Suranovic,pg. Several former colonies tried collective ownership and centralized planning.
In Venezuela, there is no dominant ethnicity. The spice trade of the s led to the first global economy. Low eds. It occurs through the development of cross-border movement of technology, capital, labour, services, and products.
From this perspective the global economy is a natural evolution of the modernization of societies. McMichael, Philip.
The most recent form of the global economy emerged in the s as a result of advancements in information technologies combined with expanding neoliberal, political-economic philosophies and policies.