What were some of the important elements of globalisation in the 20th century?

Question: What were some of the important elements of globalisation in the 20th century!?
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The increase in the volume, scale, and velocity of social (and environmental) interactions!. Globalization is not new, pre-dating colonialism, and Massey (Geography 87) points out that the current manifestation of globalization is ‘not a force of nature…[but] a political and economic project which requires the…efforts of the World Trade Organisation, International Monetary Fund, United States of America, multinational corporations, World Bank etc!., to push it forward’!.

The recent swift progress of this ‘neoliberal’ globalization also results from vertical integration, the development of advanced information technology and communications, economies of scale in mass transport systems, and the liberalization of national and international regulatory frameworks!. These now allow global corporations to locate wherever they wish, triggering world-scale flows, processes, and production systems!. World investments are no longer geographically constrained, but can flow to places offering the best returns; foreign direct investment in the late 1990s grew twice as fast as world trade (though mostly in proximate states)!.

The result of this increased mobility of capital is a radical restructuring of the global economy!. The core capitalist countries (USA, Western Europe, and Japan) have experienced a period of de-industrialization—most of their manufacturing jobs were shipped to less economically developed countries as transnational corporations took advantage of the cheaper labour, cheaper regulations, and hence cheaper production costs there (N!. Henry, C!. McEwan, and J!. S!. Pollard, Area 34), and these nation-states have lost some of their control of capital!. Interestingly, the migrations of people become more problematic as the migrations of finance become easier; the ‘borderless world’ is not a reality for a would-be migrant from less, to more, economically developed countries!.

Globalization has many detractors, who claim that global capital privileges profit over local interests and deplore the ‘Westernization’ of local cultures and what they see as the negation of local identities and autonomies!. Others suggest that globalization is a dialectical process; although it invades local contexts of action, it doesn't destroy them!. Instead, new forms of local existence and expression emerge (Bollywood as well as Hollywood; see creolization)!. Local products can be globally advertised via the World Wide Web, and newly agriculturalizing countries like Kenya can sell to Western supermarkets via global commodity chains, which have lowered the threshold of entry for smaller enterprises!.Www@QuestionHome@Com

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