Answer:
LOOK BELOW FOR THE ANSWER!!!!
Explanation:
1: It led to division of world into two power blocks. Political theorists view it in terms of the ‘bipolarity’ of world politics. Of which, one pole was led by USA and its allies, the other was dominated by erstwhile USSR (now Russia) and its allies of eastern Europe.
2: Both power blocks made extraneous efforts to increase their area of influence. Efforts were made to rope in allies from Asia,Africa & latin america. The nations of western Europe more or less remained loyal to USA and became members of its military alliance NATO (North American treaty alliance). USSR also forged a collective security pact with its allies and named it ‘Warsaw pact’.
3: conomically, the rising power of communism had a moderating effect on the market based capitalism economies of liberal democratic countries. Keynsianism, in the post world war era was an ideological diversion. An interventionist, positive state which endeavoured to create demand in the economy and ensure maximum employment led to the advent of the ‘welfare state.’
4: Cold war remained a drag on the process of ‘Globalization.’ The cardinal principles of ‘interdependence’ and ‘interconnectedness’ between the nations of the world, which is the force behind the ‘Globalization’, could not have worked in a world divided on ideological grounds in the cold war era.
