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Economic globalization refers to the rising interconnectedness of world economies as a result of increased cross-border commerce in goods and services, international capital flows, and the widespread and fast development of technology. It symbolizes the continued growth and reciprocal integration of market borders, and it is an unstoppable trend in global economic development at the millennium's turn. The two fundamental driving forces for economic globalization are the rapidly expanding importance of information in all forms of productive activity and marketization. To put it another way, the rapid globalization of the world's economies in recent years has been largely based on the rapid development of science and technology, has resulted from an environment in which the market economic system has been rapidly spreading throughout the world, and has developed on the basis of increasing cross-border division of labor that has penetrated down to the level of production chains within different countries' enterprises.

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Silk road was considered to be the start of Globalization as it allowed Asia, Europe, and some parts of North Africa to connect and start exchanging goods, culture, spices, and ideas via land and sea. It is also called as Silk routes since it is not a single road that crosses the continents, rather, a network of paths that traders used. It started around 130 BCE and lasted 1453 CE after Ottoman Empire closed its connection with the trade network.

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After the closing of the Silk Routes, transport technologies where primarily used as European started to voyage the seas using ships. The intend is to seek new sea routes to trade spices and silks in Asia, however, there where some notable  discovery done which is the discovery of America by Christopher Columbus in 1492. This discovery lead to some scholars saying that this is where the "Globalization" started. Another notable exploration done is the discovery of a sea route to India by Vasco de Gama in 1498.

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The Napoleonic War were a series of wars between Napoleonic France and various alliances of European nations that resulted in a brief period of French rule over most of Europe. The Napoleonic Wars, together with the French Revolutionary Wars, was a 23-year era of recurring struggle that ended only with Napoleon's second abdication on June 22, 1815, at the Battle of Waterloo. On economic aspects of the war, Napoleon's mercantilist mindset is a disadvantage as the France is still economically underdeveloped than other European countries.

Following the Napoleonic wars, the industrial revolution spread to Continental Europe and North America.

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Age of exploration fuels the advancements in other aspects of technology, especially transportation. In the mid-18th century, Britain started Industrial Revolution. This allowed Britain to attain an economic development through advancements in technology such us the use of iron and steel, coal as fuels, steam engines, and may more. At the same time, Adam Smith, who is considered as the father of modern economics, published The Wealth of Nations that fostered an economic system that is free of government interference, free enterprise, and private ownership of production. However, it a flaw is that social classes became more distinct.

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With global economy started to rose, a system must govern the money exchanges between countries. Thus, International Monetary System was developed. European countries, and as well the United States, agreed to use gold as the standard monetary system where paper money is valued to gold. However, despite efforts to revert to the pre-war status quo, disequilibrium caused by the overvaluation of the pound sterling following the British return to the Gold Standard in 1925 after the WWI, German reparations, and other imbalances slowed progress in the l920s. Markets were not as interconnected towards the conclusion of the decade as they had been before to WWII.

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Considered as the “Golden Age” of Globalization, characterized by relative peace, free trade, and financial and economic stability.

The first "golden age" of globalization is said to have occurred from 1870 and the outbreak of World War I. The enormous acceleration of global movements of wealth, products, and people is one of the most visible aspects of this wave of globalization. A truly global capital market has evolved. Countries attempted to establish the first worldwide regulatory structure for regulating global money flows.

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World War I ignited by nationalist conflict.

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World War I ignited by nationalist conflict.

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World War I is the most important single event in the history of globalization. The war ended the first significant era of increasing economic ties among nations and thereby shaped the economic history of the twentieth century. The collapse of interbank cooperation and expansion of controls on trade, migration, and agriculture meant that economic globalization re-emerged only very slowly over the rest of the twentieth century.

The war wreaks havoc on global economies and trade. Defeated Germany is forced to make massive reparation payments to Britain and France

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The Great Depression is a well known economic downturn event that lasted from 1929 to 1939. This is the darkest period in economic history as many companies where bankrupt, leading to almost half of the American being unemployed. The cause of this event is due to stock market crashing at Wall Street. To obtain a trading advantage, many countries abandon the gold standard and devalue their currencies.

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With the world in a crisis, the war needed the production of arms, aircraft, and ships. As a result, a large number of women and jobless citizens have entered the labor force. There were less jobless individuals, and the economy began to recover.

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The Bretton Woods Conference, also known as the United Nations Monetary and Financial Conference, was a meeting of representatives from 44 countries that gathered in Bretton Woods, New Hampshire, from July 1 to 22, 1944, to agree on a set of new rules for the post-World War II international monetary system. The founding of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development were two of the conference's significant achievements (IBRD).

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The United Nations assisted in the stabilization of the global economy by encouraging money and trade between countries, which had a direct impact on the economy.

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General Agreement on Tariff and Trade (GATT) 

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General Agreement on Tariff and Trade (GATT) 

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The first worldwide multilateral trade agreement ushers in the postwar era of more open trade.

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Organization of the Petroleum Exporting Countries (OPEC)

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Organization of the Petroleum Exporting Countries (OPEC)

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an international organization created to help member states coordinate their petroleum policy and give technical and economic assistance. preventing its concessionaires, the world's largest oil producers, refiners, and marketers, from decreasing oil prices.

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With a good economic growth on Western Europe, a treaty was established in Rome on 1957 that established European Economic Community (EEC). The EEC was put under pressure after the Bretton Woods system collapsed, and member nations finally decided to establish a regional monetary system, the European Monetary System (EMS), in 1979. The European Monetary System (EMS) was established in 1979 as an adjustable exchange rate system to promote tighter monetary policy collaboration among members of European Community. The EMS was eventually replaced by the European Economic and Monetary Union (EMU), which created the euro as a common currency.

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The collapse of the Soviet Union produces greater cooperation in international institutions, increasing trade and financial integration.

The Soviet Union fought an increasingly frustrating war in Afghanistan during the 1980s. At the same time, the Soviet economy was grappling with the ever-increasing expenses of the armaments competition. Dissent rose at home, while the stagnating economy sank under the weight of the combined load. The Soviet Union was hesitant to resist threats to its dominance in Eastern Europe because of attempted changes at home. In 1989 and 1990, the Berlin Wall was down, borders were opened, and communist regimes were deposed across Eastern Europe in free elections. The Soviet Union disintegrated into its constituent nations in late 1991. The Iron Curtain was torn down with breathtaking rapidity, and the Cold War came to an end.

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The internet begins its meteoric rise transforming global commerce. Powerful multinational corporations dominate the global economy.

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The modern trading system governed by rules is established, replacing the GATT. The World Trade Organization (WTO) is an international organization that administers international trade regulations. It is founded on agreements signed by the vast majority of the world's trading nations in 1995. The organization's major goal is to assist producers of goods and services, as well as exporters and importers, in safeguarding and managing their enterprises.

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Central banks in advanced countries responded by lowering their currency rates through quantitative easing.

export-dependent emerging markets were severely disrupted.

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By mid-2021, the COVID-19 virus has spread over the world, claiming the lives of an estimated 4 million people, disrupting global supply networks, and creating a global recession. Several vaccines are produced by the end of 2020, but worldwide vaccination efforts lag, with less than 30% of the population receiving at least one dose by July 2021. Additional outbreaks are sparked by more transmissible variations.

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Since the dissolution of feudalism, capitalism, also known as free market economy or free enterprise economy, has been the dominant economic system in the Western world. It dates back from 16th century in Europe during the late Middle Ages. What drives capitalism is essentially to make profit. It became the basis of mostly all economies to date as global economy became broad of a topic. With still in effect, it still brought inequality to social classes.

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The PROs and CONs of Economic Globalization

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The PROs and CONs of Economic Globalization

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PRO

Broadens access to goods and services - (example: being able to buy products from abroad means you’re benefiting from globalization. Also, business owners have access to bigger market for their goods and services)

Increase cultural awareness - it increased cross-cultural understanding and sharing

Access to capital and commodities is made easier.

Producers and retailers can broaden their market and contribute to economic growth by diversifying their product lines.

CON

Globalization cannot benefit all (e.g., Half of the Sub-Saharan Africa population lives on less than $1.25 a day in 2002).

Capitalism is responsible for the global system's economic arena's historically varying wage rates.

Workers may lose their jobs to countries with lower labor costs.

Transnational corporations have significant bargaining leverage with local governments.

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Globalization has been proved to increase the standard of living. Globalization isn't a new concept; people have traded goods and products since the dawn of civilization. As cultures progressed, people were able to innovate to international trading industry. As a result of rapid innovations in communication and transportation, the rate of globalization has accelerated in recent years. Globalization provides several advantages in a variety of fields. It increased cultural interactions and developed economies all over the world in a reciprocal manner. It also allowed financial transactions between businesses, resulting in a shift in the workplace paradigm. Many people are international citizens nowadays. The origin of products has become less important, and distance is no longer a hindrance to many services. Globalization gives businesses a competitive advantage by allowing them to acquire low-cost raw resources from throughout the world. Organizations may also take advantage of cheaper labor costs in developing countries while using the technological skills and experience of more developed economies. Globalization has cultivated the interchange of ideas and cultures, resulting in a worldview that is more open and accepting of others.

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Neoliberalism is a political philosophy and policy framework that emphasizes the importance of free market competition. It is a policy approach that combines politics and economics, with the goal of transferring control of economic issues from the government to the private sector. Many neoliberal policies aim to improve the functioning of free market capitalism by limiting government spending, regulation, and public ownership.

Neoliberal ideology represents an out-of-date, self-serving economic model. It was created by old imperial powers and embraced by economically powerful nations. The goal of neoliberal economic globalization is to eliminate all trade obstacles and privatize all accessible resources and services. In this scenario, public life will be at the hands of commercial forces, with profits going to a select few.

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ECONOMIC GLOBALIZATION IS A FAILURE ACCORDING TO JOSEPH STIGLITZ

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ECONOMIC GLOBALIZATION IS A FAILURE ACCORDING TO JOSEPH STIGLITZ

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Globalization should be embraced on a country's own terms, considering its own history, culture, and traditions. Pro-globalization measures, on the other hand, are likely to be costly if poorly designed. They will increase insecurity, render countries more sensitive to external shocks, slow growth, and worsen poverty. According to Stiglitz, the issue is that globalization was not pushed wisely or fairly. Liberalization initiatives, on the other hand, have been executed too quickly, in the wrong order, and frequently based on insufficient or outright incorrect economic analysis. As a result, he claims, we now confront terrible consequences, such as rising destitution and societal conflict, as well as widespread dissatisfaction.

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Bautista, Bryan Ross
Cepe, Elijah Kyle
Mapa, Denmike Allen
Ronatay, Daven Dann Yroll

ECE31