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Reviewing Globalization

Reviewing Globalization. Objectives. Review basic economic principles. Review key trade agreements & agencies. Review issues and controversies surrounding globalization. Warm Up. What is economics? Way in which we manage limited resources to meet unlimited needs Market

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Reviewing Globalization

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  1. Reviewing Globalization

  2. Objectives • Review basic economic principles. • Review key trade agreements & agencies. • Review issues and controversies surrounding globalization.

  3. Warm Up • What is economics? • Way in which we manage limited resources to meet unlimited needs • Market • Free choice, competition, limited govt role • Command • Govt decides, controls • Security over risk • Traditional • Custom dictates • Support selves

  4. Review • What is globalization? • Growing integration of the world’s economies and societies. • New communications technology • Free trade, open currency markets, privatization

  5. Trade Agreements and Regulating Bodies • Regional Trade • NAFTA • EU • AU • ASEAN • International Trade • IMF • World Bank • WTO

  6. International Monetary Fund (IMF) Short term loans to countries in economic crisis World Bank Financial aid for long-term development World Trade Org. GATT Promote & monitor free trade among member nations Settle disputes Trade Agreements and Regulating Bodies

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

  8. Global Economic Crisis • Global Pool of Money • How did world invest in US housing market? • Mortgage Backed Securities • Problem? • Not enough mortg’s = Lowered standards (NINAs) • Default / Foreclosure = securities worth less • Stock Market “Crash” = banks / financial co’s bankrupt • Credit crunch (no loans for cars, school, house, small business) • Unemployment • Fix? • TARP & Govtbailouts • Overhaul / Regulate system

  9. Global Economic Crisis • Global Impact US Crisis? • Global investors $1 trillion loss • Lower US interest rates = weaker dollar = declining profits for trade partners = decline trade

  10. China- US Relations • China’s economic rise • Mao? Collective Farm Fail • Deng? Eases controls, opens up • Impacts of rapid growth? • What is China’s impact on the world stage? • What are BRIC nations?

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