Globalization is used to define a phase of civilization beyond native cultures and borders. The history of globalization dates back to the 1960s during the revolution period (Hassan et al., 2019). It is considered to have risen as an economic phenomenon and innovation. It emerged after the end of the Cold War as liberalist nations became more interested in promoting economic growth through establishing free trade. The history and progression of the concept of globalization is based on two main ideas, multinational corporations, and information technology (Hassan et al., 2019). Multinational corporations are considered the primary instrument of globalization because of their abilities and riches in terms of capital and assets.
They are considered profit maximizers as they can establish themselves in developing countries as they can influence decision making. Information technology is the other tool for globalization. It serves as a facilitator for the industrial revolution. Its core aspects are the internet and media that enable the universal sharing of information. The internet has reformed the world into a global village as data can be accessed on a timely basis regardless of geographical location. The concepts of globalization and civilization in the 21st century have been enhanced following the rapidity, easiness, and availability of information.
Politics is considered a series of activities related to decision-making over national status. The history of politics is as old as the human race as it spans the history of man. Politics is not limited to present-day institutions or governments. Historians argued that the concept of politics is dated to the early man who lived in social organization. They lived in bands under one leader who made essential decisions. The term stateless societies are used to describe the ancient form of politics. The modern-day international type of politics is believed to be the peace of Westphalia (Hassan et al., 2019). This is the 1648 treaty that involved interactions between external power in which they agreed to halt any form of interfering with each other’s jurisdictional boundaries. In the 18th century, the states developed to be the primary institutional organs in the system of interstate relations. The idea of nationalism in the 19th century led to present-day politics defined by the legitimacy of a country. Today’s type of politics was adapted from Greek society and political systems.
The economic systems have undergone a series of transformations following advancements in technology. The economy has shifted to form a knowledge-based economy. The recent times have experienced significant reforms in the economic sectors following innovations as such is the digitalization of the economy. The main aim of this transformation is to attain a globally sustainable financial system (Hassan et al., 2019). These changes have had various effects on the people and the universal economic policies. There has been rapid economic growth due to the stimulation of global trade and local businesses. The transformations have caused fluctuations in the cost of living. For instance, during recession periods, the cost of living rises to compensate for shortfalls. The value of currencies also fluctuates with the economic fluctuations. Recessions may lead to a downfall in the value of the USD.
Reference
Hassan, S. T., Xia, E., Huang, J., Khan, N. H., & Iqbal, K. (2019). Natural resources, globalization, and economic growth: Evidence from Pakistan. Environmental Science and Pollution Research, 26(15), 15527-15534. Web.