POL_S 103 Lecture Notes - Lecture 7: Washington Consensus, General Agreement On Tariffs And Trade, Comparative Advantage
Document Summary
(cid:1) (cid:1) (cid:1) years ago: trade, finance involved. Reorientation from local identities to more transitional ones. There is a belief that these are increasing in recent decades. 15th-mid 19th centuries lots of global economic interactions during colonial era, through technically not international. 1846 britain"s repeal of the corn laws widely viewed as beginning of globalization/ trade liberalization. Mid 1850s-1914 first golden age of globalization . 1919-1939 wwi created backlash against all international interactions, exacerbated by great depression. 1944 meeting at bretton woods created new global economic system fixed exchange rates, free trade, imf, world bank. 1945 present steady increase in all international economic interactions, accelerating in late 1970s. How does current globalization compare to the golden age of 100. Foreign direct investment, portfolio investment, foreign aid, remittances: migration. Belief that trade and foreign investment are beneficial for everyone: shipping becoming cheaper, faster, tech products becoming smaller, lighter, communication across distance becoming much easier (cid:1) (cid:1) (cid:1) (cid:1) (cid:1) (cid:1)
