Extent of Globalization - Extent of globalization October...

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1 Extent of globalization October 15, 2007
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2 Topics covered in this set of lectures Major concerns and different perspectives of trade. Statistics showing evolution and current importance of trade in economies Reasons for increases in trade. Public opinion
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3 Major environmental and poverty concerns Last 50 years population increased by a factor of 2.5, global economy increased by a factor of 5, and trade increased by a factor of 14. 1.3 billion live on less than a dollar a day Last 50 years CO2 emissions increased by a factor of 4; 25% of fish stocks are depleted or under threat; increased water shortages.
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4 Differing perspectives on globalization and environment Trade perspective: emphasizes efficiency gains from trade; governments are too responsive to domestic producers and require a “commitment device” (e.g. international rules). Environmental perspective: emphasizes market failure; also sees government as vulnerable to capture by producer groups.
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5 Development perspective Priority is to reduce current poverty. Current trade rules unfair. Limited market access; subsidies in key sectors – ag and textiles; TRIPS. Rich countries will look for loopholes to avoid reforms, e.g. restrictions based on labor or environmental concerns (a “Trojan horse”). Unfair to require developing countries to sacrifice for global environmental problems. Tension between environmental NGOs in rich countries, and developing countries
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6 The extent of globalization During 1960s – 80s growth rates of world trade and world consumption began converging.
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This note was uploaded on 08/01/2008 for the course ECON 131 taught by Professor Karp during the Fall '07 term at University of California, Berkeley.

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Extent of Globalization - Extent of globalization October...

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