Chapter 23 Capitalism and Culture Since 1945
Globalization, to most people, is referring to the acceleration in international economic transactions that occurred in the second half of the twentieth century. After World War II, the conference in Bretton Woods, New Hampshire, in 1944 created a set of agreements and institutions that laid the foundations for postwar globalization. Technology contributed to the acceleration as well. In the 1970s this type of economic globalization was known as neoliberalism. Following the contractions of the 1930s a "reglobalization" occurred; money as well as goods increased global mobility in three ways. The fist was foreign direct investments. The second was short-term movement of capital. The third forms of money movement involved the personal funds of individuals. Central to this was the global businesses known as transnational corporations (TNCs), which produced goods or delivered services simultaneously in many countries. There were also new patterns of human migration that occurred ...