The Acceleration of Global Connectivity Global connectivity has greatly increased due to the opening up of capital markets, rise of information technology, and reduction in trade tariffs. The internet is coordinating economic spheres and fostering unprecedented globalization.
Historical Evolution of Global Interconnectivity Before industrial technologies, global relations were costly and limited to a tiny minority. Industrialization expanded physical connectivity beyond local boundaries, leading to the rise of modern nation-states as macro-scale systems.
Rise of Information Technology and Changing Economic Paradigm Information technology enabled global connections such as airline routes, financial flows, supply chains with limited reference to national levels. A new economic paradigm promoting free market ideology led to mass increase in global interdependence but also created unregulated voids determined by powerful market actors.
Ineffective Management Structure for Global Economy 'Neither markets nor public institutions have proven effective at managing the global economy.' Existing institutions are incomplete solutions that lack effectiveness in addressing challenges like migration issues or environmental concerns.
Challenges with Current System 'Industrial Age management structures have not transformed effectively for emerging networks,' resulting in systemic detrimental effects on social welfare states.