{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Notes - • The Global Trading System ○ Late 19th century...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
11/5/07 The Global Trading System Late 19 th century – first era of globalization No formal institutions but high levels of openness; UK leadership Contrast with 1920s and 30s era (i.e. Smoot-Hawley tariff in US) Barriers to investment lead to global economic collapse Slow recovery of trade in 60s-70s 1970s – beginning of dramatic increases in trade; rise of Japan; multi-national corporations (MNCs); falling transportation costs 1980s-90s: further increases in trade openness in both developed and developing nations Hegemonic decline, but continued progress in openness (Oatley Ch2) Rise of regional and bilateral trade agreements (EU, NAFTA) The nature of Contemporary Trade Comparative advantage assumes that national endowments are fixed – but countries often attempt to create comparative advantage Trade also allows firms to take advantage of economies of scale Thus, much contemporary trade is between nations with similar
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern