Encyclopedia of the Global Economy: A Guide for Students and Researchers

The depression of the 1930s gave rise to the phrase “When America sneezes, the rest of the world catches a cold”, symbolising the close economic relationships that existed between different countries. Today, in a much more interdependent and interconnected world, the globalization imprint can be felt everywhere. This winter in the UK, for example, we saw gas prises rise due to a dispute between Russia and the Ukraine. The mining of coal and the production of steel are once again profitable, fuelled by increasing demand from the Chinese; and we see clothing retailers having to adapt to cheap imports from...