Globalisation Phases: Unbundling and Convergence

This lecture delves into the four phases of globalisation, starting from the movement of consumption to production and culminating in the unbundling of production and consumption. The instructor explains how climate change, agricultural revolutions, and technological advancements have shaped the global economy over millennia. The lecture also covers the Great Divergence and the subsequent Great Convergence, highlighting the rise of emerging markets like China and India. The impact of the Commodity Super Cycle on global trade and income distribution is explored, along with the changing dynamics of world manufacturing and trade patterns. The discussion extends to the offshoring of manufacturing stages, the role of Global Value Chains, and the economic implications of supply chain unbundling.