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Globalization since the 1940s - Facets of Globalization: Trade and Inequalities

11 important questions on Globalization since the 1940s - Facets of Globalization: Trade and Inequalities

Why did global trade levels soar during the half-century after the 1950s?

With unprecedented transportation facilities and numerous international organizations and agreements encouraging relatively free trade, opportunities increased as never before, though of course there were significant national differences and also year-to-year oscillations depending on economic conditions.

Name examples of how countries where trade levels soared.

- Britain, with exports accounting for 18 percent of the overall national economy, and Germany, at 25 procent, provided obvious examples.
- Newer-comers periodically enjoyed huge surges. Japan's exports grew 21 percent per year in the 1970s.
- Early in the twenty-first century, between 2002 and 2007, China expanded its exports by 400 percent.

Name examples where key raw materials produced heavily depended on global trade.

- Key raw materials producers obviously depended massively on global trade, like the oil-producing states of the Middle East, and more recently Russia, selling almost all of their output abroad.
- Chile's rise an economic power depended heavily on commercial agricultural exports of fruits and vegetables to North America and East Asia.

Which two commercial airliners were primarily used in global trade?

The vast majority of the commercial airliners used around the world emanated from two companies by the early twenty-first century, Boeing in the United States and Airbus in Europe. Only a small amount of Russian production provided any significant alternative to the two global giants.

What aspects of daily life were revolutionized because of new trade levels?

- In wealthy countries, foods from around the world were regularly available, making unfamiliar products like New Zealand kiwis regular entrants to the more upscale fruit plates in the United States, Europe, and East Asia.
- Along with the growing popularity of foreign restaurants in big cities almost everywhere, the opportunities for common eating experiences grew as never before, significantly modifying national food traditions at least in some countries.

Why did regional inequalities become more optimistic? Name an example

- Mainly because huge countries like China and India began to participate more effectively in world trade and saw average incomes begin to inch up, with a substantial middle class beginning to emerge.
- By the early twenty-first century, several parts of Africa, such as Uganda and Kenya, began to display rapid economic growth rates - up to 8 percent per year - as manufacturing expanded along with opportunities for raw materials exports to rising countries like China.

What consequence did the emergence of China as global production giant have?

China's emergence as a global production giant, for example, added new competition to manufacturing sectors in Southeast Asia and Africa, providing an additional source of inequality along with the activities of the fully industrialized nations.

What did economic globalization seemed to provide from the 1990s onwards?

- Economic globalization by the 1990s seemed to provide new opportunities, not new exploitation, at least for many key regions.
- Global poverty rates declined rapidly from the 1990s onward: by 2018 more than a hundred people were rising above extreme poverty levels every second.

Which pattern - overall improvement versus persistent inequality - represents globalization's durable face?

Complicating the problem was the other poverty dilemma: as regional differentiations eased (without yet disappearing), inequities within societies increased - and this was true for places otherwise as different as the United States, India, and China.

Which sectors seemed unable to take advantage of globalization?

The rural poor; groups with little or no education - these sectors seemed unable to take advantage of globalization and in many cases suffered from new levels of global competition.

What consequence did the financial crisis in the United States have?

- A financial crisis in the United States, as in 2008, brought banks down in many other countries because investments were global in scope.
- Reduction of American demand inevitably cut production rates in other countries because so much depended on the huge and voracious American consumer markets.
- As credit dried up worldwide, and unemployment rose in many regions (with the accompanying departure of many immigrant workers back to often impoverished homelands), the fact of global interdependence, but also its obvious vulnerabilities, was starkly clear.

The question on the page originate from the summary of the following study material:

Globalization in World History | 9780367279868 | Peter N Stearns

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Globalization since the 1940s - Facets of Globalization: Trade and Inequalities

11 important questions on Globalization since the 1940s - Facets of Globalization: Trade and Inequalities

Why did global trade levels soar during the half-century after the 1950s?

Name examples of how countries where trade levels soared.

Name examples where key raw materials produced heavily depended on global trade.

Which two commercial airliners were primarily used in global trade?

What aspects of daily life were revolutionized because of new trade levels?

Why did regional inequalities become more optimistic? Name an example

What consequence did the emergence of China as global production giant have?

What did economic globalization seemed to provide from the 1990s onwards?

Which pattern - overall improvement versus persistent inequality - represents globalization's durable face?

Which sectors seemed unable to take advantage of globalization?

What consequence did the financial crisis in the United States have?

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