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Lecture 22

GEOG 1050 Lecture 22: GEOG1050 – 03-22-17

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GEOG 1050
Yolande Pottie- Sherman

GEOG1050 032217 Globalization Through Three Registers Globalization Through Three Registers o We can get a better understanding of globalization by thinking of its I) economic, II) political, and III) cultural dimensions Register I: Economic Globalization o What is economic globalization? Characterized by increased integration and interdependence of production, trade, and investment across borders; facilitated by global financial institutions and corporations o So, when did all of this start? People, goods, and ideas have been flowing for a long time Smith: by creating international institutions to structure the global economy; have made it more liquid and lighter o How did Bretton Woods facilitate trade? Set up a global system of currency exchange: International Monetary Fund, Washington, D.C. Encouraged global investment through International Bank for ReconstructionandDevelopment;nowtheWorldBank,Washington,D.C. Reduced trade barriers via General Agreement on Tariffs and Trade, now the World Trade Organization, Geneva, Switzerland o What else is different now? Big changes to who produces what; how, and where things are produced Who o Rise of Multinational Corporations (MNCs) operate in multiple counties at a time What o More specialized products targeted to specific markets; services How o Shift to more flexible production o More subcontracting, i.e. Boeing 787 Dreamliner Airplanes
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