Lecture

The Great Divergence: Phase III

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In course

MGT-464: Globalisation, robotics and the future of work

This course introduces students to economic globalisation with an emphasis on the role of digital technology and its impact on the future of work. ...

Description

This lecture explores the historical narrative of globalisation in Phase III, focusing on the Great Divergence period from 1820 to 1990. It covers the four phases of globalisation, the impact of the steam and ITC revolutions, the role of trade liberalisation, and the significant transitions in production and consumption. The lecture delves into the geopolitical context, the rise of the G7 economies, the effects of peace, steam power, and trade liberalisation on global trade, and the dynamics of industrialisation in different regions. It also discusses the evolution of tariffs, the shift from commodities to manufactured goods in trade, and the political economy logic behind trade protection and liberalisation.

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Related concepts (32)

Globalization

Globalization, or globalisation (Commonwealth English; see spelling differences), is the process of interaction and integration among people, companies, and governments worldwide. The term globalization first appeared in the early 20th century (supplanting an earlier French term mondialization), developed its current meaning some time in the second half of the 20th century, and came into popular use in the 1990s to describe the unprecedented international connectivity of the post-Cold War world.

Political economy

Political economy is a branch of political science and economics studying economic systems (e.g. markets and national economies) and their governance by political systems (e.g. law, institutions, and government). Widely studied phenomena within the discipline are systems such as labour markets and financial markets, as well as phenomena such as growth, distribution, inequality, and trade, and how these are shaped by institutions, laws, and government policy. Originating in the 16th century, it is the precursor to the modern discipline of economics.

Geopolitics

Geopolitics (from Greek γῆ gê "earth, land" and πολιτική politikḗ "politics") is the study of the effects of Earth's geography (human and physical) on politics and international relations. While geopolitics usually refers to countries and relations between them, it may also focus on two other kinds of states: de facto independent states with limited international recognition and relations between sub-national geopolitical entities, such as the federated states that make up a federation, confederation, or a quasi-federal system.

Industrialisation

Industrialisation (UK) or industrialization (US) is the period of social and economic change that transforms a human group from an agrarian society into an industrial society. This involves an extensive reorganisation of an economy for the purpose of manufacturing. Industrialization is associated with increase of polluting industries heavily dependent on fossil fuels. With the increasing focus on sustainable development and green industrial policy practices, industrialization increasingly includes technological leapfrogging, with direct investment in more advanced, cleaner technologies.

Critique of political economy

Critique of political economy or simply the first critique of economy is a form of social critique that rejects the conventional ways of distributing resources. The critique also rejects what its advocates believe are unrealistic axioms, faulty historical assumptions, and taking conventional economic mechanisms as a given or as transhistorical (true for all human societies for all time). The critique asserts the conventional economy is merely one of many types of historically specific ways to distribute resources, which emerged along with modernity (post-Renaissance Western society).

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