The Future of Globalization.docx

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Department
Economics
Course
Economics 1400
Professor
Lawrence Summers
Semester
Spring

Description
The Future of Globalization: Issues, Actors and Decisions ECON 1400 Lecture II 30.01.14 External barriers have to be overcome in order to enable countires to open their economies (profit from work force allocation, ) Reflection: One world- one government – one president of the world • Policies, laws, norms that reflect local preferences, traditions … TRILEMMA Global governance AGENDA: • The rise and decline of empires • Europe and its offshoot in the Industrial Revolution • The disastrous global fragmentation in the 1930s. • Lesson from History Historical Tour: Global engagement during historical periods What was their technology? What were they good at? • The Roman Empire: innovation in sea transportation led to growth, then fragmentation o Finance and trade increased ▯ finance: overcome difficulties that were linked to fragemntation o Trade was limited because of lack of overarching governance • The Mongol’s: vast empire, mastery of horses for transport connected trade routes from Dina to Europe o (riding horses, fighting with horses ▯ render fixed cities irrelevant, they where mobile and therefore harder to be attaced) o Interesting: Systems of transportation were built; invented paper money, invented route stops o Bad effects: Black death was brought through trading groups o Voyages of discovery / Colonialisation(innovations of finance: Columbus was sponsored by queen Isabella) o First Multi-National Companies: finance colonial expansion o Privatized foreign policy o Profit vs. people: o Problem line: traders th th • Mercantilism (15 -19 century): Gold + Protectionism = Power o Protectionist policies o Accumulate as much gold as possible: pay soldiers (battles), gold as a means for power o Export as much as you can, import less o Attempt of mercantilist. Countries’: e.g. England: high tariffs on imported goods, exporting to colonies ▯ accumulating gold o Problem of trade: triangle of slave trade and disease o Benefiters: Merchants and Governments o ADAM SMITH: Too much gold is not good, inflation as more gold is in the economy, real wealth comes from productivity • Globalization 2.0: A real Revolution ▯ Industrialization and Free trade o Industrialists are looking for markets around the world, higher real wages for workers by lowering tariffs on corn (decrease food prices▯ higher real wages, more satisfied/productive workers) o Financial center of global economy (Great Britain) o Technological development: information moved faster (telegraph), shipping became less expensive o Trade as a shared of gdp rises o Increasingly integrated world economy o Savings are shifted from GB to the rest of the world o Individual mobility (70% of Argentina’s civilization was represented by migrants) o Lower transaction costs: no huge difference between national product prizes where possible any longer because imported substitutes are cheaply available o High protective tariffs in order to protect process of globalization; focusing only on tariffs misses a lot of what international trade can do for a country( lower gap between national prices and other countries’ prices) o From 1750-1913 many developing countries deindustrialized as the developed world increased its output dramatically • Third Period: The world Unravels after 1914 o Germans abandon reparation costs and o Hyperinflation in the 1920s o Banking crisis: 1929-1930 ▯ great depression o Shortage of funds: falling external trade, higher import tariffs o Downward adjustment: allow wages to adjust (high unemployment rates), or devalue currency in order to be more competitive o Legacies of the great depression: o WW II draws to a close ▯ world leaders attempt to “win the peace” (world bank, international trade organization) REPETITION: • History of globalization is story of persuasion of power (not power of persuasion) ▯ security, oversight (governance), and poli • Technological advances by themselves are not sufficient • Innovation and finance have been very important to deal with the need for capital.. 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[Status]="3 - Gelöst" [Lösung] Is Null Wenn der Status 'Gelöst' ist, aber keine Lösung angegeben ist, wird ein Fehler ausgelöst, um das Speichern der Daten zu verhindern. Sie müssen eine Lösung auswählen. [Status]="4 - Geschlossen" [Lösung] Is Null Wenn der Status 'Gelöst' ist, aber keine Lösung angegeben ist, wird ein Fehler ausgelöst, um das Speichern der Daten zu verhindern. Ein Problem muss gelöst werden, bevor es geschlossen werden kann. [Lösung] Is Not Null Wenn der Status nicht 'Geschlossen' und nicht 'Gelöst' ist, aber eine Lösung angegeben ist, wird die Lösung gelöscht. Lösung Null Achten Sie darauf, dass die Felder 'Status' und 'Lösung' synchron sind. [Status]="3 - Gelöst" [Lösung] Is Null Wenn der Status 'Gelöst' ist, aber keine Lösung angegeben ist, wird ein Fehler ausgelöst, um das Speichern der Daten zu verhindern. Sie müssen eine Lösung auswählen. [Status]="4 - Geschlossen"
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