LESSON 2 REGULATING GLOBALIZATION. OBJECTIVES Review economic systems. Review key economic terms. Introduce trade agreements and regulating bodies. Identify.

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Presentation transcript:

LESSON 2 REGULATING GLOBALIZATION

OBJECTIVES Review economic systems. Review key economic terms. Introduce trade agreements and regulating bodies. Identify issues and controversies surrounding globalization.

WARM UP What is economics? Way in which we manage resources to meet needs What factors drive global economic decision- making? Scarcity Supply & Demand Opportunity Cost Comparative Advantage

REVIEW ACTIVITY Decide as a class how to line yourselves up according to term on card… You must be able to connect to each term on your right and left!

REVIEW What is globalization? Growing integration of the world’s economies and societies. When/Why? How?

GLOBALIZATION: ISSUES AND CONTROVERSIES National Sovereignty Loss of Cultural Identity Free Trade or Fair Trade Globalization & Human Rights Globalization & Migration Emerging Powers Global Economic Crisis

TRADE AGREEMENTS AND REGULATING BODIES Regional Trade Promote and regulate trade between countries in specific regions, exception to MFN status NAFTA (US, Canada, Mexico) EU (European Union) AU (African Union) ASEAN & SAFTA (SE Asia) MERCOSUR (S. Amer) GAFTA (Greater Arab)

TRADE AGREEMENTS AND REGULATING BODIES International Trade Monitor trade practices between nations and implement fair trading practices IMF World Bank WTO

ACTIVITY Quiz “What’s Up with Trade?” Answers: B D – 2013: 5-7% D B X – 2013: 4m (women) in 5K factories, $19b/yr C D Which was the last nation to become a member?

TRADE AGREEMENTS AND REGULATING BODIES International Monetary Fund (IMF) 1944, Bretton Woods NH HQ Washington, DC Purpose: Aid to countries in economic crisis Stabilize internatl financial and currency markets Membership 188 Nations Donate & vote based on % of global economy Christine Lagarde MD Functions Surveillance/Monitoring Short Term Loans Technical assistance

TRADE AGREEMENTS AND REGULATING BODIES World Bank 1944, same as IMF HQ: Washington, DC Purpose: Financial aid to developing countries for long-term development Membership 188 Nations Fee based on % 24 Executive Directors Functions Financial loans Technical assistance

TRADE AGREEMENTS AND REGULATING BODIES World Trade Organization (WTO) 1995 permanent HQ Geneva, Switzerland Purpose: Oversee international trade Multilateral Trade Talks (“Rounds” – Doha Dvpt Round since 2001)Rounds Membership 159 Nations (24 Applying) Consensus decisions Functions Oversee GATT (Gen Agreement on Trade & Tariffs) Rules for free/fair trade Settle disputes Intellectual Property

PRINCIPLES OF THE WTO Trade Without Discrimination (MFN) Regional groups Developing nations Freer Trade Progressive Liberalization Predictability Transparent Binding Promoting Fair Competition Protection Compensation Development & Reform Time & assistance (market/technical) to developing countries

CLOSURE Why are trade groups important to the global economy? Help free barriers, dvp/expand economies, maintain flow, set rules

HOMEWORK Sesame Street Around the World The Globalization of Coke OR McDonaldization Rap Topics