Page 198 - Wholeness
P. 198
World trade started to develop freely. This progress in the
economic globalization was interrupted by the two World Wars.
Most of the global economic powers built their own protectionist
economic policies and introduced trade barriers that slowed
down trade growth to the point of stagnation. Globalization
moved on slowly in the 1970s, when governments started seeing
the benefits of trade. Today, technology improvement contributed
towards quick expansion of global trade.
Globalization, in turn, improved science and technology, market
orientation and economic reforms. Globalization growth
decreased transport and communication costs. Governments
shifted from centrally planned economic systems to market
economies.
Multinational corporations reorganized their production in order to
make use of these opportunities.
On October 27 1986, London Stock Exchange changed its rules
that enabled global connection of markets and expected huge
increase in the market activity. This day was dubbed the “Big
Bang”.
Economic globalization is a process of increased economic
integration and interdependence of national, regional and local
197
