World Economy Summary PDF

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+-----------------------------------------------------------------------+ | ­­­­­ | +-----------------------------------------------------------------------+ |  | +-----------------------------------------------------------------------+ | **11. Januar** | | | | World Economy | | | | Rottensteiner David BA | +-----------------------------------------------------------------------+ Table of contents {#table-of-contents.Inhaltsverzeichnisberschrift} ================= [Lecture 1: Global Political Economy 3](#lecture-1-global-political-economy) [Key features of Globalization 3](#key-features-of-globalization) [Breakdown of the Global Financial Crisis 3](#breakdown-of-the-global-financial-crisis) [Origin of the Financial crisis 4](#origin-of-the-financial-crisis) [Lesson (?) 4](#lesson) [World economy between the Great Recession and the Great Lockdown 5](#world-economy-between-the-great-recession-and-the-great-lockdown) [War in Ukraine and current trends 5](#war-in-ukraine-and-current-trends) [Lecture 2: Introduction into World Economy and World Systems 5](#lecture-2-introduction-into-world-economy-and-world-systems) [Mercantilism 5](#mercantilism) [Key concepts of Mercantilism 6](#key-concepts-of-mercantilism) [Classical Liberalism and Neoliberalism 6](#classical-liberalism-and-neoliberalism) [Key Concepts Liberalism and Neoliberalism 6](#key-concepts-liberalism-and-neoliberalism) [Marxism and Marxian Political Economy Tradition 6](#marxism-and-marxian-political-economy-tradition) [Key Concepts of Marxism and Marxian Political Economy Tradition 6](#key-concepts-of-marxism-and-marxian-political-economy-tradition) [Lecture 3: Globalisation 7](#lecture-3-globalisation) [History of globalisation 7](#history-of-globalisation) [Evidence of Globalisation 8](#evidence-of-globalisation) [Trade 8](#trade) [Finance 8](#finance) [Production 8](#production) [Labour migration 9](#labour-migration) [Logics of Economic Globalization 9](#logics-of-economic-globalization) [Second Age of Globalization 9](#second-age-of-globalization) [Trends in Globalization 10](#trends-in-globalization) [Evolution of World Trade 10](#evolution-of-world-trade) [Evolution of FDI 10](#evolution-of-fdi) [Current trends in Globalisation 10](#current-trends-in-globalisation) [Lecture 4: Development 10](#lecture-4-development) [Lecture 5: The financial and monetary order 14](#lecture-5-the-financial-and-monetary-order) Lecture 1: Global Political Economy =================================== #### What is Embedded liberalism? Embedded liberalism means balancing national economic goals (like jobs and stability) with global trade and investment. It allows countries to step back from global rules (e.g., IMF or GATT) when domestic needs arise. Example: After WWII, countries joined global trade systems but kept the right to use tariffs or subsidies to protect local industries if needed. #### What is the IMF and the GATT? IMF = International Monetary Fund GATT = General Agreement on Trade and Tariffs #### What is Multilateralism? Multilateralism is about countries working together through international organizations to promote global economic cooperation. 1. Institutionalized cooperation: - Using organizations like the IMF and World Bank (from the Bretton Woods system) to manage international finance and trade. 2. General rules for fairness: - Principles like Most-Favoured Nation (MFN) ensure fair trade by requiring countries to treat all trading partners equally. In short, it\'s global teamwork with fair rules through institutions. ### Key features of Globalization - Growing interdependence of countries - Importance of global trade to economic growth - Globalization of production networks - Globalization of finance and complexity of new financial instruments - Vulnerability of goal financial systems to periodic crises - Increasing significance of private actors in the global economy #### What are TNCs? TNC stands for transnational corporations in which a company´s ownership and management is shared in more than one country for the production of goods and services. - By 2009 TNCs amounted 10% of the global GDP - Sales by TNC subsidiaries are twice total value of world trade - Integration of developing countries and global supply chains Breakdown of the Global Financial Crisis ---------------------------------------- - Bankruptcy of Lehman Brothers on the 15^th^ of September 2008 Massive sell-off of shares in Wall Street - 4.4% of Down Jones Index - Global Recession with the World output falling by 0.8% in 2009 - FDI fell by 40% in 2009 - Differences in regions and countries: EU -4%, USA -3.2%, China 8.7%, and India by 5,6% ### Origin of the Financial crisis Ein Bild, das Text, Screenshot, Visitenkarte, Schrift enthält. Automatisch generierte Beschreibung Global Financial Crisis - Bailouts: transfer of risk from private to public - Budget deficit - More than 100% of public debt/GDP - Important problems for Southern and Eastern Europe \^ #### Response to the crisis - Emergence of the G20 - Revitalization of IMF - Avoiding protectionist policies (Great Depression) at least until 2013 Lesson (?) ---------- - Growing interdependence of countries - Vulnerability of the contemporary global financial system to periodic crisis - Speed of problems transmission - Collaboration between governments to seek collaboration - Significant and evolving role of international institutions impact on poverty and inequality World economy between the Great Recession and the Great Lockdown ---------------------------------------------------------------- - Slow recovery of world output - Problems in world trade: Protectionism - The long-running trade dispute between the US and China - Other factors - The government shutdown in the US in 2018-19 - The Brexit - Changes in monetary policy in major economies The Great Lockdown - Spread of COVID beginning 2020 - Great Lockdown: quarantine and social distance practice to contain the virus - A health crisis, a financial crisis and a collapse in commodity prices, which interact in complex ways - Unprecedented support to households, firms, and financial markets - About 6-7% GDP loss War in Ukraine and current trends --------------------------------- - Russian Invasion in February 2022 - Global output contracted in the second quarter of this year: - Downturns in China and Russia - US consumer spending undershot expectations -... Lecture 2: Introduction into World Economy and World Systems ============================================================ Mercantilism ------------ Early forms of Mercantilism - Emerged in the Sixteenth century - By the seventeenth century, the core tenets were established: - Dominance of national interest in economic policy - Central role of state in directing economic activity - Importance of creating favourable trade balance to promote growth and prosperity - Mercantisists viewed power and wealth as interrelated and interdependent objectives of state policy - Mehr exportieren ### Key concepts of Mercantilism - State power: focuses on the national interest and emphasises the state's role in economic policy - Wealth & power: wealth is seen as essential for state power, and states should accumulate precious metals like gold and silver (Wealth = power; and power is of the state) - Zero-Sum Game: Economies are competitive, and states should pursuer protectionist politics to safeguard national industries ( states should protect their own economy) Example: The British Empire during the 17^th^ and 18^th^ centuries followed mercantilist policies by imposing trade restrictions to protect its colonies industries and maintain a favourable balance of trade *20th century mercantilism* - Nazi-Germany: adopted aggressive mercantilist policies combined with expansionist and racial ideologies - Japan: Promoted the "Greater East-Asia Co-Prosperity Sphere," emphasizing imperial economic control over East Asia Classical Liberalism and Neoliberalism -------------------------------------- - Origins: Rooted in Adam Smith's \"The Wealth of Nations\" (1776). ### Key Concepts Liberalism and Neoliberalism - Free Markets: Advocates for limited state intervention, allowing market forces to drive economic activity - Individual Liberty: Emphasizes individualism and self-interest as the drivers of prosperity - Comparative Advantage: David Ricardo's theory suggests that nations benefit from specializing in goods they produce efficiently and engaging in free trade - Interdependence: Modern liberalism highlights the interconnectedness of states, where war and conflict become costly in an integrated global economy Example: The European Union (EU) embraces liberal economic principles, promoting free trade, labour mobility, and economic integration among member states. Marxism and Marxian Political Economy Tradition ----------------------------------------------- - Origins: Based on Karl Marx\'s critique of capitalism, focusing on class struggles and the alienation of labour. ### Key Concepts of Marxism and Marxian Political Economy Tradition - Exploitation: Capitalism thrives by extracting surplus value from labour, leading to worker exploitation and social inequality - World-System Theory: Thinkers like Wallerstein argue that capitalism operates on a global scale, where rich countries exploit poorer, peripheral nations Example: The dependency theory in Latin America, led by thinkers like Raul Prebisch, argued that global capitalism kept developing countries in a cycle of dependence on industrialized nations. - Marxist ideology is different from Marxist theory - Capitalism varies depending on the country; it is not uniform everywhere - MAD = Mutually Assured Destruction (a doctrine of military strategy where the use of nuclear weapons by two opposing sides would result in the complete annihilation of both) - Golden Share: A golden share gives the government or a shareholder the right to veto certain decisions, even if they hold a minority of shares. The case of Talgo (Spanish railway company) is an example for that - The USA has more than 800 military bases worldwide; Russia has only one in Syria Lecture 3: Globalisation ======================== *What is Globalisation?* There are many definitions of the term Globalisation. For example, one aspect of globalisation is that a product is standardised and available in different countries across the globe. However, the official formal definition, describes Globalisation as the following: In the global political economy literature, globalization is generally conceived as a process, rather than a fixed outcome or condition. This process includes: - Shift towards the world economy with regionalization, nationalization, and localization - Relative denationalization of economic relations - This rescaling (globalization) is an uneven process some countries are isolated North Corea, some are not really connected like Uzbekistan - A good example of globalisation is the EU: countries connect to trade with each other has benefits for all of them History of globalisation ------------------------ - 1870 -- 1914: First age of globalization - Currently: Second age of globalization - This has been far more resilient and socially embedded than many have acknowledged - Economic globalisation is today a dominant (but not sole) tendency in the world economy Evidence of Globalisation ------------------------- ### Trade - Most post-war period, world trade has grown much fast than world output especially since early 1990s - Trade now involves a large number of countries and sectors - Trade has become increasingly important to many economies - Trade now reaches deeper than ever before into more sectors of many national economies India shifts from the trade of traditional products to services like IT. While Brazil, agricultural trade shifts from raw material to processed foods and biofuels - World trade remains highly concentrated, geographically and sectorally - Geographically: OECD and small number of East Asian countries which dominate global trade - Sectorally: manufacturing, fuels, services and agriculture key sectors in the world trade that influence all industry (fuels, machinery) - Patterns of trade have changed over time - There is a new global division of labour with increasing intra-industry trade Germany and Japan both export cars, while Chaina and South Korea trade electronics - There has been an expansion in South-South trade China trades machinery with Brazil (Soybeans) - Significant non-tariff barriers to trade remain - Distance, history and culture still influence ### Finance - International finance was previously principally considered an adjunct to trade - By 21^st^ century the direct association between finance and trade has become irrelevant massive flow of capital - The ratio of foreign exchange turnover to world merchandise trade has increased dramatically In the 1980 foreign exchange turnover was much closer to trade volumes, but now it´s many times larger - The level and geographical scope of global capital flows expanded enormously until 2008 - Global financial flows reversed during the financial crisis of 2008/9 and have subsequently been constrained by the euro crisis - Evidence from a variety of measures, suggests significant integration of financial markets - Major stock markets have become increasingly synchronized - This has been accompanied by processes of financial deepening ### Production - FDI = foreign direct investment - FDI have increased since the 1970s - Delocalisation/outsourcing: Example: 60 years ago, a car was 100% produced it Germany, now the car parts are produced in different parts of the world - FDI and production fragmentation have increased dramatically since the 1970s - Driving and dominating this process is the TNC - Transnational production, rather than trade, has become the principal means of servicing foreign markets - Flows of FDI have become more geographically diffuse and more intense - This reflects the trend towards integration on ever larger geographical scales - Flows and stock of FDI are nevertheless concentrated among and within the major OECD economies - The cumulative impact of mobility of productive capital, along with trade, has contributed to major structural changes in the world economy industrialization of many developing economies ### Labour migration - Labour is relatively immobile - Labour flows are geographically extensive and primary South to North - Inter-regional migration expanded enormously over the period 1950-2000 - Globalisation is not inevitable nor irreversible. Global Financial Crisis demonstrated how tightly integrated the global economy is ### Logics of Economic Globalization - There is no single, determinate cause of economic globalization there are multiple dynamics at work - Modern communications infrastructure and modern modes of transportation have formed new forms of transnational economic organization Second Age of Globalization --------------------------- - Cannot be determined definitely whether this second age of economic globalization is more intensive than the first age - Profound qualitative differences between both ages of globalization: - Real time world financial markets - Breadth and depth of cross-border trade and financial activities - The speed of economic exchange from payments to investments everything is much faster - Scale of gross economic flows of goods and capital - Economic relations at inter-regional level Europe/Asia, North America/Africa - Second-age globalization is experienced much more unevenly Trends in Globalization ----------------------- - Recovery of international trade after the Great Recession is not clear: - Trade tensions between USA-China - Brexit - Rise of protectionism (associated to populist movements) - Great Lockdown - Would there be a third wave of Globalisation in post-covid world? - Although the covid lockdown the world trade increased in total the years 2019-21. However, the delay of production caused inflation Evolution of World Trade ------------------------ - US real personal consumption of physical goods rose 17% from 2019 to 2021 The last time the US had an increase like this was during the recovery from World War II - Surging demand for goods was constrained both by the unique circumstances of the pandemic = demand is essential - The war in Ukraine is exacerbating supply constraints and boosting inflation Evolution of FDI ---------------- - FDI surged back to above its pre-pandemic level in 2021 - The war in Ukraine has prompted the withdrawal of more than 400 foreign firm from Russia, although this has not yet resulted in a wave of actual divestments of assets, which would reduce FDI - Since Russia hosts only 1% of the worlds inward FDI stocks, the main effects of the war on international corporate investment are likely to result from its negative macroeconomic consequences Current trends in Globalisation ------------------------------- - On March 2^nd^, 2022, the United Nations General Assembly voted on a resolution for the invasion and demanding the withdrawal of Russian troops from Ukraine - 141 countries voted in Favor - 61% of world merchandise trade in 2020 - And 70% of the worlds combined trade, capital, information, and people flows - This suggests some limits on the extent to which this conflict itself could reshape geography of globalisation - These data highlight Chinas pivotal role in the extent to which the geography of globalization will shift moving forward Lecture 4: Development ====================== *What is development?* The definition offers a great variety of answers. In contemporary times it encompasses almost all facets of the "good" society. If we speak of economic development we can define that as: "Actions that promote the standard of living and economic health of a country or area" This involves: - Human capital - Critical infrastructure - Regional competitiveness - Environmental sustainability - Social inclusion - Health However economic development differs from economic growth: Economic development is a policy intervention which aims of economic and social well-being of people. Economic growth is a phenomenon of market productivity and rise in GDP. Economic growth is one aspect of economic development. Exam question: What is the difference between economic growth and development? (See definition, an example could be Pakistan it expiercd economic growth but not development, as due to corruption the local population did not receive any increase in living standards. - You need to have growth to have development. Growth doesn't automatically lead to development. Growth is just one aspect of economically development What is (under)development? - Underdevelopment nations are characterized by a wide disparity between their rich and poor populations and an unhealthy balance trade - Trade deficit - Lacking infrastructure - Lack of jobs - Drinkable water/food - No education - No housing Measuring development - GDP/capita = GDP divided by the population - Not a good measurement because it indicates just growth and not development therefore the HDI was created - HDI = Huaman Development Index - Includes statistic of life expectancy, education, and income to rank the countries into four tiers of human development - Created by two Pakistani economist Mahbub ul Haq and the Indian economist \_\_\_ Globalization and Development In the contemporary era of globalization: - Large proportion of the world´s population continues to live in poverty and deprivation - Inequalities between countries, societies, and people continue to increase - Conditions for development to flourish haven ot been put in place How do we explain this? - E.g. South Korea, China were underdeveloped countries but with the globalisation they could develop they profited from globalisation is globalisation a good opportunity for a country? Question: How do authers explain that this is not well developed Advocates of globalisation argue that: - Goverments have failed to introduce the right kinds of policies, in the right kinds of ways, and to the right extend more, not less neo-liberal reforms are required more globalization because there has been insufficient engagement with globalisation - Financial crisis is not explained by excessive levels of "openness" or "vulnerability" - Many...... Critics of globalization - Devastating consequences destruction of local production - Neo-liberal policies take little or no account of the nature of the global political economy that impose obstacles to development - Financial crises are crises of globalisation Theories about development - Modernzation theory: - Developed in the US - Development is understood as a process of social change whereby less developed societies acquiered characteristics common to more developed societies (Westernization) Question: what is the Westernization process - Development was viewed as both as an endpoint and a process of catching up objective: you need to catch up - Old theory but a comprehensive view on development -- focused on social and cultural changes in addition to economic change - Stages of economic growth - Traditional society - Preconditions for take-off - Take-off - The road to maturity - The age of mass consumption - A continuity of development theories of the 19^th^ and early 20^th^ centuries: Adam Smith, Karl Marx, Max Weber, Alexander Gerschenkorn Underdevelopment theories - Rival What was the policie to escape from these structural problems? - In the 70s they applied import institutions policies -- f.e. we are not buying cars, we are makring cars -- this can be done with subventionen auf import After the ciris in the 70s these countries suffered from public debt Dependency theory - Development and underdevelopment exists in a relationship of structural symbiosis - The structure of the global system serves to perpetuate underdevelopment From 1960s newly industrialzing econmies (NIEs) began to grow specatulary... Third world term was used in the 80/90s - First world: European countries + America - Second world: former soviet/Asian states New debate between neo-liberalists and neo... Neo-liberalism - 90/00s it was the paradigm to explain - Idea: (comes from liberalism) based on the idea of the freedom of the market - Why is the paradigm no longer neoliberalism? Even following the paradigm there are some exceptions like some countries in the EU interfere in more the market Human development approach - Economic growth did not always result in beneficial outcomes for the poor - Redstrbutive measures were required to target the poor and unemployed - Emphasizes the meeting of - Basic material needs - Access to key services - Participation in the political and decision making process F.g. Saudi Arabia -- not everyone in the country benefits from the richness Name a definition of freedom (amarty sen) -- comes from a range of processes, economic, social and political; what are the bases of this theory? Some expections: e.g. china -- is deveploked but it has not political freedom Currently we cannot consider development without sustainability See discussion questions! Lecture 5: The financial and monetary order =========================================== - Money and finance can serve political, as well as economic purposes - On an international level: - We have to decide how money should be used to facilitate international economic transactions - How it should be managed - What should the nature of the relations between national and international currencies should be - How should a credit be created Idk ob wichtig: What is a commodity? + pyrites - Homogenious products. Newspaper, coffee, tobabcco Beginning of Globally integrated order - In late 19^th^ and early 20^th^ cross-border flows of money surpassed those in current era for national econmoies - The international money regime was more integrated than in the current period: - The gold standard was established - Various currency blocs/unions were created - During the First World War - Cross border financial flows diminished dramatically - After WW1 the UK and US attempted to restore the pre- 1914 international order. - Major international financial crisis triggered the collapse of international lending and the international gold standard - International monetary and financial system broke up into series of closed currency blocs What are non/convertible currencies Dinar in marokko, because there are limitations -- only the most developed countries have convertible currencies. Same for spain/Portugal during/after dicator ship The Bretton-Woods Order (until 1973) - Goal: rebuilding the international monetary and financial order post-WWII - An attempt to establish a open multilateral world economy with the new domestically oriented priorities of addressing unemployment and social welfare - The institution of Bretton Woods Order were set up of a meeting of 43 countries in Bretton Woods, USA in July 1944 - Aim: rebuild the shattered postwar economy - Promote international economic cooperation What are the Key elements of the Bretton Woods agreement (1944) - Gold exchange standard: currencies were pegged in relation to the gold content of the US dollar (peg system as goverments could change the peg value of their currencies - Currencies were convertible for current account transactions - Capital movements were controlled designed to control speculative and "disequilbrating" private financial flows What was the idea behind the Bretton Woods Order? BW Order was based on the ideas of a trio of key elements -- US treasury Secretary Henry Morganthau, his chief economic adviros Harry Dexter White and Brisish economicst John Maynard Keynes... Institutions of Bretton Woods Order  The collapse of the Gold Exchange Standard - In 1960s US currency grew larger than the amount of gold that the US government held to back it up if holders of USD decided to convert dollars into gold, US would not be able to meet demand - Some countries (France) and private speculators targeted the US dollar - In august 1971 the US suspended the convertibility of the US dollar into gold end of gold exchange standard After the Gold standard - In 1978 the IMF Articles of Agreement came into force which legalized floating exchange rates this leads to the formal ending of adjustable peg system - Some argue that floating exchange rates have encouraged speculative currency trading short-term volatility and long-term misalignments of exchange rates - In 1980s, longer-term misalignments led to coordinated depreciation of US dollar & more managed exchange rates among G5 Plaza Agreement (1986) & Louvre Accord (1987) - West Germany and Japan argued that US was shifting the cost of adjustment Why was it even introduced and what followed? Bretton Woods II - Undervaluation of national currencies in East Aisa, particularly China, to support export industries Leading to accumulation of US dollar reserves in East Asia - US gets cheap imports and low-cost foreign funding of its trade and fiscal deficits - There is currently a debate as the weather this is situation of "global imbalances" is sustainable - Calls for greater macroeconomic coordination - G-20 Mutual Assessment Process European monetary System - 1979 created mini adjustable peg regime: vulnerable to speculators - Maastricht Treaty (1991) committed members to full monetary union by 1999 (economic and political motivations) - Euro-Crisis - Intra-regional imbalances - Lack of flexibility in wages and prices: goverments preferred to borrow rather than adjust - Resolution requires: - Settlement of debt problems of weaker members - Region-wide financial regulations and supervision - Clearer provisions for emergency liquidity - Greater fiscal transfers Lecture 6: Regionalism in the global economy Folie 3 Regional agreement= group of countries (which used to be in the same continent) Practical activity includes: Talking about the agreements and breaking them down (including members) Recherchieren magari Prüfung - By the end of March 2013, only four of the WTFO 159 members were not pary to one or more regional trade agreement normally closed countries like North Korea - All agreements must be registered at the WTO - Most favoured nation principle: same conditions for all new members (no bilateral agreements) example USA wants to trade more with Mexico, as they are part of the WTO, they have to have the same conditions - Exception 1: USA want to have a special relationship with Mexico, but both of them belong to the WTO if they want to reduce taxes, they have to reduce taxes for all members - Exception 2: When developed countries offer better trade conditions for very low developed countries special conditions Folie 4 - Regional or free agreements are - (PTA) preferential trade agreement - Agreements between already existing trade agreements - There is no thing like a "region" continents are very different from each other (in terms of culture, development etc.) - Being geographically doesn't really matter trade agreements between EU + Japan instead of EU + Russia Folie 5 - Regionalism = formal process of intergovernmental collaboration between two or more states - Regionalization on - Regionalization and Globalization to the same thing (increasing economic interdependence), however Regionalization focuses more on Regions as on the world. An example would be the EU What are the differences between Regionalization and Globalization? Is Regionalization a barrier or... to Globalisation? Folie 6 - Why would a government support Regionalization? - Improve inter-state relations through enhancing confidence more confidence among the countries and a good way to improve relation - Enhance security within a region against both internal and external threats illegal immigration (Marocco EU free trade agreement) - To address "non-traditional" security threats e.g. environmental damage - To Enhance bargaining power in the global economy through group solidarity Folie 7 -- why regionalism 2 - Spain joined EU in the 1980s before joining Spain had to implement reforms by the EU to make Spain able to trade with other countries - But a lot of producers didn't want that to happen, as they already had their customers and own conditions with the previous government however these reforms are important to be able to trade internationally - Regional agreements are easier to implement than global agreements - Special policies for farming sector in Europe to protect it a lot of other countries wanted to open (liberalize) the market to do more trade -- \[Banans from Africa\] Folie 8 -- Why regionalism 3 (Economic reason) - RTAs are sometimes perceived to be preferable to non-discrimnatory multilater agreements - RTAs enable continued protection of sectors that woud otherwise not survive global competition - RTAs provide opportunities for "deeper integration" that are not possible at the global - After WWII: two agreements because it was difficult (F,D,I wanted deeper integration), UK just wanted open market - Schengen treaty - EFTA countries - It can be the starting point of deeper integration on the other hand Folie 9 -- The Rush to Regionalism - First wave of regionalism in early 1960s - Emerged in response to the establishment of European Economic Community in1957 - Important: Import substitution - Enchance the bargaining power of participants - Many failed because - Participating countries were not significant economic partners for one another (because they produce the same products) - Inequalities among partners (sometimes the least developed country will make a loss) e.g. NFTA a lot of concerns about Mexico because it's the weakest part of the chain. Especially Mexican productions... wurde davor gewarnt, dass die Zustände für Mexiko schlimmer werden, wegen geförderter importe und die heimische Industrie zerstören Folie 11 -- Political Economy of Regionalism - Why would firms support regionalim? - Economies of scale argument (Explain, look up) Folie 12 -- Political Economy of Regionalism - Free movement of people and goods Folie 13 -- Economic Consequences - Trade diversion effect reduced trade with the rest of the world and more focused on trading with partners - Trade creation and trade diversion Folie 16 -- Regionalism and the WTO Final Exam Which kind of open question? Give arguments for the positive... regional and global Are regional hindered globalisation? Name 3 examples? 17.12 exam or January 15.12 evaulation of the lecture and questions for exam