CGS SS 102 Lecture Notes - Lecture 20: Free Market, Mass Production, Economic Inequality
6 Apr 2016
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Document Summary
Economies of different sovereign nations more integrated together. Internationalization of production (as opposed to distribution: had been trade for thousand of years, production of goods different. Global division of labor (different parts of world specialize in different things) Economic enterprises that don"t have national allegiances (multi national corporation) International finance (gov"ts financed from different nations: economic growth. Mass production based on capital investment: automated specialized factories. Creates economy of scale: require large amounts of capital investment. Improvements in transportation and communication: labor/raw material/ideas travel around world. Global production, marketing, and finance continued to gather momentum: economic inequality. Wealthiest fifth of 200 nations countries increased relative wealth compared to rest: restricted to 1/5 of countries in world. Within almost all nations, globalization more concentration of power in hands of few. Created greater disparities of wealth: population trends, urbanization in the developing world. Population growing problematic b/c in urbanized parts of developing world.
