1. Do Now: Copy Economic Recovery in Germany & Japan Vocabulary into your notebooks

2. European Community – group of nations established in 1957 to expand free trade in Europe; AKA Common Market European Union – expansion of the European community in the 1980s & 1990s; abbreviated EU Euro – European currency introduced in 1999 Zaibatsu – Japanese families that became powerful in banking & industry Balance of trade – difference between how much a country imports & how much it exports

3. use the underlined information from the reading to answer the following questions using FULL SENTENCES How did the US play an important role in the economic recovery of Germany & Japan? ______________________________________________________ Why did the US want Europe & Japan to enjoy economic recovery? ______________________________________________________ Why do you think West Germany’s economy achieved greater success than East Germany’s? ______________________________________________________

4. use the information from the reading to fill out the graphic organizer using 15 words or less for each ‘Pacific Rim’ nation… Pacific Rim Nations Source of Economic Prosperity Taiwan Hong Kong Singapore South Korea

5. How has the global economy changed since 1945? _____________________________________________