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GLOBALIZATION (WASHINGTON CONSENSUS (John Williamson in 1989, …
GLOBALIZATION
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FLEXIBLE APPROACH
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Various combinations of institutional arrangements in labor markets, finance corporate governance, social welfare.
laissez-faire -belief that economies and businesses function best when there is no interference by the government
WEST
• Liberalization of trade in high-tech products, but not agricultural products.
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• Selective liberalization of services: banking, but not construction or shipping sectors.
• 1980s: abolition of previous distinctions between short-term capital (hot money) and long-term investments.
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DEFINITION
“Globalisation is a set of social processes that appear to transform our present social condition of conventional nationality into one of globality." - MB Steger
exchange of goods, services, culture, people
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REFORM+ INTEGRATION
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the countries open to international trade grow 2.45 percentage points faster over the long term than those closed to international trade
ROUND
DAHA ROUND
• „Development Round", declared more fair for the developing countries.
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