Characterize the current epoch of globalization. Does 1991 serve as the beginning? In the current epoch, what economic factors are important?

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The Answer is We could say that the current epoch of globalization started in 1991 when the Soviet Union collapsed. The fall of the Soviet Union allowed expansion and collaboration in the global economy. The current epoch of globalization is characterized in several ways, including Thomas L. Friedman's (2005) vision of a "flattening" world in which technological advances level the economic playing field for countries, companies, and workers. As urbanization expands and more than 50% percent of the world's people now live in cities, Richard Florida's (2005) vision of the current era is that globalization is "spiky".

Characterize the Current Epoch of Globalization