Introduction
Globalization of the economy has played a vital role in shaping the post-war period. Over the last fifty years, international trade in services and goods has increased tremendously. In addition, international financial flows have also increased immensely. The rise of modern imperialism has a close relationship with economic globalization.
The two concepts can be linked to each other in various ways. Although globalization may be taken to mean developments that have occurred in the recent past (especially in the period from 1990s), the focus of globalization should be long term since it relates to the formation of the modern world through imperialism (Hepp 40-100).
The relationship between economic globalization and modern imperialism
Modern imperialism and globalization can be regarded as aspects that came to being with the intention of changing the world as well as interpreting the world. In many international forums, modern imperialism and economic globalization have taken centre stage due to the links, which exist between the two concepts. First, economic globalization relates to modern imperialism in that the origin of the two concepts dates back to 500 years ago.
During this time, activities such as European imperialism, which started at a local level, became regional and eventually international, thus contributing to economic globalization. For example, imperialism can be associated with the establishment of a free market, which has become a common phenomenon in the arena of economic globalization. The expansion of the global economy has become a widespread phenomenon as a result of imperialism (Hepp 40-100).
Modern imperialism also relates to economic globalization in that imperialism carried out by European nations led to the worldwide spread of the spirit of capitalism. This has played a significant role in economic globalization as it led to the establishment of global empires, which started during the 1500s. Modern imperialism also relates to economic globalization in that the European and Western powers emphasized on civilization, as they spread in most parts of the world; this ultimately led to economic globalization.
The spread of European imperialism meant that most of the structures in society had to be rearranged. For example, politics and the economy got rearranged through imperialism. As a result, there was the introduction of new technology and new ways of doing things in the corporate world. This has had significant contributions to economic globalization (Fernandez-Armesto 674-685).
The interactions between countries, which are enhanced through modern imperialism, contribute to economic globalization. Modern imperialism has also contributed to economic globalization through flows in international trade. As a result of imperialism, financial flows have become common in the economy of the world. (Fernandez-Armesto 674-685). The global economy witnessed significant changes during the 18th century.
During this time, there was widespread trade between the European and Asian countries as rulers from Europe expressed a lot of interest in goods manufactured in Asia. This resulted to trade in goods such as silk, cotton, tea and spices. This trade in goods contributed significantly to the aspect of globalization as it speeded up economic globalization.
Modern imperialism has also played a role in ensuring that there is speculation in far as international finance is concerned. As a result, people have purchased assets with the hope that the value of the assets will rise in the future since there is a global economy. The trade avenues provided by modern imperialism ensure that there is a reduction in the cost of financial transactions internationally.
Consequently, investors have been able to access international markets, as well as foreign markets, which are outside their home country. This plays a crucial role in enhancing economic globalization, as it has become possible to carry out transactions with other people in various parts of the world (Hepp 40-100).
Modern imperialism can be termed as the reason behind the liberalization taking place in financial markets. This liberalization has contributed significantly to financial investment; consequently, this enhances economic globalization. After the end of the Second World War in 1945, there was the establishment of international powers and this altered the international economy.
The economic system established after 1945 did away with the systems that existed in the interwar period. Economic globalization spread widely after World War II; this phenomenon had started in the nineteenth century and went up to the twentieth century. The economic activities carried out by the developed countries during the post-war era contributed to modern globalization (Attack par. 1-13).
Imperialism also relates to the aspect of economic globalization with respect to the formation of political ideologies and blocs after World War II. With each bloc aiming to outperform the other, economic globalization became deeply rooted as a result of the competition between the two blocs. The Soviet Union led bloc mostly comprised of countries in the Middle East and Asia, as well as those in Eastern Europe and it advocated for communism.
On the other hand, the bloc led by the United States of America advocated for a capitalist form of economy. Each bloc spread its ideals to various parts of the world, thus contributing to economic globalization. Of most importance was the role played by capitalism in spreading economic globalization. With its advocacy of a free market, capitalism led to economic globalization in the sense that international trade became a reality (Fernandez-Armesto 674-685).
The first phase of globalization is believed to have taken place before the post-war period, with economic globalization being witnessed between 1875 and 1914. The industrialization witnessed during this period made notable contributions to the commercialization of the world economy, thus leading to economic globalization.
Imperialism led to the rise of new centres of agricultural and industrial production. As a result, millions of people migrated in search of better jobs and desirable living conditions. This migration of people from European countries to such destinations as United States, Brazil, and Canada transformed the international economic structure (Hepp 40-100).
Modern imperialism led to a sharp rise in economic globalization after the end of the Second World War. Since the war had led to the shattering of the world economy, countries such as the United States and Britain aimed at repairing the international economy. As a result, multinational corporations dominated the production as well as distribution of goods all over the world.
Economic globalization took shape with the introduction of modern technology. For example, the advancement of information technologies such as computers led to the ease of access to information through the internet. Other factors that contributed to economic globalization included the invention of the airplane and the telephone (Hepp 40-100).
Conclusion
While concluding this study, it is worth noting that there exists a strong relationship between economic globalization and modern imperialism. As developed nations aimed at spreading their ideals to the developing world, economic globalization was born. Today, the effects of globalization can be felt in almost every part of the world. With globalization, international trade has become a reality; farmers in the developing countries have access to international markets where they can market their farm produce.
Works Cited
“Attack at Pearl Harbor, 1941,” Eyewitness to History, 1997. Web. http://www.eyewitnesstohistory.com/hiroshima.htm
Fernandez-Armesto, Felipe. The World – A Brief History, Combined Volume. New Jersey, NJ: Pearson, 2009. Print.
Hepp, John. Historical Foundations of the Modern World: Imperialism and economic globalization. Pennsylvania: Wilkes University, 2012. Print.