Enter the Globalization: A Paradigm Shift

Abstract

The phenomenon of globalization is not new to the world economy. The global economic history is replete with the regimes of restrictive trade practices of different orders. The trade between nations in pre-seventeenth century was primarily motivated to acquire new goods, which were not available within a nation and whose acquisition did not adversely affect domestic production and employment. All the ancient oceanic expeditions sponsored by the royalties for either explorations of new lands or hitherto inaccessible regions known for their wealth and prosperity were aimed primarily to secure new commodities and also precious metals such as gold and silver not easily sourced in the known regions. The trade in competitive products which hurt national production and employment was curbed and not encouraged. It was an era of regimented and restricted trade.