History of globalization

Despite the fact that many people consider globalization a twentieth century phenomenon, the
process has been happening for ages. Examples include the following:

 The Roman Empire. Beginning in 600 B.C., the Roman Empire spread its economic and
governing systems through important portions of the ancient world for centuries.

 Silk Road trade. These trade routes, which date from 130 B.C. to 1453 A.D.,
characterized another wave of globalization. They brought merchants, goods and
travelers from China through Central Asia and the Middle East to Europe.

 Pre-World War I. European countries made important investments overseas in the

periods before World War I. The period from 1870 to 1914 is called the golden age of
globalization.

 Post-World War II. The United States run the effort to create a global economic system
with a set of largely accepted international rules. Multinational institutions were
established such as the United Nations (UN), International Monetary Fund, World Bank
and World Trade Organization to promote international cooperation and free trade.

The term globalization as it's used today came to importance in the 1980s, reflecting several
technological advancements that increased international interactions. IBM's introduction of the
personal computer in 1981 and the following evolution of the modern internet are two examples
of technology that helped drive international communication, commerce and globalization.

Globalization has receded and flowed throughout history, with periods of expansion and
retrenchment. The 21st century has witnessed both Global stock markets fell after the Sept 11,
2001, terrorist attacks in the United States, but recovered in following years.

More recently, nationalist political movements have slowed immigration, closed borders and
increased trade protectionism. The pandemic has had similar effects on borders and immigration
and also disrupted supply chains. However, overall, the early 21st century has seen a dramatic
increase in the pace of global integration. Fast advances in technology and telecommunications
are responsible for much of this change.

Why is globalization Important?

Globalization changes the way nations, businesses and people interact. Specifically, it changes
the nature of economic activity among nations, increasing trade, opening global supply
chains and providing access to natural resources and labor markets.

Changing the way trade and financial exchange and interaction occurs among nations also
promotes the cultural exchange of ideas. It removes the barriers set by geographic constraints,
political boundaries and political economies.
For example, globalization enables businesses in one nation to access another nation's resources.
More open access changes the way products are developed, supply chains are managed and
organizations communicate. Businesses find cheaper raw materials and parts, less expensive or
more skilled labor and more efficient ways to develop products.

With fewer limitations on trade, globalization creates opportunities to increase. Increased trade
promotes international competition. This, in turn, fastest innovation and in some cases, the
exchange of ideas and knowhow. In addition, people coming from other nations to do business
and work bring with them their own cultures, which influence and mix with other cultures.

The many types of exchange that globalization facilitates can have positive and negative effects.
For instance, the exchange of people and goods across borders can bring fresh ideas and help
business. However, this movement can also increase the spread of disease and promote ideas that
might weaken political economies.