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Global Power Blocs and the Dynamics of Globalization: Insights from Dr. Maurice Mullard

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In this lecture by Dr. Maurice Mullard, we explore the complexities of globalization and the role of power blocs in shaping global markets. Key topics include the impact of open markets on prices and wages, the responsibility for defining globalization, and the ongoing financial crises that highlight the fragility of global finance. We also delve into the emergence of China as a dominant economic player, the influence of the EU, and the challenges of the US economy. With insights into trade, technology, capital requirements, and geopolitical strategies, this lecture offers a comprehensive understanding of global power dynamics.

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Global Power Blocs and the Dynamics of Globalization: Insights from Dr. Maurice Mullard

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  1. Global power blocs Dr Maurice Mullard Lecture 4

  2. Globalisation Markets and Blocs • TRADE – OPEN MARKET LEADS TO OVERALL FALLS IN PRICES BECAUSE OF OVERALL INCREASES IN SUPPLY • OVERALL WAGE REDUCTIONS IN THE MORE COMPETITIVE SECTORS ESPECIALLY EXPORT SECTORS • TECHNOLOGY – SKILLED AND UNSKILLED WORKERS

  3. Seeking to Influence Markets • Globalisation and geographical spaces • Blocs and Power • Who Gives shape and defines globalisation • Financial crisis Argentina Asia Brazil the Washington Consensus • The Emergence of China • The New Recession 2007

  4. Fragile structure of global finance • Recession started in USA sub prime mortgages but this was a trigger need to explore structural causes • Fragile finance markets • Capital Requirements • Liquidity • London and New Yorkat hub of global finance • 14 banks control 90 per cent of global assets • US 6 banks control 50 per cent • High concentration and interconnected

  5. The Making of Groups of Common Interests • Oil OPEC Cartel decide oil output and prices control supply – oil and political leverage 1973 74 inflation crisis • Primary commodities coffee cocoa coal iron less political leverage poor countries • Theory of coupling and De coupling • Relationship Developed Economies and Emerging Economies

  6. The EU • Most influential economic bloc – economy stronger than US – enlargement to 27 member states second largest GDP • EU diverse and plural less cohesive • Ideology – European tradition of welfare and US Market approach Euro and the dollar as future global currencies • Subsidies for agriculture environment regulations • Responding to Global Recession 2009 • Germany dominance strait jacket of the euro • Austerity in ascendance

  7. The EU response to recession • The European Central Bank priority of monetary policy low inflation • Recession safeguarding the banks • Criticisms of the Anglo US liberal model as failed model • Willingness to provide subsidies

  8. The USA • Military power – History of Corporate America – military Industrial Complex • History of US protectionist policies • Irony of American democracy – political elite • Weakness of US Economy 2010 • Consumer of last resort • Decline in net worth

  9. US Economy 2009 • GINI INCREASED SINCE 1990S- BLAMED ON GLOBALISATION – JOBS LOSSES Unemployment 15 million in June 2009 • US Bailout of Banking Sector Obama Stimulus Package • Health Reforms • From Falling of a Cliff to Green Shoots • Decline of the US Consumer

  10. The Ascendance of China • China Growth in 2009 8.9 per cent EU and US contracted Forecast that China would overtake US 2040 china now second largest economy • Chasing primary commodities Oil food iron ore • Danger of global imbalances • Savings and Exports

  11. Pan Africa Arab League • Pan Africa dream of independence – to military rule – fragmented and the lost continent • Arab League • Islam • Oil and Politics

  12. Where the uk • Economy 1.4 trillion about 5th largest economy • In and out of eurozone • Austerity • Forecast w recession • Where the growth

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