What is Globalization?

This chapter focuses on globalization and the interconnection of the evolving world economy. Globalization is a multi-dimensional process of goods and services, financial flows, information, ideas and technology, and people. There are five major epochs of globalization, with the first starting 70,000 years ago with the first dispersal of Homo sapiens out of Africa. The second wave is that of the ancient world with the Chinese, Romans, and East Africans. The third wave came when the old world and new world were reunited in the Age of Exploration around 1500. The fourth wave dates to the end of the 18th century with the beginning of modern industrialization. The fifth wave is ours today, based on information technology and a geographical rebalancing of the world economy. There is a discussion of sea routes, the Watt steam engine, the use of fossil fuels, colonialism, world wars, and the United Nations. 

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