POL346Y5 Lecture Notes - Lecture 10: Bretton Woods System, Glocalization, Industrial Revolution
11 Dec 2017
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Document Summary
Globalization is the process of integration and interrelation between economies and governments in which they work together and interdependently rather than independently. All of these that we are talking about in what constitutes globalization is tied to technology and economy. During the late 19th century from 1875 to the ww1, the amount of global trade was more than we are currently experiencing. Then war came and everything changed since trade steeply declines during wartime for security and due to instability. Globalization tied to the global economy is not a new phenomenon but there are differences in what we are experiencing right now in terms of technology and finance capital. When we talk about globalization as a governmental policy, we talk about late 20th century (1980s-1990s). As a government policy, there is perceiving developments that made this happen. The us was a major player in the post-war reconstruction and they created a fixed exchange rate system.
