The paper "Advantages and Disadvantages of Globalisation " is a good example of business coursework. Globalisation is the process through which most societies, regional economies as well as cultures have found integration by virtue of global networks of communication, trade and transportation. This term also refers specifically to economic globalisation, which means integration of national economies into the international economy by means of trade, capital flows, technology spread, foreign direct investment and migration. However, it is notable that globalization is recognized as a concept that is driven by a combination of technological, sociocultural, economic and political.
Globalisation also means the circulation of language and ideas across national borders through a process called acculturation (Croucher 2004, p. 10-13). According to the United Nations ESCWA, the term globalisation has different ways in which it can be defined. Economically, this term means the reduction and the removal of any barriers that exist between national borders to aid in the facilitation of the flow of capital, goods, services and even labor. However, there are still considerable barriers in the flow of labor across borders of the nation. Globalization is an old world phenomenon.
It started in the late 19th century. It then slowed down from the beginning of the First World War to the third quarter of the 20th century (Croucher 2004, p. 15- 16). This slowdown was due to policies that were inward-looking advanced by some countries in an attempt to protect industries that existed within their borders. However, the pace at which globalization grew picked up fast during the last quarter of the 20th century. This essay thus seeks to critically compare and contrast the current era of globalisation with the first age of globalisation (Croucher 2004, p. 19-22). The first age of globalisation The origin of globalization is a subject of a debate that is still ongoing.
Although it is taken to be a product of the modern era, many see it as a phenomenon, which has quite some history. Perhaps one of the best proponents of the origin for first age globalization was the economist known as Andre Gunder Frank who came up with the theory of dependency. He said that a given form of globalization experienced today has existed since links of trade rose between the Indus Valley and Sumer Civilization (Croucher 2004, p. 9-11).
The global economy of the first age of globalisation was a development of the tremendous technological innovations made in the Industrial Revolution. Most important were novice forms of transport, which overcame the challenge of distance. During the Industrial Revolution, creativity in technology eliminated natural barriers to international trade occasioned by distance. In addition, it brought about possibilities in enacting beneficial global exchange of products. At the base of this new world economy, factories produced a variety of manufactured goods that the global population required.
Such factories in western countries relied on natural resources present in developing nations. Such resources were also cheap (Croucher 2004, p. 22-28). Globalisation enabled the manufacturing nations to import the resources they needed with much ease. Here, it is notable that the first age of globalisation is the same as the current era of globalisation because the developed world still exploits the developing world in an attempt to acquire raw materials for their industries (Croucher 2004, p. 15-21). The first era of globalisation ended with the two world wars, the totalitarian dictatorships that characterized many nations and the great depression, all of which were the major catastrophes’ that plagued the 19th century.
ReferenceCroucher, S, L 2004, Globalization and Belonging: The Politics of Identity in a Changing World. Rowman & Littlefield, pp.9-62.