ECON 1010 Lecture Notes - Lecture 6: Free Trade, Eurocentrism, Fixed Exchange-Rate System
9 Jan 2019
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Document Summary
From the 16th century to about 1914 = first stage of globalization: expansion of european countries (colonization, growing international trade. Development of the colonial system of trade. Exploited country: trading companies often had monopolies on different parts of the world. Danish: free trade liberalism (19th century) Britain became the dominant global power in training. Inter-war period: collapse of britain and germany, no one taking their place, the us is emerging as an economic power, on the back of the corporate revolution. Wall street crash in 1929 the great depression of the 1930s. International systems broke down: various post-ww1 difficulties. Post-ww2 = the golden age of capitalism: rising living standards, higher growth rates (5%+), rising trade, full employment, etc, emergence of embedded liberalism. Embedding the idea of international trade in the domestic trade system: us is a super power, as is the ussr (cold war ensues due to this) Dominant capitalist power (took over uk"s spot)
