With all these transformations, yet we have entered into the second great era of global capitalism (Gilpin R. The history of globalization dates back to the second half of the twentieth century, where due to development in communication technology have created a scenario where it is too limiting for the economic activity to appear on national borders.
With the end of cold war, the unwanted collapse of the Soviet Union and the reunification of the Germany, where Germany again evolved as a dominant power in the European Union are affecting every aspect of international affairs.
SAMPLE ANSWER The world has become a global village and the word globalization a common term of the 21st century.
Globalization means that the world has become integrated economically, socially, politically and culturally through the advances of technology, transportation and communication.
It is noteworthy to understand the fact that international trade has greatly expanded its horizon and has become a significant and a vital factor in domestic and international economic affairs (Torres, 2012).
Additionally, it is globalization that has resulted in greater advancements in the field of health and education.
Thus, globalization has extended a helping hand to the developing countries in order to provide sufficient means of economic growth and compete with other developed nations in the global economic market.
Furthermore, this has lowered down the prevalence of poverty in developing nations.
In some worst case scenarios, either the person had to close the business or work at lower prices.
The second issue has arrived in the more developed countries.