global economic history midterm

Globalization definition

action, process, or fact of making global; esp. (in later use) the process by which businesses or other organizations develop international influence or start operation on an international scale

Infrastructures that support globalization

• Physical infrastructure - large vessel, airplane, internet 

• Institutional infrastructure - tariff reduction, international rules/institutions (WTO, IMF, FTA, colonization, and others) 

Economic growth in different regions

• Asia experienced most economic growth during independence and post colonial era 

• Western Europe experienced slight decline, especially in 2020 

• Western Offshoots peaked in 1950 but declined shortly after

Why did European economy have a higher level of marketing integration?

• One of the most important customers were rulers 

• European rulers are considered to have kept contracts more than rulers of other areas 

• Bc of the the market friendlier attitude of European rulers, European economy could have achieved wider coverage of functioning market 

• Need higher security