April 8

The acceleration of economic was contributed to by technology. The communication infrastructure for global economic interaction was provided for by fiber-optic cables and the Internet. Population growth further fueled globalization in the developing countries as dozens of new nations entered the world economy. Neoliberalism is known as economic globalization taking shape in the 1970s and after. If poor countries were to qualify for much-needed loans, free market and pro-business conditions were imposed by powerful international lending agencies. Such unrestricted global capitalism was furthered by the collapse of state-controlled economies of the communist world. By the end of the twentieth century, communism collapsed.