ECONOMIC GLOBALIZATION

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Presentation transcript:

ECONOMIC GLOBALIZATION RELATED ISSUE #3 ECONOMIC GLOBALIZATION To what extent did world events shape contemporary economic globalization?

Past Economic Development Boom and Bust era (1880s – 1914) Markets & monopolies ruled The Great Depression (1929-1939) Laissez-faire’s ‘invisible hand’ didn’t always work Keynesian Economics (1930s – 1970s) Governments should regulate their economies to minimize highs and lows of business cycle *John Maynard Keynes

Contemporary Global Economics United Nations: Bretton Woods Conference (1944) Economic Development Organizations International Monetary Fund (IMF) International Bank for Reconstruction and Development (a.k.a. World Bank) Reduction of Trade Barriers General Agreement on Tariffs and Trade (GATT)

Changing Foundations & Ideas Cold War Economic Struggle (1945-1990) Communism Practiced total economic & political control Predicted end of capitalism’s inequalities Capitalism Allowed regulated markets to discourage socialist alternatives Believed economic freedom promoted democratic freedoms

Neo-Liberalism “Back to Pure Market Economics” Failure of communist states Triggered a renewal of pure market theory and a call to end Keynesian governmental intervention ‘Chicago School’ Economists: Milton Friedman Friederich Hayek

Global Trade World Trade Organization (WTO)*formerly GATT Free trade now has enforceable rules and consequences NAFTA (USA, Canada & Mexico) Pros and Cons Transnational Corporations Power and influence on global economics and trade treaties

The Washington Consensus USA promotion of economic ideology Open markets to US products & investment Economic policies for developing countries: Privatization of state enterprises Reduction of government spending on social programs Deregulation Trade liberalization IMF & World Bank to promote its policies Structural Adjusted Programs

Winners and Losers Who do you think these economic policies benefit? Who or what do you think they harm? Can the world economies continue to grow and consume at their current rate?