Significance Of The Third Wave Of Globalism (Essay Sample)

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Significance of the Third Wave of Globalism
Globalism is portrayed by Collier and Dollar as a complex process of the growing integration of societies and economies around the world (1). While the proponents of globalization claim that it helped underdeveloped countries to develop among other benefits, the critics argue that the opening of the international free market benefited western world corporations at the expense of local enterprises and cultures. In as much as these arguments portray globalism as a controversial topic, its impacts have been unequivocally significant throughout human history. Historians view globalism as having occurred in three waves identified by the periods in which they took place. This essay identifies the post-world war II wave that began in 1945 as having the most significant impact globally.
This is considered the most significant wave of globalism because International regulations in favour of global integration were introduced after World War II. Important international organisations such as the United Nations, World Bank and International Monetary Fund were formed during this period. According to Collier and Dollar, trade barriers and transport costs were reduced further enhancing integration and trading. Sea freight charges fell by a third during the period between 1950 and 1970s (28). Trade doubled as a result of the regulations introduced at the time. Growth of policies enabled reduction of inequalities between and within developed countries. This led to poverty reduction within OECD countries. Developing countries experienced a gradual increase in their per capita growth rate from 1% in the 1960s to 3% in 1970s, 4% in th...