The growth of globalization
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The Growth of Globalization. Since the end of WWII, world trade has grown much faster than world output Openness Index = (Exports + Imports)/GNP The index is a measure of trade Since 1945 (over 64 years) (Exports + Imports) > GWP GNP = gross national product GWP = gross world product.

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The Growth of Globalization

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The growth of globalization

The Growth of Globalization

  • Since the end of WWII, world trade has grown much faster than world output

  • Openness Index = (Exports + Imports)/GNP

  • The index is a measure of trade

  • Since 1945 (over 64 years)

    • (Exports + Imports) > GWP

    • GNP = gross national product

    • GWP = gross world product


The growth of globalization

Openness Index for select nations over time

graph taken from James Gerber, 2008, International Economics, 4th Edition, Pearson Education


The u k and the european continent have traditionally been open nations

The U.K., and the European Continent have traditionally been open nations

  • The Dutch international trade patterns have traditionally been leading others

    • Traditional Dutch flower auctions

    • Engines

    • Services

    • Processing & packaging produce

    • Amsterdam & other import/export centers


France and germany

France and Germany

  • French agriculture -- processing

    • But “common agricultural policy” import protection --- is a contention in World trade Organization negotiations

  • German engineering & manufacturing

  • Movement to common market

  • Western market relative to the Russian market – do East European nations go west or go to Russia?


Japanese export expansion

Japanese export expansion

  • Export expansion policies and exchange rate policy

  • Imports come into Japan primarily via state import houses -- import restrictions

  • Efficient manufacturing to reduce cost of exports to other nations


China and other asian nation export expansion policies

China and other Asian nationexport expansion policies

China -- exchange rate policy and export expansion policies --- manufacturing

Taiwan – export expansion policies and manufacturing efficiency

Singapore – the “city state” --- assembly and manufacturing center

Malaysia – textiles, synthetics

Hong Kong – trade center --- HK has their own currency separate of the PRC


The u s

The U. S.

  • Not really an open trade state until the close of the gold window in 1973

  • The big market --- so imports loom large

  • FDI – foreign direct investment by U.S. firms

  • U. S. agriculture now an exporting force

  • Inputs come in from all over the world to U.S. manufacturing

  • Isolationist and high tariff policies during the 1930’s – 1950’s


Issues in the international economy

Issues in the international economy

  • TRADE DEFICITS

  • REGIONAL TRADE AGREEMENTS

  • RESOLUTION OF TRADE CONFLICTS

  • GAINS FROM TRADE – DEVELOPED VS. DEVELOPING NATIONS

  • THE ROLE OF INTERNATIONAL INSTITUTIONS

  • EXCHANGE RATES & THE MACROECONOMY

  • FINANCIAL CRISES

  • CRISES & REFORM IN LATIN AMERICA

  • DEBT & CAPITAL FLOWS

  • EXPORT EXPANSION

  • CHINA & INDIA COME TO TOWN

  • WHAT OF THE EASTERN EUROPEAN NATIONS?

  • WHAT ABOUT RUSSIA

  • WHAT’S TO BECOME OF THE ENVIRONMENT & THE RULE ON NATURAL RESOUCES?


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