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Globalization: Quo Vadis? Lecture 20
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History of Globalization Globalized North Atlantic – North America-U.K. and others Immigration patterns Movement of FDI Currency Matters Drop in transport costs – Time Period: 1890’s to 1930 – Why did it end: Depression and bad policy Halt Immigration, farm prices collapsed, Smoot Hawley tariff – Can it collapse again?
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Modern Globalization How does it differ? Institutions – WTO, IMF, World Bank – Interdependence Capital flight Equalization of Wages Environmental Impacts Propriety Rights over Technologies
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Evidence Pro-side – Poverty Incidence 1978-2000 – China poverty fell from 30% to 10% – India poverty incidence fell from 51% to 26% – Rise from Group of 8 to Group of 20 More power in IMF and World Bank Problems: – Child Labour, women, culture, wage and labour standards,environment
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