For a very long time in the modern history, western countries were the main force that pushed the globalization forward, but not without many detours. They realized globalization in the early stage by virtue of colonialism and imperialism, and this process that was accompanied by too much inequity and hatred eventually led to the two world wars. After WWII, the west reflected on colonialism, and the rise of the United States in particular propelled the institutional establishment aimed to promote world peace and cooperation. International organizations conducive to free trade and capital flow were formed one after another. However, since the third Industrial Revolution, especially in the past two decades, international capital groups represented by the Wall Street has become less interested in real economy and manufacturing that were not so profitable. With the IT revolution and with different countries’ growing demand for better capital allocation, high-tech industry represented by the Internet and virtual economy represented by modern financial industry came to dominate the western development.

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