Tuesday, 2 November 2021

World history: These are among the most important global events to happen annually since 1920 (PART 6)

1983: The Internet is Born

• Date: Jan. 1

• Location: Multiple

The internet as we know it today – a seemingly endless collection of websites hosted on servers scattered across the globe – is still more than a decade away. But at the beginning of 1983, the the Advanced Research Projects Agency Network (ARPANET) – a small network for academics and researchers – transitions to the standard TCP/IP protocol of the World Wide Web. The protocol would become the internet's cornerstone and technical foundation as it allows expanded available address space and decentralizes the network, thus also expanding accessibility.

1984: Chemicals Kill Thousands in India

• Date: Dec. 2

• Location: Bhopal, India

The chemical disaster in Bhopal is still considered history's worst industrial disaster. About 30 tons of methyl isocyanate, an industrial gas used to make pesticide, are released at a Union Carbide Corp. plant. About 600,000 poor residents of nearby shanty towns are exposed to a highly toxic compound that kills about 15,000 people and countless farm animals, according to Indian government estimates. The calamity leads to a generation of birth defects. To this day, locals claim the now-abandoned site is riddled with toxic materials left behind by Union Carbide, which was acquired by Dow Chemical in 2001.

1985: Reagan, Gorbachev Meet

• Date: Nov. 19

• Location: Geneva

Despite his often bellicose criticisms of the Soviet Union, President Ronald Reagan agrees to meet with his counterpart, Soviet General Secretary Mikhail Gorbachev, in Geneva in the first meeting between leaders of the two Cold War foes in nearly a decade. Though the meeting yields little of substance, it starts a closer relationship between the two men who both seem committed to scaling back the nuclear arms race between the two nuclear superpowers.

1986: Shuttle Tragedy

• Date: Jan. 28

• Location: Off the coast of Florida

The 25th mission of the U.S. space shuttle program ends with the tragic loss of seven astronauts as space shuttle Challenger exploded 73 seconds after takeoff from Cape Canaveral, Florida. Among those killed are Christa McAuliffe, who would have been the first teacher in space. The failure is later identified as a problem with the so-called O-rings used to form a seal in the seams of the shuttle's external fuel tanks.


1987: Stock Market Tanks

• Date: Oct. 19

• Location: Worldwide

Oct. 19, 1987 is called Black Monday because on that day the Dow Jones Industrial Average plunges 508 points, or more than 22%. The drop is worse than the crash in 1929. It is also worse than the market plunge after the 9-11 terrorist attacks and the 2008 financial crisis. Among the reasons cited for the drop are rising tensions in the Persian Gulf, concern over higher interest rates, and the belief that the bull market is ending. Computerized trading, relatively new at the time, accelerates trade orders, which speeds up the market drop. As a result of the collapse, exchanges put in place so-called circuit breakers intended to halt trading when stocks fall too fast. This measure is designed to provide investors a cooling off period and avoid a panic.


1988: When the U.S. Armed Iran

• Date: March 16

• Location: Washington D.C.

Lt. Col. Oliver North and Vice Adm. John Poindexter are indicted on charges of conspiracy to defraud the United States for their involvement in the so-called Iran-Contra affair. The scandal involved members of the Reagan administration who illegally sold arms to Iran to help facilitate the release of American hostages, and then transfer the proceeds of the sale to fund the Nicaraguan contras, a loose affiliation of right-wing militias. North is convicted, but his conviction is vacated and reversed, while Poindexter's convictions are also reversed on appeal.

1989: The Berlin Wall Falls

• Date: Nov. 9

• Location: Berlin, East and West Germany

Cracks in the monolithic Soviet bloc are starting to appear in the 1980s, and the very symbol of communist repression comes crashing down in November, when the Berlin Wall is breached, ending a 28-year division of the city. During the day on Nov. 9, a spokesman for East Berlin's Communist Party says starting at midnight that day, citizens of East Germany are free to cross the country's borders. Almost immediately Berliners start slamming the wall with axes and sledgehammers. By nightfall, the celebration turns into what one observer calls "the greatest street party in the history of the world" and the city is reunited. East and West Germany would reunite one year later.

1990: Democracy in Poland

• Date: Jan. 28

• Location: Poland

With the hold of the Soviet Union and communism on East Europe loosening, Poland's ruling communist party votes to dissolve and become more moderate. In the following elections, Lech Wałęsa, leader of the Solidarity Movement and the 1983 Nobel Peace Prize laureate, wins the election and becomes president.


1991: American Goes to War in Middle East

• Date: Jan. 17

• Location: Saudi Arabia and Kuwait

After Saddam Hussein's Iraq invades and occupies Kuwait on Aug. 2, 1990, the United States sends forces to defend neighboring Saudi Arabia from being overrun and to protect its vital oil assets in Operation Desert Shield. With Saudi Arabia secured, U.S. implements Operation Desert Storm to push Iraqi forces back across the border with Kuwait in a military operation that lasts until a ceasefire takes effect in April.

1992: Cold War Ends

• Date: Feb. 1

• Location: Camp David, Maryland

Just weeks after the dissolution of the Soviet Union on Dec. 26, 1991, U.S. President George H.W. Bush and his Russian counterpart, Boris Yeltsin, meet at Camp David to formally declare the end of the Cold War that began shortly after the end of World War II. The meeting comes days after both countries announce they would stop aiming nuclear missiles at each other. Russia declares its 11 former communist satellite republics – from Armenia to Uzbekistan – independent.

SOURCE: 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Its content is produced independently of USA TODAY

Originally Published 
Updated 

PUBLISHED: ANGELO YOUNG AND JOHN HARRINGTON |24/7 WALL STREET 


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