Yeoju technical institute in tashkent department of economics discipline of

The Globalization of the World Economy
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International trade has grown dramatically in the last 
30 years, much faster than global output.
Source: World Trade Statistical Review (2017)

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The Globalization of the World Economy
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New players have risen 
to prominence in world 
trade, most notably 
large developing 
countries and rapidly 
industrializing Asian 
economies.

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The Globalization of the World Economy
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Three periods of rapid globalization
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1870-1914
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Resulted from industrial revolution, opening 
up of new resource sources in “regions of 
recent settlement”
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Millions of immigrants, vast amounts of 
foreign investments, increased production
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Ended with breakout of World War I in 1914.
Salvatore: International Economics, 11th Edition © 2013 John Wiley & Sons, Inc.

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The Globalization of the World Economy
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Three periods of rapid globalization
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1945-1980
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Dismantling of heavy trade protection led to 
rapid increase in international trade.
Salvatore: International Economics, 11th Edition © 2013 John Wiley & Sons, Inc.

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The Globalization of the World Economy

Three periods of rapid globalization
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1980 to present
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Most pervasive and dramatic period of 
globalization
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Fueled by improvements in telecommunications 
and transportation
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Elimination of restrictions on capital flows led to 
massive international capital movements
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Most countries in the world participated
Salvatore: International Economics, 11th Edition © 2013 John Wiley & Sons, Inc.

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