From Archaic Globalization to Contemporary Globalization:
Now that we have discussed the Evolution of Globalization, we can move on to the concept of Contemporary globalization. Contemporary globalization is quite different from archaic globalization in every manner. The main factors behind archaic globalization were religion, language, trade or colonization (in later cases) but the chief pillars on which the building of contemporary globalization is built are capitalism, consumerism and nationalism. The last two centuries witnessed the advent of a new phenomenon, Industrialization, which later lead to the inception of above discussed factors of capitalism, consumerism. These phenomenons were further fueled by the isolation of communism and proliferation of free/market economics ideas. The communist ideas were isolated from the global forum after the end of cold war while the United States, the new super power emerged as the main player, indeed the chief participant, in the growth of world capitalism. The existence of communism was a hindrance to the geographical range of capitalism; however its rollback led to a rapid spread of capitalist market principles on the global arena. In contrast to archaic globalization elements of culture, language and religion, contemporary globalised world economy pervaded with global goods and services (Steans, 2005; Pettiford, 2005; Diez, 2005).
Much of the contemporary trade and commerce involved trans-border marketing of global multinational brands which has made protectionism too unfavorable or too difficult to practice in most cases which enable the strong producers which are in turn represented by strong countries to grow even stronger and thus, even richer (Landes, 1999). This practice allows these multinationals established in economically and politically strong countries to grow large in size and earn enormous profits, thus creating a global wealth imbalance
This global wealth imbalance than breeds an exponential chain reaction of small and large scale political conflicts around the globe (Gray, 1999).