Economic

Developed or Developing? All of the countries in Europe are considered developed.

Demographics High per capita GDP High life expectancy Low population growth rate Low infant mortality Low percentage of population under age 15 High literacy rate

Infrastructure The countries in Europe have well developed infrastructures. Some examples are: The Chunnel Rivers are connected with canals Efficient rail system Large % of internet connections and cell phone use

Economic Systems There are three major types of economic systems: Free market economy (operates on the idea of supply and demand and private ownership) Mixed economy (government owns important industries) Command economy (government owns all means of production)

Economic Systems After WWII ended in 1945, the Soviet Union controlled much of Eastern Europe and forced the countries to be communist and have a command economy. In 1990, these countries regained independence.

Economic Systems Denmark and Sweden have mixed economies. The Good - Healthcare is paid for by government, early retirements are common, unemployment is low. The Bad - Denmark and Sweden rank number 1 and 2 in terms of how much taxes the people pay. Income tax in Denmark is around 42 - 63%.

Economic Challenges Several areas in Europe are facing severe pollution problems: Black Forest - Acid Rain Venice - Water Pollution Rhine, Danube, and Seine Rivers - Water Pollution

Human Geography of Northern Europe Economic Activities All of the Nordic countries are small, open economies that rely on foreign trade. Nordic countries rapidly evolved from agrarian- based economies into modern, industrialized countries. Commercial fishing, mining, forestry, and energy are the main resources in the area. The Nordic model emphasizes labor force participation and promotes gender equality and fiscal expansion.

Human Geography of Northwestern Europe Economic Activities Northwestern Europe is the birthplace of the Industrial Revolution. Over 70 percent of workers are employed in service industries. Agribusiness, or large-scale corporate farming, arose to address the increasing demand for food as the number of farmers shrank. The EU has achieved high volumes of trade by eliminating tariffs and trade barriers among member nations.

Human Geography of Southern Europe Economic Activities The global recession of 2008 hit Southern Europe hard. Spain and Italy continue to face challenges. As one of the least developed in the area, Greece’s economy remains weak as it grapples with high public spending, low productivity, and tax evasion. The EU is facing its first test of economic stability with Southern Europe suffering from record national debt and high unemployment.

The European Union (EU) The World’s Strongest Supranational Organization

Economic Unions The European Union is the dominant economic union in Europe. The European Union has introduced a single currency called the euro in order to promote and facilitate trade.

What is it? The European Union (EU) is a family of democratic European countries, committed to working together for peace and prosperity. It is not a State intended to replace existing states, but it does represent a greater compromise of sovereignty than any other international organization. The EU is unique; its Member States have set up common institutions to which they delegate some of their sovereignty so that decisions on specific matters of joint interest can be made democratically at European level. This pooling of sovereignty is also called "European integration" 

GROWTH OF THE EU

D O M A I N ? CORE ANTICIPATED EXPANSION ?

The Euro The Treaty of Rome (1957) Declared a common market as a European objective Aim: increase economic prosperity and contribute to "an ever closer union among the peoples of Europe" The Single European Act (1986) and the Treaty on European Union (1992) built on this introduced Economic and Monetary Union (EMU) laid the foundations for a single currency name “Euro” was selected in 1995 in January 1999, the exchange rates of the participating currencies were irrevocably set and Euro area Member States began implementing a common monetary policy in January 2002, 12 States in the EU introduced the new euro banknotes and coins

The Eurozone Coins and banknotes 1st used Jan 1, 2002 Cyprus sheduled to join in 2008 Slovakia scheduled to join in 2009 Estonia scheduled to join in 2010 Sweden is technically obliged to join but the EU has made public that they will not enforce this with regard to Sweden Britain and Denmark have a “derogation” releasing them from having to join

Why have bills different sizes & colors? What values are reflected in these “artifacts” that are not found in American money?

SUMMARY The European Union is the strongest supranational organization in the world shared currency & financial management legislative, judicial, and executive bodies regulatory and planning bodies The EU is growing geographically, and its growth suggests a core-domain model core and domain are borne out by distribution of income The EU does not appeal to all Europeans (at least not yet) small states in particular seem skeptical Roughly comparable to the US in some ways population slightly larger than that of the US somewhat more densely settled than the US economy is at least as strong as the American economy other social statistics (e.g. literacy, infant mortality & homicide) are as good or better than the US