V1. A brief introduction to the long history of economic globalization
6 important questions on V1. A brief introduction to the long history of economic globalization
Overall the levels of trade in a global perspective did remain limited. When did this change?
What was different in the period of Modern globalization (1820)
What are the three phases of Modern globalization?
- First period: 1820s-WW1 (British Empire)
- British established dominant empire (Common Wealth) > possible because of the industrial revolution
- Second period: post-WW2 (1950s-1990s) > triadization of world economy, lead by United States
- Building international institutions to protect and promote international trade
- Globalization is not very global: increases in trade were concentrated among three economic areas > US, Europe and Japan (triadization)
- Global North phenomenon > trade among US, Europe and Japan
- Third period: 2000s > "rise of the rest"
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Why is the third period different from the second period?
- Acceleration of technological change (internet)
- Made it easier to communicate across border
- Multinationals: from national to global champions (global value chains)
- National champion multinationals change to global champion multinationals
- Difference: GCM production is build on global value chains rather than national value chains
- Components of products are produced all around the world in different places
- Rise emerging markets
- Trading patterns are not north-north > trade between north-south and among south
> developments in china and other emerging markets - Increasing importance of trade in services
What are the different trading patterns? Rank them in where the most increase in trading patterns have been between 2001-2010
- Developing to developing (south to south)
- Developing to developed (south to north)
- Developed to developing (north to south)
- Developed to developed (north to north)
Conclusion: What has driven increases in trade flows?
- Technology
- Lower transport costs
- Easier cross-border communication (telegraph > internet > ...)
- Politics
- Removal tariff barriers
- Signing of trade agreements
- Creation of international institutions that protect and promote trade
- GATT/WTO
- EU common market
- NAFTA
- Foreign investors
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