Impact Of Globalization On The World - 1229 Words

â€Å"Globalization is the process by which everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world.† Presently, the world is considered more globalized than it has ever been. The world today has embarked on strong world relations through trade, exchanging both knowledge and goods. According to the World Trade Organization there are ten benefits of trading systems; the first entails the idea that â€Å"people are usually reluctant to fight their customers.† This is the foundation our world is constructed on. Globalization’s effects in the world presently has allowed for a reduction in armed conflicts and warfare. Though armed conflicts have been reduced through the effects of globalization, they†¦show more content†¦The near-doubling in the number of democracies since 1990 has been equally important, because established democratic states, for a variety of reasons, rarely fight each other militarily.† These statistics exemplify how our world is substituting wars with other forms of solution making methods through the effects of globalization. The development and simplicity of world trade has significantly increased over the past decades, predominantly after World War II. Prior to World War II, globalization was emerging, however, world orders were unsure of how to administer and resolve issues established through the new process of globalization. This circumstance led to many injustices and wars as countries battled for dominance without any proper supervision. Following the end of the war in 1945, the world orders found it essential to restructure the exchange policies and economic expansions after the destruction imposed by the war. One revolutionary system blossomed, the Bretton Woods Agreement. This agreement allowed a standardized â€Å"system for monetary and exchange rate management, which ultimately fostered for the formation of the International Monetary Fund and the International Bank for Reconstruction and Development.† Currencies were connected to gold and the International Monetary Fund was given the authority to intercede when a discrepancy of payments arose. This was a monumental time in history, where the new globalized world found it