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Economic Indicators: Developed Countries, Underdeveloped Countries, and Globalization

Economic Indicators: Developed Countries, Underdeveloped Countries, and Globalization. A presentation to the hiring team at College of Marin, April 2019 by Laurie Hailer-O’Keefe www.quantgal.com. Learning Outcomes:. Review traditional measures of economic strength of a nation

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Economic Indicators: Developed Countries, Underdeveloped Countries, and Globalization

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  1. Economic Indicators: Developed Countries, Underdeveloped Countries, and Globalization A presentation to the hiring team at College of Marin, April 2019 by Laurie Hailer-O’Keefe www.quantgal.com

  2. Learning Outcomes: • Review traditional measures of economic strength of a nation • Determine other measures of a country’s wellbeing (SPI, HDI, BLI) • Understand and explain how globalization benefits developed countries and underdeveloped countries • Understand and explain how globalization may be harmful to underdeveloped countries

  3. The Phillips Curve1 The Federal Reserve Bank currently operates with a dual mandate to keep unemployment and inflation in check. Do you know what their current targets are?

  4. Gross Domestic Product (GDP) and Social Progress (SPI)2

  5. Take a moment… • What are the traditional economic indicators? • Brainstorm: other indicators for national well-being • Jot some notes on your note sheet, if desired.

  6. Activity! (You are all in Group B!) • For today: • Review the indicators for countries A-T. • Identify a few that you would identify as developed nations. • Identify a few that you would argue are underdeveloped. • Discuss your rationale with your group. • For a class: Choose where you would most/least want to move.

  7. How do you know whether a country is developed or underdeveloped? Developed countries3 Underdeveloped Countries8 An underdeveloped country is defined as a nation that is not as developed economically as other nations. These countries are very poor, have very low per capita real income, poverty is widespread, and many residents live in very dire conditions. In these nations, very little money is spent on health care or education, and there is very little industrial activity when compared to more developed nations. The main occupation in most underdeveloped nations is agriculture.Examples are: Uganda, Sudan, Yemen, Haiti, Nepal, Afghanistan, Madagascar, Bangladesh, Ethiopia, Liberia, Guinea, Rwanda and Sierra Leone. Industrialized or developed nations are specific countries with a high level of economic development and meet certain socioeconomic criteria based on economic theory, such as gross domestic product (GDP), industrialization and human development index (HDI) as defined by the International Monetary Fund(IMF), the United Nations (UN) and the World Trade Organization (WTO). Using these definitions, some industrialized countries are: United Kingdom, Belgium, Denmark, Finland, France, Germany, Japan, Luxembourg, Norway, Sweden, Switzerland and the United States.

  8. Human Development Index4 More information on the HDI can be found through the United Nations Development Programme site found here: http://hdr.undp.org/en/content/human-development-index-hdi

  9. UNDP Country Information: http://hdr.undp.org/en/countries

  10. Impacts of Globalization Who is impacted positively? What are some drawbacks? Skilled workers may lose jobs, contributing to a widening gap between rich and poor in developed nations. Workers in underdeveloped nations may not benefit as much as expected and may even be exploited. • Developed countries benefit from more choices for consumption at lower prices, which may increase profits for corporations. • Underdeveloped countries benefit from having more jobs and may benefit from trade.

  11. The disappearing middle: automation and globalization7

  12. Manufacturing in the US • Workers have been displaced by globalization and automation • Automation has occurred in rust belt states where machines are replacing workers in manufacturing sector jobs involving autos and steel. These tended to be highly skilled jobs and paid well. • Other manufacturing have moved outside the US (globalization) to where labor and resources are cheaper, such as the garment industry.

  13. Your Project Link to project template: https://1drv.ms/p/s!AohrLZfi0s-SzyEYcTmJ_a3Jnv-s

  14. Resources/Footnotes: https://www.socialprogress.org/index/global/results Mankiw, Principles of Economics, 8th Edition. United States, Cengage, 2017, Instructor resources. Investopedia: https://www.investopedia.com/articles/economics/10/globalization-developed-countries.asp United Nations Development Program: http://hdr.undp.org/en/content/human-development-index-hdi OECD: https://www.oecd.org/unitedstates/Middle-class-2019-United-States.pdf http://worldpopulationreview.com/countries/underdeveloped-countries/ OECD (2016), Back to Work: United States: Improving the Re-employment Prospects of Displaced Workers, Back to Work, OECD Publishing, Paris, https://doi.org/10.1787/9789264266513-en. https://www.un.org/en/development/desa/policy/wesp/wesp_current/2014wesp_country_classification.pdf

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