The History of Globalism

While the rapid adoption of globalism may imply that it is a new concept, it has, in fact been around since the first explorers set sail hundreds of years ago. Capeheart & Milovanovich outline Held’s concept of the Four Epochs of Globalism. These four stages span over 500 years and represent critical points in the evolution of globalism as we know it today.

1492 – 1789: Explorers and traders from Europe begin world trade. Travels also spread information, culture, plants, animals and, unfortunately, diseases, around the globe.

1790 – 1900: The declining cost of transportation and the dismantling of mercantilism foster globalism in this epoch. The recovery from Napoleonic wars and agricultural crises in Europe, migration, and American and European investment overseas also make this period ripe for integrated economic markets.

1900 – 1970s: This era begins with a retreat from global capitalism. The great depression and two world wars shut down the rapid growth of international trade and investment seen in earlier epochs. Rebuilding after WWII required extensive international cooperation, which served to foster globalism once again. Also in this stage, however, is the rise of the Cold War which did more to disconnect nations than create cooperation and interdependency.

Contemporary Society: The end of the Cold War Era signaled an unprecedented integration of markets, countries and companies. Rapid developments in transportation and technology continue to allow for the international trade of goods and services and dissemination of news, information and culture.

Nayan Chanda, author of Bound Together: How Traders, Preachers, Adventurers, and Warriors Shaped Globalization, and Director of Publications for Yale Center for the Study of Globalization, shares his views on the history of globalism in this iTunes U podcast.