Economics - topic 1 - Economics Section 1: Introduction and...

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Economics – Section 1: Introduction and Overview Globalization – multilateral agreements (involving many countries) - Greater trade and investment between countries - International agreements and cooperation (more coherent countries) Advantages/Proponents: - Increased prosperity for all people through the cooperative pursuit of common goals (common goals increase prosperity) Opponents: - Erosion of national sovereignty and culture - Disruptive effects of increased global competition - Potential for widespread environmental degradation - Employment changes Middle Ground (loved by economists) - The potential exists for universal prosperity through globalization - The realization that potential will rely on the careful design of policy to manage change and to direct competitive forces for the common good (turn potential into reality) 1.1: The Economy and the Natural System - The natural (not static) system (much of the production is in market) is a complex web of interconnected (everything is linked and results in complexity) dynamic
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This note was uploaded on 10/20/2008 for the course ECON 111 taught by Professor Notsure during the Spring '08 term at University of Victoria.

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Economics - topic 1 - Economics Section 1: Introduction and...

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