ADM 2341 Lecture Notes - Lecture 13: Westphalian Sovereignty, Job Security, World Trade Organization
Document Summary
Globalizaion: shit toward a more integrated and interdependent world economy: markets, producion, consumers. Trend by individual irm s to disperse parts of their producive processes to diferent locaions around the globe to take advantage of diferences in cost and quality of factors of producion. Become aware of changing trade paterns, lows of foreign direct investment and the increasing importance of mulinaional corporaions. The core/principal advantages of globalizaion: consumer prices and choice, returns to capital, payof to innovaions. Diagram 1: schema of globalizaion capturing all essenial components of globalizaion and how it impacts on a country (canada). Telescopes the world of internaional trade and business in one page. Imf: wto, world bank (p. 9: inaccurate, u. n. G20: mixture of developed and developing countries. Imbalances and their resoluion: misaligned currencies, trade deicits, trade surpluses, iscal debt. Golden era of globalizaion over the centuries. Dark period of de-globalizaion (ww1; great depression) Always winners and loser from trade, need to respond to losers .