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Honors Global Economics Week 1 Notes

by: Nisha Esmail

Honors Global Economics Week 1 Notes ECON 2100 035

Marketplace > Georgia State University > Global Economics > ECON 2100 035 > Honors Global Economics Week 1 Notes
Nisha Esmail
GPA 3.89

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What is Globalization
Honors Global Economics
Robert Moore
Class Notes
Globalization, Economics, honors, trade
25 ?




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This 3 page Class Notes was uploaded by Nisha Esmail on Tuesday August 23, 2016. The Class Notes belongs to ECON 2100 035 at Georgia State University taught by Robert Moore in Fall 2016. Since its upload, it has received 6 views. For similar materials see Honors Global Economics in Global Economics at Georgia State University.


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Date Created: 08/23/16
Nisha Esmail August 23, 2016 What is Globalization I. What is Globalization a. MEANS “to make global in scope or application” i. Curse? 1. McDonaldization of the world 2. Conquest for American capitalism 3. Dictatorship run by unelected bureaucrats in World Trade Org and Int. Monetary Fund ii. Nirvana? 1. Free trade = wealth 2. Spread of ideas + info = promote democracy and awareness of human rights 3. Sharing of culture, food, custom iii. Past Globalization  trading of goods and sharing experiences 1. Martin Behaim created one of first globes 1492 2. First humans left central Africa 100,000 years ago  Mediterranean 3. 50,000 years ago second group  Asia iv. Agents of Globalization 1. Traders 2. Preachers 3. Adventurers 4. Soldiers v. Other lands – led to reconnecting of Old World and the New 1. Trade with Europe, Middle East, Asia a. Improve taste of food b. Luxuries like silk or precious stones c. CHILI PEPPER! d. SPANIARDS ALSO FOUND MEXICAN SILVER 2. India Pilgrims a. Teachings of Buddha 3. Africa a. Spread message of Chris 4. Malaysia a. Country shaped by globalization b. US Civil War  increase demand for can food c. Led to Malaysian tin mines  labor from China d. CROP = RUBBER (was needed for Henry Ford automobile) vi. New World Brought Germs 1. Smallpox was brought and Natives were infected (90% died) 2. They had no immunity vii. Slave trade 1. Need for mine workers 2. Plantation labor viii. Opium Issue 1. Small supply of silver  replaced by opium Nisha Esmail August 23, 2016 What is Globalization st 2. Chinese got hooked and drug trade caused 1 Opium War 3. China defeated  Hong Kong to Britian 4. Multinationals built colonial empires a. Bringing oppression and suffering but integrating economy ix. Important People 1. Conquerors a. Alexander the Great = new lands b. Genghis Khan = other people 2. Adventurers a. Marco Polo = fascinated by new lands and people on travels b. Christopher Columbus – landed in San Salvador instead of India 3. Yale University a. Elihu Yale = British gov in India helped build Yale Univerisity x. Boosts in Transport 1. Steam Engine 2. Steam Ship – cost fell 60% 3. Airplane – shipping cost fell 90% xi. Collapsing Time 1. Telegraph 2. Telephone – easy availability caused time and cost to drop 3. Radio 4. Television xii. New Agents of Globalization – took over traders of the past 1. UN Agencies 2. WTO 3. IMF 4. Consumers/tourists 5. Multinational Corporations 6. NGO’s xiii. DAILY WORLDWIDE TRANSACTIONS = 1 TRILLION DOLLARS xiv. Benefits of Reconnecting Humanity 1. Spread prosperity (NYC) 2. Increase of governments accountable to citizens/human rights 3. Speed and volume of transfers has changed as well as power difference xv. Downsides of Reconnecting/Global Interdependence/Yawing Gaps 1. Farm subsidies hurt poor farmers in developing world 2. ½ of world population survive off $2/day 3. 1 billion people are illiterate and do not have safe water 4. Richest 1% own 48% of world weath Nisha Esmail August 23, 2016 What is Globalization 5. Risk of epidemics, terrorism, nuclear war, environmental disaster, computer viruses (tourism thru jets spread virus quicker) a. Spanish Flu – killed 25 million in a year (2.5% mortality) b. SARS – spread to 32 countries and killed 812 (12% mortality) c. Ebola – killed 11306 people in 6 countries (70% mortality) d. Computer viruses – whole world is wired and depending on electronic communication (EXTREMELY THREATENING) e. Terrorists and Pirates – challenge movement of goods and people xvi. Globalized world is like a small boat***** QUOTE BY KOFI ANNAN


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