World War II also had a huge importance to the Great Depression and it being worldly. It was the … 2020's economic free fall is not another Great Depression, Leuthold Group's Jim Paulsen says ... was caused by a completely unique phenomenon. It is not a new phenomenon, though its importance has grown since the second half of the 1980s. But today commerce and financial services are far more developed and deeply integrated than they were at that time. A century has passed since the last truly global pandemic and there is only so much that can be learned from the outbreak of Spanish flu after the first world war. Indonesia is the world's 16th largest economy, with a GDP of $1.12 trillion as of 2019. The United States is considered the world's premier free-market economy.Its economic output is greater than any other country that has a free market. The law of demand and supply sets prices and distributes goods and services. Globalization is a powerful phenomenon -- but it is not irreversible, and indeed the previous wave of globalization, at the turn of the last century, was stopped dead by World War I. Global economic integration is not a new phenomenon. The world economy is based on ever-increasing population growth, said Nobel laureate Steven Chu, a scheme that economists don't talk about and … Some analysts have argued that the world economy was just as globalized 100 years ago as it is today. Full global economic integration has been a relatively rare historical phenomenon. Some communication and trade took place between distant civilizations even in ancient times. Further, sociologists recognize that McDonaldization is a global phenomenon, driven by Western corporations, the economic power and cultural dominance of the West, and as such it leads to a global homogenization of economic and social life. The… Read More The growth of FDI cannot be attributed to technological change only; it has been facilitated by various political actors, including national governments and international organizations. Indonesia's economy is the largest economy in Southeast Asia, and it … Another reason to why the Great Depression was a global phenomenon was the financial outcomes that came out of World War II from each country that dealt with borrowing money and … …of what is called economic globalization.   The U.S. free market depends on capitalism to thrive. Data shows that the share of the world population that is literate over the last 2 centuries has gone from a tiny elite to a world where 8 out of 10 people can read and write. The world economy was highly integrated in the period before the First World War, but the chaos engendered by that conflict damaged the world marketplace, and the Great Depression dealt it a nearly crippling blow. Globalization is not just a recent phenomenon. 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