Global Economy GOVT 2305, Module 1.

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Presentation transcript:

Global Economy GOVT 2305, Module 1

Global Economy The integration of national economies into a world economic system in which companies compete worldwide for suppliers and markets.

Fall of USSR The collapse of the Soviet Union in 1991 led to the opening of the old countries of the USSR and China to international trade.

Globalization Helps . . . Computers, agriculture, financial services, airplane manufacture, weapons, oil drilling equipment, healthcare, education, etc.

Globalization hurts… Automobile manufacture, textiles, leather goods, steel—labor intensive manufacturing and assembly in general

Wage Rate Competition, 2011

U.S. Manufacturing Jobs Nearly 8 million U.S. manufacturing jobs have been lost since the late 1970s with most losses coming since 2001.

What is outsourcing? Why do companies outsource? Explain the cartoon. Outsourcing means turning to an outside supplier for goods and services. Some U.S. medical providers, for example, have x-rays read in India. What is outsourcing? Why do companies outsource?

Outsourcing Pay Differential

Destinations

Companies Downsize to Compete What is downsizing? Why do companies downsize? Companies are getting by with fewer full-time employees by using part-time workers and temporary employees.

Example of Downsizing

Construction Jobs

Good jobs for skilled workers

And for low skill workers . . .

Jobs and Salaries

What We Have Learned What is the global economy? What major event led to globalization? What is outsourcing? Why do companies outsource? What is downsizing? Why do companies downsize? How has globalization affected low skill workers? How has it affected high skill workers?