INTL 3200 Study Guide - Final Guide: International Covenant On Civil And Political Rights, Washington Consensus, Floating Exchange Rate

• School: University of Georgia
• Department: International Affairs
• Course: INTL 3200
• Professor: Hongyu Zhang

Document Summary

Periods of globalization - globalization 1. 0 (1492 ce to1800 ce) Mercantilism and colonialism; material power (ships and firepower) is most important. Globalization 1. 0: early periods of globalization from 1492 to 1800 driven by mercantilism and colonialism: mercantilism. Mercantilism an economic system from 16th through 18th centuries in which states pursued wealth by promoting exports and limiting imports, creating a zero sum struggle for material advantage. Portugal, spain, the netherlands, france, and britain. Emphasize exportation over importation want more exportation trade surplus: emphasis of trade in a mercantilist system and laissez-faire system. Mercantilism emphasized self-sufficiency (few imports) and export surpluses to accumulate gold. Laissez-faire trade emphasized production based on efficiency: spillover. Spillover: the idea that interdependence in one sector, such as trade, creates pressures to extend interdependence to other sectors, such as finance: economic nationalism. The economic policy approach emphasizing protectionism and domestic subsidies.