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The history of the globalization is very much old indeed starting from the
colonizing the people in other regions of the world as the British did.
Australia and America were colonies of the Europe in the beginning.
Moreover, golden Islamic age also laid the foundation for the globalization as
the Muslim traders and preachers travelled across the world to trade and
spread their ideology. In British Empire the East India Company and various
other companies exploited the potential and richness of the sub continent
but this thing also contributed towards the concept of globalization. After
World War II, the evolution of the global financial institution such as IMF and
World Bank also led towards the unification of the world. The recent
developments include the inauguration of WTO and European Union.
The things contributed towards the globalization also include free trade
areas under different treaties as NAFTA, SAFTA etc; evolution of the custom
unions and alliances; development of common markets and economic
unions. European Union is the most popular example of all this.
M. SARFRAZ KHAN (Roll#41)
The global institutions supporting this concept are WTO main function of
which is to liberalize trade, elimination of various quotas and settlement of
trade disputes among the countries of the world; and IMF which formed 1944
as result of Bretton woods conference to oversee the monitory issues of the
world and supporting the under developed countries by providing them
loans; and UNCTD United Nations Conference on Trade and Development
established in 1964 as a permanent intergovernmental body. It is the
principal organ of the United Nations General Assembly dealing with trade,
investment, and development issues
The hurdles faced by the globalization process on its way are political and
regulatory constraints of each country, currency and market differences,
cultural and social disparity, ethical and environmental perspectives which
largely are country specific.
Some talk about the fruits of the globalization that can be reaped in the
shape of economic and political excellence and other have some reservation
regarding the destructive effects of the globalization on the world as it is
argued that the all upsides are for the developed countries who are so called
drivers of the globalization, moreover the biased role of the IMF and World
Bank toward the less developed courtiers also raise the question. Some
people are of the view that bubble of the globalization is a conspiracy of the
Jews to take over the world and its resources which are concentrated in less
developed Muslim countries.