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Feb 9
There are generally three phases of globalization:
1. First Phase (1870s-1914): This phase was characterized by the expansion of trade and investment between countries, primarily driven by the industrial revolution. It involved the movement of goods, capital, and labor across borders, as well as the establishment of international institutions such as the International Monetary Fund (IMF) and the World Bank.
2. Second Phase (1945-1980s): This phase was marked by the post-World War II reconstruction and the establishment of a global economic order. It involved the liberalization of trade through the General Agreement on Tariffs and Trade (GATT), which later evolved into the World Trade Organization (WTO). This phase also saw the rise of multinational corporations and the growth of foreign direct investment (FDI).
3. Third Phase (1990s-present): This phase is characterized by the rapid advancement of technology, particularly in information and communication technology (ICT). It has led to the integration of economies through increased cross-border flows of goods, services, capital, and information. This phase also witnessed the emergence of global supply chains, the growth of outsourcing and offshoring, and the rise of digital platforms and e-commerce.
It is important to note that these phases are not strictly defined and can overlap, as globalization is an ongoing and evolving process.
1. First Phase (1870s-1914): This phase was characterized by the expansion of trade and investment between countries, primarily driven by the industrial revolution. It involved the movement of goods, capital, and labor across borders, as well as the establishment of international institutions such as the International Monetary Fund (IMF) and the World Bank.
2. Second Phase (1945-1980s): This phase was marked by the post-World War II reconstruction and the establishment of a global economic order. It involved the liberalization of trade through the General Agreement on Tariffs and Trade (GATT), which later evolved into the World Trade Organization (WTO). This phase also saw the rise of multinational corporations and the growth of foreign direct investment (FDI).
3. Third Phase (1990s-present): This phase is characterized by the rapid advancement of technology, particularly in information and communication technology (ICT). It has led to the integration of economies through increased cross-border flows of goods, services, capital, and information. This phase also witnessed the emergence of global supply chains, the growth of outsourcing and offshoring, and the rise of digital platforms and e-commerce.
It is important to note that these phases are not strictly defined and can overlap, as globalization is an ongoing and evolving process.
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