国际经济学英文版课件 Lecture_Slides_Chapter_01.ppt

International Economyand Globalization Chapter 1 Copyright ? 2009 South-Western, a division of Cengage Learning. All rights reserved. Globalization greater interdependence among nations increased integration of product and resource markets through trade, immigration, and foreign investment includes noneconomic elements such as cultural and environmental factors occurs on political, technological, cultural and economic levels First Wave of Globalization 1870-1914 triggered by technological developments in transportation – steam engine and railroads dominated by European and American businesses brought to an end by World War One Great Depression prompted further limitations on trade and protectionism Second Wave of Globalization 1945-1980 result of reaction against nationalism following WWII as well as lower transportation costs dominated by developed nations with developing nations largely excluded lead to greater increase in per capita income for developed countries than for less developed countries Latest Wave of Globalization 1980-present included some but not all developing countries featured increased capital movement decline in mobility of labor outsourcing became more prevalent with both blue collar and white collar jobs moving from the U.S. into lower cost areas Openness - rough measure of the importance of international trade (Exports + Imports) GDP Openness = Labor and Capital Greater interdependence typically leads to more movement of the factors of production between nations. mobility of labor into the U.S. declined from the 1920s to the 1960s due to more stringent immigration policies capital flows have increased substantially as other nations invested in U.S. assets Importance of Globalization law of comparative advantage – countries can benefit by producing goods for which they have lower opportunity costs increased competition leads to lower prices for consumers open economies lead to increased technological