Essay: Globalization, an interconnected world

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  • Subject area(s): Economics essays
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  • Published on: January 22, 2019
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Globalization has helped the world become more interconnected and has resulted in improved trade and cultural exchange. Globalization has also assisted the mass production of services and goods between different countries.
Stack (2002) defines globalization as ‘a blanket term referring to the increasing modern interconnectedness of nations, markets and people’.

In this essay I will attempt, with sufficient evidence found to come to an overall conclusion is the world a more globalised place today than it was before the outbreak of WWI in 1914 looking at specific areas of the subject such as the waves of globalization. This essay will also look at globalization before World War I, de-industrialization and de-globalization, the collapse of globalization and globalization in the second wave.

Firstly, economists usually use Globalization to refer to international incorporation in capital and labour markets. According to Baldwin and Martin (1999), there has been at least two occurrences of globalization since the middle of the 19th century.

The first wave of Globalization started about the middle of the 19th century and briefly ended when World War 1 commenced. The second wave began after World War 2 had ended and still ongoing today. In these two waves of globalization fast trading and increase of production went parallel to each other and causes large changes in the relation of size with the economies that were involved.

One valued lesson that was learned from history is that globalization has been a bumpy ride and has been well known for the increased productivity of integration seen in the 19th and the second part of the 20th century. It has also been present in the periods of difficulties seen in the inter-war period and occasionally had major and expensive consequences (World Trade Organization, 2008).

Over the last generation, globalization has been such a large step in development around world affairs helping to make the world and its economies more linked and more independent.

There are two waves of globalization, World War 1 had caused the collapse of the first wave of globalization. After World War 1 had other devastations including the Great Depression, World War 2 and the Cold War.

It wasn’t until the 1990s that the world economies had really recovered from the effect that World War 1 had caused. In ways the world before WW1 was more globalized than we see our world today. World War 1 is of importance when talking about the history of globalization (Strikwerda, 2014).

Strikwerda (2014) goes onto talking about important points of why globalization didn’t help avoid World War 1 from breaking out. There was panic about the necessity in global markets and this had caused rows over war. In 1912, one of the generals had argued that Germany needed to organise for war because the lives of the working classes depended on preservation and growth of the export trade. States like Russia and the Balkan states being the lower of the economically united states had caused an uproar as they had feared about their global links.

In the 1940’s after World War 2 had finished, the post-war settlement had been created to tackle the devastating outcomes of the war of parts of the extremely globalized industrials economy of Britain before 1914. An economy what was built on iron and steel, coal and shipbuilding and textiles had embarked into a crisis after 1920. Any reoccurrence of a large amount of unemployment and an inconsistent social security was seemingly down to the designers of the post-war settlement in the 1940’s was seen as major threats to a liberal system that was in place. Two of these designers were Keynes and Beveridge. They and their accomplices had wanted to fix and maintain the labour market and give a helping hand to those who had a low work income due to any cause.

The policies from this settlement had appeared in the midst of the 1940’s disputes had put together a broad Beveridgean development of social security with more dynamic stabilization policies put in place.

However, the effects of this on the original flexibility of the labour market were not direct. The policy that was most direct to support securing employment to the old globalized industrial areas of the outer areas of Britain was only regional policy and cause significant motivation in investment in these regions and areas.

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