Final answer:
The global economy has seen continuities in globalization, industrialization, and capital accumulation from 1900 to the present. These trends have persisted despite shifts in power dynamics, technological advancements, and changes in the workforce from rural to urban settings. Global economic patterns established in early European domination continue to influence current economic structures.
Step-by-step explanation:
Continuities in the Global Economy from 1900 to the Present
From the early days of the 20th century to the present, the global economy has experienced significant continuities amidst the waves of change. Globalization has been the consistent force driving these continuities, with the international community developing a set of global rules and regulations that began in infancy and matured over the century.
Even as the world experienced tumultuous events such as two world wars, the Cold War, and numerous economic recessions and booms, the underlying structure of global trade, industrialization, and capital accumulation remained steadfast. The earlier part of the century was marked by European domination and colonization, which set the stage for a long-term influence on global economic patterns, including the exportation of cultures and scientific ideas.
After World War II, the power dynamics shifted towards a bipolar world during the Cold War, with the United States and Soviet Union taking central roles. However, the end of the 20th century and the beginning of the 21st witnessed the rise of multinational corporations, technological advancements, and a shift towards knowledge and service-based economies without diminishing the importance of industrial outputs.
The movement of people from rural to urban areas accompanied the persistent advance of industrialization, and the increasing importance of international economic institutions like the World Trade Organization (WTO) reflects the permanence of globalization efforts. Economic disparities between nations, the continued significance of exports and global GDP, and the persistence of capital as a key factor in global economic relations are among the mainstays that Nobel laureate Paul Krugman highlighted as hallmarks of globalization's influence on the world's economies since the early 19th century.