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The printing press was created by Johannes Gutenberg on January 18, 1440 in Mainz, Germany. His invention helped disseminate knowledge wider and faster than ever before. It also created a new branch of media called "press" and taking over old printing technologies such as manuscripts and block printing.

This also helped spread Christianity to different places during Gutenberg's time. The bible was the first piece to be printed using the printed press and made almost 200 copies.

The printing press had huge economic repercussions. Its invention resulted in increased trade across Europe as a result of rising demand. The printing press's development was hailed as the most significant event of the second millennium for various reasons. First, its development not only reduced the cost of teaching materials, but also increased global literacy by enabling everyone to gain information. Books were produced in bigger volumes and at reduced prices, making them accessible to the masses. It generated income by increasing employment possibilities and increasing demand for books. The printing press also benefited the world economy by increasing commerce following its introduction. It grew to be a big industry, leading to the establishment of diverse printing industries, which continues today.

Source:

(1) https://www.history.com/news/printing-press-renaissance
(2) http://womenncareer.com/articles/the-printing-press-the-telephone-and-the-internet-their-contribution-to-the-global-economy/#.YXVVbZ7P1EY

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On 1492, Christopher Columbus travelled to an island in the Caribbean. During his second voyage on 1493, he brought 17 ships and more than 1,000 men to explore further and expand an earlier settlement on the island of Hispaniola. Inside those ships are hundreds of animals like cow, sheep, pigs and horses that cannot be found in that region.

As time passed by, Europeans travel to Americas to take seeds and plant cuttings such as coffee and wheat. These plants eventually flourished in Europe and the Old world.

The term "Colombian Exchange" was coined by Alfred Crosby and defined as it connected almost all of the world through new networks of trade and exchange. The inter- continental transfer of plants, animals, knowledge, and technology changed the world, as communities interacted with completely new species, tools, and ideas. The Columbian Exchange marked the beginning of a period of rapid cultural change.

Sources:
(1) https://www.history.com/news/columbian-exchange-impact-diseases
(2) https://www.khanacademy.org/humanities/whp-origins/era-5-the-first-global-age/53-the-colombian-exchange-betaa/a/read-the-columbian-exchange-beta

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The establishment of a permanent trade link from the “Old World” via Manila to the Americas introducing global trade. This facilitates the introduction of diseases, livestock, plants, and people.

Source:
(1) https://www.files.ethz.ch/isn/19456/historical%20milestones.pdf?fbclid=IwAR0cIn94UPqFDaJsAUvGArgLEQCghAqGYWbnMX5CGDiII40UaCREYEXM3Lkhttps://www.files.ethz.ch/isn/19456/historical%20milestones.pdf?fbclid=IwAR0cIn94UPqFDaJsAUvGArgLEQCghAqGYWbnMX5CGDiII40UaCREYEXM3Lk

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On January 18,1600, Atlantic slave trade started between Americas and European countries and made a devastated effects on Africa.

Africans are the victims of this trade since they were the ones that were taken as captive. A large population of people taken captive were women and young men. Meanwhile those elderly and disabled were usually left behind by Europeans.

The Atlantic slave trade generated great wealth for many individuals, companies, and countries, but the brutal trafficking in human beings and the large numbers of deaths that resulted eventually sparked well-organized opposition to the trade.

Sources:
(1) https://www.open.edu/openlearn/history-the-arts/history/riches-misery-the-consequences-the-atlantic-slave-trade
(2) https://www.journals.uchicago.edu/doi/10.1086/709818

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1792: Stock Exchange: Wall Street is Born

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1792: Stock Exchange: Wall Street is Born

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A stock exchange is a centralised location where the shares of publicly traded companies are bought and sold. In 1792, Wall Street stock exchange started. Wall Street is located in Lower Manhattan, New York.

Wall Street has such a significant impact on the global economy because it is the trading hub of the biggest financial market in the world’s richest nation. Wall Street is home to the venerable New York Stock Exchange, which is the undisputed leader worldwide in terms of average daily share trading volume and total market capitalization of its listed companies. Nasdaq stock exchange, the second largest stock exchange company is located in Wall Street

Source:
(1) https://www.investopedia.com/articles/investing/100814/wall-streets-enduring-impact-economy.asp

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On 1814, George Stephenson and his son, Robert built the first practical locomotive. This invention greatly affected globalization since it helped the merchants to transport their goods quickly to different countries and with less cost. The improvement of the steam engine caused the production to increase and caused people to use more resources, this would cause countries to use raw materials and other resources to trade and sell goods on foreign lands.

Industrial revolution destroyed cultures and communities but it helped in globalizing world economy.

Source:
(1) https://colors-newyork.com/what-impact-did-the-steam-engine-have-on-globalization/#What_impact_did_the_steam_engine_have_on_globalization

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The First World War altered the course of labor movement history throughout Europe and far beyond. Unexpected close collaboration with the state, drastic strikes in the latter years of the war, and continuous expansion of trade union membership, pressures, and splits into labor organizations have all generated a significant amount of literature.

The history of labor movements during WWII has been neglected recently, making it ripe for resurrection. Work focusing on the conceptual environment in which labor unions established their political tactics is emerging.

Sources:
https://encyclopedia.1914-1918-online.net/article/labour_movements_trade_unions_and_strikes

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The stock market in the United States expanded rapidly between the mid-and late 1920s. It lasted throughout the first six months after President Herbert Hoover's January 1929 inauguration. Stock prices skyrocketed during the great "Hoover bull market," and the general public, from banking and industrial magnates to chauffeurs and cooks, hurried to brokers to invest their liquid assets or savings securities they might sell for a profit.

The Economic Consequences of the Great Depression

In politics, the Great Depression weakened faith in free-market capitalism. In other words, Herbert Hoover's laissez-faire economics didn't work.

Destroyed much of the Midwest's agriculture. In addition, agricultural commodity prices plummeted to their lowest level since the American Civil War, further aggravating the situation Farmers who couldn't find work were forced to live on the streets.

In 1928, the final year of the Roaring Twenties, unemployment was 4.2 percent. That's a lot lower than the normal rate of unemployed people in the economy.

The stock market plummeted by 90% between 1929 and 1932. As a result, the general public has lost all confidence in the stock market. Businesses, institutions, and individual investors were all out of pocket as a result of the financial crisis.

Prices dropped by 30% between 1930 and 1932. However, while this helped lower-income customers, it had the opposite effect on farmers, businesses, and homeowners.

Sources:
https://www.thebalance.com/effects-of-the-great-depression-4049299
https://www.britannica.com/event/stock-market-crash-of-1929

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One of the earliest computers was the ABC (Atanasoff-Berry Computer), which was constructed by John Vincent Atanasoff and Clifford E. Berry in the United States in 1942, although it was neither programmable nor "Turing-complete."

The ENIAC (Electronic Numerical Integrator and Computer) was the first Turing-complete computer that possessed the four essential features of modern computers. It was built secretly by the US army and initially used on December 10, 1945, at the University of Pennsylvania to examine the viability of utilizing a hydrogen bomb to explode a nuclear weapon.

Impacts of Computer in the Economic Globalization:
1. Improving calculations

Mainframe computers were immediately adopted by academic and research institutes to compute input-output tables and the moments required to compute estimates with different predetermined econometric approaches.

2. Information Access

Computers have dramatically increased access to information around the world.  This greater availability of information is a contributing element to cultural homogeneity, which is a critical component of globalization, as well as a contributing factor to the rising interconnection of global communication.

3. Labor

Computers have expanded global labor availability. The cost of data entry, customer service, and accounting in Third World countries is a fraction of that in First World countries. Every work outsourced to a foreign country means that a citizen of the outsourcing country loses their employment.

4.  Removing Boundaries Between Theoretical and Applied       Economics

Although scientific models have long been framed to accommodate computation limitations (e.g. quadratic functions on money models), new practices prompted by computerization, combined with new policy challenges and business demands, have profoundly changed the relationship between theory and practice. Calibrating, designing mechanisms, simulating, and modeling agents. Computerization has transformed the way models are built and what theory should produce. It has muddled the lines between two entities. Because models are not encoded but are conceptualized as computer programs, simulation does not match the theory/empirical separation. For example, simulation has been (re)conceived as a third way of performing research, and ideas and data can be placed on the same footing if considered parallels.

Sources:
https://www.britannica.com/technology/Atanasoff-Berry-Computer
https://bizfluent.com/info-8216493-productivity-workplace.html
https://beatricecherrier.wordpress.com/2016/02/07/9-ways-computers-have-affected-the-development-of-economics/

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1944: Creation of World Bank and International Monetary Fund

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1944: Creation of World Bank and International Monetary Fund

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The Bretton Woods Conference in 1944 created the two institutions, which serve complementary functions. When it comes to impoverished countries, the World Bank Group works to reduce poverty and generate shared prosperity, whereas the International Monetary Fund works to stabilize the international monetary system and monitor global currencies.

Impact of Creation of World Bank and International Monetary Fund

help restore and sustain the benefits of global integration, by promoting international economic cooperation.

ensuring the stability of the international financial system, and by helping individual countries take advantage of the investment opportunities offered by international capital markets while reducing their vulnerability to adverse shocks or changes in investor sentiment.

increase the transparency of their financial and corporate sectors as a means to reduce financial abuse, such as money laundering and fraud, and ensure a level playing field for all investors.

bring about a decisive reduction in world poverty, the efforts of poor countries must be matched by more comprehensive support from the international community.

Sources:

https://www.worldbank.org/en/about/history/the-world-bank-group-and-the-imf
https://www.imf.org/external/np/exr/ib/2002/031502.htm

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The United Nations (UN) is an international organization that was founded on October 24, 1945. The United Nations (UN) was the second multifunctional international organization to be created in the twentieth century that had a global reach and membership. It was founded in 1945 and has been in existence ever since.

Impacts of the creation of United Nation:

maintaining international peace and security, developing friendly relations among nations, and promoting social progress, better living standards, and human rights.

develop friendly relations among nations;

help nations work together to improve the lives of poor people, to conquer hunger, disease, and illiteracy, and to encourage respect for each other’s rights and freedoms

Sources:
https://www.britannica.com/topic/United-Nations

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United Nations (UN), international organization established on October 24, 1945. The United Nations (UN) was the second multipurpose international organization established in the 20th century that was worldwide in scope and membership. Its predecessor, the League of Nations, was created by the Treaty of Versailles in 1919 and disbanded in 1946. Headquartered in New York City, the UN also has regional offices in Geneva, Vienna, and Nairobi. Its official languages are Arabic, Chinese, English, French, Russian, and Spanish. For a list of UN member countries and secretaries-general, see below.
(Read Ted Turner's Britannica entry on the U.N. Foundation.)
According to its Charter, the UN aims:

to save succeeding generations from the scourge of war,...to reaffirm faith in fundamental human rights,...to establish conditions under which justice and respect for the obligations arising from treaties and other sources of international law can be maintained, and to promote social progress and better standards of life in larger freedom.

In addition to maintaining peace and security, other important objectives include developing friendly relations among countries based on respect for the principles of equal rights and self-determination of peoples; achieving worldwide cooperation to solve international economic, social, cultural, and humanitarian problems; respecting and promoting human rights; and serving as a centre where countries can coordinate their actions and activities toward these various ends.

The UN formed a continuum with the League of Nations in general purpose, structure, and functions; many of the UN's principal organs and related agencies were adopted from similar structures established earlier in the century. In some respects, however, the UN constituted a very different organization, especially with regard to its objective of maintaining international peace and security and its commitment to economic and social development.

Changes in the nature of international relations resulted in modifications in the responsibilities of the UN and its decision-making apparatus. Cold War tensions between the United States and the Soviet Union deeply affected the UN's security functions during its first 45 years. Extensive post- World War II decolonization in Africa, Asia, and the Middle East increased the volume and nature of political, economic, and social issues that confronted the organization. The Cold War's end in 1991 brought renewed attention and appeals to the UN. Amid an increasingly volatile geopolitical climate, there were new challenges to established practices and functions, especially in the areas of conflict resolution and humanitarian assistance. At the beginning of the 21st century, the UN and its programs and affiliated agencies struggled to address humanitarian crises and civil wars, unprecedented refugee flows, the devastation caused by the spread of AIDS, global financial disruptions, international terrorism, and the disparities in wealth between the world's richest and poorest peoples.

History and development

Despite the problems encountered by the League of Nations in arbitrating conflict and ensuring international peace and security prior to World War II, the major Allied powers agreed during the war to establish a new global organization to help manage international affairs. This agreement was first articulated when U.S. President Franklin D. Roosevelt and British Prime Minister Winston Churchill signed the Atlantic Charter in August 1941. The name United Nations was originally used to denote the countries allied against Germany, Italy, and Japan. On January 1, 1942, 26 countries signed the Declaration by United Nations, which set forth the war aims of the Allied powers.

The United States, the United Kingdom, and the Soviet Union took the lead in designing the new organization and determining its decision-making structure and functions. Initially, the "Big Three" states and their respective leaders (Roosevelt, Churchill, and Soviet premier Joseph Stalin) were hindered by disagreements on issues that foreshadowed the Cold War. The Soviet Union demanded individual membership and voting rights for its constituent republics, and Britain wanted assurances that its colonies would not be placed under UN control. There also was disagreement over the voting system to be adopted in the Security Council, an issue that became famous as the "veto problem."

The first major step toward the formation of the United Nations was taken August 21-October 7, 1944, at the Dumbarton Oaks Conference, a meeting of the diplomatic experts of the Big Three powers plus China (a group often designated the "Big Four") held at Dumbarton Oaks, an estate in Washington, D.C. Although the four countries agreed on the general purpose, structure, and function of a new world organization, the conference ended amid continuing disagreement over membership and voting. At the Yalta Conference, a meeting of the Big Three in a Crimean resort city in February 1945, Roosevelt, Churchill, and Stalin laid the basis for charter provisions delimiting the authority of the Security Council. Moreover, they reached a tentative accord on the number of Soviet republics to be granted independent memberships in the UN. Finally, the three leaders agreed that the new organization would include a trusteeship system to succeed the League of Nations mandate system.

The Dumbarton Oaks proposals, with modifications from the Yalta Conference, formed the basis of negotiations at the United Nations Conference on International Organization (UNCIO), which convened in San Francisco on April 25, 1945, and produced the final Charter of the United Nations. The San Francisco conference was attended by representatives of 50 countries from all geographic areas of the world: 9 from Europe, 21 from the Americas, 7 from the Middle East, 2 from East Asia, and 3 from Africa, as well as 1 each from the Ukrainian Soviet Socialist Republic and the Belorussian Soviet Socialist Republic (in addition to the Soviet Union itself) and 5 from British Commonwealth countries. Poland, which was not present at the conference, was permitted to become an original member of the UN. Security Council veto power (among the permanent members) was affirmed, though any member of the General Assembly was able to raise issues for discussion. Other political issues resolved by compromise were the role of the organization in the promotion of economic and social welfare; the status of colonial areas and the distribution of trusteeships; the status of regional and defense arrangements; and Great Power dominance versus the equality of states. The UN Charter was unanimously adopted and signed on June 26 and promulgated on October 24, 1945.

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United Nations (UN) | Definition, History, Founders, Flag, & Facts

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United Nations, international organization established on October 24, 1945. Headquartered in New York City, the United Nations also has regional offices in Geneva, Vienna, and Nairobi. Its official languages are Arabic, Chinese, English, French, Russian, and Spanish.

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As corporate executives and inventors strive to realize artificial intelligence's promise of providing a competitive edge as well as cost and time savings, the technology is transforming sectors ranging from banking to manufacturing with new products, processes, and capabilities.

"Rather than serving to flatten the degree of global equality, an AI-dominated future could well result in the greatest concentration of resources and power the world has ever known." (Wagner, 2018)

Pros of AI

1. Reduction of human error

Artificial intelligence makes choices based on previously obtained data and a set of algorithms, therefore, mistakes are decreased and precision is increased.

2. Takes risks instead of humans

We can transcend many of our human limitations by creating an AI robot that can take our place.

3. Always on

Using AI, we can have machines operate 24 hours a day, 7 days a week, without becoming exhausted and tired of repetitive work jobs.

4. Job Assistance

Artificial intelligence can be used to automate uninteresting chores and free up people to be more creative.

5. Faster Decisions

A person will consider numerous things both emotionally and practically, while an AI-powered machine will focus on what is programmed and produce results quicker.

6. New Inventions

AI is powering several innovations in almost every discipline, which will assist humans in solving the majority of complicated issues.

Cons of AI

1. Needs lots of data

If the newest AI app on your phone lacks sufficient data, it will offer poor results.

2. Possibility to go wrong

Millions of gadgets run AI systems. If AI begins making incorrect judgments, it might cause bodily or financial damage to millions.

3. Issues with explainability

Certain AI systems are classified as "black box" systems. The user has little to no comprehension of the AI's decision-making process. If the AI makes a bad forecast, performs a harmful action, or makes a mistake, diagnosing what went wrong might be difficult or impossible. This makes it difficult for individuals and businesses to trust AI with critical choices.

4. May include bias

Data is used by AI to make choices. That data may be biased. If so, an AI system may make judgments that bias against particular groups or individuals.

5. Possible job loss and unemployment

It's hard to say how many jobs AI will eliminate. AI will generate and improve occupations much more than it will remove. The threat of widespread job loss and long-term unemployment is always present.

6. Comes with overhyped expectations and fears

Sources:
(1) https://bernardmarr.com/what-is-the-importance-of-artificial-intelligence-ai/
(2) https://ourworld.unu.edu/en/how-ai-is-changing-the-global-economy
(3) https://towardsdatascience.com/advantages-and-disadvantages-of-artificial-intelligence-182a5ef6588c
(4) https://www.marketingaiinstitute.com/blog/pros-and-cons-of-artificial-intelligence

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In 1979, Michael Aldrich pioneered e-commerce (he is known as the founder of e-commerce).

Electronic commerce (e-commerce) is a business approach that enables businesses and people to purchase and sell products and services through the internet. It is handled using computers, tablets, smartphones, and other smart devices. With the help of the internet, many more companies are now available online.

The major effects of e-commerce on the economy are productivity and inflation. Increasing competition, cost savings, and changes in seller pricing behavior might all contribute to lower inflation as electronic commerce grows.

Sources:
(1) https://www.investopedia.com/terms/e/ecommerce.asp
(2) https://acowebs.com/impact-ecommerce-society/

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The Berlin Wall, which separated communist East Germany from West Germany, was finally torn down on November 9, 1989, five days after a half-million people demonstrated in East Berlin in a major protest against the wall. East German officials attempted to defuse increasing demonstrations by relaxing the borders, allowing East Germans to move more freely across the country.

This was a crucial flashpoint in the history between the two sides, as the guards could have easily fired on the crowd. However, according to historian Mary Elise Sarotte in her book The Collapse: The Accidental Opening of the Berlin Wall, no one among the East German authorities wanted to take the personal authority of issuing orders leading to the use of lethal force. The fall of the Berlin Wall marked the symbolic end of the Cold War on Nov. 12, 1989. East and West Germany became one state 11 months later on Oct. 3, 1990. More than 2 million people from East Berlin visited West Berlin to celebrate the "fall" of the wall.

Impacts of the fall of Berlin Wall

According to the World Bank, countries in Central and Eastern Europe have seen substantial economic development, improving living standards, and the emergence of new personal and political freedoms in the recent past.

It also represented the end of the economic and political rivalry between communism and capitalism with a decisive triumph for the latter, as well as the beginning of a decisive victory in the contest between the state and the market.

Sources:
https://www.lowyinstitute.org/publications/fall-wall-fall-banks-and-beyond-three-persistent-problems-global-economy
https://magazine.wharton.upenn.edu/digital/fall-of-berlin-wall-rise-of-globalization/
https://www.brookings.edu/blog/future-development/2019/11/08/how-german-reunification-could-change-global-capitalism-today/

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Sir Tim Berners-Lee established the World Wide Web in 1989, with the primary goal of providing a new means for scientists to readily communicate the data from their studies with one another. Although hypertext (text shown on a computer screen that connects to other text that the reader can view immediately) and the internet were already in existence, no one had thought of a method to utilize the internet to link one document directly to another until now.

The internet became accessible to everyone, not only Scientists, when the world wide web was created. It connected the globe in such a manner that it made it much simpler for people to get, exchange, and discuss information. Since then, it has enabled users to share their work and opinions via social networking sites, blogs, and video sharing sites, among others.

Impacts Of World Wide Web to the Economic Globalization

Computers and the Internet contribute to Globalization by facilitating significant changes in the communication process, facilitating partnerships and economic exchanges across nations and nationalities.

Social media platforms such as Twitter, Facebook, and Yahoo, which are used to engage with residents from other nations, have fundamentally altered how individuals behave globally.

Due to the Internet and the World Wide Web, commerce is now performed on a worldwide scale, as distances have been significantly decreased.

Sources:
https://digitalcommons.bryant.edu/cgi/viewcontent.cgi?article=1000&context=honors_cis
https://artsandculture.google.com/theme/the-world-wide-web-the-invention-that-connected-the-world/eAJS4WcKh7UBIQ?hl=en
https://ivypanda.com/essays/effects-of-internet-and-world-wide-web-on-globalization/

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Introduction

The Internet and the World Wide Web have shaped the way people relate to each another and run their business globally. In the West, for instance, the establishment of new means of communication, the mass media, have transformed the way people conduct their affairs as well as business.

In fact, businesses have also changed their strategies pertaining to the way they communicate with the internal and external publics. Even though the two variables have changed people's activities globally, not all the places in the world enjoy Internet services. In the contemporary world, the term globalization is used variously to mean different things.

In fact, it has turned out to be a social buzzword with a number of explanations and meanings. Since the introduction of the Internet in the early 1990s, global communities have been forced to embrace change politically, economically, socio-culturally and technologically.

Before trying to understand the effects of the World Wide Web and the Internet on globalization, it is worth explaining the meaning of the term globalization in order to get the clear picture of the issue.

From a theoretical point of view, the process of globalization could be understood through two major ways, the outward meaning and the inward meaning. The outward meaning of the term is related to geographic space while its inward meaning is correlated to societal culture.

In this case, the outward variables include buying and selling, cross-border manufacturing, venture, expertise, synchronization of courses of action and institutions.

According to the International Monetary Fund, this is closely related to the increasing harmonization of the financial systems globally, specifically by means of movement of raw materials, finished products, services and wealth beyond the borders of one state. It may also include the free movement of individuals and expertise from one region of the world to another.

Regarding inward definition, the variables to be analyzed include social specifics of globalization that may, perhaps, affect the quality of lives and employment statuses of people. Things, such as nationality (identity), culture, family cohesiveness and the unity of communities, are to be evaluated under this perspective.

In the view of the World Health Organization, cultural dimension would refer to the relationships among cultures, nationalities and ideologies across the state boundaries. These relationships result from the utilization of contemporary communications that change the living standards of humanity.

According to these two perspectives, globalization can be defined as the process where trade barriers are eliminated, inter-state communication is facilitated, and exchange of cultures is encouraged globally.

As per the above definition, globalization can be viewed as a variable that exists to improve the living standards of people across the world. Furthermore, it offers opportunities and increases the rate of growth among the states.

Effects of the Internet and World Wide Web on Globalization

Global bodies, such as the UN and the WTO, claim that contemporary technology has played a critical role in enhancing globalization. In 2005, one of the global organizations, referred to as the OECD, argued that distribution of information and the presence of information channels had facilitated the process of globalization since information could be moved from one part of the world to the other easily.

The United Nations is another organization that has always argued that the World Wide Web as well as the Internet is the most important instrument as far as financial and wealth creation is concerned. These two tools facilitate the betterment of the living standards of people across the world since they improve people's health and save time.

The two instruments help in improving people's knowledge, financial power in society and innovativeness. The Internet and the World Wide Web facilitate in sharing the cultural and educational information, which increases people's awareness, regarding disease prevention, economic opportunities and political issues.

Through the Internet and WWW, the world's population is strengthened in terms of social development, economic development and technological growth. In other words, the Internet and WWW permit the growth of expertise, which is an important resource in terms of economic growth. The Internet and the World Wide Web work hand in hand with other globalization agents, such as MNCs, to bring about wealth in various nations.

Thussu (2006, p. 15) notes that communication is taking place at a pace that many could not predict before. In fact, the speed at which changes are happening in the world is amazing, given the fact that each society is embracing an innovation. This is influenced by and attributable to the World Wide Web and the Internet.

Thussu focuses specifically on the growth of the medium and telecommunications companies within the macro-economic framework of free enterprise making the economies open. Thussu analyzes the impacts of the Internet and the World Wide Web on cultural aspects of globalization, ranging from regional to nationwide, as well as worldwide effects.

For instance, the scholar talks about the effects of the organizations, such as Al-Jazeera, the Bollywood and the reality TV, on the lives of people. The mass media has played an important role in society since it educates people on their rights and freedoms.

Through Al-Jazeera, for instance, the scholar notes that many people were empowered and started to demand for their rights that they had been denied by dictatorial leaders for a long.

Thussu utilizes China as a case study to show how the Internet and the World Wide Web have shaped the relationships between the ruled and the ruler. The ruler must always consult the ruled before coming up with important policies that may affect human life. This is attributed to the existence of the World Wide Web and the Internet.

Dijck and Nieborg (2009, p. 855) have a different view regarding the impacts of the World Wide Web and the Internet on globalization. The two scholars set out to explore the effects of the two variables in terms of shared culture, mass originality and co-creation exhortations. The three factors have profound effects on the economic performance of a country and cultural discourse.

Due to the introduction of Internet services and availability of the World Wide Web, modern systems of production are replacing the unclear, top-down models. This may result in transparent and democratic systems that facilitate power-sharing arrangements within the organization.

Furthermore, this system of administration allows company employees to share responsibilities based on their dexterities. To these two scholars, some manifestos, such 'Wikinomics' and 'We-Think', are responsible for the digitalization of commerce worldwide. In their article, they evaluate how Web 2.0 affected the management systems of organizations and companies around the globe.

They state that the new model helped in democratizing leadership in organizations, which would further lead to improved production and distribution of goods and services. In this sense, the Web 2.0 has worldwide payback of a democratized and socialist digital freedom.

They unreservedly support an idea of public communism that is utilized fully within product culture. The idea of Wikinomics and 'We-Think' directly demands for deconstruction because it affects the digital culture through its typical cultural hypothesis.

As per the reasoning of Carpentier (2009, p. 407), the popularization of the innovative Internet-based medium has facilitated much sanguinity, regarding the communal and participatory-democratic latent of the medium leading to speculation in the termination of the mass communication model and its substitution by a many-to-many expansive model.

As it might be expected, the reassessment of participatory-based communication has led to a number of intangible, hypothetical and pragmatic problems. Participation has turned out to be at least partly an entity of commemoration ensnared in a reductionist discourse of originality, separate from the response of its spectators and de-contextualized from its political- ideological, expansive-literary and expansive-structural frameworks.

These commemorative viewpoints on participation wrap up a number of the essential ideas of the mass communication models that are still exceptionally energetic, offering the discursive structures for the welcoming of previous and innovative media products.

Carpentier (2009, p. 408) shows the diligence of some apparatus of the mass communication archetype through a study of the effects of two north Belgian participatory media instruments. The scholar conducted an extensive research to establish the effects of the Internet and the World Wide Web in north Belgium. One of his studies is based on the effects of YouTube referred to as 16 plus.

Another study focuses on the old concept of Television access, particularly on the 2002 program referred to as Barometer. Through his analyses, it can be observed that people have never unconditionally accepted participatory services, but the services were appreciated owing to the fact that they were intrinsic to the lives of people in many ways.

According to the views of Carpentier (2009, p. 410), the two important concepts including professionalism and societal relevance are valued by people as far as participatory practices are concerned. In other words, it can be observed that people are cautious about the existence of new media since some are harmful to them.

In trying to understand the public service communication and its effects on online users, Moe (2008, p. 220) concludes that European media has always faced scrutiny from the government and other non-state agencies mainly because of its effects on society.

The Internet media is occasionally blamed for causing societal problems that are sometimes difficult to handle. For instance, the Internet is accused of posing new challenges to parents since they can no longer play their socializing roles as it used to be in the traditional society.

The role of parents has always been to socialize their children to become good members of society, who always obey the law and respect the societal morals. However, they are failing to perform this socializing role as it is shifting to the media due to the availability of the World Wide Web and the Internet.

The Internet media is taking over the responsibility that has always been reserved to parents. The scholar notes that the public service media providers have taken advantage of the Internet and the availability of the World Wide Web to contravene the rules and standards set by local and regional authorities in Europe.

To bring out his reasoning on the effects of the Internet and the World Wide Web, the scholar undertook a comparative study of the three European states. He used three public service providers to bring out the universality of the modern mass media. In other words, the effects of the Internet and the World Wide Web on the lives of citizen were similar across the divide.

Moe (2008, p. 225) sets out to discuss the role of the Internet in society. He also tries to establish how the media companies use the Internet to outdo each other in the market. He concludes that the mass media should be controlled. Through online media, society has lost its socializing role.

Consequently, the rate of the social crimes has increased meaning that the Internet contributed to the promotion and development of the crimes, such as prostitution, abortion, domestic violence and drug abuse. It is not surprising that even the publicly funded media is involved in offering socially unaccepted services (Freedman 2006, p. 90).

Some scholars, such as Rettberg (2009, p. 459), are optimistic about the Internet and the World Wide Web since they shape our lives in society. In this case, the impact of the two variables in society is positive and productive. The Internet helps people reveal their feelings via the social sites and identify their nationality (identity formation).

The Internet has the ability to filter the unwanted information about an individual and portray only the positive data that may be desired by an individual. In his simplified article, Rettberg (2009, 461) argues that the Internet can help individuals to generate sensible data from the raw information that do not make sense. Furthermore, the Internet helps individuals present their data in a more presentable way.

For instance, politicians now convince their supporters to vote for them using social sites, such as Twitter, Yahoo and Facebook. Through such social sites, leaders can link up with their supporters and iron out issues that can affect their relationships. Furthermore, parties and pressure groups utilize the Internet to sell their manifestos and agendas to the public.

These results to improved lifestyles and improved living standards in various societies globally. The government and societal leaders are utilizing social sites to educate the public on their civil responsibilities and rights.

Due to the Internet and the World Wide Web, people rarely identify themselves with certain races or ethnicities, but they associate themselves with certain ideologies and perspectives.

This has modernized world affairs since it is possible to see an Afro-American person relating with an Asian or a White because they share a common idea. Due to realizing this, Barrack Obama was elected as the President of the United States of America (Beer 2009, p. 985).

Conclusion

It can be concluded that globalization is a concept that is understood differently in various societies. However, the Internet and the World Wide Web have affected globalization in the same way. Due to the Internet and WWW, the management systems have changed. In fact, many leaders are currently embracing participatory-based model.

In other words, nowadays, each individual is allowed to exercise his potential in the organization unlike the previous years when managers a up with policies and expected their juniors to implement them without any changes. Social sites, such as Twitter, Facebook, Yahoo and many others, which are used to connect with the citizens of other countries, have completely changed the behavior of individuals in the world.

Due to the Internet and WWW, trade is now conducted on a global basis since distances have been greatly reduced. In conclusion, it is worth noting that the Internet and WWW work hand in hand with other globalizing agents to improve people's lives in the world.

List of References

Beer, D 2009, "Power through the algorithm - Participatory web cultures and the technological unconscious", New Media and Society, vol. 11, no. 2, pp. 985-994.

Carpentier, N 2009, "Participation is not enough: the conditions of possibility of Mediated Participatory Practices", European Journal of Communications, vol. 24, no. 3, pp. 407-512.

Dijck, J & Nieborg, D 2009, "Wikinomics and its discontents; a critical analysis of Web 2.0 business manifestos", New Media and Society, vol. 11, no. 3, pp. 855-912.

Freedman, D 2006, Media and Cultural Theory, Routledge, London.

Moe, H 2008, "Public Service Media Online? Regulating Public Broadcasters' Internet Services, A Comparative Analysis", Television and New Media, vol. 9, no. 3, pp. 220-275.

Rettberg, JW 2009, "Freshly Generated for You, and Barrack Obama': How Social media Represent Your Life", European Journal of communication, vol. 24, no. 2, pp. 451-467.

Thussu, DK 2006, International Communication: Continuity and Change, Arnold, London.

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Effects of Internet and World Wide Web on Globalization - 2242 Words | Essay Example

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The Internet and the World Wide Web have shaped the way people relate to each another and run their business globally. In the West, for instance, the establishment of new means of communication, the mass media, have transformed the way people conduct their affairs as well as business.

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1992: Invention of the First Smartphone 

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1992: Invention of the First Smartphone 

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The emergence of the smartphone has seen communication equipment built for corporate usage rapidly devolve into ever-smaller consumer devices. The BlackBerry was the phone of choice for busy CEOs until Apple unveiled the first iPhone in 2007. These phones, and the many applications that followed, revolutionized the way we communicate, do business, amuse ourselves, socialize, and study.

Technology has always been a crucial engine of economic advancement across the world, but it is only recently that mobile technology – namely smartphones – has emerged as a major economic force. One of the reasons for this is because a large portion of the phone's manufacture is done in other countries.

Economic Impact of Smartphones:

Dramatically Increase in the Ability to Communicate and Collaborate

Creation of a Brand-New “App Economy”

Lower Barriers to Entry

Ability to Better Utilize Excess Capacity

Sources:
(1) https://elearning.scranton.edu/resources/article/how-the-smartphone-has-impacted-economic-development/

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1995: Creation of World Trade Organization

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1995: Creation of World Trade Organization

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Since its inception in 1995, the World Trade Organization (WTO) is an international organization in charge of enforcing global trade regulations among nations. The WTO is founded on accords signed by most trade countries. The organization's principal purpose is to assist producers, exporters, and importers in protecting and managing their enterprises.

Trade regulations are regulated by the World Trade Organization (WTO).

Globalization has been accelerated by the WTO, with both beneficial and negative consequences.

The WTO's primary goal is to facilitate open dialogue among its members on trade issues.

Source:
(1) https://www.investopedia.com/terms/w/wto.asp

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Six Degrees, the first well-known social media site, was launched in 1997. It allowed users to create a profile and add friends. As blogging became popular in 1999, it sparked a social media phenomenon that continues to this day.

As Facebook, Twitter, and other social media businesses built their user bases into the hundreds of millions, commercial applications started to emerge. They have access to the most comprehensive user tracking data ever devised.

Facebook started selling advertising in 2006. Twitter allowed digital marketing in 2010.  LinkedIn, Instagram, Pinterest, Snapchat, and TikTok have all tried to profit via sponsored content.

Companies found the value of establishing an active, engaged social media presence in addition to putting advertising. While social media advertising must be paid for, companies may create an audience organically by generating and distributing engaging content on Facebook, Instagram, Twitter, and other platforms.

Sources:
(1) https://online.maryville.edu/blog/evolution-social-media/
(2) https://smallbiztrends.com/2013/05/the-complete-history-of-social-media-infographic.html#:~:text=The%20first%20recognizable%20social%20media,sensation%20that's%20still%20popular%20today.

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Facebook is a social networking website where individuals may interact with friends, work colleagues, and even people they don't know online by creating free accounts. In addition to allowing users to share media such as photos and music with anybody they choose, it also allow people to post their own views and opinions.

Facebook promotes worldwide economic activity by connecting individuals and companies, decreasing marketing obstacles, and encouraging innovation.

How Facebook promotes economic activities according to Deloitte:

Allows local, national, and global enterprises to contact prospective clients.

Allows companies of all sizes to improve brand recognition and discover the most probable customers for their goods and services.

Gives businesses a chance to publicize their activities.

enables new economic and job-creating ecosystems

Increases demand for mobile devices and Internet services that stimulates the economy.

Sources:
(1) https://www.adweek.com/performance-marketing/infographic-deloitte-facebooks-global-economic-impact/
(2) https://www.webwise.ie/parents/explained-what-is-facebook-2/

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2009: Bitcoin: the First Decentralized Cryptocurrency

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2009: Bitcoin: the First Decentralized Cryptocurrency

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Cryptocurrency is a kind of digital money used to purchase goods and services online. It is based on the blockchain technology, which records and controls tractions through computers.

Since Bitcoin's creation in 2009, the economic effect of cryptocurrencies has been both evident and subtle. Today, the digital or virtual money in the form of tokens or coins has established itself as a legitimate currency and form of investment, with the economic influence of cryptocurrencies seen in a variety of sectors in a global scale.

These digital currencies are tracked by multiple ledgers for each transaction, removing the possibility of undue advantage manipulation. Thus, developing nations have a better opportunity of participating in financial transactions and improving their economic and social prospects. Common citizens will be able to follow governmental finances and hence have a voice in their own political atmosphere.

Sources:
(1) https://www.europeanbusinessreview.com/the-inclusion-of-cryptocurrency-in-the-global-economic-structure/
(2) https://www.pelicoin.com/blog/what-is-the-economic-impact-of-cryptocurrency

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COVID-19 is a worldwide epidemic that has wreaked havoc on the global economy and financial markets. Many nations' disease mitigation efforts have resulted in significant financial losses, increased unemployment, and disruptions in the transportation, service, and industrial sectors. Most nations misjudged the hazards of fast COVID-19 spread and reacted reactively to the situation. Because disease outbreaks are unlikely to go away soon, aggressive international action is essential to preserve lives and defend economic development.

Along with severe health inequalities, the COVID-19 pandemic's economic impact will be unequal throughout the socioeconomic range. While office workers are more likely to adjust to flexible work arrangements under restrictions, numerous industrial, tourism, retail, and transportation industries would lose jobs due to community restrictions and low demand.

Source:
(1) https://www.frontiersin.org/articles/10.3389/fpubh.2020.00241/full

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Neoliberalism is a political and economic policy framework that aims to shift sectoral control away from the state and toward the private sector. Fiscal austerity, deregulation, free trade, privatization, and reduced government spending are typically neoliberalism's policies. It seeks to bolster free market capitalism's functioning while reining in government spending, regulation, and public ownership.

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1. Economic Effectiveness

Neoliberalism's central argument is that government is inherently inefficient. It is inefficient in that it is incapable of going out of business.

2. Cheaper Goods

Neoliberalism is an ideology that promotes free markets and international trade. This entails removing trade barriers such as tariffs and quotas that increase the cost of goods. By lowering trade barriers, the consumer pays less than the import tariff dictates.

3. Lower Taxes

The goal of neoliberalism is to diminish the government's influence and role. This entails reduced government spending and the elimination of government departments. As a result, the need for such high levels of taxation is diminished.

4. Increased Investment

With less regulation and taxation, it incentivizes businesses to invest – both foreign and domestic. This is because the benefits to the firm are significantly greater. Thus, if it earns an additional $1 million in profit, it can retain a greater portion of it than if taxes were doubled.

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1. There is a universal size.

Part of the criticisms of neoliberalism is the idea that markets and the profit motive are efficient and create a net benefit to society. However, there are markets that create positive externalities above its true cost. For instance, education and healthcare can cost the government billions but create external benefits in the form of healthier and more intelligent citizens.

2. Personnel displaced

Neoliberalism promotes free trade and globalization, which can result in temporary job displacement.

3. Lower wages

One of the most common criticisms leveled at neoliberalism is its commitment to globalization. While globalization may be beneficial in the long run, it has created problems in the short term.

4. Financial Instability

Neoliberalism may have ushered in an era of relatively free and rapid capital flows between countries. This has benefited a large number of people, particularly those in the developing world. However, it introduces instability by allowing those investments to exit as quickly and easily as they entered.

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Joseph Stiglitz on Globalization and its Discontents

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Joseph Stiglitz on Globalization and its Discontents

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According to Joseph Stiglitz, globalization is a phenomenon that can benefit all parties involved, particularly the poor, if it is managed properly. Though the economist asserts that globalization has been mismanaged for several reasons:

The greed factor and the desire for short-term profitability among multinational corporations and developed countries that rely on international institutions such as the International Monetary Fund (IMF) and World Bank

Capitalizing on the needs of developing countries and exploiting resources that are ultimately unsuitable for them.

It created volatility in the financial markets of countries like as Russia, Thailand, and Latin American countries as a consequence of the global institutions' one-sided strategy of utilizing poor nations as hunting grounds.

The mishandling of globalization began when developing countries requested financial aid, and wealthier countries, fueled by the IMF and World Bank, viewed it as a chance to exploit their resources and utilize them as a market. It made these institutions to help but with a set of conditions that had a common format such as austerity of the assets and liberalization of the economies at attractive terms. It delivered policies that were contradictory in nature. These nations could neither improve their economy, nor they built robust regulatory infrastructure to protect themselves. It worsened their situation and it only happened due to the one-sided agenda in the name of globalization drive, run by the IMF, World bank and other global institutions. It created mismanagement of the globalization