Editing Globalization (section)

=== Contemporary ===
After World War II, work by politicians led to the agreements of the [[Bretton Woods Conference]], in which major governments laid down the framework for [[International monetary systems|international monetary policy]], commerce, and finance, and the founding of several [[international institution]]s intended to facilitate economic growth by lowering [[trade barrier]]s. Initially, the [[General Agreement on Tariffs and Trade]] (GATT) led to a series of agreements to remove trade restrictions. GATT's successor was the [[World Trade Organization]] (WTO), which provided a framework for negotiating and formalizing trade agreements and a dispute resolution process. Exports nearly doubled from 8.5% of total gross world product in 1970 to 16.2% in 2001.<ref>{{cite web | url = http://www.globalpolicy.org/socecon/trade/tables/exports2.htm | title = World Exports as Percentage of Gross World Product | publisher=[[Global Policy Forum]] | archive-url = https://web.archive.org/web/20080712023541/http://www.globalpolicy.org/socecon/trade/tables/exports2.htm | archive-date = 12 July 2008 | access-date =11 November 2009}}</ref> The approach of using global agreements to advance trade stumbled with the failure of the [[Doha Development Round]] of trade negotiation. Many countries then shifted to bilateral or smaller multilateral agreements, such as the 2011 [[United States–Korea Free Trade Agreement]].

The invention of shipping containers in 1956 helped advance the globalization of commerce.<ref name="Levinson" /><ref name=":3" /> Since the 1970s, [[aviation]] has become increasingly affordable to [[middle class]]es in [[developed countries]]. [[Open skies]] policies and [[low-cost carrier]]s have helped to bring [[Competition (economics)|competition]] to the [[Market (economics)|market]]. In the 1990s, the growth of low-cost communication networks cut the cost of communicating between countries. More work can be performed using a computer without regard to location. This included accounting, software development, and engineering design.

[[Student exchange program]]s became popular after [[World War II]], and are intended to increase the participants' understanding and tolerance of other cultures, as well as improving their language skills and broadening their social horizons. Between 1963 and 2006 the number of students studying in a foreign country increased 9 times.<ref name=varghese/>

[[File:Comet 4.jpg|thumb|[[de Havilland Comet|D.H. Comet]], the world's first commercial [[jet airliner]], entered service in 1949.]]
Since the 1980s, modern globalization has spread rapidly through the expansion of capitalism and neoliberal ideologies.<ref name=":0">{{Cite book|title=Gender, Development, and Globalization: Economics as if all people mattered.|last1=Lourdes|first1=Benería|last2=Gunseli|first2=Berik|last3=Maria S.|first3=Floro|publisher=Routledge|year=2016|isbn=978-0-415-53748-3|location=New York|page=95}}</ref> The implementation of neoliberal policies has allowed for the privatization of public industry, deregulation of laws or policies that interfered with the free flow of the market, as well as cut-backs to governmental social services.<ref>{{Cite book|title=The Shock Doctrine|title-link= The Shock Doctrine|last=Klein|first=Naomi|publisher=Vintage|year=2008|location=Canada|page=68}}</ref> These neoliberal policies were introduced to many developing countries in the form of structural adjustment programs (SAPs) that were implemented by the World Bank and the International Monetary Fund (IMF).<ref name=":0" /> These programs required that the country receiving monetary aid would open its markets to capitalism, privatize public industry, allow free trade, cut social services like healthcare and education and allow the free movement of giant multinational corporations.<ref>{{Cite journal|last1=Lourdes|first1=Benería|last2=Deere|first2=Carmen Diana |author-link3=Carmen Diana Deere|last3=Kabeer|first3=Naila|date=8 August 2012|title=Gender and International Migration: Globalization, Development and Governance|journal=Feminist Economics|volume=18|issue=2|pages=1–33|doi=10.1080/13545701.2012.688998|s2cid=144565818}}</ref> These programs allowed the World Bank and the IMF to become global financial market regulators that would promote neoliberalism and the creation of free markets for multinational corporations on a global scale.<ref>{{Cite journal|last=Rai|title=The History of International Development: Concepts and Contexts|journal=Women, Gender and Development Reader|page=15}}</ref>
[[File:Crowded Bund on summer evening.jpg|thumb|With a population of 1.4 billion, [[China]] is the world's second-largest economy.]]
In the late 19th and early 20th century, the connectedness of the world's economies and cultures grew very quickly. This slowed down from the 1910s onward due to the World Wars and the [[Cold War]],<ref>{{cite journal|last=Wolf|first=Martin|year=2001|title=Will the nation-state survive globalization?|journal=Foreign Affairs|volume=80|issue=1|pages=178–190|url=https://www.foreignaffairs.com/articles/2001-01-01/will-nation-state-survive-globalization|doi=10.2307/20050051|jstor=20050051|access-date=12 September 2017|archive-url=https://web.archive.org/web/20170911162328/https://www.foreignaffairs.com/articles/2001-01-01/will-nation-state-survive-globalization|archive-date=11 September 2017|url-status=live|url-access=subscription}}</ref> but picked up again in the 1980s and 1990s.<ref>Ritzer, George (2011). ''Globalization: The Essentials.'' NY: John Wiley & Sons.</ref> The [[revolutions of 1989]] and subsequent [[liberalization]] in many parts of the world resulted in a significant expansion of global interconnectedness. The migration and movement of people can also be highlighted as a prominent feature of the globalization process. In the period between 1965 and 1990, the proportion of the labor force migrating approximately doubled. Most migration occurred between the [[developing countries]] and [[least developed countries]] (LDCs).<ref name =Saggi2002>{{cite journal | last1 = Saggi | first1 = Kamal | year = 2002 | title = Trade, Foreign Direct Investment, and International Technology Transfer: A Survey | journal = World Bank Research Observer | volume = 17 | issue = 2| pages = 191–235 | doi = 10.1093/wbro/17.2.191 | citeseerx = 10.1.1.17.7732 | s2cid = 16620922 }}</ref> As economic integration intensified workers moved to areas with higher wages and most of the developing world oriented toward the international market economy. The collapse of the Soviet Union not only ended the Cold War's division of the world – it also left the United States its sole policeman and an unfettered advocate of free market.{{According to whom|date=February 2019}} It also resulted in the growing prominence of attention focused on the movement of diseases, the proliferation of popular culture and consumer values, the growing prominence of international institutions like the UN, and concerted international action on such issues as the environment and human rights.<ref>{{Cite book|title=The World Transformed 1945 to present|last=Hunt|first=Michael H.|year=2004|page=399}}</ref> Other developments as dramatic were the Internet's becoming influential in connecting people across the world; {{As of|2012|6}}, more than 2.4 billion people—over a third of the world's human population—have used the services of the Internet.<ref>{{cite web |url=http://www.treese.org/intindex/95-11.htm |title=The Open Market Internet Index |publisher=Treese.org |date=11 November 1995 |access-date=15 June 2013 |archive-url=https://web.archive.org/web/20130601045949/http://www.treese.org/intindex/95-11.htm |archive-date=1 June 2013  }}</ref><ref name="stats">{{cite web|url=http://www.internetworldstats.com/stats.htm|title=World Stats|date=30 June 2012|work=Internet World Stats|publisher=Miniwatts Marketing Group|access-date=4 January 2015|archive-url=https://web.archive.org/web/20110623200007/http://www.internetworldstats.com/stats.htm|archive-date=23 June 2011}}</ref> Growth of globalization has never been smooth. One influential event was the [[late 2000s recession]], which was associated with lower growth (in areas such as [[International call|cross-border phone calls]] and [[Skype]] usage) or even temporarily negative growth (in areas such as trade) of global interconnectedness.<ref name="Signs of life">{{cite news | url = https://www.economist.com/news/finance-and-economics/21632514-despite-some-recent-reversals-there-evidence-globalisation-march | title = Signs of life | newspaper = The Economist | date = 15 November 2014 | access-date = 29 August 2017 | archive-url = https://web.archive.org/web/20170902092234/https://www.economist.com/news/finance-and-economics/21632514-despite-some-recent-reversals-there-evidence-globalisation-march | archive-date = 2 September 2017 | url-status = live }}</ref><ref>Faiola, Anthony. (2009). "A Global Retreat As Economies Dry Up." [https://www.washingtonpost.com/wp-dyn/content/article/2009/03/04/AR2009030404221.html ''The Washington Post'', 5 March 2009.] {{Webarchive|url=https://web.archive.org/web/20101204175739/http://www.washingtonpost.com/wp-dyn/content/article/2009/03/04/AR2009030404221.html |date=4 December 2010 }}</ref>

The [[China–United States trade war]], starting in 2018, negatively affected trade between the two largest national economies. The [[economic impact of the COVID-19 pandemic]] included a massive decline in tourism and international business travel as many countries temporarily closed borders. The [[2021–2022 global supply chain crisis]] resulted from temporary shutdowns of manufacturing and transportation facilities, and labor shortages. Supply problems incentivized some switches to domestic production.<ref>{{cite news |url=https://www.cnn.com/2022/05/24/investing/premarket-stocks-trading/index.html |title=Globalization is coming undone, and that's a huge red flag |author=Allison Morrow |date=May 24, 2022 |publisher=[[CNN]]}}</ref> The [[economic impact of the 2022 Russian invasion of Ukraine]] included a blockade of Ukrainian ports and [[International sanctions during the 2022 Russian invasion of Ukraine|international sanctions on Russia]], resulting in some de-coupling of the Russian economy with global trade, especially with the European Union and other Western countries.

Modern consensus for the last 15 years regards globalization as having run its course and gone into decline.<ref>{{Cite news |last1=Walker |first1=Marcus |last2=Hayashi |first2=Yuka |date=2023-08-09 |title=Sputtering Trade Fuels Fears of a Fractured Global Economy |language=en-US |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/sputtering-trade-fuels-fears-for-a-connected-world-81c99922 |access-date=2023-11-03 |issn=0099-9660}}</ref> A common argument for this is that trade has dropped since its peak in 2008, and never recovered since the [[Great Recession]]. New opposing views from some economists have argued such trends are a result of price drops and in actuality, trade volume is increasing, especially with agricultural products, natural resources and refined petroleum.<ref>{{Cite news |last=Zumbrun |first=Josh |title=Is Globalization in Decline? A New Number Contradicts the Consensus |url=https://www.wsj.com/economy/global/is-globalization-in-decline-a-new-number-contradicts-the-consensus-60df8ecf |access-date=2023-11-03 |website=WSJ |language=en-US}}</ref><ref>{{Cite journal |last1=Ganapati |first1=Sharat |last2=Wong |first2=Woan Foong |date=August 2023 |title=How Far Goods Travel: Global Transport and Supply Chains from 1965–2020 |journal=Journal of Economic Perspectives |language=en |volume=37 |issue=3 |pages=3–30 |doi=10.1257/jep.37.3.3 |issn=0895-3309|doi-access=free |hdl=10419/272042 |hdl-access=free }}</ref> The 21st century melting of the Arctic will also affect global trade, as it is paving the way for [[Arctic shipping routes|shorter trade routes]].<ref>{{Cite web |date=2024-11-25 |title=Melting Arctic ice could transform international shipping routes, study finds {{!}} Brown University |url=https://www.brown.edu/news/2022-06-22/arctic |access-date=2024-12-10 |website=www.brown.edu |language=en}}</ref>