ACSI COLLEGE ILOILO INC.

5th fleer Gaisano City 1st

Semester, AY 2021-2022

Name:__________________________________________________________
Year and Section: BSIS 1A/ BSCS 1A/ ACT 1A/
Subject: GE 103 (The Contemporary World)
Inclusive Dates: Week 2 (Sept. 27- Oct. 1, 2021
Teachers Name: Sir Peter Bonavente Jr.

Questions to think about

1. When did Globalization begin?

2. What is the history of Globalization?
3. When did Globalization peak?

When did globalization start?

There is a fierce debate among scholars about when globalization began. The debate stems partly from the lack of a
precise definition of the word. Some argue that globalization as a phenomenon began with the earliest human
migratory routes, or with Genghis Khan's invasions, or travel across the Silk Road. Conquering empires throughout
history resulted in the sharing of ideas, mixing of cultures and people, and trade across those conquered lands.

Where it all began?

Some lay importance to the Age of Exploration, when Europeans in the 1400s set sail across the Atlantic, looking for
shortest spice routes to China and India. Many mark the voyages of Christopher Columbus and other sea-faring
captains for opening up commercial trade routes across the world as the beginning of globalization.

Other scholars view globalization as a far more contemporary occurrence. Many see it in its current form as a modern
phenomenon, beginning no earlier than World War II. The term itself has been in common use since the 1980s.

Confusion also stems from the words use as a description of a practice and a political ideology - the latter is frequently
used in a critical sense. Globalization is also frequently used as a synonym for the solidification and continual creep of
American dominance throughout the world.
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ACSI COLLEGE ILOILO INC.
5th fleer Gaisano City 1st
Semester, AY 2021-2022

The Golden Standard

Many Historians claim the first wave of Globalization began with the gold standard in the 1800s. Even though there
was mass trade across the Atlantic, chartered trading companies, and the slave industry, there was still no global price
convergence at the time.

Gold had been used as currency for thousands of years from when man started making gold coins. The value of those
gold coins was worth the value of the gold that made up from the coin. It wasn't until the 1800s that England started
fixing the value of its currency to specified amounts of gold.

Eventually, many countries followed suit or pegged their currencies to countries that followed the gold standard. Gold,
therefore, became the international standard currency and could be bought or sold at a fixed price.

The 20th Century

One view states that globalization cannot be backdated before the late 1940s - the post-war era when the United
States established itself as the most powerful country in the world. This definition of globalization argues that is largely
the work of powerful multinational corporations that have created a far-ranging set of consequences, both positive and
negative, as they spread across the world. The unprecedented ease of travel around the globe and the development of
modern communications are used to support this view of globalization.

Furthermore, after World War II, many nations looked to break down barriers of trade between nations, promote free
trade, and set up global organizations. The Bretton Woods Conference in 1944 created the World Bank and the
International Monetary Fund.

The Bottom Line

Many scholars argue that parts of the world have always influenced other parts and that the current state of affairs is a
natural progression from earlier stages. The exchange of ideas and trade has, in one form or another, existed as long
as humanity has existed.

There are, of course, different marking points determining true globalization, from ancient trade routes to modern
global integration of financial markets, all of which have been made possible by the creation and development of
technology.

CHECK YOUR UNDERSTANDING

1. What does the Age of Exploration mean?

2. How does the gold standard work?
3. Cite the contributions of the following on globalization:
a. Genghis Khan
b. Cristopher Columbus
4. Role of International Monetary Fund and World Bank in promoting international trade: