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MGMT 422 – Management Concepts

Term Paper

Dr. Rogers

Group: Globalization

By: Troy Tolson Jr Romel Reaves Hector Gray Demonte Alston Globalization

Globalization is the process of increased interconnectedness among countries most notably in the areas of economics, politics, and culture. Put in simpler words, globalization is growth on a global scale. A more common example of globalization is the fast food industry; sweeping across our nation especially, fast food, which has quickly become one of the richest corporations in the world. From first-hand experience, one can prove that through the years eating out, or eating on the go, has become far more common amongst American citizens as well as those in neighboring countries. The strength of need, or global demand for a product or service plays a major role in its global distribution.
There is no exact date when globalization was said to have started but most studies claim it started around the 19th century. Although there is no set date, the history of globalization can be broken down into three waves or periods. The first wave began in 1870 and ended at the beginning of World War 1 in 1914. It was characterized by a decrease in trade barriers and an advancement in transportation technologies. This resulted in a major migration of about 10% of the world’s population. The second wave occurred from 1950 to 1980 during which multiple trade agreements occurred between developed nations, which left out the developing world. One of these agreements was the European Free Trade Association, which opened up free trade among the countries in Europe. The third and current wave began in 1980 and unlike the second wave this wave was characterized by the willingness of developed nations to remove the trade barriers in order to attract foreign capital. One of the most known agreements,…...

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