Goods, cultural products, and ideas used to travel widely across the globe long time ago via

well-known Silk Road and sea routes. While it was happening, Europe itself participated in
imperialism which resulted in foreign control and the establishment of transnational relations
for the sake trading.
Next, during the 18th and 19th century, there were advancements in technology. Compass
provided direction to sailors not to be lost at sea, and printing press for wide sharing of
information with people apart from them. We felt the uplift all around was due to a great
combination of some spectacular deeds that occurred in the 18th century and early 19th
century, bringing together dissimilar parts.
Because of the great industrial revolution that led to mass production and mechanized
transport, globalized trade took a hard hit. Financial uniformity across the world through the
Gold Standard currency system. Technology also improved with the invention of steam-
powered ships which contributed to transportation of commodities and enabled
communication among continents through telegraphy.
In the first half of the 19th century, there were significant gains in colonization that later
resulted in the largest European empires. The implications of this occurrence were far-reaching
and generated unprecedented overhauls within political structures.
Global trade went through great changes during the Word Wars and this resulted in increased
economic nationalism. During inter-war period, unstable nations made their restricting
protection rules to undermine internationalism in the same way.
After World War II concluded, the Bretton Woods System was put into effect to achieve two
aims: standardize exchange rates, ease international trade. # This system worked to offer
stability and ensure reciprocal dependence in the global market during that timeframe as well
as push forward an attempt at achieving the intended goal.
Decolonization brought with it political and economic independence which made way for a
boom of global trade. The multinational corporations took advantage of this critical period in
history by building massive manufacturing and sales networks which spanned over geographical
boundaries. It was this critical process that has contributed to the prominence of globalization
as we know it today.
The introduction of jet planes, computerizing business processes, and containerization can all
be said to have significantly assisted globalization.
These advances have removed the obstacles which hindered inter-country commerce and
opened uncountable possibilities for global operations.
Finally, modern globalization began in the 1980s leading to increased cooperation between
various areas and creative business practices giving rise to innovative technologies like digital
markets/ e- commerce which helped create new trade options. Governments established
regulatory measures to protect local companies from unfair competitions provided by global
multinationals in certain scopes and sectors globally. The enterprises went further to profitably
exploit foreign lands.
Neoliberalism played crucial roles in promoting open markets, free trade and liberal
investments. This led to relaxation of international regulations. In the information age, global
interconnectivity was made possible thanks to universal internet usage and mobile devices; it
was a must to have a personal computer. Following the disintegration of the Soviet Union, an
increase in international rivalry for resources emerged and led to dependence across world
continents among countries.
From early to late in the 21st century, there was a huge increase in the economy. There are
large investments in natural resources including extraction of the oil and minerals in their
territories, this has made them to emerge into the world finance industry being among the big
players in the same sphere. It should be noted that, these investment programs are still
ongoing at the moment!
A new chapter in globalisation is called globalisation 2.0, that focuses on financial markets,
knowledge based economies and service oriented industries. Outsourcing jobs at lower cost
while having effective supply chain practices have also strengthened this desire and lead to
additional global growth thrust.
One major feature of the modern age is international economic governance which is enhanced
by institutions such as WTO and IMF. Additionally, this progression has led to greater attention
being put in just social situations and protecting environmental health. As a result, there have
been massive campaigns for reforms envisioned to create positive changes around the world.
In time, the patterns evolved further through complexities deriving from different and
correlated problems. These resulted to favourable considerations in areas such as fair trade
policy but considerable attention also needed to be paid to notable hindrances.
Services have become predominant, taking over as a result of giving up the earlier production-
oriented approaches. This change in the economies is brought by the growth of industries like
finance, tourism, as well as information technology. As such, IPRs including patents,
trademarks, and copyright have become highly significant in modern global marketplace.
However, till now, some countries have differences in technology resources and infrastructure.
Therefore, there may appear uneven involvement within an interdependent global economy.
Due to inflow of more investments into developing countries, emerging markets are leading in
global trade. This change is shifting political power away from established areas like Europe and
America, which could alter globalization into a different form that will affect our world in
another way.