Post-War Era
Economic globalization
o Global trade exploded with the end of the Cold War
o Globalization
Killed off many cultures and practices
o Benefits
Prevents war because businesses would lose more if they were to wage
war
When a company is liked in other countries, people will start to like the
country
War hurts bilateral trade
o Disadvantages
Jobs move to other countries, other countries get paid so little that they
are considered exploited (ex: Bangladesh, China, Vietnam, etc.)
Countries and cultures lose individualities
The Asian Tigers
o Fast growing and industrializing Asian countries
o Includes Hong Kong, Taiwan, Singapore, South Korea
o Enjoyed high economic growth starting in the 1960s
o China opens stocks in Shanghai in 1989
1989 = basically the end of the Soviet Union, between 1989 and 1991,
Soviet Union was already predictably falling
o China and Japan aren’t included
China opened up too late
Japan opened up too early
, India, Brazil, and Russia
o India
Opened market in the 1990s to focus on software and information
Expands Indian middle class
Reason why so many call centres are Indian
When Trump wanted to stop Indians from entering America lately, and
Google and Apple sued him for it
o Brazil
Agribusiness and steel industries brought wealth to the nation in 2000s
Started to fall apart when the Recession came
Really fell apart when the FIFA and the Olympics were hosted in Rio
(2014, 2016, respectively)
o Russia
Oil business expanded economy
Putin is seen as a dictator in Russia for serving so many terms
International Trade Organizations
o General Agreement on Tariffs and Trade (GATT, 1947)
Lifted restrictive barriers of trade
Tariffs
Can’t have them too high because it stops international trade
Can’t have them too low because it hurts domestic trade
In the 1990s, average tariff rates sunk below 5%, making trade run
smoothly
o World Trade Organization (WTO)
Economic globalization
o Global trade exploded with the end of the Cold War
o Globalization
Killed off many cultures and practices
o Benefits
Prevents war because businesses would lose more if they were to wage
war
When a company is liked in other countries, people will start to like the
country
War hurts bilateral trade
o Disadvantages
Jobs move to other countries, other countries get paid so little that they
are considered exploited (ex: Bangladesh, China, Vietnam, etc.)
Countries and cultures lose individualities
The Asian Tigers
o Fast growing and industrializing Asian countries
o Includes Hong Kong, Taiwan, Singapore, South Korea
o Enjoyed high economic growth starting in the 1960s
o China opens stocks in Shanghai in 1989
1989 = basically the end of the Soviet Union, between 1989 and 1991,
Soviet Union was already predictably falling
o China and Japan aren’t included
China opened up too late
Japan opened up too early
, India, Brazil, and Russia
o India
Opened market in the 1990s to focus on software and information
Expands Indian middle class
Reason why so many call centres are Indian
When Trump wanted to stop Indians from entering America lately, and
Google and Apple sued him for it
o Brazil
Agribusiness and steel industries brought wealth to the nation in 2000s
Started to fall apart when the Recession came
Really fell apart when the FIFA and the Olympics were hosted in Rio
(2014, 2016, respectively)
o Russia
Oil business expanded economy
Putin is seen as a dictator in Russia for serving so many terms
International Trade Organizations
o General Agreement on Tariffs and Trade (GATT, 1947)
Lifted restrictive barriers of trade
Tariffs
Can’t have them too high because it stops international trade
Can’t have them too low because it hurts domestic trade
In the 1990s, average tariff rates sunk below 5%, making trade run
smoothly
o World Trade Organization (WTO)
