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Capitalism - consumes o Breaks down after WWII •...

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Capitalism, imperialism, technology, international institutions Captialism: o MNC – multi-national companies, pursue profit for themselves, their shareholders, their employees but are not loyal to some nation state o Free trade and more free trade and less government regulation of trade Imperialism: o Western powers have dominated global trading system and have created imperial like relationships to service their own economic interests Technology o Container ships o Expansion in Air travel growth o Electronic communication International institutions o World bank o World trade organization o Set rules to provide order and stability to world trading community o Policies of individual nations states have broken trade barriers and stabilized international order Key phases 1500-1800: development of a global commercial system o Very basic trade of necessities – sugar, humans 1800-1945: industrialization, imperialism, capitalism, trade o Industrialization stimulates international trade b/c more good are being produced than the domestic economy can
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Unformatted text preview: consumes o Breaks down after WWII • 1945-1975: The american system and regulated global capitalism “bretton words” o Key policy makers held a conference on how to create basic rules and regulation for post war global trading system in bretton woods o Bretton woods system – at the heart is the US dollar, all other currencies would be pegged to the dollar, which was backed by gold o International monetary fund and world bank came out of this conference o Designed to create a regulated global trading system that creates steady economic growth o Works pretty well so long as the US is the dominant power o Nixon takes US off gold standard and float the US dollar on foreign currencies so the dollar declines o As a result of the decline of the bretton woods more accessible capital that could flow more easily throughout the world is available than ever before o At the same time we see a rise in other foreign markets...
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