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GLOBALIZATION, Third Wave (1945 – present), Second Industrial Revolution →…

- - - - Trade between Europe – Asia – Americas
      - Colonization and resource exploitation
      - Geographic discoveries, new sea routes
  - - - Railways, steamships, telegraph connect the world
      - Rising international investment and migration
- - - - Global Innovation Leadership
        
        Job Specialization
        
        Access to Cheaper Goods
        
        Efficiency & Profit
    - - Capital Flight
      - Wage Stagnation & Job Loss
      - Trade Deficits
      - Vulnerability
  - - - FDI & Job Creation
        
        Poverty Reduction
        
        Green Tech Access
        
        Cultural Diffusion
        
        Export-led Growth
    - - Exploitation & Low Value-Added
      - Rising Internal Inequality
      - Vulnerability to Shocks
      - Pollution Havens
      - Erosion of Local Culture