The 1990s was the decade that ran from January 1, 1990, to December 31, 1999, the last decade of both the 20th century and the 2nd millennium. A combination of factors including the mass mobilisation of capital markets through neoliberalism, the widespread proliferation of new media such as the Internet, and the dissolution of the Soviet Union led to a realignment and reconsolidation of economic and political power across the world, and within countries. Living standards and democratic governance generally improved in many areas of the world, notably East Asia, Eastern Europe, Latin America, and South Africa. However new ethnic conflicts emerged in Africa, the Caucusus and the Balkans, and signs of any resolution of tensions in the Middle East remained elusive.
Economics
Many countries, institutions, companies, and organizations were prosperous during the 1990s. High-income countries such as the United States, Japan, Singapore, Hong Kong, Taiwan, 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.
- The U.S experiences its longest period of economic expansion during the decade. 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 10,500 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.
- Much of Europe had serious economic problems including the massive 1995 general strikes in France during its worst recession since World War II and the problems associated with German re-unification. The French economy mildly rebounds at the end of the decade as does Germany. During the late 90s, the economies of particulalrly Spain, Scandinavia and former Eastern block countries accelerate at rapid speed. After the early 1990s recession, the United Kingdom and Ireland experience rapid economic growth that continues throughout the decade. Unemployment is a persistent problem in many countries throughout the 90s.
- 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, which continues by 1999. This crisis is starts to get felt by the end of the decade.
World-changing events
Significant events that occurred during or after 1990 which would influence the course of history and character of the years, include:
- The release of African National Congress leader Nelson Mandela from jail in February 1990 after thirty years of imprisonment for opposing apartheid and white-minority rule in South Africa. This would resolve with the end of Apartheid in 1994, marking the end of the original Civil Rights era of the 20th century.
- The Iraqi invasion of Kuwait in August 2, 1990 and the subsequent Gulf War in 1991. From this point until the Iraq War of 2003–2010, the United States would have continuous military presence in Iraq.
- The German reunification in October 3, 1990 as a result of the fall of the Berlin Wall.
- The breakup of Yugoslavia beginning on June 25, 1991 after the republics of Croatia and Slovenia declared independence from Yugoslavia which was followed by the subsequent Yugoslav wars.
- The World Wide Web becomes publicly available on the Internet on August 6, 1991, greatly accelerating the expansion of public use of the Internet. By the mid 2000s, the Internet would become more popular than television in some cases.
- The Moscow Coup and subsequent break-up of the Soviet Union on December 21, 1991.
- Signing of the Oslo Accords by Israeli and Palestinian leaders on September 13, 1993. Israel permits the creation of an autonomous Palestinian National Authority consisting of the Gaza Strip and West Bank, while the Palestine Liberation Organization recognizes Israel's right to exist.
- The enactment of the North American Free Trade Agreement (NAFTA) on January 1, 1994, creating a North American free trade zone consisting of Canada, Mexico, and the United States.
- The Rwandan Genocide which began on April 6, 1994 until mid-July 1994 leads to the deaths of 800,000 people. It results in serious criticism of the United Nations and major countries for failing to stop the genocide.
- The first cloned mammal, Dolly the sheep is confirmed and reported by global media on February 26, 1997.
- The government of the People's Republic of China announces major privatization of state-owned industries in September 1997.
- The adoption of the Kyoto Protocol by the United Nations Framework Convention on Climate Change on December 11, 1997.
- The rival countries India and Pakistan in succession reveal their acquisition of nuclear weapons in 1998 with two separate missile tests amid escalating tensions over the disputed region of Kashmir.
- The Belfast Agreement (a.k.a. the Good Friday Agreement) is signed by U.K. and Irish politicians on April 10, 1998, declaring a joint commitment to a peaceful resolution of the territorial dispute between the Republic of Ireland and the United Kingdom over Northern Ireland.
Significant events that marked the passing of the decade include:
- The Pakistan Army overthrows the democratically elected government of Pakistan on October 12, 1999. Army chief Pervez Musharraf takes control of government as Prime Minister of Pakistan; he would dominate Pakistan's political leadership for nine years.
- The anti-globalization protests at the World Trade Organization Ministerial Conference of 1999 in Seattle, Washington began on November 30, 1999. This marks the beginning of a steady increase in anti-globalization protests which occurred in the 2000s as well as increasing hostility to neoliberalism.
- Ahmed Ressam, an Islamist militant associated with Al-Qaeda is arrested when attempting to cross from Canada to the United States at the Canada-U.S. border on December 14, 1999; it is discovered that he intended to bomb Los Angeles International Airport during millennium celebrations. This is the first major attempted terrorist attack by Al Qaeda on U.S. soil since the 1993 World Trade Center bombing and marked the beginning of a series of attempted terrorist attacks by Al Qaeda against the U.S. that would continue into the 2000s.
- The end of the last colonial holdings in China with the transfer of Hong Kong (under the United Kingdom) and Macau (under Portugal) to the People's Republic of China in 1997 and 1999.
- The resignation of President Boris Yeltsin on December 31, 1999 resulting in Prime Minister Vladimir Putin's succession to the position.
- Worldwide New Year's Eve celebrations on December 31, 1999 welcoming the year 2000. The 2nd millennium and the 20th century would end on December 31, 2000.
- Worldwide concern about possible widespread computer malfunctions resulting from the Year 2000 problem.
Science
- Physicists develop M-theory.
- Detection of extrasolar planets orbiting stars other than the sun.
- Dolly the sheep is cloned.
- Human Genome Project begins.
- DNA identification of individuals finds wide application i
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