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Lecture ( ppt 1) Global Capitalism in the 21 st Century : Current and Historical Perspective

Lecture ( ppt 1) Global Capitalism in the 21 st Century : Current and Historical Perspective. Andrés Solimano Course, University of Economics Prague, November 2014. Global Capitalism. Increasing interdependence across countries and regions. Dimensions: Trade in goods and services.

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Lecture ( ppt 1) Global Capitalism in the 21 st Century : Current and Historical Perspective

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  1. Lecture (ppt 1)Global Capitalism in the 21st Century : Current and Historical Perspective Andrés Solimano Course, University of Economics Prague, November 2014

  2. Global Capitalism. • Increasing interdependence across countries and regions. Dimensions: • Trade in goods and services. • Capital Mobility. • International mobility of people. Migration. • Circulation of ideas, knowledge and technology. • Cultural patterns.

  3. What is Capitalism?

  4. Trends and Events I • The end of the “great moderation” before 2008. • The financial crash of 2008-09 in advanced capitalism. The USA and Europe. • Crisis followed by a sluggish recovery in Europe and the US. • High Unemployment in Europe. • Growth deceleration in China and Emerging Economies.

  5. Trends and Events II • A new Global Economic Geography? • The rise of Developing countries. • Share of Non-OECD countries in global GDP rising from 35 % in 1990 to 50 % in 2010 to 65 % in 2030. • The growth of South-South Trade • South-South and North- South Migration.

  6. Trends and Events III • Entry of some 1.500 million workers to the global marketplace through trade (750mm in China, 450 millions in India and 150 millions in the former Soviet Union). • High global debt to GDP ratios . They have risen since 2008 in spite of deleveraging and austerity.

  7. Trends and events IV • China and South-East Asia as a source of low cost manufacturing. • Delocalization of branches of multinational corporations in low –wage Asia. The practice of outsourcing. • Large net savings surpluses in China, NICs and oil-exporting countries. • The United States as a deficit country and a net debtor.

  8. Trends and events IV • A multi-polar world. • The rise of the BRICS. • Stagnation and political economy stalemates in mature advanced capitalism. • High and persistent inequality in the US and UK. • Inequality in Russia, China and India.

  9. Global Capitalism in Historical Perspective. • Global Capitalism I: First wave of globalization : c. 1870-1914. • Global Capitalism in Crisis: the Inter-war Period; late 1910s to late 1930s. • Managed Capitalism: the Bretton Woods regime, 1944-1971. • Global Capitalism II: Neoliberal globalizationsince the 1980s to the present .

  10. Global Capitalism I:The first wave of globalization c.1870-1914 • Gold standard (monetary regime) • Policy regime • Free trade, • Capital mobility and • Free migration (on the whole). • Geopolitics • PaxBritanica and a liberal economic order.

  11. Global Capitalism in Crisis:The inter war years (1918-1939). • Failed attempts to restore elements of the gold standard, • Instability in the 1920s (Hyperinflation in Austria, Germany and Hungary) • The stock exchange crash of 1929, • Banking crisis and depression in the early 1930s, • Economic and political nationalism. • Rise of fascism and Nazi movements.

  12. Managed Capitalism • The Bretton Woods era: • Fixed exchange rates, • Keynesian policies of full employment and the welfare state. • Resurgence of trade, • Restricted capital mobility and limited international migration. • Pax Americana.

  13. Neoliberal Capitalism: Second Wave of Globalization since the 1970s- 1980s • Floating exchange rates, • increased trade, increased capital mobility, rising migration, • financial deregulation, • free market fundamentalism. • Privatization and neoliberalism. • Power of capital.

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