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Neither the concept nor the phenomenon of economic or financial globalization can be considered as novel. History of evolution and globalization of finance stretches over an extended period, ranging from its recorded origin in the villages of Mesopotamia 5,000 years ago to sparkling numbers on foreign exchange screens in the financial markets of today. The global economy has undergone several waves of rapid and sluggish globalization as well as de-globalization. As for the contemporary phase of globalization, many economic historians believe that it set off around 1980, although Mundell (2000) disagreed.