WORLD AND US ECONOMY. Socratic Seminar Globalization: Is globalization beneficial or detrimental to...
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Transcript of WORLD AND US ECONOMY. Socratic Seminar Globalization: Is globalization beneficial or detrimental to...
Socratic Seminar
Globalization: Is globalization beneficial or detrimental to the international world? How effective is globalization? How can globalization affect international
government policies on the environment? Which countries benefit the most from
globalization?
Remember:- Do NOT raise your hand to speak! - Try to “counter-point” someone else’s statement- Use statistics, facts, and real data!!!
Natural Disasters & Economy Article Quiz:
1. What is the costliest decade for natural disasters?
2. What is the relationship between the cost of these disasters and the death toll (rising/falling?)
3. Why are countries, like Bangladesh, prone to more natural disasters?
4. What did Kahn’s research indicate about developing countries and natural disasters?
5. Why are wealthier countries more at a disadvantage when natural disasters hit?
6. What does the Intergovernmental Panel on Climate Change believe will happen to natural disasters in the future?
7. How can one person’s wealth help protect him from a natural disaster?
Answers
The past decade 2000-2010 Rising/falling Geographically prone to disasters GDP is higher then you would have fewer
deaths Better infrastructure (roads, bridges,
etc.) that are more valuable if destroyed. Climate change is going to raise the
damage by disasters More money = cleaner cars = no
pollution
Economic terms to know for the exam Globalization NAFTA European Union World Trade
Organization Debt Deficit Foreclosure Securities and
Exchange Commission Depression Recession Bailout
Free Trade Gross Domestic Product Inflation Deflation Tariff Unemployment Rate Profit Revenue Stimulus Supply Demand
Frontline: Meltdown
http://www.pbs.org/wgbh/pages/frontline/meltdown/view/
United States: Top International Trade Partners
1. Canada - $696 Billion
2. China - $488 Billion
3. Mexico – $435 Billion
4. Japan - $240 Billion
5. Germany - $180 Billion
6. UK – $134 Billion
7. South Korea - $98 Billion
8. France - $88 Billion
9. Brazil - $74 billion
10. Netherlands - $73 Billion
(Through June of 2009)
United States: Top International Trade Partners
Map Continued – no particular order Saudi Arabia Venezuela Italy Belgium India Singapore Malaysia Nigeria Ireland Switzerland
Globalization
McDonalds Restaurants worldwide? 31,000 total 119 countries in 6 continents
Interconnectedness – economically, politically, & culturally
Globalization Characteristics: Technology & Transportation Movement of People & Capital Diffusion of Knowledge Labor and Corporations
Globalization?
Is globalization connecting the world or tearing it apart?
Pros:
1. Productivity grows faster
2. Living standards go up
3. Global competition controls prices (not getting too high)
4. Spurs innovations and new ideas
5. Job creation (exporting jobs)
6. Betters the global economy
7. Cultural intermingling and sharing
Cons:
1. Loss of jobs due to imports
2. Competition has decreased business size
3. Often leads to pay-cuts
4. Countries loose their identity (culture)
5. Primarily focused on 1st-2nd world countries
6. Increase in diseases (travelers, workers)
7. Exploiting labor (sweat-shops)
The Globalization Debate
Barack Obama on Globalization http://www.youtube.com/watch?v=7owMXr
Lu2d8
Is Globalization bringing the world together? Or is it tearing it apart? With a partner brainstorm a list of ideas
(both positive and negative) that addresses the above question.
Read Article: Thomas Friedman
Natural Disasters & Economy Top 10 Costliest Disasters since 1980
slideshow: http://money.usnews.com/money/busine
ss-economy/slideshows/the-top-10-costliest-disasters-since-1980
United States
Current Debt http://www.brillig.com/debt_clock/ http://www.usdebtclock.org/
How did the debt get so large? 1. taxes lowered 2. accumulates 3. treasury bonds
Debt
Who owns the debt? 1. Fed Reserve & Intergovernmental
holdings 2. Investors/Saving Bonds 3. China 4. Japan 5. Mutual Funds
Inflation Rate: Low since 1990 but rose to 4.1% in 2007 (lowered to 1.4 – 2012) Fed Reserve controls inflation Interest Rates go up while spending goes
down Reduce interest rates – increases money
supply – consumer spending increases. Statistics (unemployment, recession,
etc.) 7.3% for United States 7.1% for Missouri
Obama’s Budget Proposal Charts: http://www.nytimes.com/interactive/2010/0
2/01/us/budget.html 2011 Proposal
http://www.nytimes.com/packages/html/newsgraphics/2011/0119-budget/ 2012 Proposal
Housing Crisis 2007
Housing bubble 2006-2007 Bailout of major corporations 1. Mortgage lenders borrowed money 2. House payments increased 3. Demand for homes decreased 4. People could not sell their homes 5. Lenders declared bankruptcy 6. No loans being issued
http://www.youtube.com/watch?v=-vboCTGpI8Y
Auto Bailout
Auto Crisis & Bailout 1. Auto industry was weakened due to oil
prices 2. GM, Ford, Chrysler (Big 3) and Toyota 3. Govt bailout of the Big 3 4. Declining car sales 5. Labor jobs cut 6. Wages reduced Time for a Victory lap?
http://video.foxnews.com/v/4298942/obama-takes-victory-lap-on-auto-bailout
Recession- general slowdown in economic activity over a period of time
Deficit- amount by which expenditures exceed income
Deflation- decrease in the general price level of goods and services over time
Inflation- rise in general level of prices of goods and services over time
World Economy
NAFTA – North AmericanFree Trade Agreement
PROS CONS
Low Tariffs & Lowers prices
Jobs are relocated (cheap labor)
Economic Support with 3 other countries
Increases competition for prices
Opened Markets (more products)
Increase in illegal immigration
Reducing Mexican poverty
Increase environmental hazards (trucks, factories have no restrictions)
World Economy
WTO – World Trade Organization – 1995
Supporters argue that most of the member nations are democratic in government (who write the rules) and the WTO helps to raise living standards around the world
http://www.youtube.com/watch?v=X-ptS6Ln_ss
CRITICISIMS:
Too Powerful – overpowering small sovereign states
Run by the rich and for the rich (not wanting to deal with developing countries)
Lacks democratic accountability (not open to public)
Does not concern itself with child labor, environment, workers rights, and health
World Economy
EU – European Union
European Economic CommunityCommon Foreign and Security PolicyPolice and Judicial Cooperation
5 min – Financial Crisis 2013
US Debt Crisis 2013 - US Economy Explained - Understanding the Financial Crisis http://
www.youtube.com/watch?v=OJk6vcztEds Bias?
Will/when our economy improve?
CNN Outlook on US Economy: http://www.cnn.com/video/#/video/politic
s/2010/08/12/am.tully.economy.cnn?iref=videosearch
Fox News Outlook on US Economy:
http://video.foxnews.com/v/4323089/grim-state-of-us-economy-confirmed
Key Questions:
Are tax refunds the best economic stimulus measure?
Should the federal government help homeowners who face foreclosure?
How can WTO and globalization be linked together?
Can you stem global warming and at the same time promote economic growth?
Economic ALA Topic Suggestions: Oil Dependency Bush Tax Cuts Budget Deficit Fair v. Free Trade Mortgage Lenders Social Security Health Care Minimum Wage
Green Policies (and economy)
US Debt Housing Crisis Auto Bailout NAFTA WTO EU
Meltdown: Housing Crisis – How did the bubble burst?
http://www.pbs.org/wgbh/pages/frontline/meltdown/view/?utm_campaign=viewpage&utm_medium=grid&utm_source=grid
Video Clip – 55 mins Complete a 6-Chain of Events (and
discussion questions) on how the housing crisis began following through until the crisis goes global!
Videoconference Prep movies: Big Picture Small World:
http://www.bigpicturesmallworld.com/movies/index.shtml
World in 10 seconds: http://www.bigpicturesmallworld.com/movies/index.shtml
Leadership 101: http://www.bigpicturesmallworld.com/movies/index.shtml