Ch 5 Global Trade [AP & Reg]

Mexico that is globalization globalization lorry

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: by Indonesians, unloaded by Sicilian Indonesians longshoremen, and trucked to you from Mexico. Mexico • • • • That is Globalization. Globalization Lorry-drivers Glo balizatio n: Merchandise Exports as a Share of World GDP (28%) 28% Percent of GDP 30% 25% 20% 15% 10% 5% 0 1960 1965 1970 1975 1980 1985 1990 1995 2000 2007 1960 Glo balizatio n increases U.S. income by $1.6 trillion a year, or $10,000 per household. Or, without globalization, Americans would be poorer by $1.6 trillion a year. $711 $40 million iPods were $40 sold in the U.S. last year, sold in but because they were made in China, were made counted as imports. counted 22 million pairs of Nikes are imported each year, employing 50,000 Vietnamese. We have not had We a trade surplus surplus since the Nixon since administration. administration. 07 07 2007 Deficit ­$711 billion $764 2,333 1,622 Principal U.S. Exports & Imports – 2006 Principal in Billions of Dollars Exports Chemicals $68.6 $68.6 53.5 Consumer Durables Agricultural Pr...
View Full Document

This note was uploaded on 07/20/2012 for the course ECON 2106 at GCSU.

Ask a homework question - tutors are online