Friday, July 26, 2019
Globalization on the U.S. Economy Research Paper
Globalization on the U.S. Economy - Research Paper Example Globalization is a concept whose recognition appeared only recently, although its evolution can be traced back to the middle age periods in Europe. Localism and centralization in trade and social interactions defined societies in pre-modern periods, in which people remained within the confines of their birthplaces for their entire lives (Torress 107). Trade was mainly conducted in market places within territories with long distance trades only being on luxury goods, which were exclusive for the rich. Leadership was mainly through kingships and monarchs used local power elites owing allegiance to them, with no form of centralised governing machinery whatsoever. However, in the wake of natural disasters like famines and droughts, increased demand for goods and religious commitments led to the interaction between different communities and kingdoms began to expand with merchants traversing large distances in search for sources and markets for their merchandise (Waters 121). The sixteenth century saw the explosion of the concept of globalisation and the transient of localism. Some of the developments included improvements in naval technologies, which opened up trade between territories oceans apart. There was European regeneration marked by moving away from the monarch leadership to statehood existing presently, and the emergence of the French and American Revolution principles (Watters 249). This was followed by the emergence of the industrial revolution, which saw great improvements in technology, inanimate traction, increased demand and supply leading to increased trade over long distances, colonialism and missionary work across the globe.