INTB 3351 Week 11 - Reading Study Guide (Freiden, 339-412)

INTB 3351 Week 11 - Reading Study Guide (Freiden, 339-412) ...

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Reading Study Guide INTB 3351 History of Globalization Reading Study Guide The Emergence of the Second Global Economy Readings: Jeffrey Frieden, Global Capitalism , 321-385 1. How did the Soviet-style socialism change after the death of Joseph Stalin? How effective was this change in improving the Soviet and Eastern European economies? (pp. 323-329) How did the evolution of Chinese communism differ from the Soviet model? (pp. 329-334) The socialist world’s orderly forward march broke apart, and national paths separated. Most of Central and Eastern Europe and the Soviet Union softened the Stalinist model, providing more benefits to consumers, less favor to heavy industry, and more market-like incentives to managers and workers. The conditions of the 1960s reflected informal political and economic compromises. Socialist governments were supported by the party members and industrial managers who ran these societies. Higher wages and favored access to services privileged the urban working class. Farmers, professionals, and others were allowed to make decent livings so long as they accepted the leading role of the Communist Party and, in Eastern Europe, the alliance with the USSR. The primacy of the one-party state was the price of improved living standards and reduced interference in private life. The Chinese expanded the Stalinist principles in search of rapid industrialization and agrarian transformation. They created enormous farm communes to accelerate progress from capitalism to communism, politicized all aspects of economic policy, and curtailed ties with the rest of the world. 2. When and how did the Bretton Woods system end? (pp. 339-342)? What were the trends that undermined the system? (pp. 342-346) What were the forces challenging international trade and investment in the 1960s and 1970s? (pp. 346-351) The Bretton Woods system ended on August 15, 1971 when Nixon took the dollar off gold. This was due largely to the British asking for the US to cover all their dollar reserves totaling $3 billion. Under the Bretton Woods monetary order, other governments could redeem dollars for gold. Since they expected that the dollar would be devalued-its gold value would be reduced – it made financial sense to unload as many dollars as possible. Also, prices in the US were rising
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This note was uploaded on 08/10/2010 for the course INTB AND T 3352 taught by Professor Newmanandpriest during the Spring '09 term at University of Houston.

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INTB 3351 Week 11 - Reading Study Guide (Freiden, 339-412) ...

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