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Introduction The word globalisation can be defined as having many meanings depending on how one wishes to interpret the true meaning of globalisation Primarily it can be seen as an economic phenomenon which over the years has integrated national economic systems through international trade and investment In general it can be used to describe the increased pace of interconnectivity that has taken place over the recent years in states and societies which contribute to the present world system Globalisation has been made possible due to technological advances which can now allow information and products to travel much faster than previously on ever widening geographical boundaries Hence making communication with people and companies much faster and easier Also the evolution of the globalisation process can be linked to the end of the Cold War which led to the introduction of new political philosophies such as increasing cultural economic and political changes These new philosophies created a sense of liberalisation between countries which resulted in the reduction of trade barriers The Globalisation process The beginning of the globalisation process can be traced back to the collapse of the Soviet Union Since then the first great expansion of European capitalism took place up until the 16th century This bought an immense expansion in world trade and investment up to the late 19th century At this point the First World War contributed to the Great Depression in 1930 which halted the globalisation process until it gather pace again in the 19th century After the Second World War there was another expansion of capitalism With the introduction of multinational companies who produced and sold products and services to domestic markets worldwide The final factor was the elimination of the Soviet Empire This allowed capitalism to thrive and with the development of air travel international companies and more recently the internet has made possible the organisation of conducting business on a global scale Myth or Fact
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