Globalization is not a modern development but technological advances have greatly enabled it by making goods and capital transactions quicker.
An ancient series of trade routes, designated the “Silk Road” by a 19c historian ran from the Mediterranean to Xian in central China and was used by Alexandria the Great to conquer Persia.Silk, spices, perfumes, amber, coral, gold, ivory, glass were traded along these routes. Apart from commodities, knowledge, art, science, disease and religious cultures also travelled along the Silk Road
In earliest times, at the rise of globalization; consumption left the asset whether a gold field or a cinnamon tree in the hands of the producer. Modern globalization of production can mean that the asset is owned and controlled by a foreign concern.
Economic Aspects:
Globalization involves the exchange of goods, services, data, technology, and capital. Removal of cross-border trade barriers has facilitated the formation of global markets. Advances in transportation (steam locomotives, ships, jets) and communication (telegraph, Internet, smartphones) have driven interdependence.
Cultural and Social Dimensions:
Beyond economics, globalization impacts culture, beliefs, and ideas. The exchange of cultural practices, art, music, and cuisine transcends borders. Disputes, diplomacy, and international relations are integral to the history of globalization.
Global corporations increasingly tend to influence national governments to set up tariff-free zones, such as NAFTA, EU, ECOWAS to homogenize consumer preference. To its critics, globalization has no philosophical basis and is merely a new form of cultural and economic colonialism.
While independent theories speculate that globalization can close the gap between the first and third worlds, my personal observation is less conclusive.
The palace is not safe when the cottage is not happy...........Robert Blake Disraeli 1966
Do some trading and.....
See You at the Top
Lilies in the swamp
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