• He believes that the global capital experienced today is due to a new and distinct form of globalization which began in the 1980s.

  • Because it predated the Great Divergence in the nineteenth century, where Western Europe pulled ahead of the rest of the world in terms of industrial production and economic
    output, archaic globalization was a phenomenon that was driven not only by Europe but also by other economically developed Old World centers such as Gujarat, Bengal, coastal China, and Japan.

  • This is one of the driving forces behind global connections and trade; without either, globalization would not have emerged the way it did and states would still be dependent
    on their own production and resources to work.

  • [1] Though often treated as synonyms, in French, globalization is seen as a stage following mondialisation, a stage that implies the dissolution of national identities and
    the abolishment of borders inside the world network of economic exchanges.

  • [63] Current globalization trends can be largely accounted for by developed economies integrating with less developed economies by means of foreign direct investment, the
    reduction of trade barriers as well as other economic reforms, and, in many cases, immigration.

  • “[1]: 424  They note the term was used “in education to describe the global life of the mind”; in international relations to describe the extension of the European Common
    Market, and in journalism to describe how the “American Negro and his problem are taking on a global significance”.

  • At one end of the continuum lie social and economic relations and networks which are organized on a local and/or national basis; at the other end lie social and economic relations
    and networks which crystallize on the wider scale of regional and global interactions.

  • Likewise, it also comprises globalization of markets; which is defined as the union of different and separate markets into a massive global marketplace.

  • It also resulted in the growing prominence of attention focused on the movement of diseases, the proliferation of popular culture and consumer values, the growing prominence
    of international institutions like the UN, and concerted international action on such issues as the environment and human rights.

  • Globalization gave support to the world music phenomenon by allowing music from developing countries to reach broader audiences.

  • During the 19th century, globalization approached its form as a direct result of the Industrial Revolution.

  • [39][40] Early modern globalization is distinguished from modern globalization on the basis of expansionism, the method of managing global trade, and the level of information

  • This has added to processes of commodity exchange and colonization which have a longer history of carrying cultural meaning around the globe.

  • [32] Without the spread of traditional ideas from the East, Western globalization would not have emerged the way it did.

  • The term globalization first appeared in the early 20th century (supplanting an earlier French term mondialisation), developed its current meaning sometime in the second half
    of the 20th century, and came into popular use in the 1990s to describe the unprecedented international connectivity of the post-Cold War world.

  • The term describes the phase of increasing trade links and cultural exchange that characterized the period immediately preceding the advent of high “modern globalization”
    in the late 19th century.

  • Student exchange programs became popular after World War II, and are intended to increase the participants’ understanding and tolerance of other cultures, as well as improving
    their language skills and broadening their social horizons.

  • [63] Whereas the globalization of business is centered around the diminution of international trade regulations as well as tariffs, taxes, and other impediments that suppresses
    global trade, economic globalization is the process of increasing economic integration between countries, leading to the emergence of a global marketplace or a single world market.

  • The triangular trade made it possible for Europe to take advantage of resources within the Western Hemisphere.

  • “[2] In The Consequences of Modernity, Anthony Giddens writes: “Globalization can thus be defined as the intensification of worldwide social relations which link distant localities
    in such a way that local happenings are shaped by events occurring many miles away and vice versa.

  • [74] One important aspect of Robinson’s globalization theory is that production of goods are increasingly global.

  • The economic impact of the COVID-19 pandemic included a massive decline in tourism and international business travel as many countries temporarily closed borders.

  • One influential event was the late 2000s recession, which was associated with lower growth (in areas such as cross-border phone calls and Skype usage) or even temporarily
    negative growth (in areas such as trade) of global interconnectedness.

  • [7] The Silk Road in the 1st century Native New World crops exchanged globally (clockwise): Maize, tomato, potato, vanilla, rubber, cacao, tobacco Trade on the Silk Road was
    a significant factor in the development of civilizations from China, the Indian subcontinent, Persia, Europe, and Arabia, opening long-distance political and economic interactions between them.

  • [4][5][6] Though many scholars place the origins of globalization in modern times, others trace its history to long before the European Age of Discovery and voyages to the
    New World, and some even to the third millennium BCE.

  • [42][43] After World War II, work by politicians led to the agreements of the Bretton Woods Conference, in which major governments laid down the framework for international
    monetary policy, commerce, and finance, and the founding of several international institutions intended to facilitate economic growth by lowering trade barriers.

  • Economic globalization comprises: globalization of production; which refers to the obtainment of goods and services from a particular source from locations around the globe
    to benefit from difference in cost and quality.

  • The interactions of states were not on a global scale and most often were confined to Asia, North Africa, the Middle East, and certain parts of Europe.

  • However, disputes and international diplomacy are also large parts of the history of globalization, and of modern globalization.

  • [1] They have also argued that four forms of globalization can be distinguished that complement and cut across the solely empirical dimensions.

  • [51] The revolutions of 1989 and subsequent liberalization in many parts of the world resulted in a significant expansion of global interconnectedness.

  • Cultural globalization Cultural globalization refers to the transmission of ideas, meanings, and values around the world in such a way as to extend and intensify social relations.

  • [53] Other developments as dramatic were the Internet’s becoming influential in connecting people across the world; As of June 2012, more than 2.4 billion people—over a third
    of the world’s human population—have used the services of the Internet.

  • • New industrial military technologies increased the power of European states and the United States, and allowed these powers to forcibly open up markets across the world
    and extend their empires.

  • Robinson argues not only are economic activities expanded across national boundaries but also there is a transnational fragmentation of these activities.

  • This term is used to describe the relationships between communities and states and how they were created by the geographical spread of ideas and social norms at both local
    and regional levels.

  • In addition to economic trade, the Silk Road served as a means of carrying out cultural trade among the civilisations along its network.

  • [52] As economic integration intensified workers moved to areas with higher wages and most of the developing world oriented toward the international market economy.

  • Eventually, technological advances allowed states to learn of others’ existence and thus another phase of globalization can occur.

  • James holds that this series of distinctions allows for an understanding of how, today, the most embodied forms of globalization such as the movement of refugees and migrants
    are increasingly restricted, while the most disembodied forms such as the circulation of financial instruments and codes are the most deregulated.

  • [58] Modern consensus for the last 15 years regards globalization as having run its course and gone into decline.

  • Globalization can refer to those spatial-temporal processes of change which underpin a transformation in the organization of human affairs by linking together and expanding
    human activity across regions and continents.

  • [9] In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and
    movement of people, and the dissemination of knowledge.

  • The creation and expansion of such social relations is not merely observed on a material level.

  • [13][14] In 1848, Karl Marx noticed the increasing level of national inter-dependence brought on by capitalism, and predicted the universal character of the modern world society.

  • New opposing views from some economists have argued such trends are a result of price drops and in actuality, trade volume is increasing, especially with agricultural products,
    natural resources and refined petroleum.

  • [75] This process is marked by the common consumption of cultures that have been diffused by the Internet, popular culture media, and international travel.

  • The first is the idea of Eastern Origins, which shows how Western states have adapted and implemented learned principles from the East.

  • [70] If people are also free to move between the countries, in addition to a free-trade agreement, it would also be considered an open border.

  • The period is marked by the shift of hegemony to Western Europe, the rise of larger-scale conflicts between powerful nations such as the Thirty Years’ War, and demand for
    commodities, most particularly slaves.

  • [15] Sociologists Martin Albrow and Elizabeth King define globalization as “all those processes by which the people of the world are incorporated into a single world society.

  • [59] A common argument for this is that trade has dropped since its peak in 2008, and never recovered since the global financial crisis.

  • [87] Music has an important role in economic and cultural development during globalization.

  • [56][57] The China–United States trade war, starting in 2018, negatively affected trade between the two largest national economies.

  • [3] Advances in transportation, like the steam locomotive, steamship, jet engine, and container ships, and developments in telecommunication infrastructure such as the telegraph,
    the Internet, mobile phones, and smartphones, have been major factors in globalization and have generated further interdependence of economic and cultural activities around the globe.

  • Academic literature commonly divides globalization into three major areas: economic globalization, cultural globalization, and political globalization.

  • [46] These programs required that the country receiving monetary aid would open its markets to capitalism, privatize public industry, allow free trade, cut social services
    like healthcare and education and allow the free movement of giant multinational corporations.

  • European, Middle Eastern, Indian, Southeast Asian, and Chinese merchants were all involved in early modern trade and communications, particularly in the Indian Ocean region.

  • The migration and movement of people can also be highlighted as a prominent feature of the globalization process.

  • Many countries then shifted to bilateral or smaller multilateral agreements, such as the 2011 United States–Korea Free Trade Agreement.

  • [20] Paul James defines globalization with a more direct and historically contextualized emphasis: Globalization is the extension of social relations across world-space, defining
    that world-space in terms of the historically variable ways that it has been practiced and socially understood through changing world-time.

  • EU policies aim to ensure the free movement of people, goods, services, and capital within the internal market,[71] Trade facilitation looks at how procedures and controls
    governing the movement of goods across national borders can be improved to reduce associated cost burdens and maximize efficiency while safeguarding legitimate regulatory objectives.

  • Since the 1970s, aviation has become increasingly affordable to middle classes in developed countries.

  • He asserted that the pace of globalization was quickening and that its impact on business organization and practice would continue to grow.

  • [48] These programs allowed the World Bank and the IMF to become global financial market regulators that would promote neoliberalism and the creation of free markets for multinational
    corporations on a global scale.


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