write essay on globalization and 21 St century
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Globalization is an irreversible and irresistible phenomenon. It is very famous all over the world. While dilating on the subject, it is important to note that globalization not only affects us as a citizen but also as “producer-consumer in the global economy”.
In the modern contemporary world, intense debate revolves around the term “globalization”, which is even today a continuous issue.
Before exploring the concept, we should take a look over the different definitions of the phenomenon. Globalization can be defined as “closely interrelated integration of market in terms of goods, services and capital”. It can also be defined as “gradual erosion of boundaries between states through increased economic interdependence and interlink ages can be termed as globalization.
From the above mentioned definitions, we can assume that globalization is the mutual sharing of goods, services and capital between or among states. It is also gradually making states closer and integrated. There are different theories about the beginning of the concept of globalization.
Some are of the view that it started from the mid of 20th century with woods conference 1944. While the others are of the view that this concept was properly started with the establishment of W.T.O in 1995. Whatever the reality is, it is true that the pace of globalization was accelerated with World trading Organization. the main agenda of this organization was to end border and fasten the trade between the states.
World bank also came in this battle of evolution of globalization and identifies three waves of globalization focusing on economic integration.
1. First wave of globalization from 1854 to 1914.
2. Second wave of globalization from 1945 to 1973.
3. Third wave of globalization from 1973 till today.
In the post 1973 era, the cold war subsided and there was a quantum leap forward in the “economic integration”. The free market economy became the guiding principal and global economy spread to the larger part of the world.
There is a difference of opinion among people for beginning of the concept but nobody can deny its importance in the modern contemporary world. From now to onward, we will examine how trade, growth and poverty are interlinked and how best the benefits of globalization acquired to ameliorate threat to humanity. Presumably, solutions to such problems would then avert a backlash against globalization.
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