The First Era of Globalization

Globalization in its literal sense is the process of transformation of local or regional phenomena into global ones. It can be described as a process of blending or homogenization by which the people of the world are unified into a single society and function together.

This process is a combination of economic, technological, sociocultural and political forces. the diminution or elimination of state-enforced restrictions on exchanges across borders and the increasingly integrated and complex global system of production and exchange that has emerged as a result.

The 19th century is sometimes called "The First Era of Globalization." It was a period characterized by rapid growth in international trade and investment between the European imperial powers, their colonies, and, later, the United States. It was in this period that areas of sub-saharan Africa and the Island Pacific were incorporated into the world system. The first era began to break down at the beginning of the 20th century with the first World War.

Globalization, since World War II, is largely the result of planning by economists, business interests, and politicians who recognized the costs associated with protectionism and declining international economic integration. Their work led to the first Bretton Woods conference and the founding of several international institutions intended to oversee the renewed processes of globalization, promoting growth and managing adverse consequences.

These institutions include the World Bank and IMF Globalization has been facilitated by advances in technology through World Bank and IMF to reduce the costs of trade, and trade negotiation rounds, originally under the auspices under general agreement on Tariffs and Trades (GATT) as the founding agreement.

GATT led to a series of agreements to remove restrictions on free trade but with developing countries only and still the under developed countries are not part of it. After the global crisis of this year the G8 nation think tank should understand globalization can play a major factor against war on terror if it is allowed to impliment in better manner.

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• tags:
• Economy
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• Globalization
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• InternationalTrade
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• GATT

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