Globalization you think its New? Well, its not!! As old as 1914

April 2, 2011 Blog 7 Comments

Globalization a process of interaction and integration amongst people, companies and governments aided by International Trade and Information Technology is surprisingly not a new process! In fact, it’s as old as 1000 years and eminent even before the First World War in 1914! For instance, the renowned Silk Road across Central Asia which connected China and Europe is a prominent proof of globalization during the middle Ages.
For centuries, people and corporations have been actively taking part in trade between countries. This is probably a well- known fact, even our 6th grade history students are aware of; so why the sudden urge to label this conventional system of trade as “Globalization”. Multi-national companies and big corporations take pride during their marketing presentations showing how their businesses have spread, with the aid of a colorful globe smiling on the screen, that too.
Arguably, the current wave of globalization is all thanks to technological developments and changes in policies over the past few decades. For instance, since 1950 the volume of world trade has increased by 20 times. To note a quote by author Thomas Friedman, that today globalization is “farther, faster, cheaper, and deeper.” The “er” included at the back of each word suggests that all though Globalization holds a new meaning today, it does not mean it never existed!

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