i. age empires (globalization 1.0) ii. pax britannica (globalization …casey1/pge...
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I. Age of Empires (Globalization 1.0)II Pax Britannica (Globalization 2 0)II. Pax Britannica (Globalization 2.0)III. Interwar Years and CollapseIV. Pax Americana (Globalization 3.0)V. Explanations and Current Crisisp
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World Map Scaled by per capita GDPWorld Map Scaled by per capita GDP
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The Pre Colonial WorldThe Pre‐Colonial WorldEuropean Dominance –Why?Competitive Nation‐StatesCompetitive Nation‐StatesDevelopment of Commercial & Financial MarketsEnlightenment and Technological DevelopmentEnlightenment and Technological Development
Mercantilism and Colonial ExpansionpResources (Gold and Silver)Slave‐Based Agriculture
“That belongs tous now…”
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Sources of British DominanceSources of British DominanceHegemonic Stability TheoryElements of the Pax BritannicaElements of the Pax BritannicaSecurity – ‘Britannia Rules the Waves’ You need an umbrellathe Waves
Markets –Unilateral Free TradeCommon Currency – Pound/Gold Standard
ou eed a u b e awhen the sun never sets.
y /Loans – Early Industrialization and Surplus
Sources of British Decline
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Reparations and International PaymentsDemise of the Gold Standard
ll llWall Street CollapseDomestic Squeezing
h hb
Hawley and Smoot look to a grim future
Beggar‐Thy‐Neighbor’ Trade Policies Smoot‐Hawley Tariff (1930)
Collapse of the Global Economy
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The BrettonWoods S stemThe BrettonWoods SystemFixed Exchange Rates (Dollar Standard)
l l l dMultilateral Free Trade (GATT)International Lending (IMF/World Bank)
I i l S i (NATO) “S il h f International Security (NATO)The ‘Golden Age of Growth’B kd f B W d
“Smile – the future will be brighter.”
Breakdown of BrettonWoodsEconomic Revival and R d Gl b li iRenewed Globalization
US delegation to the BrettonWoods Conference
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So rces of the C rrent CrisisSources of the Current CrisisUS Housing bubble (subprime mortgages)
f dSecuritization of mortgages via derivativesContagion of Financial Markets following Housing B bbl C llBubble Collapse
Bank Bailouts and Fiscal StimulusA G R i D iA Great Recession, not Depression
Q: Was Globalization the Cause??
Nightmare or Reality?