POLS1201 Lecture Notes - Lecture 5: General Agreement On Tariffs And Trade, Westernization, World Trade Organization
Document Summary
Globalization: (cid:862)wide(cid:374)i(cid:374)g, deepe(cid:374)i(cid:374)g a(cid:374)d speedi(cid:374)g up (cid:449)orld(cid:449)ide i(cid:374)ter(cid:272)o(cid:374)(cid:374)e(cid:272)ted(cid:374)ess(cid:863) [a(cid:374)tho(cid:374)y. Institutional designs created after wwii to stop the perceived economic causes of. Wwii: there is history (cid:271)ehi(cid:374)d the (cid:1005)9(cid:1008)(cid:1004)(cid:859)s dis(cid:272)ussio(cid:374)s, (cid:1005)9(cid:1006)(cid:1004)(cid:859)s i(cid:374)terdepe(cid:374)de(cid:374)(cid:272)e (cid:449)as at a(cid:374) a(cid:449)k(cid:449)ard stage. After wwi, ger(cid:373)a(cid:374)y o(cid:449)ed reparations to everyone, britain and france owed money to us and the us was receiving money from most european countries: (cid:1005)9(cid:1007)(cid:1004)(cid:859)s (cid:449)as the (cid:449)orld(cid:449)ide depressio(cid:374). The poli(cid:272)y of (cid:862)beggar thy (cid:374)eigh(cid:271)our(cid:863) (cid:271)ega(cid:374) to become common, as countries attempted to protect national interests at the expense of other countries. Countries would try to create tariffs and channel money into their economy, but this would simply lead to other countries creating their own tariffs: there was a hyper-i(cid:374)flatio(cid:374) of ger(cid:373)a(cid:374) (cid:272)urre(cid:374)(cid:272)y. People(cid:859)s sa(cid:448)i(cid:374)gs (cid:271)e(cid:272)a(cid:373)e useless and the economy tanked. International relationships either fell apart or were strained. The us for example adopted a largely isolationist policy.
