【正文】 onomy B. The political foundations undermined a. American leadership weakened b. Globalization accused by American citizens c. Economic cooperation among major economic powers eroded .: multilateralism multitrack trade policy, managed trade and regionalism EU: concentration on economic unification of the Continent Japan: renewal of attention to Pacific Asia 2022/5/25 44 Introduction: III. The Global Economy (4) Market vs state The view of economic liberalism: The failure of the mand and closed economies market economy Deregulation and privatization of developed countries promotion of market mechanism market forces defeat the state in the economy market dominated world economy will progress toward higher level of prosperity and stability Gilpin’s view: The process of creative destruction capitalism creates its own internal enemies capitalism without regulation will damage itself 2022/5/25 45 Introduction: IV. Conclusion 1. International politics significantly affects the nature and dynamics of the international economy. 2. The international rules/regimes that govern international economic affairs cannot succeed unless they are supported by a strong political base. 3. The underpinning of the postWWII global economy has steadily eroded since the end of the Soviet threat. 4. To ensure survival of the global economy, the major powers must remit themselves to work together to rebuild the weakened political foundations 2022/5/25 46 Chapter 1: The Second Great Age of Capitalism Key Words and Phrases 1. Bipolar stability world 3. geoeconomics 4. Unilateralism 5. importsubstitution 6. exportled growth 7. trade barrier 8. trade negotiation 9. average tariff 10. barrier to trade to services 11. capital control 12. financial instrument 13. mutual fund 14. pension fund 15. Derivative 16 FDI 17. capital intensive sector 18. trade liberalization 19. global and regional integration 20. welfare state 21. manufactured goods 22. World Economic Forum 23. Deindustrialization 24. Productive capacity surplus 25. Sovereign nation 26. Merger 27. Overcapacity 28. Underconsumption 29. Expansionary economic policies 30. Laissez faire 2022/5/25 47 Chapter 1: The Second Great Age of Capitalism Key Words and Phrases 31. Bretton Woods System 32. Ethnic and nationalistic conflict 33. Information economy 34. Knowledge economy 35. Nonresidential fixed capital 36. Product life cycle 37. Diffusion of technology 38. Strategic and technological alliances 39. Luddite 40. Downsizing 41. Reengineering 42. Assembly line 43. Trade surplus 44. Dependency theory 45. Budget deficit 46. Inflation rate 47. ASEAN 48. Cairns Group 49. Per capita ine 50. Total factor productivity 52. EEC 53. Regional integration 54. Regional economic bloc 55. Single European Act 56. Uruguay Round negotiation 58. RTA 59. Dillon/Kennedy/Tokyo Round 60. Economies of scale 2022/5/25 48 Chapter 1: The Second Great Age of Capitalism Key Words and Phrases 61. South America regional bloc (Mercosur) 62. Customs union 63. Free trade area 64. Bargain position 65. Treaty on European Union(Maastricht Treaty) 66. Optimun tariff 67. Strategic trade policy 68. Oligopoly 69. Oligopolistic petition 70. Economic nationalism 71. Stagflation 72. Governance of the world economy 73. Bilateral treaty 74. Gold standard 75. International moary system 76. Bank of England 77. Great Depression 78. Keynesian Economics 79. Principle of nondiscrimination 2022/5/25 49 Table: Davos World Economic Forum 1970 瑞士日內(nèi)瓦大學(xué)商業(yè)管理學(xué)教授克勞斯 原因：運(yùn)輸成本下降 由完全分割向市場(chǎng)一體化推進(jìn)，一體化程度達(dá) 60% 全球化進(jìn)程倒退期 （ 19141950） 產(chǎn)品價(jià)格差距擴(kuò)大一倍 ， 倒退至 1870年水平 。 原因：政策的限制抵消了運(yùn)輸成本的下降 完全分割向市場(chǎng)一體化推進(jìn)，一體化程度達(dá) 60% 2022/5/25 58 Chapter 1: III. Economic Globalization 3. Factors initiating globalization Technological change Spread of marketbased systems Progress of Domestic politics globalization Interstate rivalry 2022/5/25 59 Table: Globalization Chronology （ I） 2022/5/25 60 Table: Globalization Chronology （ II） 2022/5/25 61 Table: Globalization Chronology （ III） 2022/5/25 62 Chapter 1: III. Economic Globalization 4. The facets of globalization (1) Trade liberalization A. Two tides of free trade a. Industrial revolution in 1760s free trade policy in UK since 1820 UK became a freetrade nation in 1860s the Netherlands,Belgium,etc became free trade nations an integrated world market with free trade emerged in 1870 British economy went down free trade enthusiasm dissipated in late 19th century b. The enforcement of GATT 8 rounds of trade negotiation TBs and NTBs eliminated expansion of world trade 2022/5/25 63 表 世界貨物及服務(wù)貿(mào)易增長(zhǎng)統(tǒng)計(jì)（十億美元） 貨物貿(mào)易 a 服務(wù)貿(mào)易 b 國(guó)際貿(mào)易 c b/c (%) 1970 283 66 349 1975 798 156 954 1980 1856 353 2218 1983 1508 333 1841 1988 2880 625 3505 1994 4090 1080 5170 1995 4920 1170 6090 1996 5100 1200