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Definition, Origin, Importance and Stages of Globalization

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Definition, Origin, Importance and Stages of Globalization

 

Definition, Origin, Importance and Stages of Globalization

Definition

Globalization is a term used to describe the change in societies and the world economy that are the result of dramatically increased trade and cultural exchange.

Origin

The German historical economist, Andre frank has argued that start of globalization can be traced to the growth of trade and market integration between the Sumer and Indus civilization of the third millennium B.C.

Importance

  • Globalization forces, business across the globe to compete with each other in order to continue to promote their brands.
  •  It allows people from all over the world to communicate.
  • It permits different population to spread their ideas around the world.

 

Stages of Globalization

It has three stages

  1. Globalization 1 (1453-1800)
  2. Globalization 2 (1800-2000)
  3. Globalization 3 (2000 – Up to this time)

 

  1. Globalization first (1453-1800)
  • Begins with 1453-1800.
  • Exploration by adventures.
  • Significant name that relates to this event (Christopher Columbus).
  •  Colonies are the result of expansion when land is in demand to gain power.
  • There are wars to gain control.
  • Expansion of international trade (railway).
  • Communication via telegraph.

 

  1. Globalization second (1800-2000)
  • In this stages, the industrial revolution starts
  • Starts of a multi-national company.
  • Institution is made to regulate, manage and police the global market( GATT, WTO, IMF, WORLD BANK, UN)
  • Technology at this peak at that time
  • Increase in electricity and steel production

 

  1. Globalization third (2000- up to this time)
  • In this stages, the coming of the internet (www) have expanded of globalization.
  • It brings expand in telecommunication and exploration of the cosmic space.
  • Economy without borders
  • Free access to market in the world through internet
  • Improved access to the raw material, finance, and technology.
  • Computer-aided production.

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