Week two

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University of Toronto Scarborough
Political Science
Waldemar Skrobacki

Week 2: What is Globalization? (2) Dimensions of Globalization Economic Dimension (is it just economic?): The Beginnings: N Bretton Woods System 1944: It was founded at the Bretton Woods Conference in 1944. Bretton Woods was attended by 44 countries; they drafted the Articles of Agreement, signed by 29 countries. N The purpose of the conference: o General: To avoid another world war; to prevent another Great Depression (severe economic downturn and a terrible social crisis, 1929-1939); to influence the business cycle Jrecession-boom-recession-;7]L}Z}Z7periodic fluctuation in the rate of economic activity (measured by the levels of production and employment); AND to keep the world stable, Bretton Woods created an international monetary system. It purpose was (still is?): o Particular: to secure international monetary cooperation, to stabilize currency exchange rates, and to expand access to hard currencies (international liquidity) o Methods: stability of currency exchange rates without backing currencies entirely with gold, reduction in the frequency and severity of balance-of-payments deficits (when more foreign currency leaves a country than enters it), elimination of mercantilist trade policies, such as competitive devaluations and foreign exchange restrictionsLall while substantially preserving each countrys ability to pursue independent economic policies o Context: the whole world with binding of international economic activities against Protectionism N Duties N Tariffs o Economic, political and technical Mercantilism MERCANTILISM was economic theory and practice in Europe (16th -18th cent.) aiming at enhancing the power of the state by implementing economic regulation of a }L[Z }L}KZLZ}rival countries. Mercantilism was sort of like an economic version of political absolute power. HENCE, gold and other precious metals could not leave a country; subsequently it was deemed necessary for a country to have K]LZ}}]L2}o:,- 7 }o}L]Z}^K]L2_KlZ}Z 1 www.notesolution.com
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