1990s

The 1990s or Nineties was the decade between and including January 1st, 1990 to December 31st, 1999. more...

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During this time, the widespread adoption of personal computers, the Internet, and the increased economic productivity led to the equity market booms around the world, and caused an influx of wealth to the United States, Europe, and Asia.

This decade started with the fall of Communism and the United Nations liberation of Kuwait, as well as the cementation of free market capitalism in many countries worldwide, both developed and developing. During this decade, racial prejudice against minorities lost moral acceptance, and the gender roles for women continued/began to change dramatically in many industrialized countries as women assumed leadership and gained power in politics, business, and every other aspect of life.

Throughout the decade multiple attempts to solve the conflict between Israeli and Palestinian territories were initiated including a near settlement in the mid-1990s with the Oslo Accords when Israel allowed the creation of the autonomous Palestinian National Authority. Also, the 165 years of British control over Hong Kong ended with the transfer of jurisdiction to the People's Republic of China. In Europe, the decade was dominated by the Yugoslav wars, which resulted in the dissolution of Yugoslavia as Slovenia, Croatia, Bosnia and Herzegovina, and Macedonia declared their independence.

Economics

Many countries, institutions, companies, and organizations were prosperous during the 1990s. High-income countries such as the United States, South Korea, and those in Western Europe experienced steady economic growth for much of the decade. However, in the former Soviet Union GDP decreased as their economies restructured to produce goods they needed and some capital flight occurred.

Oil and gas were discovered in many countries in the former Soviet bloc, leading to economic growth and wider adoption of trade between nations. These trends were also fueled by inexpensive fossil energy, with low petroleum prices caused by a glut of oil. Political stability and decreased militarization due to the winding down of the Cold War led to economic development and higher standards of living for many citizens.

Personal incomes doubled from the recession in 1990, and there was higher productivity overall. After the 1996 Welfare Reform Act there was a reduction of poverty, and the Wall Street stock exchange stayed over the 10,000 mark from 1999 to 2001.; After the 1992 booming of the US stock market, Alan Greenspan coined the phrase \"irrational exuberance\".; GATT update and creation of the World Trade Organization and other global economic institutions, but opposition by anti-globalization activists showed up in nearly every GATT summit, like the demonstrations in Seattle in December 1999.; With the creation of the E.U. there is freedom of movement between member states, such as the 1992 and 1995 free trade agreements. The EU agreed to have a single currency, and the Euro began circulation in March 1999 in 12 member states.; The Philippines saw great economic development after the People Power Revolution. The economy gains 5% from its deficit until the 1997 Asian Financial Crisis.; The North American Free Trade Agreement (NAFTA), which phases out trade barriers between the United States, Mexico, and Canada is signed into law by U.S. President Bill Clinton.; From 1990 until 1998 inclusive, the economy of Russia and some former USSR states was in a severe depression. Eastern European economies struggled after the fall of communism, but Poland, Hungary, Estonia, and Lithuania saw healthy economic growth rates in the late 1990s.; Except for the United Kingdom and Ireland, much of Europe had serious economic problems, such as the massive 1995 general strikes in France during its worst recession since World War II. The French economy mildly rebounds at the end of the decade.; Democracy, economic reform, and peace arrive in Latin America, while the sluggish economies of Brazil, by a new emphasis on free markets for all their citizens, and Mexico, under economist president Ernesto Zedillo elected in 1994, were in their best shape by the late 1990s.; Financial crisis hits East and Southeast Asia in 1997 and 1998 after a long period of phenomenal economic development. Japan was heavily affected, as was Indonesia when the 30-year rule of President Suharto ended in his resignation after widespread protests in May 1998. See Four Asian Tigers.;

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