Chapter 1: Globalization and Development

Opening the local market to other economies enhances the competitiveness of domestic markets and generates new avenues for ______.

It is argued that by only participating in the global phenomenon of political and economic interconnectedness, countries will benefit from the different opportunities offered by ______.

However, as far as development is concerned, globalization does not offer even and fair advantages to its ______.

Current world events are described by three prominent thinkers like Samuel Huntington, Francis Fukuyama, and Thomas Friedman as a 'continuous evolution and unstable global ______.'

In the 19th and 20th century, Karl Marx, MacKinder, and Robertson introduced the term 'globality,' which induced the theory of ______.

Globalization as a phenomenon gave rise to interconnectedness of human society that replaced the sovereign state system with a multilateral system of global ______.

Globalization ______ (1492-1800) was the period of mercantilism and the immediate rise of the British economy during the age of industrialization. Growth of towns in Europe was accompanied with the development of social systems and institutions like the government, education, and the exchange of goods and commodities. This phase of globalization is known for the rise of the British economy and the age of industrialization, which occurred from 1492 to 1800, is referred to as Globalization ______

Globalization ______ (1800-1950) was marked by the conclusion of World War ll and identified by scholars as the age of Pax Britannica. It formed market integrations and institutionalized major economic activities in the global market. This phase of globalization is known for the conclusion of World War II and the age of Pax Britannica, which occurred from 1800 to 1950, is referred to as Globalization ______

Globalization ______ (1950-2000) was marked by the immense influences of technology and the internet, known as the information age. Introduced multinational corporations, active consumerism, innovations in healthcare, labor migration, and intensification of trade worldwide. This phase of globalization is known for the immense influences of technology and the internet, which occurred from 1950 to 2000, is referred to as Globalization ______

Realism focuses on the shifting distribution of power among states. Power involves compulsion or being forced to take action that one does not like. Realism practices the core idea of dominating the world through the employment of power, depending on its availability. Examples of power that can be used to overrule are, economic (market and resources like financial and manpower), political (military and territory), and technology (logistics and systems) However, countries may suffer and struggle to maintain their power if its overreached and used wrongly. Economic alliance and cooperation are seen as a medium of flourishing activities under favorable security conditions. The reason for a country's economic expansion may include the large financial returns and economic opportunities for the capitalists in the country of origin. Further, political-military alliances are also utilized by realists to strengthen military capability with economic power. Realism is a theoretical explanation of ______

Political explanation behind globalization: Hans Morgenthau and Kenneth Waltz, realist-thinker John Mearsheimer, and realist-doer Henry Kissinger. Continued centrality of political power and military strength are obvious forces of interdependence and realistic behavior of the more and most powerful countries. Liberalism focuses on the ______ distribution of power among states and emphasizes cooperation and peaceful interactions between nations.