overcoming the distance barrier with advances of transportation and information technology
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costs of overcoming distance
goods trade, communication, face-to-face
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rebundling
mainly producing for domestic consumption during 1914-1945
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costs of overcoming distance
goods trade, consumption, face-to-face
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first unbundling
steam&industrial revolution, 1820-1980
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old international division of labour
Ricardo‘s world of comparative advantage, but many of them are artificially created within colonial trading systems
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the Great Divergence
Europe&US overgrowing the Global South
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Global South
China, India, Africa
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second unbundling
lower ICT cost; starts after 1945, but accelerates since mid-1980s
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new international division of labor
enables a more detailed global division of labor, knowledge and information spillovers, crossing North-South borders
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RTA
regional trade agreement
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tacit knowledge
knowledge from personal experience, not taught
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GVC
global value chain
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task outsourcing in old division of labor
intra-factory flow of ideas/goods; competition between firms and their products
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task outsourcing in new division of labor
international flow of ideas/goods; competition between individual occupations and tasks
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the elephant graph
relative gain per income by global income level
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winners of globalisation
Asian poor and middle classes; "head of the graph"
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losers of globalisation
lower middle class of the rich world (OECD countries); lower points of the graph
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global plutocrats
top 1 percent of rich economies; highest point of the graph
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what do changes in output and prices in Stolper-Samuelson theorem lead to
strong re-distributive implications of free-trade models
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Stolper-Samuelson theorem traces out the effects...
of price changes on the material well-being of different groups
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free trade can benefit countries as a whole even though ...
within countries there will be winners and losers individuals
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who are worse as a result of trade liberalization
unskilled workers in developed countries
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If politicians go after the remaining, low barriers, then...
trade agreements become more about redistribution than about expanding the economic pie
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Polanyi's main idea
there are political countermovements against the negative consequences of commodification processes
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Polanyi's double movement
movement of laissez-faire (to expand and influence self-regulating markets) and movement of protection (to protect social life from destructive effects of market pressure)
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precarity
situation when one's job or career is in danger of being lost (=economic insecurity)
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political reactions to precarization
rise of populist election polls; turns against immigration,EU or global finance
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Daniel Rodrik's trilemma
impossibilty of achieving three policy goals (national sovereignty, hyper-globalisation and democratic policies) simultaneously, two must be chosen
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golden straightjacket
national sovereignty+hyperglobalisation; authoritarian state with global integration - China
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global governance
hyperglobalisation+democratic policies; open borders for trade, democratic institutions at a global scale - EU
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Bretton Woods compromise
national sovereignty+democratic policies; giving up some trade for strong welfare state - UK's Brexit
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Summers
"let them eat pollution", neoclassical school
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Nelson
Feminist Economics
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Decker
from de-growth to de-globalization; ecological school
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Sheng
different shape of globalization; omplexity/evolutionary/behavioral school
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Rodrik
globalization after Covid-19; global rules and policies (beggar-thy-neighbour and public goods); institutional school
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Hecksher-Ohlin Theory: factor endowments give a country...
Studied by 4 people
