Global Economy and Globalization: Historical Structures and Impacts

What is economic globalization?

The process of making the world economy an 'organic system' by extending transnational economic processes and relations to more countries and deepening economic interdependency among them.

How does Szentes (2003) define economic globalization?

As a dynamic process of global economic integration characterized by increasing freedom in the movement of labor, goods, services, technology, and capital.

Is globalization a new phenomenon?

No, it has been ongoing since Homo Sapiens began migrating from Africa and was already present during the Colonization Era.

What historical trade route is an example of early globalization?

The Silk Road.

What technological advancements contributed to the Golden Age of Globalization?

The transport revolution, including steamships and railroads.

How does globalization relate to modern capitalism?

Globalization is likened to modern age capitalism, creating investment opportunities and expanding markets.

What are some benefits of globalization?

It creates investment opportunities, generates jobs, expands the market, and fosters universal economic growth and development.

According to the World Bank, what is a potential downside of globalization?

While it can reduce poverty, it does not benefit all nations and can produce marginalization.

What historical event intensified international relations and growth on an unprecedented level?

The Industrial Revolution.

What was a consequence of the Industrialization of some nations on others?

The de-industrialization of nations that could not cope with the rapid changes.

How does capitalism under globalization affect structural patterns of change?

It reinforces structural patterns of unequal change, leading to underdevelopment as a consequence of colonialism and imperialism.

Who argued that underdevelopment is a consequence of colonialism and imperialism?

Wallerstein (1983).