Introduction to the topic of globalization and economic changes after 1900.

• The aim is to explain continuities and changes in the global economy from 1900 to the present.
• Three main movements are key: proliferation of free market economics, rise of knowledge economies, and the rise of transnational organizations and corporations.

The spread of free market economics accelerated after the Cold War.

• Economic liberalization grew post-Cold War, with the collapse of the Soviet Union and adoption of free market policies in Eastern Europe.
• Leaders like Reagan and Thatcher in the West, and Pinochet in Chile, pushed for free market economies.
• China began to relax its communist economic policies under Deng Xiaoping.

The development of knowledge economies was marked by the importance of information.

• A knowledge economy is based on the monetization of information.
• Examples include Finland's focus on technology and education and Japan's shift from manufacturing to banking, finance, and IT.

Manufacturing jobs moved to regions with cheaper labor costs.

• As knowledge economies grew in some countries, manufacturing decreased and shifted to Asia and Latin America.
• Workers in these regions often receive low wages and work in poor conditions.

Free trade organizations aim to eliminate barriers to exchange.

• Examples include NAFTA in North America and the Association of Southeast Asian Nations in Asia.
• The World Trade Organization represents global trade efforts to reduce tariffs and quotas.

Multinational corporations operate globally, impacting economies.

• These corporations produce goods in one country and sell them globally.
• Examples include Nestlé and Mahindra & Mahindra, showcasing the globalized economy's impact.