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Introduction
Globalization is defined as the process of integration among countries by exchange of goods, services, ideas and culture as a whole. Globalization has been gained much more importance over last two or three decades since the start of third wave of globalization. Third wave of globalization is the new wave of globalization being operable around the globe since 1989 (Robertson, 2003). It is often discussed that the third wave of globalization is different than the previous two waves in many aspects. The essay focuses on differentiating the current wave of globalization from previous two waves and highlights the main areas where the difference lies.
There have been three waves of globalization so far, before we discuss each wave and differentiate the most recent wave with the previous two, it is important to analyze different strands of globalization. The first and most important strand of globalization is the trade of goods & services as the globalization is not possible without the trade. Other strands include the exchange of capital, migration and exchange of ideas and values (Stiglitz, 2007). In the view of Robertson (2003), the first wave of globalization was initiated by UK in the 1870s as it initiated the rapid industrialization in that time period. The process of globalization has faced troughs and peaks throughout its progress. There are numerous reasons why first wave of globalization was unsuccessful and different than the current wave of globalization; those reasons include less liberalization, higher import / export duties, fixed monetary regime…
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