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geo111 final exam notes-1.docx

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University of Toronto Mississauga

Economic GlobalizationTrade btw countries is not globalization Globalization is when production and distribution isnt constrained by national boundaries ie translational corporations THE GLOBAL ECONOMIC SYSTEM 192030S a lot of trade barriers btw countries Nowa lot more economic cooperationGlobalization started after WII when the world bank was created to help Europe and the Intl Monetary Fund IMF was created to help countries whose currencies were tied to gold or the US dollarFree trade started with the General Agreement on Tariffs GATT to decrease trade barriers Was replaced by the World trade Organization later on WTO There are a lot of REGIONAL organizations ie Asia Pacific Economic Cooperation APEC includes three largest economiesChina Japan and US China is adopting increasingly capitalistic economic policies Transnational Corporationscorporations that operate in two or more countriescan relocate production and other facilities with relative easecan benefit from geographic variations in knowledge capital labour resources national regulations and taxesable to take advantage of land and labour costs at other countriesOnly 21 countries have a GDP larger than Walmarttop transnationalTop 100 economies in the world in 2005 included 53 countries and 47 transnationals Transnationals undermine national economies cuz they can organize the movement of info capital and tech btw nationsand also cuz they site production and profit in countries with low wages and taxationDifferent transnationals carry out diff proportions of their production at home and abroad ie nestle 90 abroad Automobile companies 50 abroad 50 homeMost of the transnationals are based in the US Europe Esp UK and Germany and Japan Foreign Direct Investment Direct investment by a govt or a multinational corporation in another countryoften in the form of a manufacturing plant International Division of labour the tendency for high wage and high skill employment opportunities often in the service sector to be located in the more developed world whereas low wage and low skill employment opportunities often in the industrial sector are located in the less developed world Since 1945 trade has increased much more than productionshows increasing globalizationTechnological Changes
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