The global economy in 1950 was defined by a lack of interconnectedness and U.S. economic dominance. More than half a century later, stronger international economic ties and the rise of the Chinese and Indian economies are just two of the dramatic changes that are underway as globalization—the process of the world’s diverse countries coming together and sharing experiences, events, and trade—continues to be a force in our economic climate.
The origins of this globalized economy, its effects on important contemporary concerns, and its future trends are just a few of the intriguing issues you explore in America and the New Global Economy.
This riveting 36-lecture course takes you beyond the economy of the United States and reveals the recent history of economies in Asian countries, including Japan, India, and China, as well as in other regions. Journey with veteran Teaching Company Professor Timothy Taylor of Macalester College through the last 50 years of world economic history, explore international perspectives on the new global economy, and develop a richer understanding of our increasingly interconnected world.
Tour the World’s Economies
America and the New Global Economy focuses on the idea that market forces of supply and demand cause faraway events to have an economic effect everywhere else. Therefore, to get a comprehensive picture of the new global economy, you must consider the individual economies.
- China: According to a 2007 World Bank estimate, China’s economy is the second largest in the world. With a growth rate of 9% per year, China may be the world’s largest economy through much of the 21st century.
- India: India’s accelerated growth is based not on low-wage manufacturing but on service industries, which produce more than half of the country’s GDP.
- The Middle East: Oil exports have not led to the kind of booming economic prosperity one might expect. Most economies there are extremely small; for example, the economy of Saudi Arabia is equal in size to the economy of the Boston metro area.
Economic Issues—From a Global Perspective
In America and the Global Economy, you also focus on a range of economic issues that have important social, political, and cultural ramifications for everyone. In addition to looking at international flows of goods and services and financial capital, exchange rates, poverty, hunger and agriculture, urbanization, and the role of women, you consider the importance of these indicators:
- International labor flows: The world has about 180 million migrants, and the gains to expanding international migration to people who have low incomes are potentially very large.
- Population growth: With 6.5 billion people, the world follows a demographic pattern in which life expectancy rises, fertility rates drop, and aging populations increase. Some economists believe this scenario will help spur economic growth in Africa and the Middle East.
- International economic agencies: Multilateral organizations such as the World Bank, the International Monetary Fund, and the World Trade Organization play important roles in setting international ground rules and coordinating international cooperation. If these organizations evolve, they can continue to offer expertise on critical economic issues like development, monetary policy, and trade.
In-Depth, Expert Analysis
An expert economist, Professor Taylor is the managing editor of the Journal of Economic Perspectives, the prominent journal widely read by academics and economists. His course gives you a comprehensive, detailed look at economic globalization you can’t get from reading the business section of a newspaper. America and the New Global Economy gathers widely dispersed facts and data to offer an overview of the global economy, based on research Professor Taylor conducted specifically for this course.
This course is your opportunity to grasp the economic histories, issues, and trends that affect us. With the knowledge gained from these lectures, you’ll be able to understand the latest developments in our global economy and better prepare for a future in which all our economies will be linked.
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