Globalization

Section B
Name: Faisal Mehmood
Student I’d: F2020188027

Question: Is globalization new or old phenomena? Explain with examples?

Globalization is the Process by which different non-state actors develop international
impact and started working internationally. By Globalization Acquaintance and info
feasts everywhere the world. The convergence of cultural and economic systems is what
propels globalization. Increased international engagement, integration, and dependency
are encouraged by this convergence, and in certain situations are even required. The
globe is becoming increasingly globalized as nations and regions are politically,
culturally, and economically more intertwined.
Globalization as Old Phenomena
During the Hellenistic Age, commercialized urban centers were concentrated around the
axis of Greek culture over a vast area that stretched from India to Spain, with towns like
Alexandria, Athens, and Antioch at its heart. This period is known as the "Hellenistic
Age of Globalization," and it is when archaic globalization, also known as ancient
globalization, first emerged. During that time, there was a lot of trade, and the term
"cosmopolitan culture" (derived from the Greek "Cosmopolis," meaning "global city")
first came into use. The trading ties between the Roman Empire, the Parthian Empire, and
the Han Dynasty have been interpreted by some as an early example of globalization. The
Silk Road, which began in western China and ended at the Parthian frontier, was
developed as a result of the growing trade connectivity between these powers.
The Islamic Golden Age, when Jewish and Muslim traders and explorers developed an
enduring economy across the Old World, was also a crucial early stage of globalization,
leading to the globalization of food, trade, knowledge, and technology. During this time,
globally important crops like sugar and cotton were widely grown throughout the Muslim
world, and the requirement to learn Arabic and do the Hajj led to the appearance of a
multiethnic society. Despite being unstable for the Middle East's and China's commercial
hubs, the Mongol Empire's emergence considerably aided transit over the Silk Road. This
made it possible for explorers and missionaries like Marco Polo to go from one end of
Eurasia to the other successfully (and profitably). Additional significant globalizing
consequences of the Pax Mongolic in the thirteenth century include the following. The
first international postal service was established at this time, and epidemic diseases like
the bubonic plague spread quickly throughout the newly united areas of Central Asia.
These pre-modern hemispheric or global trading periods are also referred to as "archaic
globalization." However, even the most extensive networks of international trade were
restricted to the Old World until the sixteenth century.
New Globalization
Globalization began to take shape in the 19th century and is now very advanced.
Utilizing economies of scale, industrialization made it possible to produce household
goods at low cost, (citation needed) while fast population increase generated constant
demand for commodities. Imperialism in the nineteenth century had a significant
influence on globalization during this time. The First and Second Opium Wars opened up
China to foreign trade, and the British conquest of India was completed, making the
sizable populations of these areas’ eager buyers of European commodities. Sub-Saharan
African regions and the Pacific Island nations were integrated into the international
system at this time. Europeans' conquest of certain regions of the world, particularly sub-
Saharan Africa, produced lucrative natural resources like coal, diamonds, and rubber,
which fueled trade.
There are notable contrasts between globalization in the 19th and 20th centuries. The
changes can be found mostly in two areas. The worldwide trade in this century, together
with money, investment, and the economy, are a few examples.
Global Trade
The 20th century's global trade patterns reveal a greater proportion of trade in merchant
production, an increase in trade in services, and a rise in production and trade by
multinational corporations. Compared to the 19th century, the production of merchant
goods significantly declined in the 20th century. However, the volume of commodities
generated for the trade in merchandise increased. When compared to the 19th century, the
trade in services also gained importance in the 20th. The degree of international
collaboration is the final factor that separates world trade in the 19th century from world
trade in the 20th century. Multinational cooperation saw a "quantum jump" in the 20th
century compared to the Victorian era. Prior to the turn of the 20th century, there was just
portfolio investment; there was no trade- or production-related direct investment.
Conclusion
Concluding all the above factors and the question given its is clear that globalization is an
old phenomenon it is existing in the world since long. Globalization makes the world
global village and connects people around the world.
(Forum, n.d.)

Bibliography
Forum, W. E. (n.d.). world Economy Forum. Retrieved from
https://www.weforum.org/agenda/2019/01/how-globalization-4-0-fits-into-the-history-of-
globalization/