Known example of archaic globalization Silk Road connected Asia Africa Europe

Known example of archaic globalization silk road

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- Known example of archaic globalization: Silk Road- connected Asia, Africa, Europe - Origins of modernity and globalization birth of 16 th century long-distance trade - Economic nationalism of the 17 th and 18 th century did not favor international economic integration. If global economy did exist in this period, it was only in the sense of trade and exchange rather than production. - The real breakthrough came only in the 19 th century thru the help of transport revolution (steamships and railroads) - Golden Age of Globalization: 1870-1913 Convergence VS Divergence - World Bank (2002): globalization can indeed reduce poverty but it definitely does not benefit all the nations. - While in the developed part of the world, industrial revolution and intensified international relations reinforced growth and development, the rest of the world did not manage to capitalize on these processes. - Industrialization of the developed part of the world led to the de-industrialization of the undeveloped parts. - The structural deficiencies of the world economy are influenced by the structuralists. - Structuralism- share the idea that North and South are in a structural relationship one to another, that is both areas are part of a structure that determines the pattern of relationships that emerges. - Capitalism under globalization reinforces the structural patterns of unequal change. - Underdevelopment – not the initial stage of a historical and evolutionary unilinear development process, but a consequence of colonialism and imperialism. - The modern capitalist system - created political structures that guaranteed and endless appropriation and accumulation of surpluses from the poor (periphery) to the emerging (semi-periphery) and the advanced industrialized (core) countries. - Globalization, the product of the long process of capitalist development, is nothing new for world system analysts; it is simply the relabeling of old ideas and concept. International Monetary System - International Monetary System or regime (IMS) refers to the rules, customs, instruments, facilities and organizations for effecting international payments. - Main task of IMS is to facilitate cross-border transactions, especially trade and investment. - IMS is more than just money or currencies. It reflects economic power and interests, as 'money is inherently political, an integral part of "high politics" of diplomacy The Gold Standard - Gold was believed to guarantee a non-inflationary, stable economic environment, a means for accelerating international trade. - The gold standard functioned as a fixed exchange rate regime, with gold as the only international reserve. Participating countries determined the gold content of national currencies, which in turn defined fixed exchange rates.
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- The outbreak of World War I brought an end to the classical gold standard. Participating nations gave up convertibility and abandoned gold export in order to stop the depletion of their national gold reserves.
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