The exact interpretation of the vision of the four chariots is not exactly known. There are a few who say that they represent the four monarchies. Other still suggest that it also refers to the four winds (verse 5). This is referenced from Dan. 7:2 when in a vision Daniel viewed four winds from the heaven ‘striving upon the great sea’ that is also thought to correspond with the four monarchies. It is considered that the Babylonian monarchy is symbolized by the chariot with red horses (which is why it was not written of afterwards since that monarchy died out).
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The second chariot (the black horses) represents the Persian monarchy that went out northward against the Babylonians. This ‘quieted God‘s Spirit in the north country’ after his judgments came down towards the people of Babylon, and the Jews received their freedom.
The Grecians were the white horses who went after those in the north to take over the Persians. In the fourth chariot were the ‘grisled and bay horses’ of the Romans who took over the Grecian monarchy that went ‘forth towards the south county’ towards Egypt. This was the last branch of the Grecians that was taken by the Romans. The bay horses that had been with the ‘grisled’ afterwards went off by themselves (the bay horses being the Goths and Vandals).