“People were people-everywhere the same. Communication was the engine that powered this ideal. Each improvement in communication, by ending isolation, by linking people everywhere, was heralded as realizing the Universal Brotherhood of Universal Man”. The improvement of communication in the form of socio cultural technologies was one of the significant elements in the modern era of globalization that started after WW2. Interdependence was one such technique; countries believed that when nations were interdependent they would not wage wars. Breaking down barriers to trade was considered as a form of laying down this networking. Towards this extent in the Bretton Woods Conference the rules were laid out for the International Monetary Fund IMF. International trade was considered as an important tool that could help the countries stay interconnected, so in essence International trade related to technologies are all network technologies that resulted in globalization. In the second wave of globalization, the United States was a leading economy and the US Dollar came to be understood as a standard. In addition to the International Monetary fund, a special agreement was signed which is the GATT General Agreement on Tariffs and Trade.
GATT was seen to be one of many steps towards reducing the tariffs which played a role in enhancing globalization. However, with the world moving towards the 1970’s the Bretton Woods system came under pressure, led to the closure of the gold standards and then started the third wave in globalization which is the information age. The information age is characterized by the internet and the internet related technologies. Post WW2, globalization was driven by the expansions of industries from the United States into Europe and vice versa. There were new developments in science and technology that facilitated better and easier transfer of goods. The western culture exportations were high in the form of cultural products such as that of the movies, television and recorded music. Movie making technology and related technology led to an increased connectivity between different cultures. The mass media industries also helped in create better bonds after the world war. The economic institutions mentioned above were themselves invested in technology. Consider the World Bank and the IMF, these institutions invested in knowledge sharing networks and helped reduce the costs of trade.