And where is it headed tomorrow? This piece also caps our series on globalization. In previous pieces, we looked at some winners and losers of economic globalization, the environmental aspect of globalization, cultural globalization and digital globalization. Now we look back at its history.
So, when did international trade start and how did it lead to globalization? But as of the 1st century BC , a remarkable phenomenon occurred. For the first time in history, luxury products from China started to appear on the other edge of the Eurasian continent — in Rome. They got there after being hauled for thousands of miles along the Silk Road.
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Trade had stopped being a local or regional affair and started to become global. That is not to say globalization had started in earnest. Silk was mostly a luxury good, and so were the spices that were added to the intercontinental trade between Asia and Europe. As a percentage of the total economy, the value of these exports was tiny, and many middlemen were involved to get the goods to their destination. But global trade links were established, and for those involved, it was a goldmine. From purchase price to final sales price, the multiple went in the dozens.
The Silk Road could prosper in part because two great empires dominated much of the route.
History of globalization
If trade was interrupted, it was most often because of blockades by local enemies of Rome or China. If the Silk Road eventually closed, as it did after several centuries, the fall of the empires had everything to do with it. The next chapter in trade happened thanks to Islamic merchants. As the new religion spread in all directions from its Arabian heartland in the 7th century, so did trade.
The founder of Islam, the prophet Mohammed, was famously a merchant, as was his wife Khadija. Trade was thus in the DNA of the new religion and its followers, and that showed.
By the early 9th century, Muslim traders already dominated Mediterranean and Indian Ocean trade; afterwards, they could be found as far east as Indonesia, which over time became a Muslim-majority country, and as far west as Moorish Spain. The main focus of Islamic trade in those Middle Ages were spices. Unlike silk, spices were traded mainly by sea since ancient times. But by the medieval era they had become the true focus of international trade. Chief among them were the cloves, nutmeg and mace from the fabled Spice islands — the Maluku islands in Indonesia.
They were extremely expensive and in high demand, also in Europe. But as with silk, they remained a luxury product, and trade remained relatively low volume. Truly global trade kicked off in the Age of Discovery. It was in this era, from the end of the 15th century onwards, that European explorers connected East and West — and accidentally discovered the Americas. The Age of Discovery rocked the world. But the most consequential exploration was the circumnavigation by Magellan: it opened the door to the Spice islands, cutting out Arab and Italian middlemen.
Potatoes, tomatoes, coffee and chocolate were introduced in Europe, and the price of spices fell steeply. Trade certainly started to become global, and it had even been the main reason for starting the Age of Discovery.
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But the resulting global economy was still very much siloed and lopsided. The European empires set up global supply chains, but mostly with those colonies they owned. Moreover, their colonial model was chiefly one of exploitation, including the shameful legacy of the slave trade. The empires thus created both a mercantilist and a colonial economy, but not a truly globalized one.
This started to change with the first wave of globalization, which roughly occurred over the century ending in By the end of the 18th century, Great Britain had started to dominate the world both geographically, through the establishment of the British Empire, and technologically, with innovations like the steam engine, the industrial weaving machine and more. Around the globe the integration of the world economy is not only reshaping business but also reordering the lives of individuals, creating new social classes, different jobs, unimaginable wealth, and, occasionally.
Globalization is aided by the increasingly easy relation of information between individuals. In relation to these areas, subsections. Sushma Tiwari,Faculty,Deptt. University,Rewa M. This theoretical paper is aiming the importance of human resource managers, HR practices and its influencing factors. In addition to that, this article also elaborates the upcoming challenges which are faced by 21st century HR managers.
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Author has conducted HR literature. HR in the 21st century Introduction: As the business world journeyed into the 21st century, the traditional ways of handling many business aspects slowly drifted away. These new ways of the business include the prominence of technology, the ongoing fight for diversity in the workplace, and expansion on globalization. Because these changes also effect the employees within the workplace, this.
The following are proposed interview questions addressing issues such as the 21st business landscape, the role of the leader, leadership styles, the need to bring trust to the corporation, and globalization The 21st business landscape 1. Do you have the qualities of a successful 21st century business leader? What are they? They include but are not limited to confidence.
MUNPlanet: This year the United Nations celebrates its 70th anniversary, and the calls for thorough reform of the organization have been there for a decade, with no significant changes. What kind of world organization and institutional innovation is necessary to accommodate the world of the next generation? Parag Khanna: The United Nations is constantly in the process of adaptation. You know very well that the United Nations is not one but many dozens of institutions, organizations and entities, each with a different functional role.
And the United Nations can be functionally relevant in providing resources, in coordinating various issues. There is no question as to the relevance of UN as a whole; the question concerns its entities — whether it is the World Food Program or the Human Rights Council. Each of these bodies must individually struggle and compete to be as relevant as possible, to deliver as much benefit as possible to people around the world. And that is how the UN will remain relevant.
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MUNPlanet: What would be your message and advice to the young generation of scholars and leaders who are about to begin their careers — what sort of world will they find in ? Parag Khanna: I believe that in the year we will live in a world that will be politically even more fractured into urban types of units, yet more connected than ever. I can imagine non-stop flights between any two cities in the world, across all the continents and oceans. Of course, I also imagine that there will be universal mobile phone connectivity to almost every single person in the world, and mobile internet access… I believe there will be no more frozen states, or completely isolated or sanctioned ones.
So, by then we will live in a very open and connected world where individuals will be allowed a lot more freedom and mobility. So, in that world, and for that world, I certainly believe that the discipline of International Relations will really evolve — its theories and its appreciation of this rapidly changing reality — in order to cope with all the changes. And to empower students to think about their many career options, and to empower them to be inter-disciplinary and to study not just politics, not just economics, but to be very wide-ranging, and to increasingly think about technology and social and cultural issues in order to gain a broader understanding of this complex world.
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He is the international bestselling author of six books, has traveled to most of the countries of the world, and holds a PhD from the London School of Economics. Read more. Sep 2, Sep 28, Oct 18, Published in by Amazon CreateSpace.
Globalization | The Canadian Encyclopedia
Dec 28, Published in by Random House. Latest Posts. Email Address. Latest Tweets. Parag Khanna. With Ayesha Khanna. Published in by TED Books. Recent Posts.