Globalization Is Not An Irreversible Process Essay examples

1510 Words Feb 5th, 2015 7 Pages
Globalization has become a cliché in daily usage, the concept is not new. The first wave of globalization took place between 1870 and 1914. This was triggered by a combination of falling costs in transportation and a reduction in trade barriers, which opened up the possibility for a productive use of land and the flow of goods, capital and people. While technology continued to reduce transport costs, this wave of globalization ground to a halt in 1914. Despite unprecedented growth in the economy and the reduction in poverty, the impact of globalization on inequality within countries deepened due to incompetent economic policies, unemployment, and social instability. In fact, this worsened the global depression and led to sharply reduced trade, plunging output, and pervasive unemployment. This is a standing proof that globalization is not an irreversible process as global economic integration clearly took several steps backwards during this period. Most developing countries were isolated from this and concentrated on exporting primary commodities and pursuing inward oriented policies. The Organization of Economic Cooperation and Development economies surged with unprecedented growth rates. Within most OECD countries there was a modest trend towards greater equality, aided by social welfare policies and programmes. We first explore the meanings of globalization and its associations and in doing so, the term ‘globalization’ is used in a broader and more general…

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