Crozet, M., & Koenig, P. (2010). /Contents 47 0 R Globalizations: Dimensions, Historical Waves, Regional Effects /op false The implication is that trade has an impact on everyone. endobj cars). /Rotate 0 Globalization is destabilizing. /Type /Page Online here. >> /Rotate 0 #1 Ancient Civilization (beginning-late Middle Ages): >Thousands of years of trade, migration, and conquest #2 European Age of Exploration (1400s-1800s) >Europeans conquer vast parts of Asia, Africa, and Latin America ~Spreads capitalism to these areas ~Results in economic interdependency ~Beginnings of global politics and global trade #3 /Rotate 0 Labor market integration is measured by dividing the migratory turnover by population. In countries with relative abundance of certain factors of production, the theory of comparative advantage predicts that they will export goods that rely heavily in those factors: a country typically has a comparative advantage in those goods that use more intensively its abundant resources. David, H., Dorn, D., & Hanson, G. H. (2013). So, if all series are in the same units (share of national GDP), and they all measure the same thing (value of goods exported from one country to the rest of the world), what explains the differences? The world-wide expansion of trade after the Second World War was largely possible because of reductions in transaction costs stemming from technological advances, such as the development of commercial civil aviation, the improvement of productivity in the merchant marines, and the democratization of the telephone as the main mode of communication. (2007). >> 36 0 obj /MediaBox [ 0 0 595.22000 842 ] << Waves of Globalization, The Globalization Debate in Brief - Ebrary /Contents 115 0 R >> /SM 0.02000 These include conceptual inconsistencies across measurement standards, as well as inconsistencies in the way countries apply agreed protocols. 23 0 obj He finds railroads increased trade, and in doing so they increased real incomes (and reduced income volatility). << In particular, comparing changes in employment at the regional level misses the fact that firms operate in multiple regions and industries at the same time. stream This basic correlation is shown in the chart here, where we plot average annual change in real GDP per capita, against growth in trade (average annual change in value of exports as a share of GDP).1. Global trade and investment were supported by new organizations such as the World Bank and the International Monetary Fund. /FontFamily (Times New Roman) In this chart, all possible country pairs are partitioned into three categories: the top portion represents the fraction of country pairs that do not trade with one-another; the middle portion represents those that trade in both directions (they export to one-another); and the bottom portion represents those that trade in one direction only (one country imports from, but does not export to, the other country). /Type /Page Over the last couple of centuries the world economy has experienced sustained positive economic growth, and over the same period, this process of economic growth has been accompanied by even faster growth in global trade. The following visualization, from the UN World Development Report (2009), plots the fraction of total world trade that is accounted for by intra-industry trade, by type of goods. /CropBox [ 87.12000 246.96000 508.10000 842 ] << /Parent 1 0 R /Length 81 (PDF) The Three Waves of Globalization: A History of a Developing Retrieved from http://www.jstor.org/stable/10.1086/379944 doi:1. Like everything else, there are positives as well as negatives of globalisation. Struggles for Survival and Wellbeing Part II: The First Wave of Globalization 3. >> Journal of International Economics 70 (2006) 140160. Its the same data, but plotted with stacked series.). << The concept of comparative advantage predicts that if all countries had identical endowments and institutions, then there would be little incentives for specialization, because the opportunity cost of producing any good would be the same in every country. /MediaBox [ 0 0 595.22000 842 ] Today, the value of exported goods around the world is close to 25%. Today, about 30% of the value of global exports comes from foreign inputs. In the next chart we plot, country by country, the regional breakdown of exports. >> The weight of trade in the US economy, for example, is much lower than in other rich countries. 15 0 obj The Impact of Trade Agreements on Consumer WelfareEvidence from the EU Common External Trade Policy. This metric (the ratio of total trade, exports plus imports, to global GDP) is known as the openness index. In this paper Topalova looks at the impact of trade liberalization on poverty across different regions in India, using the sudden and extensive change in Indias trade policy in 1991. /Parent 1 0 R 2 0 obj /ExtGState << At some universities you can access the online version of the books where data tables can be downloaded as ePDFs and Excel files. This is not surprising: most countries today produce more than a couple of decades ago; and at the same time they trade more of what they produce. Trefler (2004) looks at the Canada-US Free Trade Agreement and finds there was a group who bore adjustment costs (displaced workers and struggling plants) and a group who enjoyed long-run gains (consumers and efficient plants).
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