![]() 9 Near the end of the war, the German army developed V-2 rockets for use against London – after the end of the war, this technology would form the basis of modern communication, as nations began exploring the potential of rockets to send satellites, and eventually men, to the stars. The term ‘globalisation’ itself first appeared sometime in the late 1920s a little over a decade and a half later, during and immediately after World War II, globalisation entered a new phase. A dearth of major wars (after the end of the Napoleonic wars in 1815) 6 aided rapid growth during this period, 7 which was characterised by, among other things, vast waves of immigrants expanding across the globe – more than 20 million people left Europe for other shores between 18. 5 This is generally considered the first wave of globalisation, in which business and trade crossed seas, and it lasted for more than a century.īy the nineteenth century, the movement of globalisation entered a new phase the advent of technologies such as the steam engine facilitated international trade further, quickening the pace and scope at which business could be conducted. 4 Others pin the date more reasonably in the period of global exploration kicked off by Christopher Columbus’ discovery of America in 1592 – this marked the birth of the first global trade networks, pioneered by European powers. 3 The beginnings of globalisation are still debated, with some sources placing it as long ago as the bronze age, fully 4,000 years ago. Globalisation describes the ways in which “national and regional economies, societies, and cultures have become integrated through the global network of trade, communication, immigration and transportation”. The term ‘globalisation’ itself first appeared sometime in the late 1920s… ![]() 2 To understand these effects, and maybe glean an insight into the future of globalisation and its current impact on business, it is useful to cast our eye backward, to learn how the process started. It is, however, undeniable that globalisation has (and continues to have) a profound effect on the world, in the way companies and even governments do business: according to World Bank data, trade accounted for more than 70 per cent of global GDP in 2017, from less than 25 per cent in 1960. Others have seen it as a purely negative process, enriching the few while the many suffer. Over the long history of the idea, it’s been called a necessary, even inevitable, process that will cure all the world’s ills, if only we embrace it. ![]() Globalisation is a concept that, in the lead-up and after the turn of the millennium, has become a fierce and recurring topic of debate. Globalisation is one major factor in the process.The Historical Impact of Globalisation on Economies and Business The decline of traditional industries in HICs is known as deindustrialisation. Industry may begin to thrive in NICs at the expense of jobs in manufacturing in high-income countries (HICs).Migration of people across the world can cause social tensions and conflict of ideologies.Some nations feel that they are losing control over key decisions and sacrificing their sovereignty.It is a threat to the world's cultural diversity - threatening local traditions and languages and making the whole world more uniform to fit the western model.Multinational companies may drive local companies out of business and are sometimes more powerful than the governments of the countries in which they invest.It operates mostly in the interests of the richest countries, who continue to dominate world trade.It enables governments to work together to tackle global issues or respond to events, such as a natural disaster.It helps make people more aware of global issues, such as desertification and global warming, and able to work together to tackle these issues.Migration of people can fill labour and skill shortages. ![]()
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