GEOG 2000 Lecture Notes - Fall 2018 Lecture 2 - Comparative advantage, Longhorn beetle, Export subsidy
Document Summary
Globalization- integration of all national economies into one global market with one set of rules: supporting institutions= imf, world bank, world trade organization (global. Impact of globalization on: ecological sustainability, distribution of wealth/income, economic output, economic stability, democracy, allocation of scarce resources towards an improved quality of life. Great majority of international transactions take place between private individuals and private enterprises based in different countries. Governments sometimes sell things to each other or to individuals or corporations in other countries, but these comprise only a small percentage of world trade. Individuals and firms can produce more goods and services than can be consumed at home. (search for foreign opportunities to sell the excess production) Individuals and firms have been able to sell goods or services to other countries at prices higher than the prices they can obtain domestically. Openness: trade in goods/services, finance & labor, nations closely linked through trade in goods/services/flows of money/investments (but.
