The History and Dynamics of Globalisation

Globalisation involves geographically wider transaction networks and has multiple interrelated dimensions. The globalisation process has geographical scope, volume and density of transactions, and a direction and pace of change. Globalization has a long history, and the local and the global have almost continuously interacted. Most forward changes have been incremental, and there have also been major reversals or almost complete system-breakdowns. There are numerous drivers of globalization of different types, persons, and groups with varying motives, and anonymous drivers like technology, weather, and disease. The article devotes most attention to a review of selected patterns and trends in contemporary globalisation These are climate change; demographic trends, income inequality, and migration; security concerns, technology, and peacekeeping; competing ideologies; the global economy, equities, trade, banking reform, and tax havens; and shifting power relationships among the United States, Europe, China, Japan, and Emerging Markets.