Globalization had a significant impact on world economies in the 20th century. It refers to the integration of the world’s economies, politics, and cultures1. Large-scale globalization began in the 1820s and drove a rapid expansion in the connectivity of the world’s economies and cultures in the late 19th century and early 20th century2.
Globalization led to increased trade and economic growth for many countries. It allowed countries to specialize in certain industries and export their goods to other countries, leading to increased efficiency and productivity. Globalization also facilitated the spread of technology and innovation, allowing countries to benefit from advances made elsewhere.
However, globalization also had its drawbacks. It led to increased competition between countries, which could result in job losses and wage stagnation in some industries. Additionally, globalization could exacerbate income inequality within countries as well as between countries.
Overall, globalization had a profound impact on world economies in the 20th century. It brought both benefits and challenges, and its effects continue to be felt today.