This is all about important and key driving forces and factors of Globalization. Launch and use 2G network (GSM) and increase in no. Number of Internet users rises to 300 million by 2000 and 500 million in 2005 Invention of www (World Wide Web) by Tim Berners Lee 1989 Increased use of Jet Engines in air transport1957-72Ĭommercialization of Integrated circuits in 1961įirst single chip microprocessor Intel 4004in 1971 Recent technological developments including but not limited to computer, mobile phones, internet, aviation, wireless communication and other innovations helped to bring the world closer and together.Įxpansion of Plastics and fibre products in 1940ĭiscovery of large oil fields in middle east (Saudi Arabia) in 1948

Yom Kippur War helps to trigger oil price hike 1973ĮU enlargement to 9 members in 1973 and then to 12ĭissolution of soviet union to form 13 independent states in 1991ĮU enlargement to 27 members 3. This deep global integration sets the stage for the second driver. According to Friedman, These technologies are able to weave the world together even tighter.

Start of a European Recovery Programme, the Marshall Plan in 1948-57Ĭhina Becomes a socialist republic in 1949 First driver is the commoditization of the Information and Communication Technology (ICT) infrastructure, computers, software, and Internet. Political driving forces plays crucial role in the globalization or internationalization of businesses. Rise of Asian newly developed or industrialised countriesĪdoption of Euro by 11 european countries in 1999Ĭhina Joins WTO in 2001 2. Major currencies become convertible in 1958 to 64ĭevelopment of EuroDollar Market (International Liquidity)Įlimination of last customs duties within EC in 1968 One of the main driving forces of globalization is economic development.Įstablishment of a new monetary system, the Bretton woods system in 1940Įstablishment of CMEA by Soviet Union in 1949-91

Shiva Ramu the major drivers or factors of Globalization are – 1.

Five major drivers of globalization