Twentieth century saw both progress and decline in humanity...

The Conundrum of Economics - Dhawal Mehta

The digital revolution has greatly accelerated the process of globalization

In the 20th century, mankind both progressed and regressed

Among the most important events of the twentieth century, the following events are considered very important. In the twentieth century, the first World War (1914-1918) took place in the history of mankind. Even before that, wars were between nations, but wars were fought between nations and more nations joined one side or the other, but no war before World War I had caused so much destruction. After the First World War of 1914-1918, Hitler rose and the Second World War began in 1939, just 21 years after the First War ended. The two world wars can be considered as the biggest event in the 21st century but even more important event was the decolonization of the world. Due to the end of colonialism, millions of people in the world (mainly from Asia and Africa) were freed from the yoke of the European countries of the Western world.

Two other important events in the entire 21st century are the communist government in China in 1949 and the rise of China, once poorer than India and opium-ridden, to become the second largest nation in terms of GDP in the world just 70 years after 1949. In 1917, the October revolution took place in Russia, as a result of which Russia became the first communist country in the world, and after 1917, the entire world turned into the Cold War, and now the fear that the third world war will destroy the entire mankind has become widespread. In 1991, the Soviet Union disintegrated and 15 nations seceded from it and the USSR. The fact that the country known by name became Russia and even more so in terms of GDP, China has become a big event of the 21st century. After the October Revolution in Russia in 1917, Russia made such rapid economic progress and so much progress in the health and education of the Russian people that from 1945 to 1991 the people of the world were divided between communism vs. democracy vs. free market vs. central planning (in which five-year plans played a central role), European welfare vs. communist nations. States that believe in democracy and yet have become welfarist, State vs. Society, Democracy vs. Dictatorship, Religion vs. Science, etc. have been and continue to be debated innumerable debates.

One of the biggest events in the twentieth century in the 1980s and beyond can be considered the digital revolution. If this revolution was positive, America's discovery of the atom bomb during the two world wars would have been extremely destructive. The digital revolution transformed the capitalism that had spawned the Industrial Revolution into financial capitalism and accelerated the process of globalization beyond measure. The digital revolution has fueled financial capitalism but has made the world's economic system quite 'unstable' and 'uncertain'. Governments of nations are in debt, and as governments have to pay interest and principal on these debts, education and health budgets are being cut. At the end of the 20th century, the face of communism has sunk to the bottom. Because the rulers of Russia and China have become rulers for life. In the 20th century, the growing economic inequality between countries and within countries in the world is considered a failure of world politics. In the twentieth century, America and Russia were able to send humans to the moon, which can be considered a major revolution in human history. Alexander Fleming of England discovered penicillin in 1928 and saved millions of lives. No single drug in the world has worked like this.