Definitions
what is economic internationalization
the extent to which nation economies interact with each other through the exchange of goods and services
consequences of a more global economy?
- loss of domestic control over nation's own economies
- increased intra-firm trade
- job opportunities vs job losses
what are the key industrial location factors?
- access to inputs
- availability of labour
- processing costs
- "pull" of the market
- transfer costs of alternative locations
what was canada's link to the world economy pre-19th century and mid 19th century
pre-19th c: export staples to European core countries
mid-19th c: exports flow south of the border
Explain the difference between hyperglobalizers, skeptics, and transformationlists
hyperglobalizers: emerge of a new world order, borderless economy
skeptics: economic globalization = overblown, a myth
transformationalists: globalization is ongoing & transformative; national economic space does not equal territory borders
exchanging goods and services with independent trading across countries
name and describe some issues with GDP and some alternatives
doesn't include informal/unpaid sector, distribution of income, wellbeing?
PPP - exchange rates and purchasing power; adjust GDP as if a country's output is sold in USA
GNI - gross national income
HDI - human development index
GNHI - gross national happiness index
GPI - genuine progress index
describe the major manufacturing locations in north america
"rust belt" - northeast, great lakes, Canada
"sun belt" - southern california
what was canada's link the the world economy in WW1 and WW2
WW1: pacific coast lumber industry develops
WW2: consolidation of parts of Ontario and Quebec as key manufacturing districts because of war efforts
describe each of the 4 types of economies
traditional: bartering, no gov't involved, tradition & religion
market: exchanges mediated by markets, supply and demand, limited gov't role, max profit and capital accumulation
command: exchanges mediated by gov't according to needs of state & public, focus on industrial goods and services
mixed: market & command, market controls exchanges, gov't involved in industries in areas of need
define what the economic problem is, economic agents, and economic institutions
economic problem: production of goods and services to satisfy unlimited wants with scarce resources
economic agents: any individual or group acting to make production and consumption decisions
economic institutions: norms and rules that govern economic activity
key innovations in international trade and commerce
finance and banking, ship building & navigation, naval ordinance, communication
what are japan's three key industrial regions and describe them
- kanto plain (primary industrial region
- kansai district (heavy industry)
- toyama distrcut (paper & textiles)
explain the treaty of Tordesillas
pope drew a line dividing the world into east and west
Spain: west
Portugal: East
sparked five decades of amazing discovery
Is the economy new?
- trade is an "international integrator"
- antiquity: consolidation and formation of empires; trade leads to expansion
- global economy built on foundations of ancient history
describe time-space compression and circulation technologies
processes that revolutionize the qualities of space and time such that the ways in which we represent the world are altered
circulation technologies overcome frictions of space and time; transportation & communication
what is development
- economic growth and structural change
- growth -> basic needs -> poverty -> reduction -> free doms -> capabilities
- concept is endogenous to development process
what are the four asian tigers
singapore, taiwan, hong kong, south korea
drivers of the trade boom
- free trade
- industrial revolution
- transport and communication innovation
- gold standard
- International migration
- peace
name and describe the paths to economic growth
- inward looking industrialization
- export oriented industrialization
explain absolute advantage and comparative advantage
absolute: a country has an absolute advantage over another in the production of a good if it can produce that good using smaller quantities of resources that can another country
comparative: a country has a comparative advantage in making a good in the production of which it is least inefficient compared with another countru
name and describe the theories of economic development
- stages of growth - the concept of economic growth, rises like a plane taking off, take off point being savings gap
- two sector model - think of the world as urban and rural, take rural unproductive workers to urban productive factories; high productive
- dependency theory - core vs periphery, core countries take resources from periphery countries
- endogenous growth theory - countries develop by focusing on factors of production
what are the manufacturing districts in china
guangdong district, northeast, east, chang
how was trade under the Roman Empire
- Trade under the Roman Empire
- Collapse and rise of new empires
- High Middle Ages:manorialism
- Crusades, roads, and towns
- European trade centers: Venice, Genoa
- The turn to the sea
what is geography
who really knows