How is economic globalization like the first revolution?

Asked on by granny54

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mizzwillie | Middle School Teacher | (Level 1) Senior Educator

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If you are referring to the Industrial Revolution in your question,  then yes, economic globalization is like the industrial revolution in that it changes all the rules about economies.  Because it is global, the effect is felt all over the world just as the industrial revolution spread throughout the known world and changed how work was done everywhere.   With the globalization of economies, what happens in one country affects us all which is another huge change because we must sell our products in a world market where other countries compete with us using their own product. If Apple builds a better phone which has a device no one else has, all the phone companies scurry to catch up.  A current example would be the worry over the economic collapse of Greece affecting stock markets all over the world.  No one country is isolated from the effects of what is happening in another country changing how economies must function in a global world just as the industrial revolution changed work and economies in its time.

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