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Explore the reunification of Eastern and Western Europe, the formation of the European Union, the evolving role of NATO, the global power shifts between the United States and Russia, and the economic changes in Asia.
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A. The New Face of Europe • When the Cold War ended, Eastern and Western Europe reunited • 1991 Germany reunified • East Germany had high unemployment
B. Events in Europe 1. European Economic Community become European Union 2. Euro-common currency for most of Europe
3. Warsaw Pact dissolved 4. 1999 NATO adds former Soviet allies from European states
C. NATO’s Changing role • Peacekeeping missions • Bosnia • Kosovo
D. Global Power Shifts • United States the world’s only superpower. • Russia struggled with corruption and with maintaining democratic freedoms
E. Russia • Market economy • Unemployment and crime rises • 1990s severe economic difficulties
4. Defaulted on foreign debt 5. 2000 Putin increases power 6. Fear that Putin would restrict civil liberties 7. Russia become NATO consultant
F. United States • World’s only super power • 1990s economic boom • budget surplus-money left over after expenses
3. Military expenses lead to budget deficit-gap between what a government spends and what it takes in.
G. Changes in Asia • After WW II, Japan dominates Pacific Rim • 1990s Japan suffers through long economic downturn
3. Taiwan, Hong Kong, Singapore, South Korea = “Four Tigers” 4. Economic focus on light industry/electronics