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Impact Of Globalization In The 20th Century

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The global economy has been in a rapid growth in the last decades, although there has been periods of recessions, nonetheless it is undeniable that the produce and goods we enjoy today are only possible due to an intricate system of international commerce as well as the manufacturing capabilities of recently industrialized nations. However if we view the state of affairs a hundred years ago we recognize that there were significant developments in the early 20th leading till today.
Colonialism and protectionism are the key traits of the global economy in early 20th century. Thanks to the increase in foreign investments, as well as the decrease in transportation costs, the European colonial powers shifted progressively towards its colonies to …show more content…

were exported to the colonies, predominately for the benefit of the colonial power, while raw materials were transported westwards. The strong interconnectivity between the European powers and its colonies due to commerce, as well as the spread of technology are indications of globalization. Yet the protectionist policies employed by the western nations stood in stark contrast with the global economy that we are familiar with today .
Globalization in the second half of the 20th century would go on to take a significantly different character. The aftermath of WWII had severe repercussions; the devastation that ravaged Europe left the colonial powers with limited abilities to control their colonies and client states. Furthermore a wave of anti-colonialism swept through the world, which in turn lead to a period of decolonization. Ultimately it was the transference of power from Europe over to the United States and the Soviet Union that severely changed the dynamic in the post WWII …show more content…

The increase in wealth largely appropriated to its rapid industrialization and its evolvement in the global market, has made it possible for over 800 million Chinese to be lifted out of poverty.5 As China ́s economic power keeps on growing, so has its capability to invest and purchase businesses outside of its borders6, the laissez-faire dogma which greatly benefitted western nations in the 20th century, has in the 21st become favorable for Chinese corporations as well. Today Chinese TNCs such as Huawei, Lenovo and Ali Baba Group are not only competing with rival corporations in the region but also their western counterparts in the global market.
From what has been discussed, there have been significant changes in the global economy from the 20th century until today. While the first half of the 20th century was characterized by colonialism and protectionism, the post-colonial world in the second half of the 20th century is characterized by free trade, and industrialization in third world nations. In the 21st century rapidly developing nations such as China has put a threat on western

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Causes of Imperialism The acceleration of Imperialism during the late nineteenth and early twentieth centuries that greatly impacted the world, is due to multiple economic, political, and social forces. Imperialism, a policy of extending a country's power and influence through diplomacy or military force, was becoming drastically more and more important for European and Asian countries. Ultimately, the advancements during the Industrial Revolution made Imperialism easier, and on a very large scale for many European countries. Although there were many factors that contributed to Imperialism by ways of economic, political, and social forces, some proved to be more significant and influential than others.

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Meanwhile in America, there was a debate whether Washington would accept colonialism. In the 1970s most Americans rejected colonialism. But now, the people having non-colonial ideology had become aged and the new generation, like Roosevelt, were keen to be imperialist. The economic condition in America made this change. Lower sales of products had created economic depression which led lower salaries and endangered the life of middle class families.

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In the beginning, the countries followed a policy of mercantilism, which strengthened the European economy without concern for the other countries in which they were settling. To build up their economies, the new colonies were usually prevented from trading with anyone but the mother country. By the mid-19th century, however, the mighty British Empire gave up mercantilism and trade restrictions. Free trade principles were introduced which allowed colonies to trade with few tariffs or restrictions. The European colonialism brought about by the Industrial Revolution prompted an early wave of globalization.

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