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The historical origins of globalization (also known as historical globalization) are the subject of ongoing debate. Though many scholars situate the origins of globalization in the modern era (around the 19th century), others regard it as a phenomenon with a long history, dating back thousands of years (a concept known as archaic globalization).
"First globalization" is a phrase used by economists to describe the world's first major period of globalization of trade and finance, which took place between 1870 and 1914. The "second globalization" began in 1944 and ended in 1971. This led to the third era of globalization, which began in 1989 and continues today. [1]
Globalization (North American spelling; also Oxford spelling [UK]) or globalisation (non-Oxford British spelling; see spelling differences) is the process of increasing interdependence and integration among the economies, markets, societies, and cultures of different countries worldwide.
The first expedition was John Cabot in 1497 to the north, in the service of England, followed by French expeditions to South America and later to North America. Later expeditions went to the Pacific Ocean around South America, and eventually by following the Portuguese around Africa, into the Indian Ocean; discovering Australia in 1606, New ...
In 2023, the U.S. experienced a trade deficit of $773 billion, with China as its largest trade creditor.The U.S. trade deficit has steadily grown since 2009, regardless of which party held the ...
The 13th-century world-system, as described by Janet Abu-Lughod. Archaic globalization is a phase in the history of globalization, and conventionally refers to globalizing events and developments from the time of the earliest civilizations until roughly 1600 (the following period is known as early modern globalization).
At the end of the first wave a new wave of European colonization took shape and is known as the period of New Imperialism, which started in the late 19th-century and primarily focused on Africa and Asia, which is congruent with the period of classical modernity. Both periods are considered as the establishing periods of globalization and modernity.
According to this view, global trade commenced in 1571 when Manila was founded and became the first trading post linking America and Asia due to the expansive and profitable silver trade. [41] Scholars find the amount of silver traveling from Manila to China was approximately three million pesos or 94,000 kilograms in the early 1600s.