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In times of uncertainty we like to look into the past for answers. Sometimes we do it to comfort ourselves, and other times we try to predict the future! When discussing globalization, one must look into the past in order to come up with a sound conclusion for the future.
Let’s talk about how financial globalization has created some very distinctive pressures for convergence throughout the world. To begin with, let’s ask ourselves a question, “were national societies that embraced global capitalism and globalization expecting the differences between them to be washed away?” Did they think there would be no difference in culture, or in the way rules are interpreted and laws are enforced? Were they expecting the world would become homogeneous, just one giant global market? I doubt it, and if history is any guide I don’t think societies have ever bargained for this type of globalization.
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