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Lecture 12

POLB50 Lecture 12.pdf

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University of Toronto Scarborough
Political Science
Christopher Cochrane

POLB50 Lecture 12 November-29-12 2:44 PM Cue Column: Note-Taking Area: The International System • Canada and the World • What is Globalization ○ Web of relationships connecting everything ○ Smaller world ○ Travel, business, education ○ All by technological change ○ Implications:  Breaks down distinction between international relations and domestic politics □ Environment □ Employment  Can internationalize domestic issues and events □ Occupy Madrid --> from Occupy Wall Street □ Arab Spring --> social media played role in democratization □ Housing bubble bursts in USA --> global recession □ **world lives in the same moment** • Economic Globalization ○ USA Canada relationship - mostly economic ○ Does the liberalization of trade create more wealth or exacerbate inequality? ○ Components:  Foreign Direct Investment (FDI) □ Abroad investments □ Top industries - manufacturing (32%); mining, oil and gas (19%) □ US share of total direct investment - 53.7% □ We need foreign investments □ Concern of having too much:  Branch plants may not develop as much  Trade □ 35% of Canada's GDP □ Tools to regulate trade □ Free trade -  Canada/US (1989);  NAFTA (1994) ◊ Cdn companies have access to US markets -good thing ◊ Job loss ◊ Canada can't compete with US ◊ Bringing Mexico - lower wages and environmental standard ◊ Chapter 11 of NAFTA  Foreign companies can sue gov't if gov't make regulations infringing profits □ Fair trade  Idea that free trade may not benefit everyone equally ◊ Ex. Exploitation □ Canada has natural resources; USA has manufacturing □ 3 ways ◊ Ex. Exploitation □ Canada has natural resources; USA has manufacturing □ 3 ways  Tariffs  Quotas: limit set of goods importing/exporting  Non-tariff regulation • Political Globalization ○ Does it infringe on state sovereignty?  Within own borders (internal)  Loss of sovereignty can be intentional □ Ex. EU - gave up currency to have common currency
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