Globalisation - Introduction to Introduction Globalisation...

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Dr Marcus Kim Dr Marcus Kim Introduction to Introduction to Globalisation Globalisation
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Recap. The European Union Started as an Economic entity to encourage European cooperation and prevent another world war. The EU started to take a more of a political, security and economic organisation with the end of the Cold War. European Parliament, European Commission and the Council of Ministers EU appears to be a rising political and economic force Establishment of the Euro Zone economy CFSP (presence in Africa and Kosovo) EU expansion
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In this lecture… In this lecture… Political economic context Political economic context The Debate on Globalisation The Debate on Globalisation Neoliberals Neoliberals Sceptics Sceptics Transformationalists Transformationalists
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The Context: The Cold War and Economic Liberalisation 1944 Bretton Woods International Monetary Fund World Bank – IBRD 1947 GATT
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1944 at Bretton Woods, New Hampshire, the United States and its allies established:- The International Bank of Reconstruction and Development (IBRD – a core element of today’s World Bank) to ensure international economic stability by providing long term loans and promote a liberal trading regime The International Monetary Fund (IMF) to provide short term credit to states suffering from a balance of payments deficit 1947: following a failed attempt at creating an International Trade Organization (ITO), the General Agreement of Tariffs and Trade (GATT) came into being.
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Gold Standard After Bretton Woods, thirty-two countries adopted fixed exchange rate parities in December 1946 with the dollar pegged at $35 to one ounce of gold. Their currencies’ values would be fixed in relation to the dollar and would only be allowed to deviate from the agreed exchange rate by one percent in either direction. This exchange rate system brought with it a high level of stability to the global trading order because it avoided the pitfalls of competitive devaluations of countries’ currencies in order to gain trading advantages over rivals.
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Immediate Post War Relations Japan: the Pauley Commission ‘recommended the reduction of Japanese shipbuilding, chemical and steel production, as well as the payment of reparations through the transfer of industrial plants to countries the Japanese had occupied during the war. Germany: the Joint Chiefs of Staff Directive 1067 commanded that the caretaker government take ‘no steps (a) looking toward the economic rehabilitation of Germany or (b) designed to maintain or strengthen the German economy Initially, therefore, rather than promote economic regional ties between the defeated powers and their neighbours, the proposed economic policies were aimed at keeping the two countries in abeyance.
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Onset of Cold War Churchill’s Fulton ‘iron curtain’ speech of March
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Globalisation - Introduction to Introduction Globalisation...

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