Opportunities and Challenges of Economic Globalization: A Comparison between China and India - Dissertation Example

The paper "Opportunities and Challenges of Economic Globalization: A Comparison between China and India" is a great example of a lab report on business. Since the end of the Second World War, the world has focused greatly on reducing the issues that caused conflicts between nations and regions. Among the major issues identified is the ease of trade and the economic autonomy of countries in the world (Verdier & Huwart 2013). As a remedy to the conflicts and mitigation, practice to avoid future conflicts, the international community focused on increasing the relative ease of doing business within themselves. This was first a move to return the world trade channels to the pre-war period (Snyder 1999).
1.1.1. The Historical Development of Economic Globalisation
The first era of economic globalization has been expertly traced back to the period after the 1850 revolution (Wu 2012). During this time, the realization that war is destructive to the economies of the countries involved and beyond their individual borders prompted the ideologies of internationalization and expression of economic power for the benefit of the individual countries. Americanization as an ideology developed and contributes to the growth of control of the transatlantic economy (Hopewell 2013). The international trade that existed between 1850 and 1914 was so massive that it prevented the emergence of animosity and wars. According to The Great illusion by Angell Norman (1913), the existence of shared economic advantage that was a result of the internationalization of trade made war too costly to pursue during the pre-war period. The interdependence that existed in international trade and the value exchange that came with it brought peace in the world (Lu & Wei 2007). However, even with the mutual benefits of globalization in this era, peace was not sustainable. There was a different force for peace in the world. The growing need for modern capitalism among various countries that already had economic power and control contributed to a fear of dependence on the global market. The fear spawned arguments for war, and the First World War was inevitable.