Factors which contributed to the economic globalization in the second half of the twentieth century were the organization of the World Bank and the International Monetary Fund. This created the United States as the central point for the economic currency. This was established during a conference in Bretton Woods, New Hampshire.
Additionally, the development of containerized shipping, large oil tankers, and express air services dramatically lowered the cost of shipping goods. This new more connected world economy vastly favored the reduction of tariffs, promoted global capital investment, created a new mobile workforce, and the privatization of many government run enterprises. This new global market operation and within nations was the most expansive and effective means for the world economies.
The global North/South divide found expression in the past century by creating a huge disparity between the have’s and have not’s. The global expansion has not been equal to the North and South. As North America and Europe gain power over the South by investing in capital and entrenching themselves in the economy. As the economy grew for the North, it has worsened for those in the south. For example, the United States invested heavily in Mexico and China because of cheaper labor. This meant that companies from the North would get rich off of the poor people in those other countries. Even the financier and investor George Soros, said globalization has created a disparity and divide where the rich have gotten richer and the poor poorer.
References:
Robert W. Strayer, Eric W. Nelson - Ways of the World_ A Brief Global History with Sources, Combined Volume (2015, Bedford_St. Martin’s) - libgen.lc.pdf
https://fr.wikipedia.org/wiki/Bretton_Woods_(New_Hampshire)#/media/Fichier:Mount_washington_hotel_1905.jpg
https://www.airseacontainers.com/blog/what-are-shipping-container-dimensions/
https://www.britannica.com/biography/George-Soros
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