First wave of globalization
Which was more important in shaping the first wave of globalization; coercive power, or technological progress?
Technological developments lay the groundwork in shaping the first wave of globalization with Britain as a world leader in trade and economical power, but use of coercive power amplified this picture.
The first wave of globalization evolved alongside the industrial revolution in Europe during the 19th century until the outbreak of World War one in 1914. In this period, Britain stood forward as the world leading economy as well as an imperial superpower. This paper will investigate the main forces behind the first wave of globalization, and more concrete why Britain, and not India, was among the leading nations. First, the paper will examine the role of technological developments and their impact on world trade, and the rise of British textile industry in particular. It will then move on to describe the relationship between Britain and India in terms of coercive power, before summing it all up to back up the initial thesis.
The invention of the steam engine played a major role in the first wave of globalization. Sachs (2005) argues how the combination of coal and the steam engine “freed society from energy constraints which had limited the production scale” (Sachs, 2005, 35). In addition, the new steamships decreased transportation costs between countries significantly. Hayden and el-Ojeili (2006) emphasizes the fact that mass trade in basic commodities – not just luxury goods – was made possible. Taylor (2002) labels these tangible elements as the “flesh”, or the basis, of globalization and market integration at that time. Alongside the new technological developments, international trade increased from 1 % growth per year between 1500-1800, to 3,5 % after 1820 (Johnson, 2008). In this period, Great Britain became a huge exporter of industrial goods, e.g. textiles, and also the world leading economy.
Sachs (2005) points out how Britain had
Technological developments lay the groundwork in shaping the first wave of globalization with Britain as a world leader in trade and economical power, but use of coercive power amplified this picture.
The first wave of globalization evolved alongside the industrial revolution in Europe during the 19th century until the outbreak of World War one in 1914. In this period, Britain stood forward as the world leading economy as well as an imperial superpower. This paper will investigate the main forces behind the first wave of globalization, and more concrete why Britain, and not India, was among the leading nations. First, the paper will examine the role of technological developments and their impact on world trade, and the rise of British textile industry in particular. It will then move on to describe the relationship between Britain and India in terms of coercive power, before summing it all up to back up the initial thesis.
The invention of the steam engine played a major role in the first wave of globalization. Sachs (2005) argues how the combination of coal and the steam engine “freed society from energy constraints which had limited the production scale” (Sachs, 2005, 35). In addition, the new steamships decreased transportation costs between countries significantly. Hayden and el-Ojeili (2006) emphasizes the fact that mass trade in basic commodities – not just luxury goods – was made possible. Taylor (2002) labels these tangible elements as the “flesh”, or the basis, of globalization and market integration at that time. Alongside the new technological developments, international trade increased from 1 % growth per year between 1500-1800, to 3,5 % after 1820 (Johnson, 2008). In this period, Great Britain became a huge exporter of industrial goods, e.g. textiles, and also the world leading economy.
Sachs (2005) points out how Britain had