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1979 to 1982
The oil crisis in 1979 led the US to raise interest rates to fight inflation. The combination of higher energy prices and higher interest rates drove many well-managed economies of the Third World into a budgetary crisis. The result was a massive increase in debt in the nations of the South that still hinders their development.
1980's
The Reagan and Thatcher administrations in the U.S. and U.K. promote deregulation and privatization at home and similar policies in developing countries through the IMF and World Bank. The countries that most thoroughly embraced this "neoliberal" ideology and adopted the most austere budgets (such as Argentina) sank deeper into poverty.
January 5, 1995
The World Trade Organization was created. Unlike GATT, which was primarily aimed at lowering tariffs, the WTO has imposed rules involving "non-tariff barriers" such as rules that effectively prevent individual countries from passing laws to protect workers or the environment. The WTO has become a sort of "global government" on behalf of corporate interests, which is almost entirely unaccountable to citizens.
June 20, 1997
The first official G8 Summit of the leaders of the richest and most powerful countries was held. Before this it was G7 (and G6 even earlier) until Russia joined the group for this summit.
1999
The WTO conference in Seattle was protested by thousands of people which eventually led to the collapse of the conference.
January 2001
The first ever World Social Forum happened as a platform for countries not included in the G8.
