Whether or not globalisation is a new phenomenon of recent decades, or a continuation of a theme that has continued for more than a thousand years, can be debated, but it is reasonable to accept that the term itself is known now more than ever. Professor U. Beck claims in his book, "globalization is a new game with expired rules and basic concepts of the old game" (Beck 2007). Beck like many others is among a group who would consider that globalisation began with the age of airplanes and personal computers that kicked on global relations. Many academics would dispute that globalisation is a new phenomenon, including A.G. Hopkins (2002) who postulates that there have been four different forms of globalisation dating back to an archaic form which occurred prior to industrialisation and the nation state.
If we are to accept that globalisation is not new, but simply a new wave of an ever present trend, we might still have to recognize that the last few decades have seen quicker and more radical change than previously. The maturation of financial markets were already underway in the 19th century (Williams, 1986), but they have since developed significantly in recent years, to the extent that financiers can protect their exposure to the global markets. A period called ‘absolute globalisation’ (Scholte, 2000) which differs from the other waves of globalisation as it interferes with daily lives. The era of electronic communication and global markets that started around the year 1960, has changed the world, but Scholte argues this is a continuation of the same process that has been happening for centuries.
Globalisation is perhaps best defined as a buzzword that encompasses a whole host of modern day technologies that have accelerated communication and trade around the world. There is no doubt that this growth has been happening for centuries, but it is in the last 50 years that this growth has taken new impetus. The wider implications of this cannot yet be fully determined, but the rise of the power of financial markets and multinational companies at the expense of political states becomes more apparent every day.
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Beck, U (2007). The Power and Counterweight in Global Age. Praha: Slon.
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Hopkins, A. G. (2002). Globalization in World History. New York: W.W. Norton
Jeffrey, S (2002). What is globalisation? [online] Available at: [Accessed 13 February 2013].
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Scholte, J. A. (2000). Globalization: A Critical Introduction. New York: Macmillan.
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Williams, J (1986). The Economic Function of Futures Markets. Cambridge: Cambridge University Press.
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