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    Globalization of World Economics PDF

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    Nesley Vie Lamo
    This document discusses the history and phases of economic globalization and its impact on the Global South. It outlines three phases: 1) 1800-1914, marked by new technologies, industrialization, and loosening trade policies; 2) 1930-1980, where developing countries pursued import substitution and restricted trade; 3) 1980-present, defined by neoliberal policies like trade liberalization, capital mobility, and changing migration patterns. The document also examines concepts like mercantilism, import substitution industrialization, and transnational corporations that have shaped globalization and its effects in the Global South.

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    Globalization of World Economics PDF

    Uploaded by

    Nesley Vie Lamo
    205 views13 pages
    This document discusses the history and phases of economic globalization and its impact on the Global South. It outlines three phases: 1) 1800-1914, marked by new technologies, industrialization, and loosening trade policies; 2) 1930-1980, where developing countries pursued import substitution and restricted trade; 3) 1980-present, defined by neoliberal policies like trade liberalization, capital mobility, and changing migration patterns. The document also examines concepts like mercantilism, import substitution industrialization, and transnational corporations that have shaped globalization and its effects in the Global South.

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    GLOBALIZATION OF WORLD ECONOMICS.pdf

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    This document discusses the history and phases of economic globalization and its impact on the Global South. It outlines three phases: 1) 1800-1914, marked by new technologies, industrialization, and loosening trade policies; 2) 1930-1980, where developing countries pursued import substitution and restricted trade; 3) 1980-present, defined by neoliberal policies like trade liberalization, capital mobility, and changing migration patterns. The document also examines concepts like mercantilism, import substitution industrialization, and transnational corporations that have shaped globalization and its effects in the Global South.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    205 views13 pages

    Globalization of World Economics PDF

    Uploaded by

    Nesley Vie Lamo
    This document discusses the history and phases of economic globalization and its impact on the Global South. It outlines three phases: 1) 1800-1914, marked by new technologies, industrialization, and loosening trade policies; 2) 1930-1980, where developing countries pursued import substitution and restricted trade; 3) 1980-present, defined by neoliberal policies like trade liberalization, capital mobility, and changing migration patterns. The document also examines concepts like mercantilism, import substitution industrialization, and transnational corporations that have shaped globalization and its effects in the Global South.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 13

    GLOBALIZATION OF WORLD ECONOMICS

    The Contemporary World


    Camille Ocampo
    Department of Sociology and Anthropology

    !1
    DEFINITION OF ECONOMIC GLOBALIZATION
    • Historical process representing the result of
    human innovation and technological progress
    • Increasing integration of economies
    • Movement of goods, services, and capital across
    borders

    !2
    THE CONCEPT OF THE GLOBAL SOUTH
    • “First, it has traditionally been used within intergovernmental development
    organizations –– primarily those that originated in the Non-Aligned Movement ––
    to refer to economically disadvantaged nation-states and as a post-cold war
    alternative to “Third World.”
    • In this second definition, the Global South captures a deterritorialized geography
    of capitalism’s externalities and means to account for subjugated peoples within
    the borders of wealthier countries, such that there are economic Souths in the
    geographic North and Norths in the geographic South.
    • a third meaning is attributed to the Global South in which it refers to the resistant
    imaginary of a transnational political subject that results from a shared
    experience of subjugation under contemporary global capitalism.”
    - Anne Garland Mahler, Global South Studies

    !3
    THREE PHASES OF GLOBALIZATION THAT HAVE
    RELEVANCE FOR THE GLOBAL SOUTH
    • FIRST PHASE: 1800-1914 (the first global
    century);
    • SECOND PHASE: 1930-1980 [the ISI (Import
    Substitution Industrialization) phase];
    • THIRD PHASE: from 1980 to the present
    (reintegration).

    !4
    THE SILK ROAD

    !5
    THE GALLEON TRADE ROUTE

    !6
    MERCANTILISM
    • An economic theory and practice common in Europe from the 16th
    to the 18th century that promoted governmental regulation of a
    nation’s economy for the purpose of augmenting state power at the
    expense of rival national powers. – Encyclopedia Britannica
    • Monarchy regimes
    • High tariffs
    • Forbade colonies to trade with other nations
    • Restricted trade routes
    • Subsidized exports

    !7
    THE FIRST PHASE
    • Five factors:
    • 1. new technologies improved transportation and communication.
    • 2. Western industrialization created an increased demand for raw
    materials, as well as for luxury items to satisfy the tastes of the
    increasingly wealthy elite.
    • 3. Many countries loosened or did away with protectionist policies,
    especially high tariffs.
    • 4. Many countries adopted the gold standard for currency, allowing for
    more stable exchange rates;
    • 5. Attitudes of the governing elite were challenged by thinkers like Adam
    Smith who argued against the prevailing mercantilist ideology and by
    David Ricardo who introduced the idea of comparative advantage.

    !8
    THE SECOND PHASE
    • LDCs (Least Developed Countries) turned inward
    • Autarky - an economic system of self-sufficiency and limited trade. A
    country is said to be in a complete state of autarky if it has a closed
    economy, which means that it does not engage in international trade with
    any other country. – Encyclopedia Britannica
    • states used high barriers to imports
    • local currencies were sometimes overvalued
    • allowed foreign direct investment
    • Some countries pursued a different strategy, called export promotion.

    !9
    THE BRETTON WOODS SYSTEM
    • global Keynesianism

    !10
    THE THIRD PHASE
    • LDCs changed their economic policies in the 1980 and 1990s.
    • Countries liberalized their trade policies by reducing tariffs unilaterally.
    • Further liberalization occurred through the conditionality of International
    Monetary Fund and World bank structural adjustment loans.
    • Restrictions on the movement of capital were also reduced or eliminated
    • Foreign direct investment and foreign portfolio investment
    • Change in migration flows.

    !11
    NEOLIBERALISM
    • Friedman and Hayek
    • stagflation
    • decline in economic
    growth and employment
    • sharp increase in prices
    • The Washington
    Consensus
    • national economies as
    households

    !12
    • protectionism subsist + subsidized export
    • TNCs ( transnational corporation)
    Economic Globalization Today • policy of adherence instead of drafting the policy
    • weaker environmental laws

    !13

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