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21st Century Globalization

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Essay for Master of Global Studies:
How does 21st century globalization differ from 20th century globalization?
Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well- being in societies around the world. The purpose of this essay is not to analyze any of these specific dimensions during the globalization shift from the 20th to 21st centuries. This essay, instead, focuses on how the interconnectedness of these dimensions drives the worldwide effects between …show more content…

In addition to Chinese factors, the fastest growth rate and the trend of regional multilateralization are turning Asia-pacific into the center of globalization in the 21st century. The establishment and activities of the Asia Pacific Economic Cooperation (APEC), the ASEAN regional forum (ARF), the Asia-Europe Meeting (ASEM), the East Asian Summit (EAS), the potential US-led Trans-Pacific Partnership agreements (TPP) and many other regional multilateral mechanisms have contributed to setting the framework for economic cooperation and security in Asia-pacific. These organizations not only foster trade and economic cooperation between intraregional states but also create opportunities for other states and territories in Europe, Latin America and Oceania to integrate and reap the benefits from regional economic growth. Furthermore, the trend of multilateralization in Asia pacific supports regional stability and peace by increasing interdependence among states and paving the way for a polycentric order in which major powers in concert with one another maintain a harmonious …show more content…

Along with the development of sciences and technology, the cross-border growth of international financial system, free trade and transnational corporations as well as changes in international politics, globalization of the 21st century considerably differs from that of the previous century. Specifically, in the new century, the center of globalization is shifting from the Atlantic region where Europe and America have taken predominance in setting global standards demonstrated in American-led international institutions to the Pacific region where newly emerging Asian states, the trend of dynamic regionalization create a major momentum for the world economic growth, as well as set the main stage for international

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