Module 8

What factors contributed to economic globalization in the second half of the twentieth century?

The aftermath of WWII led capitalist countries to avoid any return to the Depression era conditions. Due to the Bretton Woods Conference establishing a system which laid the foundation for postwar globalization (financial rules for commercial and capitalist free trade and investment). These institutions were the World Bank and International Monetary Fund. Also technology that lowered transportation costs, internet resulting in global interaction and the global capitalism

In what ways has economic globalization more closely linked the world's peoples?

It accelerated circulation of goods, capital, and also people. Foreign direct investment taking advantage of cheap labor and looser environmental regulations in developing countries. Short term movement of capital (investors purchasing foreign currencies or stocks that were likely to increase value). Personal funds of individuals from international credit cards allowing easy transfer of money across national borders. Boosting the World Trade and making it skyrocket. Transnational corporations produced goods or delivered services simultaneously in many countries. Vast movement of people from developing countries of Asia, Africa, and Latin America to the industrialized world of Europe and North America to escape poverty

In what different ways did Islamic renewal express itself?

Many people became more religiously modest, became more observant, praying regularly, and fasting. Islamic dress and also veil were adopted by urban, young, and well educated women voluntarily. Governments anchored themselves in Islamic practices from the Quran. Many people embraced modern science and technology with a distinctly Islamic culture. Social service organizations arose.