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Regulating Globalization?

Regulating Globalization?. Globalization Day 2 Lesson. Objectives. Review economic systems. Review key economic terms. Introduce trade agreements and regulating bodies. Identify issues and controversies surrounding globalization. Warm Up. What is economics?

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Regulating Globalization?

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  1. Regulating Globalization? Globalization Day 2 Lesson

  2. Objectives • Review economic systems. • Review key economic terms. • Introduce trade agreements and regulating bodies. • Identify issues and controversies surrounding globalization.

  3. Warm Up • What is economics? • Way in which we manage resources to meet needs • Market/Capitalism • Free choice, competition • Command/Communism • Govt decides, controls • Traditional • Custom dictates

  4. Activity • Get into group of five • Divide your illustrations from yesterday and give one to each group member. • Identify the term illustrated in each.

  5. Review • Comparative Advantage • Nation makes certain products at lower cost (higher quality) than others • Trade Barriers • Limit or prohibit imports to protect domestic producers • Tariffs • Quotas • Embargoes • Subsidies

  6. Review • What is globalization? • Growing integration of the world’s economies and societies. • Open country to free trade • Open currency markets • Privatize business

  7. Trade Agreements and Regulating Bodies • Regional Trade • Promote and regulate trade between countries in specific regions • NAFTA (US, Canada, Mexico) • EU (European Union) • AU (African Union) • ASEAN (SE Asia)

  8. Trade Agreements and Regulating Bodies • International Trade • Monitor trade practices between nations and implement fair trading practices • IMF • World Bank • WTO

  9. International Monetary Fund (IMF) 1944, Bretton Woods NH HQ Washington, DC Purpose: Aid to countries in economic crisis Stabilize internatl finanacial and currency markets Functions Surveillance Short Term Loans Technical assistance Trade Agreements and Regulating Bodies

  10. World Bank 1944, same as IMF HQ: Washington, DC Purpose: Financial aid to developing countries for long-term development Functions Financial loans Technical assistance Trade Agreements and Regulating Bodies

  11. World Trade Organization (WTO) 1995 permanent HQ Geneva, Switzerland Purpose: Oversee international trade Functions Oversee GATT (Gen Agreement on Trade & Tariffs) Rules for free/fair trade Settle disputes Intellectual Property Trade Agreements and Regulating Bodies

  12. Globalization: Issues and Controversies • National Sovereignty • Loss of Cultural Identity • Free Trade or Fair Trade • Globalization & Human Rights • Globalization & Migration • Emerging Powers • Global Economic Crisis

  13. Closure • Identify one example of a regional trade group and one example of an international trade group. • Regional – NAFTA, EU, AU, ASEAN • Internatl – IMF, WTO

  14. Homework • Sesame Street Around the World • The Globalization of Coke OR McDonaldization • Rap Topics

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