Lecture notes
Notes for EC104: globalisation
- Module
- EC104. World Economy
- Institution
- The University Of Warwick (UoW)
Lecture and seminar notes from EC104: globalisation (topic 5)
[Show more]
Content preview
GlobalisationThe first globalisation occurred between 1870-1913
● Integration of world markets
○ Increased trade, migration and capital flows
● 19th century - 2nd wave of European colonisation (linked to globalisation)
○ Trade as a rationale for colonisation
○ Colonisation lowering barriers to trade
World trade
● Increased since the 1800s
○ Post WW1, was a collapse in trade and de-globalisation
○ The 1970s/80s saw the 2nd globalisation
● O’Rouke and Williamson’s model of trade - market integration reduces trade
barriers and causes price convergence
○ Does not necessarily mean market integration
● Pre 19th century, long-distance trade was limited to non-competing goods
○ No price convergence
○ Non-bulky goods with a high value per kg were traded (gold, sugar)
● 19th century saw trade in competing goods and price convergence
○ 19th c refers to 1815-1914
Falling barriers to economic integration
The transport revolution (part of the IR)
● Transport on land (canals, railways, roads) and water (steamship, Suez canal)
Railways
● Steam locomotive patented in 1784
● 1830 - Liverpool-Manchester line opened
● 1869 - transcontinental line linking E and W USA opened
● Dense railway network by the 1920s in England
Steamship
● 1866 - regular service from Liverpool to Shanghai
● 1869 - opening of the Suez Canal
○ Allows trade direct from Africa to Asia
○ Needs steamboats due to wind conditions
● Affected countries differently due to different wind conditions
○ Pascali - trade increased the most for countries where
steamship reduced average shipping time the most
■ Steamship accounts for ½ of the increase in trade
between 1850-1905 (Pascalli)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller bethwalton03. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £2.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
60904 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now
