week 6 shiet - INTB 3351 Lecture Outline The Reconstruction...

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INTB 3351 Lecture Outline The Reconstruction of the Global Economy 1. The 1930s Reversal of Globalization - standoff between isolationism and internationalism in U.S.A. 2. The Second World War - oil resources shaped the origin, conduct, and outcome of the war - development of technologies vital to late-20 th century globalization - Henry Luce declaration of “American Century” 3. New World Financial Order - Bretton Woods System (BWS) Four pillars: 1) Gold-dollar system; 2) IMF; 3) World Bank; 4) GATT - Keynesian compromise between economic nationalism and internationalism - liberalization of trade, but not finance - nationally based economic growth - regional economic integration - key trade links established between raw material producers and consumers - late 1940s, BWS poorly equipped to rebuild world economy, but long term importance as shaper of international trends in production and trade 4. The Cold War - post-WWII crisis - traditional narrative – Cold War instigated by global threat of communism - economic interpretation - secondary cause of crisis - Soviet expansion - primary cause of crisis - “Dollar Gap” (struggling European and Japanese recovery) and U.S. isolationism - attempted solutions to Dollar Gap - Truman Doctrine (1947) and Marshall Plan (1948) - exaggeration of Soviet threat - importance of Middle East oil - partial success and failure of these solutions - renewed crisis in the system in 1949 - Korean War - “military Keynesianism” - jump-started the reconstruction and reintegration of the global economy Terms Harry Dexter White Reverse Course Aramco Dean Acheson Robert Taft NSC-68 1
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INTB 3351 The Reconstruction of the Global Economy The 1930s Reversal of Globalization - Standoff between isolationism and internationalism in the United States - Differing views of the cause of the Depression: - Isolationists – American economy dragged down by disintegration of global economy - Internationalists – American economy of the 1920s insufficiently internationalized
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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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week 6 shiet - INTB 3351 Lecture Outline The Reconstruction...

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