1 Everyday Economics: Three Faces of Globalization Disclaimer: The views expressed are those of the presenter and do not necessarily reflect those of the Federal Reserve Bank of Dallas or the Federal Reserve System.
2 Globalization Globalization is a complex process that allows national resources to become more and more internationally mobile while national economies become increasingly interdependent and integrated.
3 Labor Land Capital Entrepreneurial Ability
4 Is it Globalization? Kevin H. O Rourke and Jeffrey G. Williamson Historians look at: Shipping technologies Port histories Evolution of trading monopolies Rise and fall of trade routes Trade volumes But rarely prices Economists looking for evidence of globalization must go beyond how much and look for evidence of integration and interdependence.
5 Imagine Two Islands Both islands produce fish and coconuts Fishing requires boats (capital) and labor. Coconut production requires trees (land) and labor. Different amounts of resources One island has many trees and few boats. The other island has many boats, but few trees.
6 Before Trade The island with few trees and many boats Expensive coconuts and cheap fish The island with many trees and few boats Expensive fish and cheap coconuts
7 Trade Begins A new navigational device allows trade between the islands. Which island will import fish? Which island will import coconuts?
8 Few trees expensive domestic coconuts before trade Imported foreign coconuts are cheap. Domestic price of coconuts with trade Many boats cheap domestic fish before trade New export markets for fish increases demand. Domestic price of fish with trade
9 Who cares about the price of coconuts? People who own trees (land) People who climb trees (labor) As price of coconuts falls, land owners and labor in that industry are harmed. Who cares about the price of fish? People who own boats (capital) People who sail and fish (labor) As the price of fish rises, boat owners and crew benefit.
10 Is it Globalization? Was some barrier to trade removed? Did transport costs decline? Was there a change in domestic prices? Did prices in resource markets change? Are our islands globalizing? It seems that they are.
11 Before the 19 th Century Transport costs were flat on Atlantic and Asian trade routes. Tobacco was the only trading industry with falling transport costs. Trade consisted of non-competing goods. Expensive luxuries that could bear the high costs of transportation No impact on domestic production No price convergence on key commodities cloves, coffee, pepper and cloth
12 19 th Century Political Developments Britain repealed the Corn Laws. Gunboat diplomacy forced Japan to open its markets. In the 15 years following 1858, Japan s foreign trade grew from zero to 7% of national income. British victory in the Opium Wars caused China to open port cities to trade.
13 19 th Century Innovation Railroads Steamships Suez Canal and Erie Canal Telegraph lines Refrigeration
14 Commodity Price Gaps Decline Bacon Iron Bar Wool Wheat Hides Cotton Measures of price gaps on traded goods decline between , largely based on falling transportation costs.
15 Two Ratios Land Labor Compares the quantity of available resources Wage Land rents Compares the price of available resources
16 Wage-Rent Ratios in Europe Britain Denmark Ireland Sweden France Germany Spain
17 Wage-Rent Ratios in New World Australia Canada USA
18 Wage-Rent Ratios in Developing World Argentina Uruguay Burma Egypt Siam Japan Korea Taiwan
19 Second Era of Globalization Political changes resulted from the idea that economic interdependence would help maintain peace between nations. Multinational negotiations on trade 1947 General Agreement on Tariffs and Trade (GATT) and subsequent trade rounds 1995 World Trade Organization (WTO) Allowed multinational corporations to manage production, delivery and sales worldwide. Services once available only from local providers were now delivered from international producers to buyers throughout the world.
20 Global Integration Trade agreements World Trade Organization Free trade areas North American Free Trade Agreement (NAFTA) Association of Southeast Asian Nations (ASEAN) Broader integration EU and Euro-zone
21 Second Era of Globalization Innovations in transportation Modern container ships Airplanes Innovations in communication Computers, cell phones and the Internet Fiber optic networks Allowed new global markets to emerge.
22 Three Faces of Globalization Trade of goods and services Movement of people Flow of financial capital
23 Trade of Goods and Services Between 1960 and 2000, the share of the world s production that was exported increased from 12% to 25%. Two types of trade Trade of goods Trade of services
24 Trade of Goods Steel used in factories around the world is produced in Europe, North America and Asia. Capital equipment used by businesses is bought and sold in a global market. Cranes and bulldozers move to construction sites far from the place of manufacture. Clothing, textiles and a host of other consumer goods travel internationally to their final destination.
25 Trade of Services A wide range of services, from call center operations to sophisticated financial, engineering, legal, medical and entertainment services. Foreign audiences often account for more than half of Hollywood s box-office revenues from movies. American programmers design video games that are played all over the world. McDonald s and KFC might appear to be on every corner in the US, but they have more restaurants in other countries. American architects design office towers, airports and stadiums in China, Dubai, Canada and other foreign locales. International students enroll at American universities and create jobs for faculty and staff. American forensic experts investigate accidents and crimes around the globe. Foreign tourists visit the US and create job opportunities at hotels, airlines and tourist attractions.
27 Sources of Comparative Advantage Investments in technology Relative supply of key inputs Land (natural resources) Labor (both skilled and unskilled) Capital Government services and regulations
29 Three Faces of Globalization Trade of goods and services Movement of people Flow of financial capital
30 Movement of People Emigration vs. Immigration Emigration the departure of both skilled and unskilled workers from their country of origin Immigration New residents compete for jobs in a variety of fields and change the dynamics of the labor market in the destination country. Late 20 th century was dramatically different from late 19 th and early 20 th.
31 Immigration to the Americas Thousands 2,000 1,800 1,600 1,400 1,200 1, Argentina Brazil Canada United States Four-Country Total
32 Immigration to the Americas Migrations of the 1920s never recovered to the levels of the 1880s, let alone those of the period. Most of the collapse in mass migration was due to a sharp decline in emigration from new source countries in southern & eastern Europe (Austro-Hungarian empire, Russian empire, Iberia, Italy & the Balkans). Emigration from old source countries in northwestern Europe (British Isles, Scandinavia, Low Countries, Germany, France, Switzerland) hardly declined at all. Note that the US saw the biggest decline in immigration.
33 Immigration to the Americas Four pieces of legislation were enacted in the US between 1917 and 1927 with the intent of limiting immigration: the 1917 Literacy Act; the 1921 Quota Act (restricting immigration from Eastern Hemisphere countries); the 1924 Johnson-Reid Act (lowered immigrant quotas from 356,000 to 165,000); the 1927 National Origins Act (set the overall immigration quota at about 150,000 based on national origins of the US population in 1920). Economic conditions also played an important role in dampening migration from the early 1930s to the mid 1940s none of the US country quotas was binding.
34 Three Faces of Globalization Trade of goods and services Movement of people Flow of financial capital
35 Flow of Financial Capital Foreign Direct Investment - the purchase of physical capital such as buildings, tools and machinery in other parts of the world FDI rose from less than $100 billion annually in 1980 to $1.4 trillion in Multinational corporations own facilities and employ workers throughout the world Foreign Portfolio Investment - the purchase of financial assets that originate outside of the buyer s country of residence and are valued in a foreign currency Investors might be banks, pension funds or private individuals seeking the highest return for their investments in both domestic and international financial markets. FPI is somewhat different from FDI because the ownership of these financial assets does not imply a controlling interest or a majority stake in a foreign business. Some fear that foreign portfolio investment can be volatile and lead to financial panics.
36 Flow of Financial Capital Some companies import intermediate products from foreign firms, as is the case with the Boeing plane. Other firms decide to locate their own plants or production facilities in other countries. Rather than producing all its soft drinks in one plant and exporting them from there, Coca Cola builds regional bottling plants across the world to serve its growing international customer base. Japanese and European car manufacturers have built enormous new plants in the US as US automobile companies build facilities in other countries. These firms are seeking both lowest cost resources as inputs to production and freer access to global markets that come from owning a plant in a given region.
38 Foreign Exchange Markets Market where currencies from around the world are bought and sold Largest financial market in the world Operates 24 hours a day Global market If Americans want to buy Japanese products, they must pay the Japanese firm with yen, the Japanese currency. The foreign exchange market allows Americans to buy the necessary yen using US dollars. In other words, Americans are selling US dollars in order to buy yen. Japanese who wish to buy stock in an American company must first buy US dollars. To do so, they must sell yen. The number of US dollars required to buy yen (or the number of yen required to buy a US dollar) is called the exchange rate.
39 Exchange Rates One exchange rate is the reciprocal of another exchange rate. If 1 = $2.00, then $1 = 0.50 As the exchange rate fluctuates, the value (or strength) of each currency is affected. When one currency strengthens, the other weakens.
40 Weakening Dollar / Strengthening Euro Value of $1 = 1.00 (or 1 = $1.00) US dollar $1 = 0.67 (or 1 = $1.50) Falling $1 = 0.50 (or 1 = $2.00)
41 Weakening Euro / Strengthening Dollar Value of 1 = $2.00 ($1 = 0.50) Euro 1 = $1.50 ($1 = 0.67) Falling 1 = $1.00 ($1 = 1.00)
42 A stronger US dollar means US can buy foreign goods more cheaply and US imports will increase Foreigners find US goods more expensive and US exports fall
43 A weaker US dollar means Foreigners can buy American goods more cheaply and US exports will increase Foreigner goods become more expensive for US residents and US imports fall
44 Questions? To order Globalization, visit
45 Sources O Rourke, Kevin H., and Jeffrey G. Williamson (1999), The Heckscher-Ohlin Model Between 1400 and 2000: When It Explained Factor Price Convergence, When It Did Not, and Why, NBER Working Paper Series, no (Cambridge, Mass., National Bureau of Economic Research, November). O Rourke, Kevin H., and Jeffrey G. Williamson (2000), When Did Globalization Begin? NBER Working Paper Series, no (Cambridge, Mass., National Bureau of Economic Research, April).
Lesson 2 Globalization: Characteristics and Trends ESSENTIAL QUESTION What are the challenges associated with globalization? Reading HELPDESK Academic Vocabulary strategy plan or method context circumstances
TRADE IN THE GLOBAL ECONOMY Learning Objectives Understand basic terms and concepts as applied to international trade. Understand basic ideas of why countries trade. Understand basic facts for trade Understand
America in the Global Economy By Steven L. Rosen What Is Globalization? Definition: Globalization is a process of interaction and integration 統合 It includes: people, companies, and governments It is historically
Japan s Policy to Strengthen Economic Partnership November 2003 1. Basic Structure of Japan s External Economic Policy -Promoting Economic Partnership Agreements with closely related countries and regions
Lesson 1 The Growth of Industrial Prosperity ESSENTIAL QUESTIONS How can industrialization affect a country s economy? How are political and social structures influenced by economic changes? Reading HELPDESK
Multinational Corporations (MNCs), International Investment and Trade POS 335 Andreas Syz February 17, 2004 Multinational Corporations MNCs are networks of firms, linked together by ties of ownership and
2 Negocios infographics oldemar Mexico Means Mexico s Means Partner opportunity enersave OPPORTUNITY 2 Negocios INFOGRAPHICS OLDEMAR MEET MEXICO MEXICO IS A big country Mexico is part of North America,
General Directorate for Economic and Cultural Promotion and Innovation General Director, Mr. Vincenzo de Luca STEERING COMMITTEE MINISTRY OF FOREIGN AFFAIRS CO-CHAIRED MINISTRY FOR ECONOMIC DEVELOPMENT
Push and Pull Factors for Japanese Manufacturing Companies Moving Production Overseas February 20, 2013 Tsunehiko Yanagihara Mitsubishi International Corporation/Washington Office OUTLINE 1. Hollowing-Out
Economic Globalization and Its Consequences PROF. WERNER ANTWEILER Faculty of Commerce and Business Administration http://pacific.commerce.ubc.ca/antweiler/apsc450/ 1. Definition: What is Globalization?
and Study Guide Lesson 1 The Growth of Industrial Prosperity ESSENTIAL QUESTION How can industrialization affect a country s economy? How are political and social structures influenced by economic changes?
Introduction to World Trade Economia Internacional I International Trade theory August 15 th, 2012 Lecture 1 Free Trade Free Trade occurs when a government does not attempt to influence, through quotas
1 International Business: Environments and Operations Chapter 7 Economic Integration and Cooperation Multiple Choice: Circle the one best choice according to the textbook. 1) integration is the political
LECTURE 1: OVERVIEW OF GLOBALIZATION Dr. Chang Sun Faculty of Business and Economics The University of Hong Kong Lecture 1, STRA3702 (International Business Environment) 1 Why study globalization? Nations
Capitalizing on Global and Regional Integration Chapter 8 Objectives Importance of economic integration Global integration Regional integration Regional organizations of interest Implications for action
International Economics Day 2 Douglas J Young Professor Emeritus MSU firstname.lastname@example.org Goals/Schedule 1. How does International Trade affect Jobs, Wages and the Cost of Living? 2. How Do Trade Barriers
International Business Global Edition By Charles W.L. Hill (adapted for LIUC2016 by R.Helg) Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 9 Regional Economic Integration
SECTION THREE BENEFITS OF THE JSEPA 1. Section Two described the possible scope of the JSEPA and elaborated on the benefits that could be derived from the proposed initiatives under the JSEPA. This section
Chapter Nine Regional Economic Integration Introduction 9-3 One notable trend in the global economy in recent years has been the accelerated movement toward regional economic integration - Regional economic
Read TEXT 1 carefully and answer the questions from 1 to 10 by choosing the correct option (A,B,C,D) OR writing the answer based on information in the text. All answers must be written on the answer sheet.
International Business 8e By Charles W.L. Hill (adapted for LIUC11 by R.Helg) Chapter 1 Globalization McGraw-Hill/Irwin Copyright 2011 by the McGraw-Hill Companies, Inc. All rights reserved. Introduction
HIGHLIGHTS The ability to create, distribute and exploit knowledge is increasingly central to competitive advantage, wealth creation and better standards of living. The STI Scoreboard 2001 presents the
GLOBALIZATION S CHALLENGES FOR THE DEVELOPED COUNTRIES Shreekant G. Joag St. John s University New York INTRODUCTION By the end of the World War II, US and Europe, having experienced the disastrous consequences
International Business 10e By Charles W.L. Hill Copyright 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter
Page 1 Objectives for Chapter 26: International Economic Relations: 1970 to 2000: Globalization At the end of Chapter 26, you will be able to answer the following questions: 1. What is meant by globalization?
Chapter 11 Trade Policy in Developing Countries Preview Import-substituting industrialization Trade liberalization since 1985 Trade and growth: Takeoff in Asia Copyright 2015 Pearson Education, Inc. All
Chapter 01 Globalization True / False Questions 1. The notion that national economies are relatively self-contained entities is on the rise. 2. The shift toward a more integrated and interdependent world
October 2006 APB 06-04 Globalization: Benefits and Costs Put simply, globalization involves increasing integration of economies around the world from the national to the most local levels, involving trade
Industries important in nonmetro areas, such as agriculture, food processing, and tobacco products, have benefited from increasingly open markets and increased exports. However, the textile and apparel
Global Trade and the World Economy October 2017 Animesh Ghoshal, DePaul University State of World Economy, Oct. 2017 Global economy strengthening Outlook still fragile World as whole Advanced economies
Chapter 1 Introduction Commerce, which ought naturally to be, among nations, as among individuals, a bond of union and friendship, has become the most fertile source of discord and animosity. Adam Smith,
International Economics G L O B A L I Z A T I O N, T H E F L A T W O R L D, A N D T H E I M P A C T O F T R A D E! Five Themes of Geography Globalization? Location Relative Location Absolute Location Place
Proliferation of FTAs in East Asia Shujiro URATA Waseda University and RIETI April 8, 2005 Contents I. Introduction II. Regionalization in East Asia III. Recent Surge of FTAs in East Asia IV. The Factors
Ignacio Molina and Iliana Olivié May 2011 What is the IEPG? The Elcano Global Presence Index (IEPG after its initials in Spanish) is a synthetic index that orders, quantifies and aggregates the external
Growing Knowledge about Globalization (GKG) Observing Trade, 1980-2001 Miguel Centeno, Sara R. Curran, John Galloway, Paulette Lloyd & Suresh Sood Princeton University, University of Washington, University
1 PART II: CHAPTER 1 (Revised February 2004) MEXICAN FOREIGN TRADE As noted in Part I, Mexico pursued a development strategy called importsubstitution industrialization for over 30 years. This means that
Page 353 How to Study for Chapter 27 International Trade Chapter 27 discusses the theories involving international trade and considers the arguments both for and against free trade. It also discusses recent
International Business Global Edition by Charles W.L. Hill (adapted for LIUC2017 by R.Helg) Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 1 Globalization Introduction Agenda:
International Business Global Edition by Charles W.L. Hill (adapted for LIUC2017 by R.Helg) Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 1 Globalization Agenda: Introduction
Unit 8 Innovation Brings Change 1800 s-1850 s Unit Overview: Industrialization Era This unit addresses the development of the economies in the North and the South, innovations in technology and the application
-55- V. TRADE -- AN ELEMENT OF PROGRESS by Eber Eldridge ll As the service club seated itself for the annual banquet 1 two gentlemen in adjacent seats observed their table service with mild concern. One
Economics Summer Term Task 1. Research the impact of the vote to leave the EU on the UK economy a. In the short term (the next year) b. In the long term (the next 5 to 10 years) -use the links on slide
European and External Relations Committee The Transatlantic Trade and Investment Partnership (TTIP) 1 Introduction STUC The STUC welcomes this opportunity to provide written evidence to the Committee in
Chapter 9 Regional Economic Integration Global Talent Crunch The Global Talent Crunch Over the next decade, it is estimated that the growth in demand for collegeeducated talent will exceed the growth in
Note: This presentation reflects my personal views and not necessarily those of the OECD or its member countries. Research Institute for Economy Trade and Industry, 28 March 2006 The Globalisation of Value
The EU on the move: A Japanese view H.E. Mr. Kazuo KODAMA Ambassador of Japan to the EU Brussels, 06 February 2018 I. The Japan-EU EPA Table of Contents 1. World GDP by Country (2016) 2. Share of Japan
Japan s growing Asia focus: Implications for Korea Dick Beason, Ph.D. Professor School of Business University of Alberta Edmonton, T6G 26R email@example.com Japan s growing Asia focus Over the past decade
Econ 340 Lecture 4 Modern Theories and Additional Effects of Trade News: Jan 15-21 US and China prepare for trade disputes -- WSJ: 1/17 Canvas "A record Chinese annual trade surplus with the U.S., announced
Economics of the Trans- Pacific Partnership (TPP) AED/IS 4540 International Commerce and the World Economy Professor Sheldon firstname.lastname@example.org What is TPP? Trans-Pacific Trade Partnership (TPP), signed
GLOBALIZATION AND DEVELOPMENT JOSEPH E. STIGLITZ TOKYO JULY 2007 The Successes of Globalization China and India, with 2.4 billion people, growing at historically unprecedented rates Continuing the successes
Spain Your base for European expansion. Mario Buisán Trade Commissioner of Spain Texas EU Summit April 2013, Austin, Texas 1 2 3 4 5 Spain Today Economic Situation Investing in Spain Success Stories Conclusion
Chapter 5 Growth and Balance in the World Economy WORLD ECONOMIC EXPANSION in the first half of the 1960's has been sustained and rapid. The pace has probably been surpassed only during the period of recovery
The Comparative Advantage of Nations: Shifting Trends and Policy Implications The Nobel Prize-winning economist Paul Samuelson once famously argued that comparative advantage was the clearest example of
Mobility of Rights 1 Exchange Rates, Labor Mobility and Immigration Policies in an Integrated World Adrian J. Shin University of Michigan November 9, 2012 1 Prepared for IPES 2012. This material is based
Trade Creates Jobs for Pennsylvania Creating and preserving quality U.S. jobs is a goal shared by all Americans. With 95 percent of the world s consumers living outside of the United States, it makes sense
Trade Policy in Developing Countries KOM, Chap 11 Introduction Import substituting industrialization Trade liberalization since 1985 Export oriented industrialization Industrial policies in East Asia The
Global Business Services Plant Location International Global Trends in Location Selection Final results for 2005 September, 2006 Global Business Services Plant Location International 1. Global Overview
International Economics, 10e (Krugman/Obstfeld/Melitz) Chapter 2 World Trade: An Overview 2.1 Who Trades with Whom? 1) Approximately what percent of all world production of goods and services is exported
Japanese External Policies and the Asian Economic Developments Ken-ichi RIETI, Japan June 2002 5th GTAP Annual Conference Table of Contents Economic Developments of Japan and Asia Trends in the Japanese
Chart Collection for Morning Briefing November 1, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 1 1 Figure 1. US TREASURY
THE EUROPEAN PROJECT: CELEBRATING 60 YEARS Contents 01 Reflections on the past 02 The European Union today 03 Looking to the future 2 Ipsos. REFLECTIONS ON THE PAST 3 Ipsos. INTRODUCTION AS SHOWN TO RESPONDENTS:
Chapter 7 Government Policy and International Trade First A Word About Trade Relationships Long-term relationships = 3 or more years Importance varies by country Value (% long-term US imports) Taiwan 67%,
Chapter Ten Growth, Immigration, and Multinationals 2003 South-Western/Thomson Learning Chapter Ten Outline 1. What if Factors Can Move? 2 What if Factors Can Move? Welfare analysis of factor movements
A few myths and misconceptions regarding Globalization? Michel Henry Bouchet September 2013 www.developingfinance.org Myths and Misconceptions 1. Globalization, i.e., the worlwide extension of the market
GLOBALIZATION AND THE EVOLUTION OF TRADE Pasquale M. School of Economics, Deakin University, Melbourne, Australia Keywords: Accountability, capital flow, certification, competition policy, core regions,
The Miracle on the Han: Economic Currents Like other countries, Korea has experienced vast social, economic and political changes as it moved from an agricultural society to an industrial one. As a traditionally
Brazil, Cuba & Mexico Standards SS6E1 Analyze different economic systems. a. Compare how traditional, command, and market economies answer the economic questions of 1-what to produce, 2- how to produce,
CHINA INTERNATIONAL INBOUND TRAVEL PROFILE (2015) 2015 U.S. Travel Association. All Rights Reserved. SUMMARY China is one of the fastest-growing inbound travel markets to the United States; it is consistently
The World Trade Organization and the future of multilateralism By Richard Baldwin, Journal of Economic perspectives, Winter 2016 The GATT (General Agreement on Tariffs and Trade) was established in unusual
How the world views Britain 2017 Foresight issue 158 VisitBritain Research November 2017 1 Contents 1. Introduction and study details 2. Headline findings 3. Tourism, Culture and Welcome rankings 4. Tourism
5-Year Evaluation of the Korea-EU FTA Implementation From Korea s perspective EU-Korea Business Forum "The EU-Korea FTA after five years: What s been achieved and what s next?" September 22 nd 2016, Seoul
Economic Systems Essential Questions How do different societies around the world meet their economic systems? What are the advantages and disadvantages of each system? Terms to know: Economics Economist
Mexico Open Market Mexico is positioned as a gateway to a potential market of more than one billion consumers and 60% of world GDP. 12 Free Trade Agreements with 46 countries, and has recently signed the
The Asia-Pacific as a Strategic Region for the European Union Tallinn University of Technology 15 Sep 2016 By Dr Yeo Lay Hwee Director, EU Centre in Singapore The Horizon 2020 (06-2017) The Asia-Pacific
MADE IN THE U.S.A. The U.S. Manufacturing Sector is Poised for Growth For at least the last century, manufacturing has been one of the most important sectors of the U.S. economy. Even as we move increasingly
Global Economic Briefing: GDP Country Charts February, 1 Dr. Edward Yardeni 1-97-7 eyardeni@ Debbie Johnson --1 djohnson@ Please visit our sites at www. blog. thinking outside the box Table Of Contents
The Demand For Tourism: Japanese Visitors In The United States Akinori Tomohara, University of California, Los Angeles, USA Molly Sherlock, Skidmore College, USA ABSTRACT This paper uses the supply-and-demand
Britain and the EU Understand the politics of UK Revise and understand the role of the EU Look how the Brexit vote has impacted the UK economy Sarah Etchells Anglia Ruskin University The United Kingdom
English Australia Survey of major ELICOS regional markets in 2014 May 2015 Executive Summary of a report prepared for English Australia by Environmetrics May 2015 English Australia contact: Sue Blundell
15.1 - Postwar Uncertainty ESSENTIAL QUESTION: HOW DO POSTWAR TRENDS IN PHYSICS, PSYCHIATRY, ART, LITERATURE, COMMUNICATION, MUSIC, AND TRANSPORTATION STILL AFFECT OUR LIVES TODAY? Albert Einstein Sigmund
THE RECENT TREND OF ROMANIA S INTERNATIONAL TRADE IN GOODS Andrei Cristian Balasan * Abstract: The article analyses the recent developments regarding the Romania trade in goods. We highlight how Romania
COLLECTIVE SECURITY IN THE CONTEXT OF GLOBALIZATION. THE CASE OF ROMANIA Vlad DUMITRACHE Cristina ANTONOAIE The Regional Department of Defense Resources Management Studies, Brasov, Romania European countries