Question

What does this mean "Globalization began in the 19th century when technological forces and disintegration of trading monopolies drove down price wedges."

Answer 1

• Globalisation refers to the integration of world economies. Commodity, capital and human resources tend to move freely across the world.
• Some scholars have noted that globalisation started in way back 1500 AD when discoveries and inventions led to thriving of trade across the world. But in true sense, it was not globalisation.
• Real globalisation began in 19th century when industrial revolution and technological changes accelerated the pace of trade. commodities produced in England were exported across the world. Raw materials from developed countries moved towards the developed countries. Capital was invested by the developed countries in third world countries such as India.
• globalisation led to the rise in output level thereby prices came down.