Question

6. Compare and contrast the ‘First Wave’ of globalisation between 1870-1914, with the current post-WWII wave。

Answer 1

Answer: -

Ind Wave of Globalisation Post :-(1870-1914) -During the first wave of globalization, the developing world's foreign capital stock peaked at 32.4 percent of GDP in 1914

From 1860-1914 Europe and North America were strongly affected by internationalisation. The flow of goods accelerated. Capital moved relatively freely between countries.during the nineteenth century as a whole, trade in Europe increased by 40 percent.

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.

IInd Wave of Globalisation Post :-

The term "globalization" began to be used more commonly in the 1980s, reflecting technological advances that made it easier and quicker to complete international transactions—both trade and financial flows..IInd wave lasted is said to begain 1960

The second wave of globalization, usually dated from 1960 to the Present, is characterized by an increase of the goods and services ratio to World GDP of 9 pp, integration of capital markets with an expansion of 23 pp in FDI over GDP, more intense communication and information relationships with significant transfers

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