The main stages of cold war.

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GLOBALIZATION

It’s not about linking the world, is about the exchange Or global flows of production factors, like capital, labour and knowledge.

Knowledge involves cultural differences, Different languages and different ways of using technology.

Technology is nothing without knowledge.

Drivers/Agents Of globalization -- Driven by technological Innovations

§Trade flows

US was the main driver in merchandise exports (close To half), also Japan. They were the leaders in the first wave of globalization In trade.

After world war 1, it was a decline in world trade (depression 1929). When there are only 2 players, if something goes wrong, it Affects the whole world.

After WWII trade increases again and Japan more or Less in 1960, win the US and became the main leader since then.

Most of world welfare was not dependent of trade. The Average of trade openness was low. 

Openness: How much welfare you obtain from trade.

§Capital flows

§Labour flows

First wave of globalization: a lot of Europeans and Asians arrive to the US.

They didn’t want foreigners during the wars and there Was a big decline in immigration in that period. They established rules and Laws to difficult the entrance.

When wars finished, the immigration increase at the End.

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