Search for notes by fellow students, in your own course and all over the country.
Browse our notes for titles which look like what you need, you can preview any of the notes via a sample of the contents. After you're happy these are the notes you're after simply pop them into your shopping cart.
Title: Introduction to Globalization and the World Economy
Description: Introduction to Globalization and the World Economy
Description: Introduction to Globalization and the World Economy
Document Preview
Extracts from the notes are below, to see the PDF you'll receive please use the links above
1
...
•
Since its popularization by economists and journalists in the 1980s and 1990s, the
concept of globalization has inspired numerous competing definitions and
interpretations
...
G
...
"Globalization in World History
...
(2004)
...
4
Definition of Globalization
•
Globalization or (globalisation) is the process by which the people of the world are
unified into a single society and function together
...
•
Globalization implies opening out beyond local and nationalistic perspectives to a
broader outlook of an interconnected and inter-dependent world with free transfer of
capital, goods, and services across national frontiers
...
It consists
of increased integration of product and resource markets across nations via trade,
immigration and foreign investment-that is via international flows of goods and
services, of people and of investment such as equipment, factories, stocks and bonds
...
(Carbaugh, 2007:2)
...
the shift from sail to steamships and railways
...
•
Second wave:1945-1980
...
•
Third wave: started in 1980
...
Outsourcing-> some parts of
manufacturing products are produced in more than one country
...
Globalization was interrupted and reversed by wars and
depression
...
–
But history has shown that political factors, such as wars, can change trade
patterns much more than innovations in transportation and communication
...
Types of international trade
–
Trade in goods
•
–
Visible trade
Service trade
•
Business services – transportation and insurance
•
Individual services – tourism
•
Invisible trade
Changing Composition of Trade
•
Today, most of the volume of trade is in manufactured products such as automobiles,
computers, clothing and machinery
...
Mineral products (ex
...
In the past, a large fraction of the volume of trade came from agricultural and mineral
products
...
S
...
–
•
In 1910, Britain mainly imported agricultural and mineral products, although
manufactured products still represented most of the volume of exports
...
Low and middle-income countries have also changed the composition of their trade
...
–
In 1960, about 58% of exports from low and middle-income countries were
agricultural products and only 12% of exports were manufactured products
...
When a buyer and a seller engage in a voluntary transaction, both receive
something that they want and both can be made better off
...
How could a country that is the most (least) efficient producer of everything
gain from trade?
3
...
4
...
5
...
Integration of Economies
The increasing reliance of economies on each other
The opportunities to be able to buy and sell in any country in the world
The opportunities for labour and capital to locate anywhere in the world
The growth of global markets in finance
•
Made possible by:
o
o
o
o
o
o
Technology
Communication networks
Internet access
Growth of economic cooperation – trading blocs (EU, NAFTA, etc
...
Corporate Domination
•
Key Issues:
o
o
o
o
o
o
Damage to the environment?
Exploitation of labour?
Monopoly power
Economic degradation
Non-renewable resources
Damage to cultures
Title: Introduction to Globalization and the World Economy
Description: Introduction to Globalization and the World Economy
Description: Introduction to Globalization and the World Economy