Module 8


2) What factors contributed to economic globalization in the second half of the twentieth century?

 1: The world bank and international Monetary fund laid the foundation for postwar globalization,
2: "Bretton Woods System" negotiated the rules for commercial and financial dealings among the major capitalist countries, while promoting relatively free trade, stable currency values linked to the U.S. dollar, and high levels of capital investments.
3: World Bank and IMF imposed free market and pro-business conditions on many poor countries if they were to qualify for much needed loans.
4: The aftermath of WWII led capitalist countries to avoid any return to the depression era conditions.
5: Technological contributions led to acceleration of the world economy.
6: The collapse of communism promoted unrestricted global capitalism.

3) In what ways has economic globalization more closely linked the world’s peoples?

 - Reglobalization of world economy following the contraction of the 1930s. Acceleration of circulation of goods, capital, and people meant globalization thus enabling workers to travel to other countries for employment. Transntional corporations produced and delivered goods in and to many different countries which led to diversity and exchange. World trade good went global. Money was also mobile, such as foreign direct investment (one country opens a factory to another), the short term movement of capital (investors annually spent trillions of buying foreign currencies or stocks and sold them quickly after, personal funds of individuals (international credit cars). Global stock market equal transnational corporations.

5) What new or sharper divisions has economic globalization generated?

 Modern global system produced economy's unstable and unsteady progress, leading to inequality. Divisions between developed rich nations of the north and developing nations of the south in income worsened the north and south gap. The disparity in incomes, medical care, education, clean water, employment, and the internet between the rich and poor shaped life chances. Active resistance by rich countries when a large group of developing countries joined together to demand a new international economic order that was more favorite to the poor countries, not much success attended this effort common action between developing nations was difficult to achieve because of their different economic agendas.

Comments

  1. Clarissa EllweinApril 23, 2020 at 11:56 AM

    Hello,

    I really enjoyed reading your post because it provided input on some of the questions that I did not answer. I agree with all the factors you listed regarding what contributed to the economic globalization in the second half of the 20th century. These all were very important to the globalization of the world. Additionally, the divisions you listed in your last answer made a lot of sense to me. It is very clear that economic globalization divided the developed nations and the developing nations even more so than they already were.

    ReplyDelete

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