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  • Globalization as it is more often called, is creating a world without boundaries, where exchange of ideas, information, money, inventions, cultures and religion, between countries and communities is predominant.
  • Intercontinental trading started in the 8th century and silk was one of the first products to cross the shores of its origin.
  • With the exchange of trade, cultural and religious exchange also took place.
  • The 16th century saw a major swing towards globalization as the Europeans discovered a sea-route to Asia and also crossed the Western ocean to America.
  • With the emergence of a world economy the necessity for technological inventions also rose.
  • Even though world economic growth was rapid in the 19th century, poverty also prevailed.
  • The expanding world economy saw the emergence of the enterprising ‘Indian banker’
  • The war had an adverse economic impact on Britain, which borrowed heavily from the US, transforming the US from being an international debtor to an international creditor.
  • The Great Depression affected the Indian farmer more than the urban dweller as prices of agricultural products plummeted the Indian farmer was put to great hardship.
  • The Second World War broke out just 20 years after the First World War.
  • As the Second world War ended most of the colonies in Africa and Asia emerged as free independent nations.
  • The super powers exploited the developing nations which resulted in the fast growth of the western economy.
  • Developing nations organized themselves into a group called G-77 and demanded a new international economic order.

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