SCPL3606 Lecture Notes - Lecture 5: Autarky, Nationstates, International Trade

• School: University of Sydney
• Department: Social Policy
• Course: SCPL3606
• Professor: all

Document Summary

Relevance of bretton woods institutions such as the imf and wb. Economic structures- which are composed of processes and processes can be structured. Global progress was supurred by developments in transportation as the railroad, global communications, large scale immigration, global economic specialistion. Specialisation is based on the law of comparative advantage-nations should concentrate on what they do best. Uneven development but even certain industries and social classes lose out. The world wars and gd impacted the economy. The movement of many countries in the direction of autarky or the turn inward of a nation is opposite to globalisation. Autarky refers to the turn inward of the nation state to bc as economically self-sufficient as possible. The us in the 1930s had a strong tendency towards isolationism. There was a fear to a return of the gd, the focus of planners was on reducing trade barriers.