Compare and Contrast the Current Era of Globalization with the First Age of Globalization (1850s-1920s). What Are the Advantages and Disadvantages of Globalization in Its Current Context?

Topics: Globalization, World Trade Organization, International trade Pages: 5 (1708 words) Published: April 5, 2013
Assignment one

Student name: Hyde Zhu

Student number: 220089143

Course code: MM202

Assignment question: topic 1 Compare and contrast the current era of globalization with the first age of globalization (1850s-1920s). What are the advantages and disadvantages of globalization in its current context?

Word count: 1530

 Unit Coordinator: Dr Tony Ramsay
I am going to contrast the current era of globalization with the first age of globalization in many different aspects, in the mean time analysis the merits and demerits of globalization in its current context. John and Kenneth (2012, p. 28) find that the concept of globalization means the trend toward greater economic, cultural, political, and technological interdependence. With the development of the globalization, there is absolutely no reason for us to believe that a brighter future for the world is an impossibility. I’m going to solve the problem which is about the difference between the first and second globalization eras. From my point of view, I should stress few key points such as the reason for the beginning and ending of the two different period globalization, the driver of the two globalization, how the first and second world war affected the first and second globalization eras and the influence of technology to the different two globalization. In addition, how the movement of goods, labor or capital changed in the process of globalization. Finally, the advantages and disadvantages that globalization brings to the world is also a significant issue. The earliest globalization appeared in the mid 1800s. Britain was the leader who guided the world into the first industrial revolution, powered by coal and steam. Duo to the development of the transportation, like steamships and steam trains, the flowing of goods and service increased rapidly. According to John and Kenneth (2012, p. 28) the first age of globalization was extended from the beginning of the first industrial revolution to the 1920s. It is undeniable that the first industrial revolution is the direct cause of the first age of globalization. However, the current era of globalization came up until the end of the World War Two. During the first of the globalization, the environment of trade and exportation became more relaxed. The peace environment was ruined by the arrival of the First World War. Because of the war, the world was divided into many parts and most of the trade all over the world was interrupted. The intermission kept a long time for about 70 years. The ending of the world war two was the engine of recovery for the world economy and it was the also the sign for the beginning of the second globalization. In a word, the driver of the first globalization was the first industrial revolution; by contrast, the driver of the current globalization was the peace environment and the demand of economic growth. The First World War was the symbol of the first globalization’s ending. However, the ending of the Second World War reflect the beginning of the second globalization. The effect of the two wars was in common, they both hindered the process of globalization. The market environment was changed during the process of globalization.  John (1999, para. 6) stated that before 1914, the world economy was more integrated in that time than it is today. There were few restrictions on trade and exportation. In those days, labor could be transferred to anywhere without passports. John and Kenneth (2012, p. 28) said that trade and capital flowed more freely than ever during that first age of globalization. In that age, different nations all over the world were combined together without any restrictions and it is also the main feature of the first age of globalization. The rapid development of water transportation propelled the migration of labors and the trade of goods. By contrast, in the current era of globalization, trade and capital flowed less freely than the first age of globalization....
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