The Global Economy Since 1900
Introduced| English | Meaning |
|---|---|
| economic liberalisation/ˌiːkəˈnɒmɪk ˌlɪbərəlaɪˈzeɪʃn/ | Reducing government restrictions on markets, trade or investment to allow greater private economic activity. |
| knowledge economies/ˈnɒlɪdʒ ɪˈkɒnəmiz/ | Economies in which producing and using knowledge and information are central to creating economic value. |
A turn toward free markets
- In a trend accelerated by the end of the Cold War, many governments encouraged free-market economic policies and promoted economic liberalisation 经济自由化 in the late 20th century.
- The CED's examples: the United States under Ronald Reagan, Britain under Margaret Thatcher, China under Deng Xiaoping, Chile under Augusto Pinochet.
- Four very different political systems adopting a comparable economic direction — which is why the CED calls it a trend.
Select all the liberalising governments the CED names.
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Chile under Pinochet completes the four; Stalin belongs to 7.4.
Two kinds of economy separated
- In the late 20th century, revolutions in information and communications technology led to the growth of knowledge economies 知识经济 in some regions, while industrial production and manufacturing were increasingly situated in Asia and Latin America.
- Knowledge economies: Finland, Japan, the U.S. Production and manufacturing: Vietnam, Bangladesh, Mexico, Honduras.
- This is a relocation, not a disappearance — the same distinction 5.4 drew about manufacturing shares.
Manufacturing disappeared from the world economy in the late 20th century.
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It was increasingly situated in Asia and Latin America — a relocation.
Institutions carried the principles
- Changing economic institutions, multinational corporations, and regional trade agreements reflected the spread of principles and practices associated with free-market economics throughout the world.
- Institutions and agreements: the WTO, NAFTA, ASEAN.
- Multinational corporations: Nestlé, Nissan, Mahindra and Mahindra — the CED's list is deliberately not all Western.
Follow the global economy since 1900
Free-market policy, communications technology and new institutions act together rather than in sequence.
Select all the institutions and agreements the CED names.
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The Warsaw Pact is a Cold War military alliance from 8.3.
Manufacturing moved; it did not disappear. The CED says knowledge economies grew in some regions while industrial production and manufacturing were increasingly situated in Asia and Latin America — the same relocation-not-vanishing distinction 5.4 drew about manufacturing shares.
Four different political systems adopting a comparable economic direction is why the CED calls it a ____.
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Name the direction, then the local content.
Continuity as well as change
- The objective asks for continuities and changes in the global economy from 1900 to present.
- Change: liberalisation, knowledge economies, relocated manufacturing, new institutions.
- Continuity: raw materials still move from some regions to others, and states still guide their economies — 8.6's development role did not vanish.
Select all the continuities available for this answer.
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Manufacturing did not end — it moved.
A trend is not a single policy
- The CED's four liberalisation examples include a democracy, a parliamentary state, a communist party-state and a military government.
- So liberalisation names a direction of travel, and each state travelled it differently and for its own reasons.
- Naming the direction and then the local content is how to write about a trend without flattening it.
A phone is designed in one country, its components made in several, assembled in another, and sold worldwide by a company headquartered in a fifth. No stage vanished; each moved to where its costs and skills fit. That single object contains the whole of this subtopic.
Many governments encouraged free-market policies and economic liberalisation in the late 20th century — Reagan, Thatcher, Deng Xiaoping, Pinochet. Information and communications revolutions grew knowledge economies in some regions while manufacturing was increasingly situated in Asia and Latin America. Institutions, multinational corporations and regional trade agreements — WTO, NAFTA, ASEAN — spread free-market principles.
Write from the WTO and tariffs
- Many states lowered barriers to trade after 1900, and especially later in the century.
- The World Trade Organization pushes rules for that trade.
What does the WTO promote?
A global body spread free-trade principles.
What does the WTO promote?
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Its rules push members toward freer trade.