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Section 5: Global Trade Institutions and Agreements

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GEOG 216
Geraldine Akman

Global Trade Institutions and Agreements 12/5/12 1:01 AM Reading 15, Krugman Martin’s Arguments End of Geography? • Finance à easy to move Glocalization: even things we think of as global, happen in particular places • The financial crisis was caused by particular places and had consequences in particular places Three Types of Cities: • Supply constrained, high growth • Slow growth, no supply constraint • Recent boomers Jobs Lost • Financial • Manufacturing • Construction • Public Sector Argument about uneven development Conclusion How could so many smart people have been so stupid? • Complexity: almost intentional, assets are so hard to regulate and understand • Self-delusion: everybody is getting rich doing it à people start believing the bubble • Self-fulfilling prophesies: there are people who do understand, and they know it will burst; they don’t say anything because when they do the bubble will burst Stretching of social relations: general tendency under capitalism • General way of thinking about globalization • The economy is complex • Wh
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