Globalization in Trade Notes

Globalization in Trade Notes - Globalization Chapter1...

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The International Economy & Globalization Chapter 1 Globalizaton: the process of greater interdependence among countries and their citizens  in regards to increased interaction of goods and services, of people, and of investments  in equipment, factories, stocks and bonds Forces of globalization: Technological – Industrial revolution Continuing liberalization of trade and investment from multilateral trade negotiations Lower trade barriers and financial liberalization Major waves of globalization: 1870-1914: Sparked by decreases in tariff barriers and new technologies that led to  declining transportation costs (railways) – Largely driven by European and American  businesses and individuals  WWI and Great Depression led to the end of the first wave 1945-80: Isolationism revealed many problems globally- led to an renewed desire for 
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