1. What does it mean to be a Global Citizen?

2. AGENDA May 21-29, 2014 Today’s topics  Global Citizen Reports  Comparative Economic Systems  Final Exam review (Units 5-8) Administrative  Bring TEXTBOOK to class every day  Final Exam study sessions next week  Dates/times TBD Homework  Begin reviewing Units 5-8 for Final Exam

3. Global Citizen Reports

4. Learning Goals Unit 8 Guide To what extent should governments participate in the economy? Describe/explain these three economic systems: o Capitalism o Communism o Socialism Which of these economic systems is best? Why?

5. Two Strands of Marxism SOCIALISMCOMMUNISM History: Worked within democratic systems by promising social services/jobs History: Overthrew governments and created dictatorships in the name of the people Some central planning Centrally planned economy (Command Economy) Most property is privately owned State owns all land and housing (Collectivization) Only large industries are nationalizedNo privately owned businesses High taxes fund healthcare, child care, education, etc. (Welfare State) State provides healthcare, child care, education, etc. Free electionsControlled elections Strong unions and worker protectionsState-controlled unions

6. The U.S. in a Global Economy Globalization: Increased economic interdependence, driven by advances in technology and the desire for increased international trade Protectionism: Government controls on imports to protect domestic industries/jobs from foreign competition  Tariff = Tax on imports; a prime tool of protectionism  Others = import quotas, trade embargoes  NAFTA: U.S.-Canada-Mexico free trade zone (eliminates tariffs and other trade barriers)  WTO: Sets/enforces rules for international commerce among member nations

7. Final Exam Review

8. Homework Before you leave  Pick up your belongings & any trash  Straighten desks Homework  Begin reviewing Units 5-8 for Final Exam Reminder  Bring TEXTBOOK to class every day