All these activities are evidence of a process that has come to be called globalization. By opening new markets, sharing knowledge, and increasing the efficiency of resources, globalization can expand opportunities for people and reduce poverty. But there are also risks. Globalization can increase vulnerability to external shocks.
Increased competition creates losers as well as winners.
And the rise of large, multinational corporations may contribute to a sense of helplessness and loss of control. This is not the first time the world has experienced globalization. At the end of the 19th century massive migrations took place from Europe and Asia to Australia and North and South America. Between 1891 and 1900 more than 3.5 million immigrants landed in the United States, and 8.8 million more followed in the next decade. The 19th century also witnessed an enormous expansion in trade.