GEA+2011+Steger,+chap.+3+Economic+Dimensions+final

GEA+2011+Steger,+chap.+3+Economic+Dimensions+final -...

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Click to edit Master subtitle style  2/19/11 Steger,  Globalization , chap. 3 Economic Dimensions of Globalization
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 2/19/11 Economic Globalization Dramatic changes have occurred in economic  production and in exchange of commodities, due in  part to  new technologies . These technologies indicate profound social  transformations centered on the market. Gigantic flows of capital and technology have  stimulated trade in goods and services. Markets have extended their reach around the world  and created new linkages among national economies.
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 2/19/11 Building blocks of 21st c. global economic  Huge transnational corporations (TNCs) Powerful international economic institutions Large regional trading systems
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 2/19/11 Bretton Woods NH July 1-22, 1944 Based on idea of British economist John Maynard  Keynes (1883-1946) that a healthy economy requires  regulation Established basis for late 20th c. world economic  order. Representatives of 44 nations participated. Reversed trade barriers of interwar years (1918-39). Committed global North to expand international  trade. Established  binding rules  on international economic 
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 2/19/11 Bretton Woods NH July 1-22, 1944 Pegged national currencies to fixed gold value of US  dollar, creating a stable money exchange system. Within these limits, allowed nations to control their  own trade. Bretton Woods Agreement  passed by U.S. Congress  July, 1945. Established basis for new international economic  system and institutions.
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 2/19/11 New international economic institutions International Monetary Fund  (IMF) Administered the international monetary system International Bank for Reconstruction and  Development  (now,  World Bank ) Provided loans for Europe’s post-war reconstruction Funded industrial projects in developing countries worldwide General Agreement on Tariffs and Trade  (GATT);  changed in 1995 to  World Trade Organization  (WTO) Created and enforced multilateral trade agreements
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 2/19/11 Bretton Woods system In operation for approx. 30 years (1945-75). Established basis for  ‘golden age of controlled   capitalism’. Allowed national gov’ts to control flow of money  within their borders. Expanded welfare state through taxes on profitable  businesses and wealthy individuals. Workers in global North were able to join the ‘middle  class’ due to rising wages.
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 2/19/11 New Global Economic  Order Bretton Woods  system collapsed in early 1970s. Nixon abandoned fixed exchange rate based on gold 
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This note was uploaded on 02/18/2011 for the course ASIAN STUD 245 taught by Professor Schalow during the Spring '11 term at Rutgers.

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GEA+2011+Steger,+chap.+3+Economic+Dimensions+final -...

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