A.

) Early stage of Globalization

1.) Silk Road, ancient trade route, linking China with the West, that carried goods and ideas between the two great
civilizations of Rome and China. Silk went westward, and wools, gold, and silver went east. China also received
Nestorian Christianity and Buddhism (from India) via the Silk Road.Originating at Xi’an (Sian), the 4,000-mile
(6,400-km) road, actually a caravan tract, followed the Great Wall of China to the northwest, bypassed the Takla
Makan Desert, climbed the Pamirs (mountains), crossed Afghanistan, and went on to the Levant; from there the
merchandise was shipped across the Mediterranean Sea. Few persons traveled the entire route, and goods were
handled in a staggered progression by middlemen.With the gradual loss of Roman territory in Asia and the rise of
Arabian power in the Levant, the Silk Road became increasingly unsafe and untraveled. In the 13th and 14th
centuries the route was revived under the Mongols, and at that time the Venetian Marco Polo used it to travel to
Cathay (China). It is now widely thought that the route was one of the main ways that plague bacteria responsible
for the Black Death pandemic in Europe in the mid-14th century moved westward from Asia.

2.) Spice Trade, the cultivation, preparation, transport, and merchandising of spices and herbs, an enterprise of
ancient origins and great cultural and economic significance. Seasonings such as cinnamon, cassia, cardamom,
ginger, and turmeric were important items of commerce in the earliest evolution of trade. Cinnamon and cassia
found their way to the Middle East at least 4,000 years ago. From time immemorial, southern Arabia (Arabia Felix
of antiquity) had been a trading centre for frankincense, myrrh, and other fragrant resins and gums. Arab traders
artfully withheld the true sources of the spices they sold. To satisfy the curious, to protect their market, and to
discourage competitors, they spread fantastic tales to the effect that cassia grew in shallow lakes guarded by
winged animals and that cinnamon grew in deep glens infested with poisonous snakes. Pliny the Elder (23–79 ce)
ridiculed the stories and boldly declared, “All these tales…have been evidently invented for the purpose of
enhancing the price of these commodities.”

3.) Age of Exploration . The Age of Discovery, which began at the end of the 15th century and continued, saw the
unintentional discovery of the Americas by European explorers. who also connected East and West. The most
important exploration during this period was Magellan's circumnavigation, which allowed access to the Spice
Islands. eliminated Arab and Italian middlemen, and brought new cuisines to Europe. The global economy that
resulted from this period of globalization was still unevenly distributed and highly fragmented, and economists
today do not visualize this period as a true example of globalization because European empires established global
supply chains primarily with their colonies while exploiting them through mercantilism and the slave

B.) Modern Globalization ( 19th century and present)

1.) Industrial revolution ( 18th to 19th century). The end of World War II marked a new era in globalization, with
the United States at the vanguard and the technology of the Second Industrial Revolution at its disposal.
Organizations like the European Union and free trade agreements backed by the US were largely responsible for
the growth in international trade. Globalization really took off after the fall of the Iron Curtain in 1989, and trade
hit its highest levels since 1914, accounting for 14% of global GDP. At the same time, middle-class incomes in the
West increased significantly.

2.) 19th century Imperialism. In historical contexts, the term "New Imperialism" refers to a period of colonial
expansion in the late 19th and early 20th centuries by the United States, Japan, and European powers. [1] During
this time, there was an unparalleled drive to acquire territory abroad. States at the time concentrated on utilizing
new technological advancements and developments to build their empires, extending their borders through
conquest, and taking advantage of the resources of the nations they had conquered. Nearly all of Africa and
portions of Asia were subjugated by the European powers (as well as Japan) separately during the New Imperialism
period.

3.) Post world war 2 era . The United States (U.S.) and the Soviet Union (USSR) emerged as the two world
superpowers following World War II. The United Nations' establishment and operation as an intergovernmental
body, the growing threat of nuclear war, and the decolonization of Asia, Oceania, South America, and Africa by
European and East Asian powers—most notably the United Kingdom, France, and Japan—all contributed to the
post-World War II era.

C.) Globalization leading factors

Since ancient times, humans have sought distant places to settle, produce, and exchange goods enabled by
improvements in technology and transportation. But not until the 19th century did global integration take off.
Following centuries of European colonization and trade activity, that first “wave” of globalization was propelled by
steamships, railroads, the telegraph, and other breakthroughs, and also by increasing economic cooperation
among countries. The globalization trend eventually waned and crashed in the catastrophe of World War I,
followed by postwar protectionism, the Great Depression, and World War II.

1.) Technology . In reality, the G5—the United States, Japan, Germany, France, and the United Kingdom—
produced three-fourths of all patented innovations worldwide between 1995 and 2014. In recent years, other
major nations, particularly China and Korea, have begun to contribute significantly to the global knowledge base,
joining the top five in a variety of fields. Although this implies that they will also be significant sources of new
technology in the future, the G5 made up the majority of the technological frontier during the study period.First,
China and Korea (collectively referred to as "other Asia") have utilized the global knowledge stock more and more,
as evidenced by their patent citations, whereas in 1995 the United States, Europe, and Japan dominated the global
patent citations. Second, both within (red arrows) and across (blue arrows) regions, knowledge links have generally
gotten stronger over time. Our study also examines the intensity of international trade with technology leaders,
which is another indicator of how much foreign knowledge is available for domestic use.

2.) Trade liberalization refers to the process of reducing tariffs and other restrictions to promote global trade,
aiming to increase production efficiency, lower costs, and provide benefits to consumers.Trade liberalization has
been consistently promoted under the GATT/WTO framework. Average industrial tariff rates in 1947 were 40%,
and they were 3.8% in 2003. Reductions of tariffs have fostered growth in all types of trade, especially vertical
trade because it involves multiple border crossings. Beyond industry, market access is very much an unfinished
business: only 55% of imports enter markets duty free. One basic computational problem in quantifying barriers
and comparing across countries is the variance in the ways that countries utilize tariff lines (a single item as defined
in a country’s tariff schedule): most countries apply 5000–8000 tariff lines but Turkey, Malaysia, Brazil, and Mexico
use more than 10 000 lines. Four sectors – textiles and clothing; leather, rubber, footwear, and travel goods;
transport equipment; fish and fish products – receive special treatment and account for the highest tariff rates.

3.) Financial Flows. Capital flows refer to the movement of money across international borders for investment
purposes, encompassing both inflows and outflows of funds. These flows play a role in global economic
integration, facilitating investment, trade, and financial intermediation. However, they can also pose challenges
such as volatility, currency fluctuations, and financial instabilityFinancial flow refers to the movement of funds
within an economic system, encompassing inflows and outflows of money between individuals, businesses, and
governments. It includes transactions such as income earned, expenses incurred, investments made, and loans
extended or repaid.

4.) Cultural Exchange . The exchange of cultural content between various societies, groups, or individuals is
referred to as cultural exchange. Customs, beliefs, values, traditions, and knowledge are among the cultural
elements that are transferred and acquired during the process. People from different backgrounds can interact,
learn from one another, and value their differences thanks to cultural exchange, which is a potent aspect of
globalization. Cultural exchange has a huge impact on globalization because it increases economic growth, social
cohesion, and mutual understanding.Understanding the different viewpoints that impact the process is essential to
comprehending cultural exchange. The transfer and assimilation of cultural elements from one group to another
constitutes the exchange from a cultural perspective. Adoption of foreign values, beliefs, or customs may be part
of the process, which could alter the group's identity. Cultural transfer from the receiving group to the donor group
is another aspect of cultural exchange, so it is not a one-way process. Cultural exchange is a two-way process that
helps create new cultural forms in this sense.