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Reviewing Globalization

This review explores the multifaceted concept of globalization, focusing on economic principles, key trade agreements like NAFTA and the EU, and the role of agencies such as the IMF and WTO. It addresses significant issues and controversies surrounding globalization, including national sovereignty, cultural identity, and human rights. The analysis evaluates the global economic crisis, its causes, and the implications for international trade and relationships, particularly the dynamic between the U.S. and China and the rise of BRIC nations.

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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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