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Economics

Many countries, institutions, companies, and organizations experienced the 1990s as a prosperous time. High-income countries such as the United States, Western Europe, and South Korea 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 free movement of labor 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 revolt. The economy gains 5% from its deficit until the Asian financial crisis of 1997.
• 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 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 East Asian Tigers.

World-changing events

Significant events that occurred during or after 1990 which would influence the course of history and character of the decade, 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.
• The Iraqi invasion of Kuwait in August 2, 1990 and the subsequent Gulf War in 1991.
• 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 the first publicly available service on the internet on August 6, 1991, beginning the eventual expansion of public use of the internet.
• 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 Palestinian 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 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 North Ireland.

Significant events that marked the passing of the decade include:

• The Anti-globalization protests and riot at the World Trade Organization Ministerial Conference of 1999 in Seattle, Washington, United States that 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.
• 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
• World-wide New Year's Eve celebrations on December 31, 1999 marking the end of the 20th century.
• Worldwide concern about possible widespread computer malfunctions resulting from the Year 2000 problem.

Science

• Physicists develop string theory and 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 in criminal law.
• Hubble Space Telescope launched in 1990; revolutionizes astronomy.
• Protease inhibitors introduced allowing HAART therapy against HIV; drastically reduces AIDS mortality.
• NASA's spacecraft Pathfinder lands on Mars and deploys a small roving vehicle, Sojourner, which analyzes the planet's geology and atmosphere.
• The Hale-Bopp comet swings past the sun for the first time in 4,200 years in April 1997.
• Development of biodegradable products, replacing products made from Styrofoam; advances in methods for recycling of waste products (such as paper, glass, aluminum).
• Genetically engineered crops are developed for commercial use.
• Discovery of dark matter, dark energy, brown dwarfs, and first confirmation of black holes.
• The Galileo probe orbits Jupiter, studying the planet and its moons extensively.
• The Global Positioning System (GPS) becomes fully operational.
• Proof of Fermat's last theorem is discovered by Andrew Wiles.
• Construction starts on the International Space Station – 1996

Technology

Some technologies invented and improved during the 1990s:

Hardware

• The Pentium processor is developed by Intel.
• Explosive growth of the Internet, perhaps caused by a decrease in the cost of computers and other technology.
• Advancements in computer modems, ISDN, cable modems and DSL lead to faster connection to the Internet.
• Pagers are initially popular but ultimately are replaced by mobile phones toward the end of the decade.
• Hand-held satellite phones are introduced towards the end of the decade.
• CD burner drives are introduced.
• Digital SLRs and regular Digital cameras become commercially available.
• The DVD media format is developed and popularized along with a plethora of Flash memory card standards.
• Apple introduces the iMac computer, initiating a trend in computer design towards translucent plastics and multicolor case design, discontinuing many legacy technologies like serial ports, and beginning a resurgence in the company's fortunes that continues unabated to this day.
• IBM introduces the 1-inch wide Microdrive hard drive in 170 MB and 340 MB c

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