Question

Write essay on globalization and 21st century

Answer 1

Globalization in the 21st Century

Recent decades of globalization have created a more inter-connected, interdependent and complex world than ever witnessed before. While global policy has focused on facilitating integration, the implications of growing interdependence have been largely ignored. The acceleration in global integration has brought many benefits, but it also has created fragility through the production of new kinds of systemic risks.

As the turn of the 21st century, liberalization of capital markets and technological innovation resulted in the development of an increasingly complex "financial network", where the speed, value and volume of financial transaction had increased sharply both domestically and internationally. In particular, the pace of change and innovation in financial markets between 1998 and 2007,