Globalization

Question 1

myth: globalization is new

Answer 1

began during the mesopotamian, silk road, african triangular slave trade

Question 2

myth: globalization is extensive

Answer 2

international share is low: 3-25% investment, phone calls, foreign-born, share of domestic population, ratio of exports/GDP

Question 3

myth: globalization is unavoidable

Answer 3

uneven global diffusion (eg. culture), politics & culture often trump economics: Brexit, China-US trade conflict

Question 4

myth: globalization erases geographical distance

Answer 4

unequal travel time to large city: create disparity since clusters of innovation is harder to access, tighter immigration rules, free trade blocks as barriers to wider free trade

Question 5

myth: globalization erases economic distance

Answer 5

increasing inequality accompanied by lower portion of population living in absolute poverty

Question 6

spiky view of globalization effect on equality

Answer 6

uneven distribution of gain from globalization
impact varies with time period
increases inequality but reducd in absolute poverty
raising barriers to globalization, can lead to slower growth and slow poverty reduction

Question 7

ways to measure income

Answer 7

poverty level: income per day, extreme poverty level

national accounts: household income surveys, satellite nighttime luminosity

Question 8

absolute poverty

Answer 8

families living under a specific income