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Chapter 23

1Capitalism and Culture
The Acceleration of Globalization since 1945  

The Transformation of the World Economy 

After World war II, things became very different. The capitalist victors led to conflict in the United States. In 1944 New Hampshire set an agreement and institution that laid the foundation for postwar globalization. Technology contributed to the growth in economic globalization. Shipping, oil tankers, and air expressed services lowered the transportation cost.

Reglobalization 

Money and goods achieved global mobility in three ways. One way was "foreign direct investment". This investment exploded in 1960 after companies in rich countries took advantage of cheap labor, tax breaks, and looser environment regulations in developing countries. The second form was when money that was in motion had been the short-term movement of capital, in which investors annually spent trillions of dollars purchasing foreign currencies or stocks to increase value. The third form of money movement involved the personal funds of individuals. By the end of the 20th century, international credit cards had taken hold of almost everywhere. This allowed easy money transfers of money across national boarders.

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