The paper "Comparing the Current Era of Globalization with the First Age of Globalization" is a wonderful example of an essay on macro and microeconomics. In recent decades, different scholars in diverse realms of academia have made attempts, with relative success to develop exclusive definitions of the term globalization in a variety of ways. Some schools of thought assert that this is unattainable, while others perceive that such an undertaking would constrain the meaning of this concept. Others have floated the aforementioned beliefs and developed a working definition of globalization. This latter development is epitomized by Al-Rodhan (2006) who defined globalization as a process that encompasses the causes, course as well as impacts of transnational and transcultural integration of both the human well as the non-human activities.
On the other hand, Karakasulu (2006) defined globalization as the integration of the socio-economic as well as the political relations across borders. Despite the diverse definitions of globalization by different scholars in the contemporary world, it is apparent that these perspectives underpin certain tenets in the political, socio-economic, cultural as well as technological sense.
These tenets can be used to distinguish the current era of globalization from the first age of globalization (the 1850s-1920s). Against this backdrop, this paper is a profound attempt to compare and contrast the current era of globalization with the first age of globalization (the 1850s-1920s). In addition, it will explore the advantages and disadvantages of globalization in its current context. ComparisonIn the economic context, the first age of globalization was characterized by elevated international trade whereby different states engaged in importation and exportation of goods and services. This resulted in countries exhibiting extensive dependence on each other as sources of goods and services which culminated in the integration of their financial systems.
Thus, economic fluctuations in one country were bound to affect the production of certain goods and services which would in turn have direct impacts on those countries that relied on the affected country for these particular goods and services.
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