international economics

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9 Terms

1
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globalization

a shift toward a more integrated and interdependent world economy

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two facets of globalization

globalization of markets & globalization of production

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standardization

firms promote globalization by offering the same basic products worldwide

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two types of exports

merchandise & services

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degree of openness

the measure of globalization (trade openness)

  1. COUNTRY = exports + imports / GDP

  2. WORLD = exports / GDP

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fragmentation

the splitting of production processes into separate parts that can be done in different locations, including different countries

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phases of globalization

  1. globalization (before 1993)

  2. hyperglobalization (1993-2008)

  3. slowbalization (2008-present)

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events causing globalization changes in last 15 years

  1. brexit

  2. trump’s administrations

  3. covid pandemic

  4. wars on palestine and ukraine

these have led to a shift in political preferences towards protectionism!

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main countries in merchandise trade

  1. china

  2. EU

  3. USA