GEOG 1HB3 Lecture 6: Lecture 23-25- Globalization and Conclusion
Document Summary
Key transformations of the global economic system: communication & transportation, elimination of trade barriers, transnational corporations. The emergency of a globalized economy is best illustrated via the rapid growth in world trade. This growth has been facilitated by the ability to shift production to other areas of the world. Made in china is now ubiquitous: seemingly everything is made there. While not exactly accurate, it is generally true, but the shift has come comparatively recently (& quickly) (us & china are now producing at very similar value, following chart shows value not volume) Manufacturing goods is one part of the story, but being able to deliver them to market is another. Shipping (via containers) has been a key driving force for this increase in world trade: cost, speed, capacity, efficiency, etc. Global shipping: role of key places/nodes in the network are the largest shipping ports in the world.