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85-531: World-systems are defined by the existence of a division of labor. The modern world-system has a multi-state political structure (the interstate system ) and therefore its division of labor is international division of labor . In the modern world-system, the division of labor consists of three zones according to the prevalence of profitable industries or activities: core, semiperiphery, and periphery. Countries tend to fall into one or another of these interdependent zones core countries , semi-periphery countries and

170-401: A capitalist world-economy at the national level. This has included claims that since an interstate system is the basis of a competitive commodity economy at a system level, then no single state is capable of totally ending commodity exchange across its borders without failing to maintain state competitiveness. Wallerstein believed that the fact that the eastern bloc had largely avoided disrupting

255-409: A computer without regard to location. This included accounting, software development, and engineering design. Student exchange programs became popular after World War II , and are intended to increase the participants' understanding and tolerance of other cultures, as well as improving their language skills and broadening their social horizons. Between 1963 and 2006 the number of students studying in

340-402: A continuum with the local, national and regional. At one end of the continuum lie social and economic relations and networks which are organized on a local and/or national basis; at the other end lie social and economic relations and networks which crystallize on the wider scale of regional and global interactions. Globalization can refer to those spatial-temporal processes of change which underpin

425-498: A crisis occurs, if a constellation of circumstances brings about the end of the system. The world-systems theory stresses that world-systems (and not nation states ) should be the basic unit of social analysis . Thus, we should focus not on individual states, but on the relations between their groupings (core, semi-periphery, and periphery). The most well-known version of the world-system approach has been developed by Immanuel Wallerstein , who has provided several definitions of what

510-468: A foreign country increased 9 times. Since the 1980s, modern globalization has spread rapidly through the expansion of capitalism and neoliberal ideologies. The implementation of neoliberal policies has allowed for the privatization of public industry, deregulation of laws or policies that interfered with the free flow of the market, as well as cut-backs to governmental social services. These neoliberal policies were introduced to many developing countries in

595-409: A general controversy in the system, usually concerning some short term vs. long term trade-offs. For example, the problem of underconsumption , wherein the drive-down of wages increases the profit for the capitalists on the short-run, but considering the long run, the decreasing of wages may have a crucially harmful effect by reducing the demand for the product. The last temporal feature is the crisis :

680-448: A hegemon has achieved control over the interstate system, they assume world "responsibilities" to maintain the interstate system, restricting conflicts between entrepreneurial, bureaucratic and working-class strata by exercising power in a "liberal" form. This takes the form of greater enforcement of interstate rules to maintain liberal norms and the hegemon's diplomatic, military, political, ideological, and cultural power. This delegitimizes

765-583: A hegemony over the world system. This generally requires a combined agro-industrial, commercial, and financial edge over their rivals, which has only been achieved by the Dutch Republic (1620–1672), the United Kingdom (1815–1873), and the United States (1945–1967). Such hegemonies coincide with expansions and contractions in the world economy, which Wallerstein explained through Kondratiev waves . Once

850-673: A positive or a negative phenomenon. Economic globalization comprises: globalization of production; which refers to the obtainment of goods and services from a particular source from locations around the globe to benefit from difference in cost and quality. Likewise, it also comprises globalization of markets; which is defined as the union of different and separate markets into a massive global marketplace. Economic globalization also includes competition, technology, and corporations and industries. Current globalization trends can be largely accounted for by developed economies integrating with less developed economies by means of foreign direct investment ,

935-662: A series of agreements to remove trade restrictions. GATT's successor was the World Trade Organization (WTO), which provided a framework for negotiating and formalizing trade agreements and a dispute resolution process. Exports nearly doubled from 8.5% of total gross world product in 1970 to 16.2% in 2001. The approach of using global agreements to advance trade stumbled with the failure of the Doha Development Round of trade negotiation. Many countries then shifted to bilateral or smaller multilateral agreements, such as

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1020-413: A state is not dependent on another, then there is no way for either state to be mutually affected by the other. This is one of the driving forces behind global connections and trade; without either, globalization would not have emerged the way it did and states would still be dependent on their own production and resources to work. This is one of the arguments surrounding the idea of early globalization. It

1105-520: A third of the world's human population—have used the services of the Internet. Growth of globalization has never been smooth. One influential event was the late 2000s recession , which was associated with lower growth (in areas such as cross-border phone calls and Skype usage) or even temporarily negative growth (in areas such as trade) of global interconnectedness. The China–United States trade war , starting in 2018, negatively affected trade between

1190-485: A transformation in the organization of human affairs by linking together and expanding human activity across regions and continents. Without reference to such expansive spatial connections, there can be no clear or coherent formulation of this term. ... A satisfactory definition of globalization must capture each of these elements: extensity (stretching), intensity, velocity and impact. Held and his co-writers' definition of globalization in that same book as "transformation in

1275-438: A world-system is, twice in 1974, first "...a system is defined as a unit with a single division of labor and multiple cultural systems." and second as "…a social system, one that has boundaries, structures, member groups, rules of legitimation, and coherence." In 1987, he elaborated his definition: "...not the system of the world, but a system that is a world and which can be, most often has been, located in an area less than

1360-419: Is a large axial division of labor with multiple political centers and multiple cultures." Thus, we can differentiate world-systems into politically unified (world-empires) and not unified (world-economies). Small, non-state units such as tribes are micro-systems. World system refers to the entire world, whereas world-system is its fragment - the largest unit of analysis that makes sense. Wallerstein stresses

1445-405: Is agency-extended globalization, the circulation of agents of different institutions, organizations, and polities , including imperial agents. Object-extended globalization, a third form, is the movement of commodities and other objects of exchange. He calls the transmission of ideas, images, knowledge, and information across world-space disembodied globalization, maintaining that it is currently

1530-461: Is argued that archaic globalization did not function in a similar manner to modern globalization because states were not as interdependent on others as they are today. Also posited is a "multi-polar" nature to archaic globalization, which involved the active participation of non-Europeans. Because it predated the Great Divergence in the nineteenth century, where Western Europe pulled ahead of

1615-450: Is filled with a range of norms , claims, beliefs, and narratives about the phenomenon itself. James and Steger stated that the concept of globalization "emerged from the intersection of four interrelated sets of ' communities of practice ' ( Wenger , 1998): academics, journalists, publishers/editors, and librarians." They note the term was used "in education to describe the global life of the mind"; in international relations to describe

1700-419: Is that both classes express consciousness at a level which does not reflect their economic role within a world-economy. For this reason, class conflict is often expressed in other social terms, such as through bourgeois or revolutionary nationalism . While Wallerstein said that "omnipotence does not exist within the interstate system," he did note that in "rare and unstable" instances, states could aspire to

1785-399: Is the process of interaction and integration among people, companies, and governments worldwide. The term globalization first appeared in the early 20th century (supplanting an earlier French term mondialisation ), developed its current meaning sometime in the second half of the 20th century, and came into popular use in the 1990s to describe the unprecedented international connectivity of

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1870-409: Is used to refer to the fear of globalization, though it can also mean the fear of balloons . There are both distal and proximate causes which can be traced in the historical factors affecting globalization. Large-scale globalization began in the 19th century. Archaic globalization conventionally refers to a phase in the history of globalization including globalizing events and developments from

1955-734: The East . Without the spread of traditional ideas from the East, Western globalization would not have emerged the way it did. The interactions of states were not on a global scale and most often were confined to Asia, North Africa , the Middle East , and certain parts of Europe. With early globalization, it was difficult for states to interact with others that were not close. Eventually, technological advances allowed states to learn of others' existence and thus another phase of globalization can occur. The third has to do with inter-dependency, stability, and regularity. If

2040-512: The Great Recession . New opposing views from some economists have argued such trends are a result of price drops and in actuality, trade volume is increasing, especially with agricultural products, natural resources and refined petroleum. Economic globalization is the increasing economic interdependence of national economies across the world through a rapid increase in cross- border movement of goods, services, technology, and capital. Whereas

2125-604: The Indus Valley civilization in the third millennium BCE . This archaic globalization existed during the Hellenistic Age , when commercialized urban centers enveloped the axis of Greek culture that reached from India to Spain, including Alexandria and the other Alexandrine cities. Early on, the geographic position of Greece and the necessity of importing wheat forced the Greeks to engage in maritime trade. Trade in ancient Greece

2210-940: The International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions , capital and investment movements, migration and movement of people, and the dissemination of knowledge. Globalizing processes affect and are affected by business and work organization, economics, sociocultural resources, and the natural environment. Academic literature commonly divides globalization into three major areas: economic globalization , cultural globalization , and political globalization . Proponents of globalization point to economic growth and broader societal development as benefits, while opponents claim globalizing processes are detrimental to social well-being due to ethnocentrism , environmental consequences, and other potential drawbacks. Between 1990 and 2010, globalisation progressed rapidly, driven by

2295-492: The International Organization for Standardization , which is composed of representatives from various national standards organizations . A multinational corporation , or worldwide enterprise, is an organization that owns or controls the production of goods or services in one or more countries other than their home country. It can also be referred to as an international corporation, a transnational corporation, or

2380-694: The Thirty Years' War , and demand for commodities, most particularly slaves . The triangular trade made it possible for Europe to take advantage of resources within the Western Hemisphere . The transfer of animal stocks, plant crops, and epidemic diseases associated with Alfred W. Crosby 's concept of the Columbian exchange also played a central role in this process. European, Middle Eastern, Indian, Southeast Asian , and Chinese merchants were all involved in early modern trade and communications, particularly in

2465-511: The University of Aberdeen and an early writer in the field, described globalization as "the compression of the world and the intensification of the consciousness of the world as a whole." In Global Transformations , David Held and his co-writers state: Although in its simplistic sense globalization refers to the widening, deepening and speeding up of global interconnection, such a definition begs further elaboration. ... Globalization can be on

2550-590: The developing countries and least developed countries (LDCs). As economic integration intensified workers moved to areas with higher wages and most of the developing world oriented toward the international market economy. The collapse of the Soviet Union not only ended the Cold War's division of the world – it also left the United States its sole policeman and an unfettered advocate of free market. It also resulted in

2635-411: The history of globalization , and of modern globalization. Economically, globalization involves goods, services , data, technology, and the economic resources of capital . The expansion of global markets liberalizes the economic activities of the exchange of goods and funds. Removal of cross-border trade barriers has made the formation of global markets more feasible. Advances in transportation, like

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2720-482: The periphery countries . Resources are redistributed from the underdeveloped, typically raw materials-exporting, poor part of the world (the periphery) to developed, industrialized core. World-systems, past world-systems and the modern world-system, have temporal features. Cyclical rhythms represent the short-term fluctuation of economy , while secular trends mean deeper long run tendencies, such as general economic growth or decline. The term contradiction means

2805-488: The post–Cold War world . Its origins can be traced back to 18th and 19th centuries due to advances in transportation and communications technology . This increase in global interactions has caused a growth in international trade and the exchange of ideas, beliefs, and culture. Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects. However, disputes and international diplomacy are also large parts of

2890-513: The steam locomotive , steamship , jet engine , and container ships , and developments in telecommunication infrastructure such as the telegraph , the Internet , mobile phones , and smartphones , have been major factors in globalization and have generated further interdependence of economic and cultural activities around the globe. Though many scholars place the origins of globalization in modern times , others trace its history to long before

2975-519: The "relative power continuum of stronger and weaker states has remained relatively unchanged over 400-odd years." While hegemons came and went, the basic division of the world into core and periphery has persisted. This implied to Wallerstein that while there is no universal state system, an interstate system had developed out of the sum of state actions, which existed to reinforce certain rules and preconditions of statehood. These rules included maintaining consistent relations of production , and regulating

3060-537: The 17th century, world trade developed further when chartered companies like the British East India Company (founded in 1600) and the Dutch East India Company (founded in 1602, often described as the first multinational corporation in which stock was offered) were established. An alternative view from historians Dennis Flynn and Arturo Giraldez, postulated that: globalization began with

3145-422: The 1980s and 1990s. The revolutions of 1989 and subsequent liberalization in many parts of the world resulted in a significant expansion of global interconnectedness. The migration and movement of people can also be highlighted as a prominent feature of the globalization process. In the period between 1965 and 1990, the proportion of the labor force migrating approximately doubled. Most migration occurred between

3230-489: The 19th century, steamships reduced the cost of international transportation significantly and railroads made inland transportation cheaper. The transportation revolution occurred some time between 1820 and 1850. More nations embraced international trade . Globalization in this period was decisively shaped by nineteenth-century imperialism such as in Africa and Asia . The invention of shipping containers in 1956 helped advance

3315-403: The 2011 United States–Korea Free Trade Agreement . Since the 1970s, aviation has become increasingly affordable to middle classes in developed countries . Open skies policies and low-cost carriers have helped to bring competition to the market . In the 1990s, the growth of low-cost communication networks cut the cost of communicating between countries. More work can be performed using

3400-575: The 2022 Russian invasion of Ukraine included a blockade of Ukrainian ports and international sanctions on Russia , resulting in some de-coupling of the Russian economy with global trade, especially with the European Union and other Western countries. Modern consensus for the last 15 years regards globalization as having run its course and gone into decline. A common argument for this is that trade has dropped since its peak in 2008, and never recovered since

3485-557: The European Age of Discovery and voyages to the New World , and some even to the third millennium BCE. Large-scale globalization began in the 1820s, and in the late 19th century and early 20th century drove a rapid expansion in the connectivity of the world's economies and cultures. The term global city was subsequently popularized by sociologist Saskia Sassen in her work The Global City: New York, London, Tokyo (1991). In 2000,

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3570-603: The Indian Ocean region. According to economic historians Kevin H. O'Rourke , Leandro Prados de la Escosura, and Guillaume Daudin, several factors promoted globalization in the period 1815–1870: During the 19th century, globalization approached its form as a direct result of the Industrial Revolution . Industrialization allowed standardized production of household items using economies of scale while rapid population growth created sustained demand for commodities. In

3655-467: The Near East five or even ten thousand years ago, and gradually encompassed the whole world; thus, the present-day truly global World System can be regarded as its continuation. Interstate system (world-systems theory) The interstate system is a concept used within world-systems theory to describe the system of state relationships that arose either as a concomitant process or as a consequence of

3740-558: The Silk Routes. In addition to economic trade, the Silk Road served as a means of carrying out cultural trade among the civilizations along its network. The movement of people, such as refugees, artists, craftsmen, missionaries , robbers, and envoys, resulted in the exchange of religions, art, languages, and new technologies. From around 3000 BCE to 1000 CE, connectivity within Afro-Eurasia

3825-613: The World Bank and the IMF to become global financial market regulators that would promote neoliberalism and the creation of free markets for multinational corporations on a global scale. In the late 19th and early 20th century, the connectedness of the world's economies and cultures grew very quickly. This slowed down from the 1910s onward due to the World Wars and the Cold War , but picked up again in

3910-460: The basic elements of a state could emerge, but states could only gain conscious recognition when other states were able to define and relate to them. To Wallerstein, there were no concrete rules about what exactly constitutes an individual state beyond this, as there were so many exceptions to various indicators of statehood. Juridical sovereignty could range from total to nil, as could the state's ability to impose decisions, project power, or control

3995-475: The bourgeoisie has an interest in defining itself as a world class to overcome national barriers to trade, but also has an interest in tying itself to various state machineries to gain comparative advantages and monopoly privileges. Likewise the proletariat has an interest in uniting on a world scale to better combat internationally mobile capital, however the mechanisms most readily available for improving local conditions exist in state-based organizations. The result

4080-400: The development of a capitalist world-economy created all of the major institutions of the modern world, including social classes , nations , households and states . These institutions also created each other, as nations, classes, and households came to be defined by their relations to the state, and were subsequently able to shape the state. Out of this structural chaos on a sub-state level,

4165-400: The development of the capitalist world-system over the course of the "long" 16th century. The theory of the interstate system holds that all states are defined through their relationship to other states or through participation in the world economy , and that divisions between states help to divide the world into a core , periphery and semi-periphery . Immanuel Wallerstein wrote that

4250-414: The dominant form of globalization. James holds that this series of distinctions allows for an understanding of how, today, the most embodied forms of globalization such as the movement of refugees and migrants are increasingly restricted, while the most disembodied forms such as the circulation of financial instruments and codes are the most deregulated . The journalist Thomas L. Friedman popularized

4335-483: The efforts of other state machineries to act against the hegemonic power. It is also self-defeating, in that it promotes the spread of technological expertise to other powers, and rising wages in the hegemon tends to decrease the competitiveness of its labor power. World-systems theorists have used the interstate system to explain the perceived failures of the state socialist economies of the eastern bloc in abolishing commodity fetishism and other negative effects of

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4420-450: The emergence of a transnational élite and a phasing out of the nation-state . Meanwhile, he used "cultural globalization" to reference the worldwide homogenization of culture. Other of his usages included " ideological globalization", " technological globalization", and "social globalization". Lechner and Boli (2012) define globalization as more people across large distances becoming connected in more and different ways. "Globophobia"

4505-528: The entire globe. World-systems analysis argues that the units of social reality within which we operate, whose rules constrain us, are for the most part such world-systems [...]. ...there have been thus far only two varieties of world-systems: world-economies and world empires. A world-empire (examples, the Roman Empire , Han China ) are large bureaucratic structures with a single political center and an axial division of labor, but multiple cultures. A world-economy

4590-488: The extension of the European Common Market , and in journalism to describe how the "American Negro and his problem are taking on a global significance". They have also argued that four forms of globalization can be distinguished that complement and cut across the solely empirical dimensions. According to James, the oldest dominant form of globalization is embodied globalization, the movement of people. A second form

4675-502: The first circumnavigation of the globe under the Magellan-Elcano expedition which preluded the rise of global silver trade . Early modern globalization is distinguished from modern globalization on the basis of expansionism , the method of managing global trade, and the level of information exchange. The period is marked by the shift of hegemony to Western Europe, the rise of larger-scale conflicts between powerful nations such as

4760-420: The flow of capital, commodities and labor across borders to maintain the price structures of the global market. If weak states attempt to rewrite these rules as they prefer them, strong states will typically intervene to rectify the situation. The ideology of the interstate system is sovereign equality, and while the system generally presents a set of constraints on the power of individual states, states within

4845-434: The flows of capital, commodities and labor. There were also no clear rules about which group controlled the state, as various groups located inside, outside, and across the states’ frontiers could seek to increase or decrease state power in order to better profit from a world-economy. While on the level of individual states, almost nothing remained so stable as to assist with a definition of statehood, Wallerstein claimed that

4930-434: The form of creating institutions to affect state decisions, and that these institutions tend to be created within the boundaries of the state, and with a specific national scope. This has the effect of adding to the definiteness of state structures, and giving a national character to class conflict. Both the proletariat and bourgeoisie can find benefits and drawbacks to defining themselves as "world classes." For example,

5015-489: The form of structural adjustment programs (SAPs) that were implemented by the World Bank and the International Monetary Fund (IMF). These programs required that the country receiving monetary aid would open its markets to capitalism, privatize public industry, allow free trade, cut social services like healthcare and education and allow the free movement of giant multinational corporations. These programs allowed

5100-423: The globalization of business is centered around the diminution of international trade regulations as well as tariffs , taxes, and other impediments that suppresses global trade, economic globalization is the process of increasing economic integration between countries, leading to the emergence of a global marketplace or a single world market. Depending on the paradigm, economic globalization can be viewed as either

5185-563: The globalization of commerce. After World War II, work by politicians led to the agreements of the Bretton Woods Conference , in which major governments laid down the framework for international monetary policy , commerce, and finance, and the founding of several international institutions intended to facilitate economic growth by lowering trade barriers . Initially, the General Agreement on Tariffs and Trade (GATT) led to

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5270-517: The great chagrin of Reactionists, it has drawn from under the feet of industry the national ground on which it stood. All old-established national industries have been destroyed or are daily being destroyed. . . . In place of the old local and national seclusion and self-sufficiency, we have intercourse in every direction, universal inter-dependence of nations. Sociologists Martin Albrow and Elizabeth King define globalization as "all those processes by which

5355-440: The great movements of trade and empire across Asia and the Indian Ocean from the 15th century onward. In 1848, Karl Marx noticed the increasing level of national inter-dependence brought on by capitalism , and predicted the universal character of the modern world society. He states: The bourgeoisie has through its exploitation of the world market given a cosmopolitan character to production and consumption in every country. To

5440-497: The growing prominence of attention focused on the movement of diseases, the proliferation of popular culture and consumer values, the growing prominence of international institutions like the UN, and concerted international action on such issues as the environment and human rights. Other developments as dramatic were the Internet's becoming influential in connecting people across the world; As of June 2012 , more than 2.4 billion people—over

5525-524: The historically variable ways that it has been practiced and socially understood through changing world-time. Manfred Steger , professor of global studies and research leader in the Global Cities Institute at RMIT University , identifies four main empirical dimensions of globalization : economic, political, cultural, and ecological . A fifth dimension—the ideological—cutting across the other four. The ideological dimension, according to Steger,

5610-464: The importance of hyphen in the title: "... In English, the hyphen is essential to indicate these concepts. "World system" without a hyphen suggests that there has been only one world-system in the history of the world." There is an ongoing debate among scholars whether we can talk about multiple world-systems. For those who support the multiple world-systems approach, there have been many world-systems throughout worlds history, some replacing others, as

5695-454: The information and communication technology revolution that lowered communication costs, along with trade liberalisation and the shift of manufacturing operations to emerging economies (particularly China). The word globalization was used in the English language as early as the 1930s, but only in the context of education, and the term failed to gain traction. Over the next few decades, the term

5780-856: The interstate system as a mechanical consequence of capital accumulation . While Wallerstein was quite clear that the interstate system followed the development of a world-economy, and state policies largely reflected internal pressures from economic actors, other world-systems theorists like Christopher Chase-Dunn view the interstate system and world-economy as concomitant processes with no clear causal priority. Globalization 1800s: Martineau · Tocqueville  ·  Marx ·  Spencer · Le Bon · Ward · Pareto ·  Tönnies · Veblen ·  Simmel · Durkheim ·  Addams ·  Mead · Weber ·  Du Bois ·  Mannheim · Elias Globalization ( North American spelling ; also Oxford spelling [UK]) or globalisation (non-Oxford British spelling ; see spelling differences )

5865-409: The people of the world are incorporated into a single world society." In The Consequences of Modernity , Anthony Giddens writes: "Globalization can thus be defined as the intensification of worldwide social relations which link distant localities in such a way that local happenings are shaped by events occurring many miles away and vice versa." In 1992, Roland Robertson , professor of sociology at

5950-586: The phase of increasing trade links and cultural exchange that characterized the period immediately preceding the advent of high "modern globalization" in the late 19th century. This phase of globalization was characterized by the rise of maritime European empires, in the 15th and 17th centuries, first the Portuguese Empire (1415) followed by the Spanish Empire (1492), and later the Dutch and British Empires . In

6035-426: The process of globalization , many scholars agree that there has been only one world-system, that of capitalism . There are, however, dissenting voices, as some scholars do not support the contention that there is only one world-system in the modern day; Janet Abu-Lughod states that multiple world-systems did exist in past epochs. The alternative approach insists that there was only one World System that originated in

6120-451: The process of world shrinkage, of distances getting shorter, things moving closer. It pertains to the increasing ease with which somebody on one side of the world can interact, to mutual benefit, with somebody on the other side of the world. Paul James defines globalization with a more direct and historically contextualized emphasis: Globalization is the extension of social relations across world-space, defining that world-space in terms of

6205-442: The reduction of trade barriers as well as other economic reforms, and, in many cases, immigration. International standards have made trade in goods and services more efficient. An example of such standard is the intermodal container . Containerization dramatically reduced the costs of transportation, supported the post-war boom in international trade , and was a major element in globalization. International standards are set by

6290-439: The rest of the world in terms of industrial production and economic output , archaic globalization was a phenomenon that was driven not only by Europe but also by other economically developed Old World centers such as Gujarat , Bengal , coastal China , and Japan . The German historical economist and sociologist Andre Gunder Frank argues that a form of globalization began with the rise of trade links between Sumer and

6375-488: The spatial organization of social relations and transactions—assessed in terms of their extensity, intensity, velocity and impact—generating transcontinental or inter-regional flows" was called "probably the most widely-cited definition" in the 2014 DHL Global Connectiveness Index . Swedish journalist Thomas Larsson, in his book The Race to the Top: The Real Story of Globalization , states that globalization: ...is

6460-424: The system are "neither sovereign nor equal." Not only do strong states impose their will on weak states, strong states also impose limitations upon other strong states, and tend to seek strengthened international rules, since enforcing consequences for broken rules can be highly beneficial and confer comparative advantages. Wallerstein notes that class conflict within the context of an interstate system tends to take

6545-551: The term "flat world" , arguing that globalized trade , outsourcing , supply-chaining , and political forces had permanently changed the world, for better and worse. He asserted that the pace of globalization was quickening and that its impact on business organization and practice would continue to grow. Economist Takis Fotopoulos defined "economic globalization" as the opening and deregulation of commodity , capital , and labor markets that led toward present neoliberal globalization. He used "political globalization" to refer to

6630-532: The term and bringing it into the mainstream business audience in the later in the middle of 1980s. Though often treated as synonyms, in French, globalization is seen as a stage following mondialisation, a stage that implies the dissolution of national identities and the abolishment of borders inside the world network of economic exchanges. Since its inception, the concept of globalization has inspired competing definitions and interpretations. Its antecedents date back to

6715-472: The time of the earliest civilizations until roughly the 1600s. This term is used to describe the relationships between communities and states and how they were created by the geographical spread of ideas and social norms at both local and regional levels. In this schema, three main prerequisites are posited for globalization to occur. The first is the idea of Eastern Origins, which shows how Western states have adapted and implemented learned principles from

6800-489: The two largest national economies. The economic impact of the COVID-19 pandemic included a massive decline in tourism and international business travel as many countries temporarily closed borders. The 2021–2022 global supply chain crisis resulted from temporary shutdowns of manufacturing and transportation facilities, and labor shortages. Supply problems incentivized some switches to domestic production. The economic impact of

6885-419: The world economy was proof of the effectiveness of the interstate system in disincentivizing global class conflict. Wallerstein's use of the interstate system to explain international relations was criticised by a number of Western Marxists and non-Marxists for what they saw as economism , or for failing to account for " the relative autonomy of the state " from economic factors, claiming that Wallerstein saw

6970-556: Was centered upon the Indo-Mediterranean region, with the Silk Road later rising in importance with the Mongol Empire's consolidation of Asia in the 13th century. " Early modern " or "proto-globalization" covers a period of the history of globalization roughly spanning the years between 1600 and 1800. The concept of "proto-globalization" was first introduced by historians A. G. Hopkins and Christopher Bayly . The term describes

7055-630: Was largely unrestricted: the state controlled only the supply of grain. Trade on the Silk Road was a significant factor in the development of civilizations from China, the Indian subcontinent , Persia , Europe, and Arabia , opening long-distance political and economic interactions between them. Though silk was certainly the major trade item from China, common goods such as salt and sugar were traded as well; and religions , syncretic philosophies, and various technologies, as well as diseases, also traveled along

7140-468: Was occasionally used by other scholars and media, but it was not clearly defined. One of the first usages of the term in the meaning resembling the later, was by French economist François Perroux in his essays from the early 1960s (in his French works he used the term " mondialisation " (literarly worldization in French ), also translated as mundialization). Theodore Levitt is often credited with popularizing

7225-580: Was the case when a multipolar world-system of the 13th-14th centuries was replaced by a series of consecutive Europe - and the West -centered world-systems. Others coexisted unknowingly with others, not linked to them directly or indirectly; in those cases the world-systems weren't worldwide (for example, prior to colonization of Americas , the Americas world-systems had no connection with the one encompassing Eurasia and Africa ). From around 19th century onward, due to

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