Globalisation

By Aaron Amarh-Kwantreng

Globalisation is the global contact and integration of people, businesses, and

governments. The term "globalisation" initially arose in the early twentieth century,
evolved into its modern meaning somewhere in the latter half of the twentieth century,
and became popular in the 1990s to describe the post-Cold War world's unparalleled
worldwide connectivity. Its origins can be traced back to the 18th and 19th centuries,
when transportation and communication technologies advanced. As global
relationships have increased, so has international trade and the interchange of ideas,
beliefs, and cultures. Globalisation is an economic process of connection and
integration with social implications. Globalisation also has cultural effects. The world
can quickly become influenced by styles and trends. For instance, there are ardent
admirers of Korean pop music on almost every continent who may never visit the
country or even have any contact with Koreans. Many civilizations around the world
have been "Americanized" as a result of American pop culture's dominance and its
political and economic sway.

Some say that globalisation began with the first human migration routes, Genghis
Khan's invasions, or with travel down the Silk Road. Conquering empires throughout
history resulted in the exchange of ideas, the mingling of cultures and peoples, and the
expansion of trade across conquered areas. According to many historians, the first
wave of globalisation began with the introduction of the gold standard in the 1800s.
Despite widespread trade across the Atlantic, chartered trading corporations, and the
slave trade, there was no global price convergence at the time.
Since the invention of gold coins thousands of years ago, gold has been used as a form
of currency. The value of those gold coins was equal to the amount of gold used to
make them. It wasn't until the 1800s that England began pegging its currency to
specific amounts of gold. Many countries eventually followed, linking their currencies
to those of countries that abided by the gold standard. As a result, gold became the
international standard currency and could be purchased or sold at a predetermined
price. A group of scholars suggests that globalisation cannot be traced back to the late
1940s, when the United States established itself as the world's economic powerhouse.

According to this definition of globalisation, it is mostly the work of huge multinational

businesses that has resulted in a wide range of effects, both positive and harmful, as
they spread around the globe. This concept of globalisation is supported by the
unparalleled ease of travel around the world and the development of contemporary
communications. Others argue that the century-long trend toward globalization was
reversed by the mid-twentieth century, noting the Great Depression's collapse of the
international economy. According to Anne O. Krueger, former IMF's first deputy
managing director, globalisation and the degree of interconnectedness of the
international economy were significantly lower in 1960 than they had been fifty years
earlier. Transport and communication costs have greatly decreased; at the same time,
tariffs have been reduced, opening up the global economy. This global economic
opening has resulted in a rise in overall international economic activity. Aside from
more market-friendly policies and faster economic growth, a second key evolution in
globalization dynamics happened as a result of a number of countries, especially Asian
economies, becoming more prominent economic forces in the worldwide economy.
Unlike the United States, which was the major economic force in the international
economy in the middle of the twentieth century, by the beginning of the twenty-first
century, the European Union, Japan, China, and India all had global significance and
impact. It is projected that their significance will grow in the future.

The effects of globalisation are experienced by virtually everyone. Globalisation makes

more consumer goods more widely available to more people at lower prices.
Globalisation affects the kinds of jobs that are available depending on where you live.
Globalisation has led to fewer manufacturing jobs and an increase in the service and
technology industries in many wealthy nations. This has caused unemployment in
areas where the creation of manufactured products had previously formed the
foundation of the economy. Service-based economies have occasionally replaced them.
However, in recent decades, a lot of service-related occupations have also been
outsourced. This can result in workers performing these tasks being underpaid and
working in substandard conditions. Overall, the nature of work that is available in
particular regions has undergone a significant transformation as a result of
globalisation. Globalisation has taken place as a result of scientific and technological
growth. The nations are now more competitive and are moving toward one another as
a result of product and design innovation.

Globalisation started in the 1490s, but it really took off in the nineteenth century. From
the 15th to the 19th centuries, pre-existing nations and ethnicities did not interact due
to globalization. Numerous attitudes toward nationalism and ethnicity are modern
inventions from the 19th and 20th centuries. There were numerous multicultural cities
during this period where individuals from all backgrounds interacted, worked, and
lived.

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