If cultural change has been going on all the time, what makes the present wave of globalisation significant?

Answer 1

Who said it is significant? Globalization we see today is not particularly large compared to the one that took place between 1850 and 1910. Back then, international trade was about as well developed as it is today, but migration flows were much larger than they are today.

Answer 2

Globalisation is not just about cultural change; it is also about integrating the national economy with the global economy so that progress in the global economy is REFLECTED by similar progress in the national economy;

a cultural change can happen any time; like for eg. any foreign invasion in the medieval ages resulted in some modification of the local cultures; but this didnot NECESSARILY improve/change the economy in any manner

However, Globalisation impacts the economy by making it integrated with all other economies; Thats the difference :)

Answer 3

The proliferation of late 20th century globalization is significant in that, for the first time, nation's economies became inextricably linked to one another.

Money markets are common among IRA's and 401K funding distributions, making international currencies a more integral part of global welfare. Americans vested in foreign markets today actually help fund the value and stability of foreign nations, which have become dependent on foreign investment.

Another consideration to your question lies in the element of change. Globalization is perpetual, without a daily opening and closing. However, not all nations are changing at the same pace. Political and elemental changes in foreign economies due to changes can have a large and substantial impact on not only their domestic economy, but those economies tied to them.

For example, if American investors are heavily leveraged in the Soviet currencies which are doing fairly well, only to have political unrest arise in the Soviet Union, the Soviet and American economies and investments would be effected.