The Four Phases Of Globalization

Globalization according to scholars means evolution of global markets for standardized products and services and the companies who serve those markets have a world based growth. It refers to interdependence of national economies and the growing interdependence of buyers, producers, suppliers and governments in different countries (Cavusgil 2014). For eg. Interdependence of major countries like India, China, Japan, Singapore and South Korea on UAE for crude oil. Since 1800s, the evolution of these global markets had supported four distinct phases, each by its technological inventions and their global happenings. The first phase was from 1830 to 1880, second – 1900 to 1930, third 1948 to 1970s and fourth current is 1980s to present. With these phases of globalization the first two phases were encountered as major discoveries and invention of major products like electricity, train, telegraph, steel, telephone and Italian manufactured automobile Fiat. The third phase was an important phase of globalization which began after the end of World War –II and was also considered to result in formation of GATT, the conclusion of the war, and the reformation of Europe. US at this phase became …show more content…
Governments have ease this union by lowering barriers to international trade and investment, combining their financial and economic policies within regional economic union blocs (also known as trade blocs), and developing power of influence on institutions —the World Bank, International Monetary Fund, World Trade Organization, and others —that seek further reductions in trade and investment barriers (Besanko et al. 2007). The goal of WTO is to suggest a dependable platform for its member countries to help in services like exports, imports and conduct their business in a peaceful manner (Layton, Robinson & Tucker