How Globalization Has Changed From The 20th To The 21st Century Analysis

The essay will illustrate how globalization has changed from the 20th to the 21st century “by the force of ideas and experiences”1. Certain economic, political and social driving forces have ignited changes in theories and their applications. Of these, the following are highlighted throughout this analysis: a new world order, the role of the Nation State and the rise of extremism through technology.
In addition, while the extent of global integration has been a fluctuating factor of globalization over the past two centuries, the topic requires discussion beyond the length limitations of this essay. Similarly, what also cannot be covered in this short analysis but bears equal significance to this topic, is the new level of criticisms surrounding
In economics, globalization refers to the expansion of markets through international trade, while in cultural studies globalization might refer to the developing global culture through ‘CocaColonisation’ or ‘McDonaldisation’4.
According to Peter Dicken, ‘sceptics of globalization’ – largely, the politically left5 – argue quantitative statistics illustrate “that the ‘newness’ of the current situation has been grossly exaggerated”6. However, there are now new market contestants who can exert such influence in collective trade that it cannot be overlooked as gross exaggeration7. What is also significant,
1 J. E. Stiglitz, Making Globalization Work, London, Penguin Books, 2007, p. XVIII.
2 The Trade-Related Aspects of International Property Rights
3 Stiglitz, op. cit., p. 105.
4 J. N. Pieterse, ‘Globalisation as Hybridisation’, International Sociology, Vol. 9, No. 2, 1994, p.
The Soviet collapse left the world believing capitalism was set for long-term dominance, yet this catastrophe has challenged the free market ideology altogether, questioned globalization as we knew it, and more importantly effected how we predicted its development12. In response, markets have needed to change routine thinking and practices which has affected the global economic and political status quo13. One such example is how BRIC powerhouses have begun “capital controls to manage hot money inflows”14 and implemented “industrial policy and government- directed lending to [...] domestic sellers”15. Another example is while current TTIP16 talks may be aged regulation reduction policies pulling at new incentives17, the old rule book on which the veterans based their development has lost its credibility as there is recognition of a democracy deficit in global governance18. Emerging markets such as China have disregarded the welfare packages of the US-backed IMF whilst simultaneously taking the lead in influencing the global