Globalization has opened new doors of opportunities, especially for the young and the poor. This is the making of a global world where almost everyone can have a chance at the same level. Previously, many people would be restricted to doing business within their country. But because of the internet, everyone can connect globally. The invention of the internet has helped to unify the entire world.
The great contribution of the internet to mankind has been the opening of opportunity for people from different countries to engage in international trade. Before the modern system of transnational exchange of information and money, people in different countries could only exchange information that pertains to their own country. But with the invention of the internet, it allowed businesses to do international trade without border restrictions. The internet also facilitated the global exchange of knowledge. The internet has brought the entire human interaction to a different level.
Previously, in ancient times, there was no such thing as the internet. People exchanged knowledge and information through travels. This process was called ‘vital communication’. However, with the development of the steam technology, it became possible to travel faster. Therefore, human interaction and trade flourished with the growth of the railways. People who wished to travel could exchange knowledge and culture with those who wished to travel.
With the development of railways, the level of economic development of different parts of the world became closer. Previously, it required lots of manual labour to get things done but with the development of the steam engines, it became possible to employ a lot more people. In the pre-modern world, it took place in small Scale Industries where products were manufactured manually. But, in the pre-modern world, it took place in big scale industries that required millions of employees. So, with the development of the railways, it enabled the human capital to move from one part of the world to another.
The making of a global world occurred because of the indentured labour migration. The indentured labour movement was the last stage before the rise of the machine age. This was a very important event which changed the face of the world forever. Prior to this, people had to work in extremely difficult conditions in the rural areas but, in the 19th century, it became possible for the masses of the developing countries to migrate to the cities and live there.
The biggest beneficiary of the Industrial revolution was the England. The manufacturing capacity of England grew manifold during the 19th century. Initially, the textile industry of England was the leading business of the country but, later the manufacturing moved towards other sectors. The pre-modern world is associated with the struggle between industrialists who wanted control over the textile industry and the local population who wanted to continue earning textile products on their own. In the end, textile production was restricted to the ports ofolk and London. Later on, England started to compete with other countries through exports.
The making of a global economy is incomplete without the contribution of the developed world. The British colonialists played a major role in the whole process. The impact of the British rule can never be denied. The post-colonial era witnessed the emergence of new states like India, Pakistan and Bangladesh which was facilitated by the inter-war economy.
Today, India is an emerging economy whereas before the First World War, Europe was the powerhouse of the economy of the globe. The First World War helped Europeans to resolve their differences but, Indian economy could not be fully developed as it was hampered by the colonial condition. The Second World War ended the dream of European colonizers to dominate the whole of the globe. The third world war wiped out the hopes of the Europeans to dominate India. This marked the beginning of the 20th century which was again a period of extreme competition between the developed and developing nations. Today, the emerging economies of the east are trying to catch up with the major economies of the west.