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Economics in the Global Age

Ethan Taylor

Ethan Taylor

7 min read

Next Topic - Calls for Reform and Responses after 1900

#AP World History: Modern - Economic Globalization Study Guide 🌍

Hey there! Let's get you prepped for the AP exam with a super-focused review of economic globalization. We'll break down the key concepts, make connections, and get you feeling confident. Let's dive in!

#Introduction to Economic Globalization

Economic globalization is all about how economies around the world are becoming more interconnected. Think of it as the world's economies becoming a giant, complex network. Here's the gist:

  • Increased Interconnectedness: Countries are more linked through trade, investments, and financial flows.
  • Multinational Corporations (MNCs): Companies operating globally, not just in one country.
  • Global Impact: Affects countries, industries, and individuals worldwide.
Key Concept

Economic globalization is a major trend in recent history, and understanding it is key to understanding the modern world. It's not just about economics; it's also about politics, culture, and society.

#Free Market Economics

After the Cold War, many governments shifted towards free market economic policies. This means:

  • Private Ownership: Businesses and property are mostly owned by individuals, not the government.
  • Limited Government Intervention: Less government control over markets.

#The Cold War Connection

During the Cold War, the US pushed for free markets to counter communism. The Truman Doctrine is a prime example:

  • Monetary Aid: The US gave money to countries like Greece and Turkey to encourage capitalism.

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The Truman Doctrine aimed to prevent the spread of communism by supporting capitalist economies.

#Economic Liberalization

Economic liberalization is when governments remove their own control over markets. Key leaders and their policies include:

| World Leader | Who are they? | Free Market Actions ...

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Previous Topic - Technological Advances: Debates about the Environment after 1900Next Topic - Calls for Reform and Responses after 1900

Question 1 of 12

What is the core idea behind economic globalization? 🌍

Increased isolation between national economies

The rise of protectionist trade policies

The world's economies becoming more interconnected

Decreased influence of multinational corporations