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In the 19th century globalization approached its modern form. Industrialization allowed cheap production of household items using economies of scale, while rapid population growth created sustained demand. Globalization in this period was decisively shaped by nineteenth century imperialism. After the First and Second Opium Wars and the completion of England’s conquest of India, vast populations became ready consumers of European exports. Parts of sub-Saharan Africa and the pacific islands were incorporated into the world system. Meanwhile, the conquest of new parts of the globe, notably sub-Saharan Africa, by Europeans yielded valuable natural resources such as rubber, diamonds and coal and helped fuel trade and investment between the European imperial powers, their colonies, and the United States.

The growth of trade was interrupted by World War I and the Great Depression, resurfacing only after World War II. This resurgence was partly the result of planning by politicians to lower borders that hampered trade. Their work led to the Bretton Woods conference, an agreement by major governments to lay down the framework for international monetary policy, commerce and finance, and the founding of several international institutions intended to facilitate economic growth. This facilitated the global expansion of multinational corporations based mostly in the United States and Europe.

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Answer 1

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