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VNU-INTERNATIONAL UNIVERSITY INTERNATIONAL UNIVERSITY. Instructor : Dr. Truong Thi Kim Chuyen Subject : world economic geography Group member: Trần kha di btwe08037 Nguyen xuan hoa baiu08133 Lý bích ngọc btwe08017

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slide1

VNU-INTERNATIONAL UNIVERSITY

INTERNATIONAL UNIVERSITY

Instructor: Dr. Truong Thi Kim Chuyen

Subject: world economic geography

Group member:

Trần kha di btwe08037

Nguyen xuan hoa baiu08133

Lý bích ngọc btwe08017

Vũ đình hợp btwe08010

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OUTLINE

  • Economic change and the new geopolitics
  • International and supranational institutionalized integration
  • Spatial outcomes of economic integration
1 economic change the new geopolitics
1/ ECONOMIC CHANGE & THE NEW GEOPOLITICS
  • After the Second World War, the world economy was characterized by the hegemony of the United States.

 came to be characterized by Fordism, the socioeconomic system that links mass production with mass consumption.

  • Ex: the Bretton Woods Agreement of 1944 that made the US dollar the world’s reserve currency, Fordism was implanted in Europe & Japan through the Marshall Plan & foreign direct investment (FDI) by US companies.
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Consequence of the opening up of foreign trade means the globalization of supply & cheaper raw material.

  • This new internationalism also brought a host of other activities in its wake – banking, insurance, hotels, airports & tourism.
  • It also means a new international culture & a new global system of gathering & evaluating information.
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In the immediate postwar period ( 1947 – 60), the rise of a series of industries - automobiles, steel, petrochemical, rubber, etc. – that acted as the propulsive engines of economic growth, coordinated through the collective powers of big labor, big business & big government.

There arose a series of grand production regions in the world economy managed from worldwide financial & governmental centers such as New York & London.

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The emergence of TNCs with the capacity to move capital & technology rapidly from place to place, drawing opportunistically on resources, labor markets & consumer markets in different parts of the world.

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Within this new context of political & economic interdependence, regional & international shifts in economic & political power began to occur.

  • In the core economies, the prosperity associated with the Fordist regime had been replaced by uncertainty, destabilization & crisis resulting from the conjunction of stagflation associated with the declining performance of many businesses.
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As a result, the role & relative power of nation-states began to change significantly.

  • Economic circumstances reduced the ability of governments to deliver full employment, full range of welfare services.
  • The growth of the global finance system blunted the power of individual countries to pursue independent fiscal & monetary policies with any degree of success.
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2/ INTERNATIONAL AND SUPRANATIONAL INSTITUTIONALIZED INTEGRATION

The logic of integration

it was the international trade system that provides the major impetus for countries to be drawn into various forms of institutionalized integration

slide12

Advantages

  • Potential for economies of scale
  • Potential for creating multiplier effects from the existence of enlarged markets
  • Potential for strengthening regional interaction by easing the movement of labour, goods and capital
  • Disadvantages
  • Potential loss of national sovereignty over a broad spectrums of issues
  • Potential for the intensification of internal inequalities as a wider geographical context makes for more pronounced processes of uneven development
slide13

Type and level of integration

  • Field: WTO, NATO, UNESCO….
  • Area: EU, ASEAN….
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SPATIAL OUTCOMES OF ECONOMIC INTEGRATION

REALIGNMENT OF PATTERN OF ECONOMIC ACTIVITY

Pattern of Trade

Pattern of regional development

patterns of trade
Patterns of Trade

Production

  • Trade Creation Effects
  • Trade Diversion

Lower Costs External Sourcess

reallocated

High- to low-cost settings

Higher Costs Internal Sources

Lower costs contributed to improved levels of living

patterns of regional development
Patterns of Regional Development

A certain amount of relocation of production must take place withdrawn from less efficient locations

Net effect of regional development within association spatial polarization

  • Spatial Polarization
  • Regional Policy

Political dimension inherent to integration

A powerful case for a strong regional policy

provide

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Conclusion

Basic principles of economic geography

Reinforcement of the dominant core-periphery structure

Spatial reorganization of production

Creation and intensification of regional polarization

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