Economic Impact Of Economic Globalization On The World Essay

735 Words Jun 29th, 2016 3 Pages
Economic globalization has been occurring since mass transportation was engineered. However, it has grown significantly in the modern era due to an increase in technological capabilities. People who once were only able to trade after a long oceanic voyage can now access the internet and purchase goods from across in an instant. This increase in economic interconnectedness has had far-reaching implications for the world. Economic globalization has had a positive impact on the world, as nations have been able to increase speed of trade, specialize and grow economically at rates unseen in human history. Ever since the trade ship brought the first form of economic globalization, the speed of trade has been continually increasing. The Silk Road was an early trade route that required days for products to reach various consumers.This trade increased the economic connections between the East and West. The speed of transactions remained stagnant until air travel and the internet were introduced to the world. The internet drastically increased the ability for all people to participate in trade, growing the number of worldwide consumers. When discussing the future of the global economy, Jeffrey Garten writes, “Moreover, international markets will be stimulated by the entrance of over a billion eager consumers into the world economy…” (Garten). This rapid entrance of consumers to the market is due to the accessibility of markets throughout the world. The speed of economic…

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