SOSC 1340 Lecture Notes - Offshoring, E-Book, Foreign Direct Investment

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31 Jan 2013
Anushree Joshi DAY 2 LECTURE September 14th
Professor: Kean Birch Business and Society (SOSC 1340) Tutor: Julian Germann
Brief History of the Global Economy
- Fairly Euro-centric facts and details
- From the 16th 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
o Free trade liberalism (19th 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
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