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WORLD AND US ECONOMY

WORLD AND US ECONOMY. 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?

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WORLD AND US ECONOMY

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  1. WORLD AND US ECONOMY

  2. 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!!!

  3. Natural Disasters & Economy Article Quiz: • What is the costliest decade for natural disasters? • What is the relationship between the cost of these disasters and the death toll (rising/falling?) • Why are countries, like Bangladesh, prone to more natural disasters? • What did Kahn’s research indicate about developing countries and natural disasters? • Why are wealthier countries more at a disadvantage when natural disasters hit? • What does the Intergovernmental Panel on Climate Change believe will happen to natural disasters in the future? • How can one person’s wealth help protect him from a natural disaster?

  4. 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

  5. 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

  6. Frontline: Meltdown • http://www.pbs.org/wgbh/pages/frontline/meltdown/view/

  7. United States: Top International Trade Partners • Canada - $696 Billion • China - $488 Billion • Mexico – $435 Billion • Japan - $240 Billion • Germany - $180 Billion • UK – $134 Billion • South Korea - $98 Billion • France - $88 Billion • Brazil - $74 billion • Netherlands - $73 Billion (Through June of 2009)

  8. United States: Top International Trade Partners • Map Continued – no particular order • Saudi Arabia • Venezuela • Italy • Belgium • India • Singapore • Malaysia • Nigeria • Ireland • Switzerland

  9. 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

  10. Globalization? • Is globalization connecting the world or tearing it apart? • Cons: • Loss of jobs due to imports • Competition has decreased business size • Often leads to pay-cuts • Countries loose their identity (culture) • Primarily focused on 1st-2nd world countries • Increase in diseases (travelers, workers) • Exploiting labor (sweat-shops) • Pros: • Productivity grows faster • Living standards go up • Global competition controls prices (not getting too high) • Spurs innovations and new ideas • Job creation (exporting jobs) • Betters the global economy • Cultural intermingling and sharing

  11. The Globalization Debate • Barack Obama on Globalization • http://www.youtube.com/watch?v=7owMXrLu2d8 • 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

  12. Economy Lecture

  13. Natural Disasters & Economy • Top 10 Costliest Disasters since 1980 slideshow: • http://money.usnews.com/money/business-economy/slideshows/the-top-10-costliest-disasters-since-1980

  14. 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

  15. Debt • Who owns the debt? • 1. Fed Reserve & Intergovernmental holdings • 2. Investors/Saving Bonds • 3. China • 4. Japan • 5. Mutual Funds

  16. 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

  17. Inflation Rates

  18. Obama’s Budget Proposal Charts: • http://www.nytimes.com/interactive/2010/02/01/us/budget.html 2011 Proposal • http://www.nytimes.com/packages/html/newsgraphics/2011/0119-budget/ 2012 Proposal

  19. 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

  20. 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

  21. 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

  22. Unemployment rate (2013) – 7.3% • US Debt (2013) – 16.9 trillion

  23. World Economy • NAFTA – North American Free Trade Agreement

  24. 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

  25. US Trade Partners • Canada • China • Mexico • Japan • Germany

  26. World Economy • EU – European Union European Economic Community Common Foreign and Security Policy Police and Judicial Cooperation

  27. 5 min – Financial Crisis 2013 • US Debt Crisis 2013 - US Economy Explained - Understanding the Financial Crisis • http://www.youtube.com/watch?v=OJk6vcztEds • Bias?

  28. Will/when our economy improve? CNN Outlook on US Economy: • http://www.cnn.com/video/#/video/politics/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

  29. 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?

  30. ALA TOPICS AND MELTDOWN: fRONTLINE

  31. 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

  32. 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!

  33. 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

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