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Ch 18, 3-4

Ch 18, 3-4. Section 3. Key Terms Privatization 502 conversion of state-owned factories and property to private ownership. People work better when they can profit from their own property. Solidarity. 504 independent, illegal union of Polish workers in the 1980s. Led by Lech Walesa

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Ch 18, 3-4

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  1. Ch 18, 3-4

  2. Section 3 Key Terms Privatization 502 conversion of state-owned factories and property to private ownership. People work better when they can profit from their own property.
  3. Solidarity 504 independent, illegal union of Polish workers in the 1980s. Led by Lech Walesa Secured a number of political freedoms for Poles. Eventually Communist government fell Privatization began to spread.
  4. Black market 505 illegal sellers (entrepreneurs, merchants) market goods secretly to buyers. Horded, smuggled, stolen goods Hungarians had much experience in black markets Transition to capitalism was easier as a result.
  5. Great Leap Forward 506 started by Mao Zedong in 1958. To rapidly industrialize China and increase agricultural production. Included collectivization. Mao was copying Stalin’s Five-Year Plans. Soviet advisors used. Failed Agriculture collapsed Industrial quality actually worsened
  6. Section 4 Terms Capital-intensive 510 techniques that use a large amount of capital for every person employed. Japan used to be so Today it uses more robots in place of human workers. Japan’s population is decreasing. Japan prefers high restriction on immigrant labor.
  7. Keiretsu 系列 Japan’s largest firms Closely connected by an external board of directors. Make sure competition does not threaten members. Illegal in US because it is basically a trust.
  8. Infrastructure 510 Systems and structures that support an economy and society. Highways Mass transit Communications Power Water Sewage Education Emergency responders Etc. (my 2007 Fukushima trip)
  9. Collateral 511 property used by a person who wants to borrow money. Security to guarantee repayment of the loan Should a loan go bad (default) After 1996, a recession caused Japan’s real estate “bubble” burst. Many defaulted on their loans Ordinary people Large and small businesses Property values fell Banks refused future loans
  10. Modern Economy Devastated Watching the videos, consider the following: How prepared are even the strongest economies to meet a mega-disaster such as this? What are the short-term effects of it? What are the long-term effects of it? Without nuclear element With nuclear element
  11. Earthquakes, Tsunami, and Nuclear Disaster, 3/11/11 Buildings Tohoku Tohoku Shinjuku, Tokyo Tokyo Surge approaches from epicenter Surge waves hitting coast Close up, town Sendai destruction Hydrogen build up could cause explosions and spreading of radiation Fukushima #2, hydrogen explosions (not the reactor) Radiation clean up Radiation spreading into the Pacific
  12. US devastation, 2011 Joplin, Missouri, tornado damage Phoenix, Arizona, dust storm Chicago, Illinois, blizzard
  13. Transparency 512 the need to make a business’ dealings more visible to the public. Government regulators Investors Consumers Some reformers want more of it in the banking/finance sector.
  14. Hwk Assessments, Class Work, to Know
  15. Sect. 3; Assessments 1 Privatization is the conversion of state-owned farms and factories to private ownership Through voucher Sale of state-owned companies By decree
  16. 3 Privatization Loss of political power Discipline of capitalism Responding to new incentives
  17. 4 Russia Poland Hungary Mexico Chile (all former communist states)
  18. 5 Five-Year Plans, 1950s-1970s Great Leap Forward 1980s, allowed free markets to develop, Still with government supervision 1990s on, increasing privatization of state-owned businesses.
  19. 1 Taiwan Centralized government planning Government assistance to certain businesses South Korea Powerful family conglomerates run most of the economy Government supports them. Sect. 4, Assessments
  20. 3 Worker and corporate loyalty Technology Low taxes Kazuo Hirai (centre) chief executive of Sony’s entertainment division bows apologetically along with two other executives at the start of a press conference at the Japanese company’s headquarters in Tokyo. May 1, 2011. For an on-line data breach.
  21. 4 Hong Kong (89% of that in the US) Singapore (81%) Taiwan (50%) South Korea (45%) EC: 4 points for each correct identification of the nation on the map: total possible, 16. Starting from the NE. South Korea Taiwan Hong Kong Singapore
  22. 5 The “retreat” allowed taxes to be cut.
  23. 6, Graphic, 502 1 four 2 The number of jobs, the number of people, growth in cities because large cities have an industrial infrastructure already in place; making growth easier
  24. 6, graphic, 503 Question In a free enterprise economy, companies may be so large that the only way to develop capital is through selling private stock.
  25. 6, image, 506 Question Argentina sold Oil fields Petrochemical plants Other former state-owned businesses
  26. 12, image, 506 Question To foster the growth of capitalism
  27. 12, Image, 507 Question: China and its population were too large for centralization.
  28. RS, image, 510 Question High level of capital investment Government assistance to business Tax breaks Contracts/orders subsidies Willingness to develop new technology Video: Japanese construction company organizes local workers in Dubai, UAE Pre-work exercise and announcements
  29. RS, image, 513 Question Heavy tax burden Additional costs of a welfare state Growing inflation Massive government deficit
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