The first wave of globalization was perhaps witnessed in 1870 and it continued up to 1914. The profound influence in driving globalisation came from technological innovation which in fact led to an explosion of productivity and reduction in transportation costs. But the wave came to an end by World War I. The second wave brought about from 1945 to 1980.
This continued reducing transportation cost further which effectively fostered increased trade. The latest wave of globalisation began in 1980 is something different. It is distinctive in the sense in a large number of developing nations entered into the world market selling their manufacturing goods. At the same time, some other developing nations became increasingly marginalized in the world economy.