ECON 310 Study Guide - Final Guide: Inside Out Music, Nationstates, Manorialism
Document Summary
Transformationalists: globalization s on going and transformative, uneven patterns of development, national economic space is not the national territorial borders, emphasis on local global connections; geography matters; the world is uneven. Antiquity (roman empire/silk road)(cid:224) middle ages (new empires, rise of islam and trade" age of discovery and rise of trade; mercantilism)(cid:224) fall of constantinople, rise of europe (trade as international integrator)(cid:224) colonial world economy (1800 1913) Key differences in our global economy: composition of trade (increase in share of production exported, share of exports in services, rise of mncs) and capital flows (increase in fdis, stocks over bonds, increase in st investment, market integration breadth and depth (one price rules; integrated financial market) Threats: loss of domestic control over own economy (race to the bottom); who regulates intra0firm trade; job opportunities vs. job losses. Circular flow of the economy: households(cid:224) resource markets(cid:224) businesses(cid:224) product market(cid:224) households.
