Paper Topic:

international business

Two eras of globalization- a comparison

Introduction

Technically speaking , the word `globalisation ' refers to the process through which the world community gets integrated into a common economic or social system . In other words , it is a process of integrating local and regional aspects into global ones

Globalisation does not refer to integration in one particular field only . Instead , this term is used to imply sociocultural , economical political as well as technological integration at the same time However , frequently , the term globalisation is used to refer to national economies ' integration into

a global economy by flows of foreign direct investments , trade , flows of capital goods , the process of migration and technology transfer . When an economists use this term , then by this word he wants to imply removal of national barriers for facilitating the flows of goods and services , labour and capital from one country to another (Bhagwati , 2004 Steger , 2003

The concept of globalisation is , however , not new . When talking about globalisation , there is a common tendency to assume the the process of economic , social , and technologicaql integration that has started since 1960s . But the origin of globalisation can be traced well back to the midle of nineteenth century . Globalisation in its true sense first began in 1870 and continued upto 1914 . With the advent of the First World War the process of globalisation got stalled . It again begain in 1960 with the process of a staedy economic integration which is continuing till date . This paper seeks to compare and contrast...

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