Ch. 2 - The Global Economic Environment

Ch. 2 - The Global Economic Environment - LECTURE ON...

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LECTURE ON CHAPTER 2 THE GLOBAL ECONOMIC ENVIRONMENT This chapter provides background information on the global economic environment. Though it’s important to remember that most of the world lives in relative poverty, it’s important to understand the difference in the political economic systems found around the world. Based on patterns of resource allocation and ownership, the world's economies can be categorized as market capitalism, centrally-planned capitalism, centrally-planned socialism, and market socialism. The final years of the 20 th century were marked by transitions toward market capitalism in many countries that had been centrally controlled. However, there still exists a great disparity among the nations of the world in terms of economic freedom. Countries can be categorized in terms of economic development: low income, lower middle income, upper middle income, and high income. Countries in the first two categories are sometimes known as less-developed countries ( LDCs ). Upper middle-income countries with high growth are often called
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Ch. 2 - The Global Economic Environment - LECTURE ON...

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