discussion sheet 2

discussion sheet 2 - Sefali Patel February 10, 2010 Global...

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Sefali Patel February 10, 2010 Global East Asia (01:098:245) Discussion Sheet # 2 The economic dimension is just one of several various aspects that interact simultaneously to operate the process of globalization. Needless to say, the economic dimension is fundamental because it directly affects the other aspects, particularly the political dimension. Economic globalization involves the growth and expansion of international economic interactions. Such growth and expansion requires constant change as illustrated by Manfred B. Steger and Taggart Murphy. In “ Globalization: A Very Short Introduction ,” Steger describes a shift in economic globalization that occurred in the early 1970s. It began with the establishment of Bretton Woods, a system based on Keynesian economics advocating government intervention for a healthy economy. The collapse of the Bretton Woods system, in conjunction with President Nixon’s abandonment of the fixed exchange rate based on gold standard, resulted in global economic instability. Soon after, however, President Reagan led a new post-Bretton Woods system based on Free Trade and neoliberal ideals of limited regulation and open markets. These various shifts
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This note was uploaded on 04/17/2011 for the course ASIAN STUD 245 taught by Professor Schalow during the Spring '11 term at Rutgers.

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discussion sheet 2 - Sefali Patel February 10, 2010 Global...

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