page_title: 1990s
section_title: Economics
hierarchical_section_title: 1990s / Economics
caption_attribution_description: English: WASHINGTON. At a press conference with American President Bill Clinton.Русский: ВАШИНГТОН. С Президентом США Биллом Клинтоном на пресс-конференции.
context_page_description: The 1990s was a decade of the Gregorian calendar that began on January 1, 1990, and ended on December 31, 1999.
  Culturally, the 1990s are characterized by the rise of multiculturalism and alternative media, which continued into the 2000s and 2010s. Movements such as grunge, the rave scene and hip hop spread around the world to young people during that decade, aided by then-new technology such as cable television and the World Wide Web.
  A combination of factors, including the continued mass mobilization of capital markets through neo-liberalism, the thawing and end of the decades-long Cold War, the beginning of the widespread proliferation of new media such as the Internet from the middle of the decade onwards, increasing skepticism towards government, and the dissolution of the Soviet Union led to a realignment and reconsolidation of economic and political power across the world and within countries. The dot-com bubble of 1997–2000 brought wealth to some entrepreneurs before its crash between 2000 and 2001.
context_section_description: Many countries, institutions, companies, and organizations were prosperous during the 1990s. High-income countries such as the United States, Canada, Australia, New Zealand, 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.
  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.
  The anti-globalization protests at the World Trade Organization Ministerial Conference of 1999 in Seattle, Washington began on 30 November 1999. This marks the beginning of a steady increase in anti-globalization protests which occurred in the first decade of the 21st century as well as increasing hostility to neoliberalism.
  North America
  The decade is seen as a time of great prosperity in the United States, largely due to the unexpected advent of the Internet and the explosion of technology industries that came with it. The United States economy experiences its longest period of peace time economic expansion during the decade beginning in 1991. Personal incomes doubled from the recession in 1990, and there was higher productivity overall. 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".
  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.
  Asia
  The government of the People's Republic of China announces major privatization of state-owned industries in September 1997.
  China entered the '90s in a turbulent period, shunned by much of the world after the Tiananmen Square Massacre and controlled by hard line politicians who reigned in private enterprise and attempted to revive old-fashioned propaganda campaigns. Relations with the United States deteriorated sharply, and the Chinese leadership was further embarrassed by the disintegration of communism in Europe. In 1992, Deng Xiaoping travelled to southern China in his last major public appearance to revitalize faith in market economics and stop the country's slide back into Maoism. Afterwards, China recovered, and would experience explosive economic growth during the rest of the decade. In spite of this, dissent continued to be suppressed, and CPC General Secretary Jiang Zemin launched a brutal crackdown against the Falun Gong religious sect in 1999. Deng Xiaoping himself died in 1997 at the age of 93. Relations with the US deteriorated again in 1999 after the bombing of the Chinese embassy during the bombing of Serbia by NATO forces, which caused three deaths, and allegations of Chinese espionage at the Los Alamos Nuclear Facility.
  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 begins to be felt by the end of the decade.
  In Japan, after three decades of economic growth put them in second place in the world's economies, the situation worsened after 1993. The recession went on into the early first decade of the 21st century, bringing an end to the seemingly unlimited prosperity that the country had hitherto enjoyed.
  Less affluent nations such as India, Malaysia, and Vietnam also saw tremendous improvements in economic prosperity and quality of life during the 1990s. Restructuring following the end of the Cold War was beginning. However, there was also the continuation of terrorism in Third World regions that were once the "frontlines" for American and Soviet foreign politics, particularly in Asia.
  Europe
  By 1990, Soviet leader Mikhail Gorbachev's reforms were causing major inflation and economic chaos. A coup attempt by hard-liners in Aug
caption: Boris Yeltsin and Bill Clinton share a laugh in October 1995.
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