trade (GATT). The WTO provides a framework for negotiating trade agreements and resolving disputes, playing a central role in facilitating international commerce.

In 1995, the Internet transitioned from a government and academic network to a commercial platform. This shift enabled global communication, e-commerce, and information exchange, dramatically increasing the pace and scope of globalization.

Portuguese explorer Vasco da Gama arrived in Kozhikode (Calicut), India, after sailing around Africa's Cape of Good Hope. This pioneering voyage established the first direct sea route between Europe and Asia, bypassing Middle Eastern intermediaries and fundamentally altering global trade patterns, giving European powers direct access to valuable Asian spice markets.

On July 1, 1944, delegates from 44 nations convened in Bretton Woods, New Hampshire, to design a post-WWII economic order. The conference led to the creation of the International Monetary Fund and the World Bank, institutions aimed at stabilizing currencies and promoting global economic development.

Christopher Columbus departed from Spain with three ships and reached the Americas, believing he had arrived in Asia. This voyage initiated European exploration and colonization of the American continents, radically transforming global trade patterns and launching the Columbian Exchange-the transfer of plants, animals, technologies, and diseases between hemispheres.

Around 1760, the Industrial Revolution started in Britain, introducing mechanized manufacturing and innovations like the steam engine. This revolution increased production efficiency, spurred urbanization, and expanded global trade, significantly advancing economic globalization.

The Dutch East India Company (VOC) was established as the world's first multinational corporation and the first company to issue public stock. With government-granted monopoly powers to conduct trade in Asia, the VOC represented a new form of global business organization that combined commercial and political power across multiple continents.

Christopher Columbus's 1492 voyage led to the Columbian Exchange, a widespread transfer of plants, animals, and diseases between the Americas and Afro-Eurasia. This exchange profoundly impacted global agriculture, diets, populations, and economies, marking a significant step in globalization.

The Parthian Empire conquered Mesopotamia, gaining control over the western portions of the Silk Road trade routes. This geopolitical shift meant that Parthians became key intermediaries in the east-west trade between China and Rome, influencing the flow of goods, ideas, and cultural exchange between Asia and Europe.

The Silk Road was formally established during China's Han Dynasty, creating a vast network of trade routes connecting East Asia with the Mediterranean world. Named for the lucrative Chinese silk trade, these routes facilitated unprecedented exchange of goods, technologies, religions, and cultures between distant civilizations, shaping global development for centuries.

In 138 BCE, Chinese envoy Zhang Qian's journey initiated the Silk Road, connecting China with Central Asia and beyond. This network facilitated trade in silk, spices, and other goods, promoting cultural and economic exchanges between East and West, and laying the foundation for early globalization.

The first recorded contact between China and the Greco-Bactrian descendants of Alexander's army occurred, marking the earliest known direct interaction between Eastern and Western civilizations. This encounter laid the groundwork for future trade relations that would eventually develop into the Silk Road network.

Sailors from Maritime Southeast Asia created the first true Indian Ocean trade network, connecting Southern India and Sri Lanka with Southeast Asia. This network facilitated exchange of material culture, cultigens, and spices, eventually expanding to reach Africa and the Arabian Peninsula, fundamentally changing the cultural and economic landscape of the Indian Ocean.

An extensive maritime trade network developed between the Harappan (Indus Valley) and Mesopotamian civilizations, with merchants from Dilmun (modern Bahrain) serving as middlemen. Coastal settlements like Lothal, Sotkagen-dor, and Balakot functioned as trading outposts, made possible by the development of plank-built watercraft with sails.

Egyptian historical records mention established trade with the Land of Punt, believed to encompass northern Somalia, Djibouti, Eritrea, and Sudan's Red Sea coast. This early documented international trade route facilitated exchange of goods between Northeast Africa and the Mediterranean, becoming one of the first regular intercontinental commercial connections.