Impact Of Globalization In The 20th Century
The global economy has been in a rapid growth in the last decades, although there has been periods of recessions, nonetheless it is undeniable that the produce and goods we enjoy today are only possible due to an intricate system of international commerce as well as the manufacturing capabilities of recently industrialized nations. However if we view the state of affairs a hundred years ago we recognize that there were significant developments in the early 20th leading till today.
Colonialism and protectionism are the key traits of the global economy in early 20th century. Thanks to the increase in foreign investments, as well as the decrease in transportation costs, the European colonial powers shifted progressively towards its colonies to
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were exported to the colonies, predominately for the benefit of the colonial power, while raw materials were transported westwards. The strong interconnectivity between the European powers and its colonies due to commerce, as well as the spread of technology are indications of globalization. Yet the protectionist policies employed by the western nations stood in stark contrast with the global economy that we are familiar with today .
Globalization in the second half of the 20th century would go on to take a significantly different character. The aftermath of WWII had severe repercussions; the devastation that ravaged Europe left the colonial powers with limited abilities to control their colonies and client states. Furthermore a wave of anti-colonialism swept through the world, which in turn lead to a period of decolonization. Ultimately it was the transference of power from Europe over to the United States and the Soviet Union that severely changed the dynamic in the post WWII
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The increase in wealth largely appropriated to its rapid industrialization and its evolvement in the global market, has made it possible for over 800 million Chinese to be lifted out of poverty.5 As China ́s economic power keeps on growing, so has its capability to invest and purchase businesses outside of its borders6, the laissez-faire dogma which greatly benefitted western nations in the 20th century, has in the 21st become favorable for Chinese corporations as well. Today Chinese TNCs such as Huawei, Lenovo and Ali Baba Group are not only competing with rival corporations in the region but also their western counterparts in the global market.
From what has been discussed, there have been significant changes in the global economy from the 20th century until today. While the first half of the 20th century was characterized by colonialism and protectionism, the post-colonial world in the second half of the 20th century is characterized by free trade, and industrialization in third world nations. In the 21st century rapidly developing nations such as China has put a threat on western
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