Lecture

The Great Convergence: Globalisation's Evolution

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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 by the instructor delves into the evolution of globalisation, focusing on the concept of the Great Convergence. It explores the impact of the 3 Cascading Constraints Narrative on global trade, the transformation of comparative advantage, and the changing dynamics of international commerce. The lecture also discusses the implications of the Great Divergence and the Great Convergence phases, shedding light on the intricate relationship between trade, knowhow, and economic growth.

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Related concepts (32)

Trade

Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market. An early form of trade, barter, saw the direct exchange of goods and services for other goods and services, i.e. trading things without the use of money. Modern traders generally negotiate through a medium of exchange, such as money. As a result, buying can be separated from selling, or earning.

International trade

International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services. (see: World economy) In most countries, such trade represents a significant share of gross domestic product (GDP). While international trade has existed throughout history (for example Uttarapatha, Silk Road, Amber Road, scramble for Africa, Atlantic slave trade, salt roads), its economic, social, and political importance has been on the rise in recent centuries.

Democratic globalization

Democratic globalization is a social movement towards an institutional system of global democracy. One of its proponents is the British political thinker David Held. In the last decade, Held published a dozen books regarding the spread of democracy from territorially defined nation states to a system of global governance that encapsulates the entire world. For some, democratic mundialisation (from the French term mondialisation) is a variant of democratic globalisation stressing the need for the direct election of world leaders and members of global institutions by citizens worldwide; for others, it is just another name for democratic globalisation.

Free trade

Free trade is a trade policy that does not restrict imports or exports. In government, free trade is predominantly advocated by political parties that hold economically liberal positions, while economic nationalist and left-wing political parties generally support protectionism, the opposite of free trade. Most nations are today members of the World Trade Organization multilateral trade agreements. Free trade was best exemplified by the unilateral stance of Great Britain who reduced regulations and duties on imports and exports from the mid-nineteenth century to the 1920s.

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.

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