Lecture 06 - webnotes - Introduction World War II:...

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Lecture 6: The reintegration of the world economy, 1945 to the present Introduction World War II: chronology and effects Differing responses: the West and the Rest The world economy from 1975
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Introduction World economy flat-lined from 1914 to 1950. But “re-globalization” from there: • Global trade tops $20 trillion in 2004; trade/GDP from 11% in 1950 to 55% in 2004. • Foreign assets/GDP from 3% in 1950 to 70% in 2004. (6.4% in 1980 versus 56.8% in 1995) • Immigration pushing towards levels of the early 1900s; foreign-born = 20%.
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Introduction For this week: what were the main developments in the world economy and what caused this transition? Need to emphasize: not a “done deal” Prospects of the global economy dim in 1950 and not all that much better circa 1975.
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World War II Chronology of World War II is a little bit more murky than that for World War I. Did it start in 1939 with the German invasion of Poland? Or 1938 Austrian annexation? In 1937 with the Marco Polo Bridge incident?
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World War II By December 1941, however, the alignment of powers becomes clear… Orange=Axis powers Green=Allies (dark, pre-41; light, post-41)
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World War II End result pretty clear as well… 0 5000000 10000000 15000000 20000000 25000000 30000000 USSR (13% ) China (2%) Germany (10%) Poland (23%) Japan (2%) Yugoslavia (10%) Romania (6%) France (2%) Austria (8%) Hungary (5%) Greece (6% ) Italy (1%) UK (1%) USA (0.2%) Netherlands (3%) Czech. (2%) Philippines (1%) Belgium (1%) Finland (2%) Canada (0.3% ) India (0.01%) Australia (0.4%) Spain (0.1%) Bulgaria (0.3% ) New Zealand (1%) Norway (0.3%) South Africa (0.1% ) UK Colonies (?) Denmark (0.1%) Brazil (0.002% ) Military Civilian
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World War II And we have patterns in the trade data that mirror World War I; an initial decline… Exports for 18 countries (millions of 1990 USD), 1930-1950 0 25000 50000 75000 100000 125000 150000 175000 200000 225000 250000 1930 1935 1940 1945 1950
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World War II but also a change in the direction of trade. Versus 28 b. in 1916 and 36 b. in 2000. Exports from NA to Germany and the UK (millions of 1990 USD), 1930-1950 0 2500 5000 7500 10000 12500 15000 17500 20000 22500 25000 27500 30000 32500 35000 37500 40000 42500 45000 47500 50000 1930 1935 1940 1945 1950
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World War II Like WWI, there were big political effects: 1.) the extension of Soviet control/influence in Eastern Europe 2.) the extension of US control/influence in Western Europe and Japan
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But what sets the aftermath of WWII apart from WWI is the reaction of the US. Why should this matter?
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This note was uploaded on 09/13/2009 for the course ECONOMICS Econ 382 taught by Professor Davidjack during the Spring '09 term at Simon Fraser.

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Lecture 06 - webnotes - Introduction World War II:...

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