Question

What is globalism? In the Twentieth Century, how did globalism impact either: the U.S.A., Western Europe, Eastern Europe, Africa, China, Japan, the Koreas, or the Middle Eastern states?

Answer 1

Globalism or globalisation means integration of world economies. It means greater liberalisation of trade and interdependence among the countries of the world.

In the twentieth century, globalisation has been a remarkable phenomenon. The scope and scale of globalisation reached new heights in this century. The free movement of goods, services as well as labor and technology changed the world economy in many ways. Most of the nation's have gained a lot due to globalism, even though some gained more than others.

In China, the effect of globalisation has been terrific. China was a closed and controlled economy. China had largest population and low growth rates. China began its economic reforms in 1980. With a series of reforms China liberalised it's trade and shifted towards capitalism. China benefited greatly from globalism and is today the global manufacturing hub. China plays a significant role in the world economy and is now the second largest economy of world after US. The sound local economic reforms along with increasing globalisation helped China get out of poverty and to establish itself as a global superpower.