International Trade and Global Production Networks

Technological roots with improvements in communication and transportation, political roots with the removal of protectionist barriers, and ideological roots with the free market ideology

Low cost advantages and differentiation advantages

It allows producers to concentrate resources on specific steps in the production process and directly connect with consumers

<p>It is a temporary or persistent connection between producers and consumers, with low costs of switching partners</p> Signup and view all the answers

<p>Complex interactions between buyers and sellers, creating mutual dependence and high asset specificity</p> Signup and view all the answers

<p>Alteration of governance structures and redistribution of gains in the global economy</p> Signup and view all the answers

<p>Internationalization refers to the geographic spread of economic activities across national boundaries, while globalization refers to the functioning integration of internationally dispersed activities.</p> Signup and view all the answers

<p>It has given the division of labor geographical dimensions, with different areas specializing in different types of activity.</p> Signup and view all the answers

<p>It is the notion that industrialized countries produce manufactured goods and non-industrialized countries supply raw materials and become markets; however, it is no longer accurate due to increased complexity.</p> Signup and view all the answers

<p>The conference created a system of embedded liberalism, fostering free trade and state action for full employment; the system collapsed in 1970 due to the balance of payment crises and the inability of the system to adapt to changing economic conditions.</p> Signup and view all the answers

<p>The deepening of liberalism of the postwar regime and the deepening of economic integration.</p> Signup and view all the answers

<p>The IMF has intervened in national economies to address balance of payment crises, promoting market-oriented reforms and stabilization policies.</p> Signup and view all the answers

<p>External markets involved trade with people outside the community, whereas internal markets involved trade with people inside the community, and items came from immediate surroundings. Internal markets evolved to require political regulation with the use of money.</p> Signup and view all the answers

<p>The emergence of national markets overcame market fragmentation by breaking with medieval interests, and political forces played a key role in this process through the role of revolution.</p> Signup and view all the answers

<p>International markets are characterized by interconnectedness, trans-border trade, currencies, and transnational cooperation, and they reflect the social structure of societies as a result of political design.</p> Signup and view all the answers

<p>The industrial revolution contributed to the development of modern mass markets by allowing for the production of new products, the creation of new systems of distribution, and the emergence of new institutions, and the prerequisites for this development were stability and order in society.</p> Signup and view all the answers

<p>The economy is embedded in society, and analyzing it in terms of societal conditions makes economic processes unified and produces structure.</p> Signup and view all the answers

<p>The evolution of markets influenced the development of social structure and political institutions by determining social structure and being influenced by social and political institutions, and their evolution was influenced by the evolution of society and political forces.</p> Signup and view all the answers