Term Paper: Global Politics and Economy: Late

Pages: 3 (917 words)  ·  Bibliography Sources: 1+  ·  Level: College Senior  ·  Topic: Drama - World  ·  Buy This Paper


[. . .] S.-led Western coalition and the Gulf War of 1991 in which the Iraqis were roundly defeated and Kuwait was liberated. The Soviet Union supported the U.S. In the war, which marked the end of the "Cold War" and prompted President Bush to announce the start of a 'New World Order.'


The collapse of Communism in the 1990s eliminated the only competing economic and political ideology of capitalism and liberal democracy. This coincided with rapid technological advances in computer and communication technologies, and made the application of theories of capitalism possible on a worldwide scale -- in what came to be known as 'globalization.' This saw rapid growth in the economies of early adherents like the 'Tiger Economies' of the Asian Far East. The risks involved in unrestrained globalization without the necessary checks in place also became apparent in serious economic downturns such as witnessed in the 1997 Asian Economic Crisis. In the meantime, the economies of United States and several other European countries witnessed an unprecedented boom on the back of a high tech dot com revolution.

Early 20th Century

The early 21st century has been racked by terrorist attacks, mainly by Islamic radical forces, on Western and Israeli targets. The after-effects of the 9/11 attacks on the world trade center are still dominating world politics and economies. They have resulted in triggering a widespread economic slowdown and an open-ended policy of 'war against terrorism' by the United States. Some analysts like Samuel P. Huntington, the author of "The Clash of Civilizations," feel that we have entered an "age of Muslim wars," one that could spiral into a clash of civilizations. Other thinkers like Francis Fukuyama maintain that the world is still moving toward universal democracy and believe that an "underlying historical mechanism" driven by modern science and technology will result in a long-term convergence across cultural boundaries in all societies of the world. (Fukuyama, p.56). But even he acknowledges that "Islamo-fascism" is the latest obstacle to the process, and "to get to the long-term we must survive the short-run." (Ibid. p. 59)


The end of the 20th century and the early part of the 21st century has been a tumultuous period in world history. It has seen several momentous events taking place like the collapse of communism and the Soviet Empire as well as the spectacularly successful terrorist attacks on the U.S. By Islamic terrorists. No one quite knows what will happen to world politics and economy in future since, as Bob Dylan once said, "Don't talk too soon, for the wheel's still in spin."

Works Cited

Cold War." Article in Microsoft Encarta Encyclopedia Deluxe, 2000. CD-ROM Version.

Fukuyama, Francis. "Their Target: The Modern World." Pp. 54-59. Newsweek International: Special Davos Edition, December 2001-February 2002… [END OF PREVIEW]

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"Global Politics and Economy: Late."  Essaytown.com.  November 11, 2002.  Accessed July 23, 2019.