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Lecture

A Brief History of the Global Economy
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by Anu J
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Department
Social Science
Course
SOSC 1340
Professor
Kean Birch
Semester
Fall

Description
Anushree Joshi DAY 2 LECTURE – September 14 th Brief History of the Global Economy - Fairly Euro-centric facts and details - From the 16 century to about 1914 = first stage of globalization o Expansion of European countries (colonization) o Growing international trade  Development of the colonial system of trade  Home country  Competing countries  Exploited country o Trading companies often had monopolies on different parts of the world  Hudson Bay Company  East India Company  British  Dutch  Swedish  Danish th o Free trade liberalism (19 century)  Britain became the dominant global power in training  Established free-trade agreements and the concept - Inter-war period o Collapse of Britain and Germany, no one taking their place o 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  Countries raised tarrifs to save businesses  Massive instability all around  International systems broke down  World trade down o Various post-WW1 difficulties - Post-WW2 = the Golden Age of capitalism o Rising living standards, higher growth rates (5%+), rising trade, full employment, etc. o Emergence of embedded liberalism  Embedding the idea of international trade in the domestic trade system o US is a super power, as is the USSR (Cold War ensues due to this)  Dominant capitalist power (took over UK’s spot) o Western Europe, Canada, Australia (capitalist economies) focus on domestic economy  Focus on providing full employment  Stimulating the economy when there are downturns  Stopping an economy from blowing up  Fordism (Henry Ford of motor company) = mass production, sell cars cheaper  Welfare states / safety nets / EI for people who didn’t have or lost their jobs o New international financial system Professor: Kean Birch Business and Society (SOSC 1340) Tutor: Julian Germann Anushree Joshi DAY 2 LECTURE – September 14 th  Control the money flow that initially caused world disruption  Fixed exchange rate (called the Bretton Woods system)  International monetary fund (IMF)  World bank  General agreement on tariffs and trade, which turned into the World Trade Organization  Rise of multinational corporations - Neoliberal Globalization o Policies based on neoliberal thinking  Policies become prescriptions for developing countries facing their own international monetary issues o Crises in capitalism  Rising inflation  Stagnating economy  Policy-making not supporting the economy o Washington consensus  When developing countries adjust their economies so they can produce income and put that money towards paying off their international debt  Programs through the IMF: structural adjustment programs  Lowering tariffs  Privatizing government services  Free-regulating their industries and business  Encouraging foreign businesses o Expansion of multinational and transnational corporations  Global integration (the second age of globalization)  Different kinds of economic activities are spread throughout countries o Supply chain  Raw materials  Component manufacturers  Component vendors  (SEE VIDEO) o Blood in the Mobile video RE: how metal used in cell phones is collected under gross circumstances o China Blue RE: how jeans are produced Evidence of Globaliza
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