Globalisation is not a new process. Discuss Essay

Globalisation is not a new process. Discuss - Essay Example The process of globalisation depends on trade and financial flows that have the potential to bind different economies of the world. Additionally, the advancements in information technology and mass media also contributed equally in reducing the barriers persisting amid different nations (Warrier & Wunderlich, n.d.). According to the report of UNESCO (2010), globalisation is not a new procedure, as it existed since the commencement of the Second World War that not only restricted economic development but also affected the people living in then respective societies. Globalisation has become one of the critical issues in the 21st century because of the increased level of technological advancements. From an economic perspective, globalisation has the potential to bring change in the world by ways of promoting free trade, maximising the flow of capital between nations and augmenting the extent of investments. The improved relations between several countries thus facilitated economic growt h, as new markets have been developed and increased their scope of maintaining long-term sustainability due to the procedure of globalisation (Mrak, 2000; Warrier & Wunderlich, n.d.). In relation to the above context, the essay intends to discuss critically globalisation to be not a new process in this contemporary era. The process of globalisation can be related to making wide interactions amid various individuals and nations. The process not only affects international trade but also makes extensive impact on the investment level and other related elements that have the potential to develop an economy. The process of globalisation is not new because people are engaged in trade and other allied activities since past centuries. The buying and selling of goods is such a process, which has already existed from past several years. For instance, the existence of the Silk Road that connected Europe, China and other Asian nations indicates the