The East India Company smothered the Indian economy and stopped it from developing. As a result, England continued to tax India heavily and export its recourses. In 1948 when England became the biggest power in India violence, starvation, and corruption overtook the country.
Major world powers such as England and Spain took advantage of the abundance of recourses found in these new territories. In the 15 th century when colonization began. The concept of globalization debatably started with the European colonization of Latin America, Africa, and India. Globalization is bad for the global economy because of how it creates uneven development. Globalization is bad for the world economically because of uneven development, the exploitation of resources from underdeveloped countries to core countries, and how overseas manufacturing is affecting America domestically. One of the driving forces of globalization is capitalism which is having a negative impact on the world. This is because of the different components that make up globalization. Now, to fully understand what globalization is, you must understand that globalization connects people from core countries like the United States and Europe to the periphery countries in Latin America and Africa. It can be difficult to decide whether the concept of globalization is pulling society together or pushing it farther apart.
It now only takes 8 hours to fly across the Atlantic Ocean where decades ago it took weeks by boat. Through globalization, the world seems like it is becoming smaller. Globalization, what is it and how does it affect the global economy? Basically, globalization is the impact people have on the world through culture, politics, and economics. Globalization can be impacted by new technologies which help connect all parts of the world.