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Word Count: 468
Building Bridges a summation Globalization can be defined as an opportunity to generate more wealth and promote harmony between the peoples of the world In the mid-1800s to the late 1900s the world experienced a similar era of globalization If you compared the volumes of trade and capital flows across borders relative to gross national product and the flow of labour across borders relative to populations the period of globalization preceding World War I was quite similar to the one we are living through today In those days countries did not require passports for travel and with the inventions of the steamship telegraph railroad and eventually telephone it is safe to say that this first era of globalization before World War I shrank the world from a size large to a size medium This first era of globalization was broken apart by the blows of World War I the Russian Revolution and the Great Depression which combined to fracture the world both physically and ideologically The divided world that emerged after World War II was frozen in place by the Cold War When with the fall of the Berlin Wall it was replaced by another system the new era of globalization we are now in Call it Globalization Round II It turns out that the roughly seventy-five-year period from the start of World War I to the end of the Cold War was just a long time-out between one era of globalization and another Todays era of globalization is built around falling telecommunications costs thanks to microchips satellites fiber optics and the Internet These new technologies are able to weave the world together even tighter These technologies mean that developing countries dont just have to trade their raw materials to the West and get finished products in return they mean that developing countries can become big-time producers as well These technologies also allow companies to locate different parts of their production research and marketing
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