NOTES - 8GLOBAL STUDIES 2 Office hours SSMS 2111 Wed...

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8GLOBAL STUDIES 2: 03/29/10 Office hours: SSMS 2111, Wed: 3:30-5:30 [email protected] 25% of exam questions will concern current events not discussed in class -The BBC, New York Times, Al Jazeera, The Economist, The Financial Times -front page of each website 25% of exam questions will cover political geography Quiz on Wednesday-bring small scantron 1% Globalization and Internalization? We are moving from international to global Inter / national: between nation states Presupposes a system of separate, sovereign nation-states… Ex. Philippines produce rice; transport it to countries in Philippines Global: Ex. Laptop: parts are from different countries; each parts taken to assembly point in china; put on ship with Norwegian flag; shipped to United States Globalization : trans/ national Interdependence -process by which the lives of all people around the planet become increasingly intertwined, along with our awareness of such interconnections Course themes: -global processes intensify due to changes in: -technology: -transportation (containerization) -information -institutions: -rules of the game have changed (inport/export; transaction across borders) -struggle for control over: -scarce resources: -focus on producing resources you are good at (comparative advantage) specialization and trade=MORE GOODS -flow and interpretation of information -institutional changes are inquired to respond to global problems -will national institutions suffice, or must global institutions be created? Can they be created? What will they look like?
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-regulating financial systems The Cold War & Its end: -History was reset with the fall of the Berlin Wall and Cold War -The West won Terrorist threats, U.S. response -9/11 -train bombings in Madrid -bombing of USS Cole -United Kingdom underground subway bombing War in Iraq, winding down (sort of)… War in Afghanistan, Ramping up Global trading system -involves mass mobilization of transport price decrease, cost decrease 3/31/10 The world is ten years old: -what the future looked like after the war -everything is completely different since then The US Consumer -houses are built by people working in the United States -once you build a house, you need many things (computers, tvs, refrigerators) -from 1990’s on, the US imports more than it exports -US trade deficit is growing relative to global GDP where does it come from? - surplus export more than import - deficit import more than export how do you pay for it? -US has a certain income every year from selling goods -if income is smaller than expenses, you need to borrow credit - print money - Federal Funds rate-rate at which federal reserves charges money -interest rate determines the speed at which money gets out into US economy -hope that banks led out money really cheap investors borrow lots of money cheap money fuels a booming investment -low interest rates to keep people spending money -inflation occurs when you keep interest rates too low for too long -cheap money everyone can go out and make investments; people by houses but also decide to put money in 401K plans -homeowners and government want to borrow money
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