Lesson 14. When did Globalization start?

Lesson 14. Task 3. B. Read the article “When did globalization start?”

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Sum up the article using the following as a blueprint:

1. How has the word “globalization” been perceived over the last two decades?

2. Which virtues does globalization have according to Amartya Sen?

3. Which flaws are seen by the critics of free market economics and politics?

4. Why does it matter when globalization started?

5. Which key principle was used by Adam Smith in the description of economic development? What are the examples of primitive divisions of labour? At which historic moment did markets become more integrated?

6. Which example did Smith have in mind when he spoke about market integration between continents?

7. What is the most disputable of Smith’s arguments about the acceleration of the process of globalization?

8. Which important market resulting from the discovery of the Americas was underestimated by Smith?

9. How did the discovery of silver and gold mines disrupt the market of these metals in Europe?

10. Analyze the graph and describe the dynamics of wheat prices in silver currency before and after Columbus’s discoveries.

11. Which factor contributed significantly to the dramatic rise in prices in the medieval period?

12. In what way did the price revolution change the face of Europe? Which factor could have worsened inflation?

13. Which historical periods are treated by various historians as the starting point of global market convergence?

14. When did globalization go through retreats and setbacks?



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