The pendulum view presents the events in the present timeframe as a long-term model to help us gain greater understanding of and perspective on globalization's challenges.
The current era of globalization originated after World War II with the major Western nations committing to globalization. From the 1950s through the 1970s, political unrest in the communist countries formed a different view of globalization. Noncommunist countries, such as Argentina and Brazil, focused on protecting their domestic industries. In contrast, the Four Tigers—specifically, the developing economies of Hong Kong, Singapore, South Korea, and Taiwan—participated in the global economy.
Both emerging and developed markets benefit greatly from globalization. However, seen in a historical context, globalization never continues in one upward or positive direction, hence the view of it as a pendulum. In the 1990s, globalization was on the fast track. However, globalization proponents witnessed significant backlashes and setbacks. This rapid growth in globalization led to an inaccurate view that globalization was new, which created many negative perceptions. This new view of globalization created fear, and competition posed a direct threat to countries' culture and values.
More recently, globalization has once again come to be considered a positive, offering contributions to worldwide economic growth. Globalization changes over time, with both a rosy and dark side. In some areas, it has resulted in job creation with tremendous outcomes, while in other areas it has resulted in job losses and hardship. How globalization has affected you or your family will influence your perceptions and viewpoints.