Globalization: A Short History of the Modern World

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Enabling JavaScript in your browser will allow you to experience all the features of our site. Learn how to enable JavaScript on your browser. The expression achieved terminological stardom in the s and was soon embraced by the general public and integrated into numerous languages. But is this much-discussed phenomenon really an invention of modern times? Arguing that the world did not turn "global" overnight, the book traces the emergence of globalization over the past seven or eight centuries.

In fact, the authors write, the phenomenon can be traced back to early modern large-scale trading, for example, the silk trade between China and the Mediterranean region, the shipping routes between the Arabian Peninsula and India, and the more frequently traveled caravan routes of the Near East and North Africa--all conduits for people, goods, coins, artwork, and ideas.

Osterhammel and Petersson argue that the period from to an era characterized by the development of free trade and the long-distance impact of the industrial revolution--represented an important phase in the globalization phenomenon. Moreover, they demonstrate how globalization in the mid-twentieth century opened up the prospect of global destruction though nuclear war and ecological catastrophe.

In the end, the authors write, today's globalization is part of a long-running transformation and has not ushered in a "global age" radically different from anything that came before. This book will appeal to historians, economists, and anyone in the social sciences who is interested in the historical emergence of globalization. The first wireless telegraphy transmitters were developed in The Internet has been instrumental in connecting people across geographical boundaries. For example, Facebook is a social networking service which has more than 1.

Globalization can be spread by Global journalism which provides massive information and relies on the internet to interact, "makes it into an everyday routine to investigate how people and their actions, practices, problems, life conditions etc.

One index of globalization is the KOF Index of Globalization , which measures three important dimensions of globalization: economic, social, and political. However, newer indices attempt to measure globalization in more general terms, including variables related to political, social, cultural, and even environmental aspects of globalization. Reactions to processes contributing to globalization have varied widely with a history as long as extraterritorial contact and trade.

Philosophical differences regarding the costs and benefits of such processes give rise to a broad-range of ideologies and social movements. Proponents of economic growth , expansion and development , in general, view globalizing processes as desirable or necessary to the well-being of human society.

Antagonists view one or more globalizing processes as detrimental to social well-being on a global or local scale; [] this includes those who focus on social or natural sustainability of long-term and continuous economic expansion, the social structural inequality caused by these processes, and the colonial , imperialistic , or hegemonic ethnocentrism , cultural assimilation and cultural appropriation that underlie such processes.

Globalization tends to bring people into contact with foreign people and cultures. Xenophobia is the fear of that which is perceived to be foreign or strange. Critiques of globalization generally stem from discussions surrounding the impact of such processes on the planet as well as the human costs. They challenge directly traditional metrics, such as GDP, and look to other measures, such as the Gini coefficient [] or the Happy Planet Index , [] and point to a "multitude of interconnected fatal consequences—social disintegration, a breakdown of democracy, more rapid and extensive deterioration of the environment, the spread of new diseases, increasing poverty and alienation" [] which they claim are the unintended consequences of globalization.

Others point out that, while the forces of globalization have led to the spread of western-style democracy, this has been accompanied by an increase in inter-ethnic tension and violence as free market economic policies combine with democratic processes of universal suffrage as well as an escalation in militarization to impose democratic principles and as a means to conflict resolution.

A study by Peer Fis and Paul Hirsch found a large increase in articles negative towards globalization in the years prior. In , negative articles outpaced positive articles by two to one. This increase occurred during a period when the total number of articles concerning globalization nearly doubled.

A number of international polls have shown that residents of Africa and Asia tend to view globalization more favorably than residents of Europe or North America. In , Philip Gordon stated that "a clear majority of Europeans believe that globalization can enrich their lives, while believing the European Union can help them take advantage of globalization's benefits while shielding them from its negative effects. Residents of the EU did not appear to feel threatened by globalization in Social spending was much higher than in the US.

Fiss, et al. At the same time, discourse on globalization, which began in the financial community before shifting to a heated debate between proponents and disenchanted students and workers. Polarization increased dramatically after the establishment of the WTO in ; this event and subsequent protests led to a large-scale anti-globalization movement. Less educated workers, who were more likely to compete with immigrants and workers in developing countries, tended to be opponents.

The situation changed after the financial crisis of Respondents with high school education also became more opposed. According to Takenaka Heizo and Chida Ryokichi, as of [update] there was a perception in Japan that the economy was "Small and Frail". However, Japan was resource-poor and used exports to pay for its raw materials.

Anxiety over their position caused terms such as internationalization and globalization to enter everyday language. However, Japanese tradition was to be as self-sufficient as possible, particularly in agriculture. Many in developing countries see globalization as a positive force that lifts them out of poverty. Opponents consider governments as agents of neo-colonialism that are subservient to multinational corporations.

The literature analysing the economics of free trade is extremely rich with extensive work having been done on the theoretical and empirical effects. Though it creates winners and losers, the broad consensus among economists is that free trade is a large and unambiguous net gain for society. Quoting Harvard economics professor N. Gregory Mankiw , "Few propositions command as much consensus among professional economists as that open world trade increases economic growth and raises living standards.

The Modern History of Globalization

In the book The End of Poverty , Jeffrey Sachs discusses how many factors can affect a country's ability to enter the world market, including government corruption ; legal and social disparities based on gender, ethnicity, or caste; diseases such as AIDS and malaria ; lack of infrastructure including transportation, communications, health, and trade ; unstable political landscapes; protectionism ; and geographic barriers.

Economic growth is conventionally measured using indicators such as GDP and GNI that do not accurately reflect the growing disparities in wealth. Economist Paul Krugman is another staunch supporter of globalization and free trade with a record of disagreeing with many critics of globalization. He argues that many of them lack a basic understanding of comparative advantage and its importance in today's world.

The flow of migrants to advanced economic countries has been claimed to provide a means through which global wages converge. An IMF study noted a potential for skills to be transferred back to developing countries as wages in those a countries rise. Technological innovations or technological transfer is conjectured to benefit most the developing and least developing countries LDCs , as for example in the adoption of mobile phones.

There has been a rapid economic growth in Asia after embracing market orientation -based economic policies that encourage private property rights , free enterprise and competition. Like this, the British economic journalist Martin Wolf says that incomes of poor developing countries, with more than half the world's population, grew substantially faster than those of the world's richest countries that remained relatively stable in its growth, leading to reduced international inequality and the incidence of poverty. Certain demographic changes in the developing world after active economic liberalization and international integration resulted in rising general welfare and, hence, reduced inequality.

According to Wolf, in the developing world as a whole, life expectancy rose by four months each year after and infant mortality rate declined from per thousand in to 58 in due to improvements in standards of living and health conditions. Furthermore, the reduction in fertility rate in the developing world as a whole from 4.

Thus, despite seemingly unequal distribution of income within these developing countries, their economic growth and development have brought about improved standards of living and welfare for the population as a whole. Per capita gross domestic product GDP growth among post globalizing countries accelerated from 1. This acceleration in growth seems even more remarkable given that the rich countries saw steady declines in growth from a high of 4.

Also, the non-globalizing developing countries seem to fare worse than the globalizers, with the former's annual growth rates falling from highs of 3. This rapid growth among the globalizers is not simply due to the strong performances of China and India in the s and s—18 out of the 24 globalizers experienced increases in growth, many of them quite substantial. The globalization of the late 20th and early 21st centuries has led to the resurfacing of the idea that the growth of economic interdependence promotes peace.

Some opponents of globalization see the phenomenon as a promotion of corporate interests. Globalization allows corporations to outsource manufacturing and service jobs from high cost locations, creating economic opportunities with the most competitive wages and worker benefits.

While it is true that free trade encourages globalization among countries, some countries try to protect their domestic suppliers. The main export of poorer countries is usually agricultural productions. Larger countries often subsidize their farmers e. Democratic globalization is a movement towards an institutional system of global democracy that would give world citizens a say in political organizations. This would, in their view, bypass nation-states, corporate oligopolies, ideological Non-governmental organizations NGO , political cults and mafias.

One of its most prolific proponents is the British political thinker David Held. Advocates of democratic globalization argue that economic expansion and development should be the first phase of democratic globalization, which is to be followed by a phase of building global political institutions. Francesco Stipo , Director of the United States Association of the Club of Rome , advocates unifying nations under a world government , suggesting that it "should reflect the political and economic balances of world nations.

A world confederation would not supersede the authority of the State governments but rather complement it, as both the States and the world authority would have power within their sphere of competence". Global civics suggests that civics can be understood, in a global sense, as a social contract between global citizens in the age of interdependence and interaction.

The disseminators of the concept define it as the notion that we have certain rights and responsibilities towards each other by the mere fact of being human on Earth. An early incarnation of this sentiment can be found in Socrates , whom Plutarch quoted as saying: "I am not an Athenian, or a Greek, but a citizen of the world. Baha'i-inspired author Meyjes, while favoring the single world community and emergent global consciousness, warns of globalization [] as a cloak for an expeditious economic, social, and cultural Anglo-dominance that is insufficiently inclusive to inform the emergence of an optimal world civilization.

He proposes a process of " universalization " as an alternative. Cosmopolitanism is the proposal that all human ethnic groups belong to a single community based on a shared morality. A person who adheres to the idea of cosmopolitanism in any of its forms is called a cosmopolitan or cosmopolite. The cosmopolitan community is one in which individuals from different places e. For instance, Kwame Anthony Appiah suggests the possibility of a cosmopolitan community in which individuals from varying locations physical, economic, etc.

One example is the security cooperation between the United States and the former Soviet Union after the end of the Cold War, which astonished international society. The most recent debate around nuclear energy and the non-alternative coal-burning power plants constitutes one more consensus on what not to do. Thirdly, significant achievements in IC can be observed through development studies. Economic cooperation - One of the biggest challenges in with globalization is that many believe the progress made in the past decades are now back tracking.

The back tracking of globalization has coined the term "Slobalization. Anti-globalization, or counter-globalization, [] consists of a number of criticisms of globalization but, in general, is critical of the globalization of corporate capitalism. Opponents of globalization argue that there is unequal power and respect in terms of international trade between the developed and underdeveloped countries of the world.

In The Revolt of the Elites and the Betrayal of Democracy , Christopher Lasch analyzes [] the widening gap between the top and bottom of the social composition in the United States. According to Lasch, the new elites, i. In this, they oppose the old bourgeoisie of the nineteenth and twentieth centuries, which was constrained by its spatial stability to a minimum of rooting and civic obligations. Globalization, according to the sociologist, has turned elites into tourists in their own countries. The de-nationalisation of business enterprise tends to produce a class who see themselves as "world citizens, but without accepting Their ties to an international culture of work, leisure, information — make many of them deeply indifferent to the prospect of national decline.

Instead of financing public services and the public treasury, new elites are investing their money in improving their voluntary ghettos: private schools in their residential neighborhoods, private police, garbage collection systems. They have "withdrawn from common life". Composed of those who control the international flows of capital and information, who preside over philanthropic foundations and institutions of higher education, manage the instruments of cultural production and thus fix the terms of public debate. So, the political debate is limited mainly to the dominant classes and political ideologies lose all contact with the concerns of the ordinary citizen.

The result of this is that no one has a likely solution to these problems and that there are furious ideological battles on related issues. However, they remain protected from the problems affecting the working classes: the decline of industrial activity, the resulting loss of employment, the decline of the middle class, increasing the number of the poor, the rising crime rate, growing drug trafficking, the urban crisis. Snow et al. One of the most infamous tactics of the movement is the Battle of Seattle in , where there were protests against the World Trade Organization's Third Ministerial Meeting.

Capital markets have to do with raising and investing money in various human enterprises. Increasing integration of these financial markets between countries leads to the emergence of a global capital marketplace or a single world market. In the long run, increased movement of capital between countries tends to favor owners of capital more than any other group; in the short run, owners and workers in specific sectors in capital-exporting countries bear much of the burden of adjusting to increased movement of capital.

Those opposed to capital market integration on the basis of human rights issues are especially disturbed by the various abuses which they think are perpetuated by global and international institutions that, they say, promote neoliberalism without regard to ethical standards. In light of the economic gap between rich and poor countries, movement adherents claim free trade without measures in place to protect the under-capitalized will contribute only to the strengthening the power of industrialized nations often termed the "North" in opposition to the developing world's "South".

Corporatist ideology, which privileges the rights of corporations artificial or juridical persons over those of natural persons , is an underlying factor in the recent rapid expansion of global commerce. A related contemporary ideology, consumerism , which encourages the personal acquisition of goods and services, also drives globalization. Concern over the treatment of consumers by large corporations has spawned substantial activism, and the incorporation of consumer education into school curricula.

Social activists hold materialism is connected to global retail merchandizing and supplier convergence , war , greed, anomie , crime , environmental degradation, and general social malaise and discontent.

globalization

One variation on this topic is activism by postconsumers , with the strategic emphasis on moving beyond addictive consumerism. The global justice movement is the loose collection of individuals and groups—often referred to as a " movement of movements "—who advocate fair trade rules and perceive current institutions of global economic integration as problems. Those involved, however, frequently deny that they are anti-globalization , insisting that they support the globalization of communication and people and oppose only the global expansion of corporate power.

Many nongovernmental organizations have now arisen to fight these inequalities that many in Latin America, Africa and Asia face. They often create partnerships where they work towards improving the lives of those who live in developing countries by building schools, fixing infrastructure, cleaning water supplies, purchasing equipment and supplies for hospitals, and other aid efforts.

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The economies of the world have developed unevenly, historically, such that entire geographical regions were left mired in poverty and disease while others began to reduce poverty and disease on a wholesale basis. From around through at least , the GDP gap, while still wide, appeared to be closing and, in some more rapidly developing countries , life expectancies began to rise.

Overall equality across humanity, considered as individuals, has improved very little. Within the decade between and , income inequality grew even in traditionally egalitarian countries like Germany, Sweden and Denmark. With a few exceptions—France, Japan, Spain—the top 10 percent of earners in most advanced economies raced ahead, while the bottom 10 percent fell further behind. Critics of globalization argue that globalization results in weak labor unions : the surplus in cheap labor coupled with an ever-growing number of companies in transition weakened labor unions in high-cost areas.

Unions become less effective and workers their enthusiasm for unions when membership begins to decline. Examples include quarrying , salvage, and farm work as well as trafficking, bondage, forced labor, prostitution and pornography. Women often participate in the workforce in precarious work , including export-oriented employment.

Evidence suggests that while globalization has expanded women's access to employment, the long-term goal of transforming gender inequalities remains unmet and appears unattainable without regulation of capital and a reorientation and expansion of the state's role in funding public goods and providing a social safety net. In , a study published by the IMF posited that neoliberalism , the ideological backbone of contemporary globalized capitalism, has been "oversold", with the benefits of neoliberal policies being "fairly difficult to establish when looking at a broad group of countries" and the costs, most significantly higher income inequality within nations, "hurt the level and sustainability of growth.

Beginning in the s, opposition arose to the idea of a world government, as advocated by organizations such as the World Federalist Movement WFM. Those who oppose global governance typically do so on objections that the idea is unfeasible, inevitably oppressive, or simply unnecessary.

Such reasoning dates back to the founding of the League of Nations and, later, the United Nations. Environmentalism is a broad philosophy, ideology [] [] [] and social movement regarding concerns for environmental conservation and improvement of the health of the environment. Environmentalist concerns with globalization include issues such as global warming , climate change , global water supply and water crises , inequity in energy consumption and energy conservation , transnational air pollution and pollution of the world ocean , overpopulation , world habitat sustainability , deforestation , biodiversity loss and species extinction.

One critique of globalization is that natural resources of the poor have been systematically taken over by the rich and the pollution promulgated by the rich is systematically dumped on the poor. Globalization is thus leading to a type of" environmental apartheid ". In her book Ancient Futures , Norberg-Hodge claims that "centuries of ecological balance and social harmony are under threat from the pressures of development and globalization.

Although globalization takes similar steps in most countries, scholars such as Hodge claim that it might not be effective to certain countries and that globalization has actually moved some countries backward instead of developing them. A related area of concern is the pollution haven hypothesis , which posits that, when large industrialized nations seek to set up factories or offices abroad, they will often look for the cheapest option in terms of resources and labor that offers the land and material access they require see Race to the bottom.

Developing countries with cheap resources and labor tend to have less stringent environmental regulations , and conversely, nations with stricter environmental regulations become more expensive for companies as a result of the costs associated with meeting these standards. Thus, companies that choose to physically invest in foreign countries tend to re locate to the countries with the lowest environmental standards or weakest enforcement.

The globalization of food production is associated with a more efficient system of food production. This is because crops are grown in countries with optimum growing conditions. This improvement causes an increase in the world's food supply which encourages improved food security. Norway's limited crop range advocates globalization of food production and availability.

The northern-most country in Europe requires trade with other countries to ensure population food demands are met. From Wikipedia, the free encyclopedia. For other uses, see Globalization disambiguation. Main article: History of globalization. See also: Timeline of international trade. Main article: Archaic globalization. Main article: Proto-globalization. Main article: Economic globalization. Main article: Cultural globalization. Main article: Political globalization.

See also: Internet. See also: List of globalization-related indices. See also: Criticisms of globalization. Main article: Democratic globalization. Main articles: Global civics and Multiculturalism. See also: Global citizenship. Main article: Anti-globalization movement. Main article: Anti-capitalist movements.

Main articles: Anti-corporatism and Anti-consumerism. Main article: Global justice movement. Main articles: Social inequality and International inequality. Main article: Global governance. Main article: Environmentalism. See also: Global warming , Climate change , and Deforestation. Main article: Food security. Civilizing mission Cosmopolitanism Deglobalization Environmental racism Eurasianism Franchising Free trade Global civics Global commons Global mobility Globalism Global public goods List of bilateral free-trade agreements List of globalization-related indices List of multilateral free-trade agreements Middle East and globalization Neorealism international relations North—South divide Outline of globalization Postdevelopment theory Purple economy Technocapitalism Transnational cinema Transnational citizenship Triadization United Nations Millennium Declaration Vermeer's Hat World Englishes.

Globalization, Knowledge and Society London: Sage. Globalization, knowledge, and society: readings from International sociology. Sage Publications. History of Information Technologies. Elon University School of Communications. Retrieved 17 August Guyford Journal of Cybernetics. ReOrient: Global economy in the Asian age. Berkeley: University of California Press. Retrieved 3 July European Review of Economic History. Economic Geography. In Ritzer, George ed. The Blackwell Companion to Globalization. Online Etymology Dictionary. Retrieved 7 July Oxford English Dictionary Online. September Retrieved 5 November Retrieved 23 April Globalization in World History.

London: Norton, pp. New Global Studies. London: Sage. Global Transformations Cambridge: Polity Press. Globalization: A Very Short Introduction. New York: Oxford University Press. Steger; Paul James Perspectives on Global Development and Technology. Citizenship Studies. Emerging: A Reader. Barclay Barrios. Boston: Bedford, St. Martins, The Globalization Reader. New Jersey: Wiley-Blackwell Publishers. The Nation. The Spectator.

The Sociology of Globalization. Policy Press. The world's financial markets have experienced a dramatic increase in globalization in recent years. Global capital flows fluctuated between 2 and 6 percent of world GDP during the period , but since then they have risen to The most rapid increase has been experienced by advanced economies, but emerging markets and developing countries have also become more financially integrated.

As countries have strengthened their capital markets they have attracted more investment capital, which can enable a broader entrepreneurial class to develop, facilitate a more efficient allocation of capital, encourage international risk sharing, and foster economic growth. Yet there is an energetic debate underway, among leading academics and policy experts, on the precise impact of financial globalization.

Some see it as a catalyst for economic growth and stability. Others see it as injecting dangerous—and often costly—volatility into the economies of growing middle-income countries. A recent paper by the IMF's Research Department takes stock of what is known about the effects of financial globalization.

First, the findings support the view that countries must carefully weigh the risks and benefits of unfettered capital flows. The evidence points to largely unambiguous gains from financial integration for advanced economies. In emerging and developing countries, certain factors are likely to influence the effect of financial globalization on economic volatility and growth: countries with well-developed financial sectors, strong institutions, sounds macroeconomic policies, and substantial trade openness are more likely to gain from financial liberalization and less likely to risk increased macroeconomic volatility and to experience financial crises.

For example, well-developed financial markets help moderate boom-bust cycles that can be triggered by surges and sudden stops in international capital flows, while strong domestic institutions and sound macroeconomic policies help attract "good" capital, such as portfolio equity flows and FDI. The second lesson to be drawn from the study is that there are also costs associated with being overly cautious about opening to capital flows.

Opening up to foreign investment may encourage changes in the domestic economy that eliminate these distortions and help foster growth. Looking forward, the main policy lesson that can be drawn from these results is that capital account liberalization should be pursued as part of a broader reform package encompassing a country's macroeconomic policy framework, domestic financial system, and prudential regulation.

Moreover, long-term, non-debt-creating flows, such as FDI, should be liberalized before short-term, debt-creating inflows. Countries should still weigh the possible risks involved in opening up to capital flows against the efficiency costs associated with controls, but under certain conditions such as good institutions, sound domestic and foreign policies, and developed financial markets the benefits from financial globalization are likely to outweigh the risks.

As some countries have embraced globalization, and experienced significant income increases, other countries that have rejected globalization, or embraced it only tepidly, have fallen behind. A similar phenomenon is at work within countries—some people have, inevitably, been bigger beneficiaries of globalization than others. Over the past two decades, income inequality has risen in most regions and countries. At the same time, per capita incomes have risen across virtually all regions for even the poorest segments of population, indicating that the poor are better off in an absolute sense during this phase of globalization, although incomes for the relatively well off have increased at a faster pace.

A Brief History of Globalization

Consumption data from groups of developing countries reveal the striking inequality that exists between the richest and the poorest in populations across different regions. As discussed in the October issue of the World Economic Outlook , one must keep in mind that there are many sources of inequality. Contrary to popular belief, increased trade globalization is associated with a decline in inequality. The spread of technological advances and increased financial globalization—and foreign direct investment in particular—have instead contributed more to the recent rise in inequality by raising the demand for skilled labor and increasing the returns to skills in both developed and developing countries.

Hence, while everyone benefits, those with skills benefit more. It is important to ensure that the gains from globalization are more broadly shared across the population. To this effect, reforms to strengthen education and training would help ensure that workers have the appropriate skills for the evolving global economy. Policies that broaden the access of finance to the poor would also help, as would further trade liberalization that boosts agricultural exports from developing countries.

Additional programs may include providing adequate income support to cushion, but not obstruct, the process of change, and also making health care less dependent on continued employment and increasing the portability of pension benefits in some countries. Equally important, globalization should not be rejected because its impact has left some people unemployed.

The dislocation may be a function of forces that have little to do with globalization and more to do with inevitable technological progress. And, the number of people who "lose" under globalization is likely to be outweighed by the number of people who "win. Martin Wolf , the Financial Times columnist, highlights one of the fundamental contradictions inherent in those who bemoan inequality, pointing out that this charge amounts to arguing "that it would be better for everybody to be equally poor than for some to become significantly better off, even if, in the long run, this will almost certainly lead to advances for everybody.

Indeed, globalization has helped to deliver extraordinary progress for people living in developing nations.

Issues Brief - Globalization: A Brief Overview

One of the most authoritative studies of the subject has been carried out by World Bank economists David Dollar and Aart Kraay. They found that in "globalizing" countries in the developing world, income per person grew three-and-a-half times faster than in "non-globalizing" countries, during the s. In general, they noted, "higher growth rates in globalizing developing countries have translated into higher incomes for the poor.

Critics point to those parts of the world that have achieved few gains during this period and highlight it as a failure of globalization. But that is to misdiagnose the problem. While serving as Secretary-General of the United Nations, Kofi Annan pointed out that "the main losers in today's very unequal world are not those who are too much exposed to globalization.

They are those who have been left out. In developed countries, those who have this view of unfairness are more likely to say that globalization is growing too quickly. In contrast, in some developing countries, those who perceive such unfairness are more likely to say globalization is proceeding too slowly.

As individuals and institutions work to raise living standards throughout the world, it will be critically important to create a climate that enables these countries to realize maximum benefits from globalization. That means focusing on macroeconomic stability, transparency in government, a sound legal system, modern infrastructure, quality education, and a deregulated economy.