Globalization : A World Based Growth Essay

723 Words Mar 21st, 2016 3 Pages
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 the world’s leading economy. Several other industrialized leading countries like Australia, Britian and US after the post war decided to reduce barriers to International trade resulting to the effort with the formation of General Agreement on Tariffs and Trade (GATT) and then parent of runner to…

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