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Title: globalisation
Description: Exploration of key context for globalisation. Covers economic and political types of globalisation.
Description: Exploration of key context for globalisation. Covers economic and political types of globalisation.
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Wednesday, 14 June 2023
Globalisation application
Economic globalisationWhen discussing economic globalisation refer to the increasing interconnected nature
between countries
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There are several pieces of up to date
information regarding this- one very key thing to consider is the relations between big super
powers
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Talking about China,
understand the theory of ‘de-dollarisation’- which is occurring with the new trade deals
between China and Brazil- the largest economy within south America- and how they are now
using their own currency to trade, instead of the dollar, reducing hegemonic power
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Think about the growing power of India and its neighbour Bangladesh
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Implemented neo-liberal policies such as deregulation,
free trade, privatisation in order for countries to play better on the global stage, but this
opening up of markets caused havoc for developing countries
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Globalisation relies on trickle down economics
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Globalisation- innovation- technological advancements— laying off humans
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Post war economic re construction- 1944 BW- peg currencies against dollar- overseen by
IMF responsible for emergency funding, world bank for funding developmental projects
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Privatisation,
contractionary fiscal policy- economists argue that these policies made crisis worse such as
the EA crisis 1990
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180> countries contribute to central fund
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Criticism from
other economic powers- how is this fair??? This arrangement reflects the traditional
economic dominance of the United States and Europe
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Gatt- int trade- renew economic cooperation
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Nixon suspended the
gold-dollar link
Smith attacked the mercantilist ideas of protectionism- int trade increases the flow and
expands markets- comparative advantage
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Full globalisation- harmony of trade laws- global government- not feasible- not inevitable
globalisation
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Unequal terms of trade- developing countries miss out on this- Singer and Prebisch
David Dollar states that globalisation has reduced poverty, while Stiglitz criticises
globalisation promoted by IMF and Wb
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Not feasible
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Eurozone single currency -
Different regions specialise in different goods- they trade- trading in multiple currencies=
costly- costs can be eliminated if regions are in similar phases of growth and slump- no need
for ER tailored to local conditions- similar economies can benefit from a single currency- this
only comes from interconnectedness- how can globalisation be a bad thing|?
Prosperity comes at a cost
...
1992 UNFCC signed
Shallow vs deep green ecological theoryStern calculated that cost of cc could be
20% of gdp- compared to 1% if there was
immediate changes made- 2006
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Pigouvian taxes- discourage consumption and internalise the externality
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Argue that
countries not at fault for corrupt politicians- Easterly argues that this rewards corruption
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Trump’s presidency-withdraw multi lateral deal, renegotiating nafta, doubts regarding nato,America around 20% of global economy- 40% exports go to neighbours-global trade wars are
dear, they can afford to withdraw from globalisation without endangerment
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Globalisation has lifted people out of poverty, but created that gap also
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Maxim Blant writes that the government is expanding the categories of people who receive
state support while reporting a falling poverty line
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The nation state has been a significant way to bring people together- united by the concept of
sovereignty - but this can lead to rampant nationalism
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After centuries of bloodshed, western countries united by liberal democracy,
gender equality, freedom of religion- despite differences in accordances, doesn’t take away
from the fact that there are stills the realms of the values in existence
...
UN, EU, AU, ASEAN,
MERCOSUR, OPEC, NATO, WB, IMF- created to mediate conflict and garner that sense of
unity, despite the presence of nationalism/ identity politics- potential for history to arc back to
a united humanity- must consider values- we can not measure liberal values towards the
global East- challenge Kant’s liberal democracy etc Democratic Peace Theory
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5 major fights between countries:
Trade/economic wars
Tariffs/ import-export restrictions/economic damage
Technology wars
Conflicts regarding technology sharing/ invasive behaviour/ protected aspects of national
security
Geopolitical wars
Territory and alliance disputes solved via negotiations- take the ICJ
Capital wars
Sanctions/ limiting access to capital markets- forex
Military wars
Involve actual shooting and the deployment of military forces
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Trade war between US and China- classic tariffs and import restrictions imposed
...
S
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Once other sectors caught wind of these changes, a large outcry to increase tariffs in
all sectors of the economy followed
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Technology war is serious, however, since whomever wins the tech war will win the military
and subsequently, the rest of the wars
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US ahead in AI, but lagging in 5G
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Chinese geo political sovereignty undermined by issues regarding Taiwan/Uighurs/South
China Sea/Tibetans etc
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Pew survey said 73% of Americans held a negative view of China
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Look at
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China and Russia’s relationship is interesting to follow
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Title: globalisation
Description: Exploration of key context for globalisation. Covers economic and political types of globalisation.
Description: Exploration of key context for globalisation. Covers economic and political types of globalisation.