Int 2

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Gale Pooley

Int 2

Economy & Finance

Lecture 2 - Global Economy
ECON 360 International Economics

1. Name and brieﬂy describe the eight capitals of
innovation.
2.What economic principle is all trade based upon?
3. Name two technologies that have made global
transportation cheaper.
4.What was the average tariff rate in 1945?
5.What is the average tariff rate today?

Hong Kong
7.35 million
17,417 per square mile
1842

Every Trade
One Price
TwoValues
Two Winners

Restricting Trade
PreventsValue
Creation

Wage cuts
Job losses
Industry collapse
Pollution
Low labor standards
Low Health standards

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Int 2

2. Lecture 2 - Global Economy ECON 360 International Economics

3. Quiz

4. 1. Name and brieﬂy describe the eight capitals of innovation. 2.What economic principle is all trade based upon? 3. Name two technologies that have made global transportation cheaper. 4.What was the average tariff rate in 1945? 5.What is the average tariff rate today?

5. Hong Kong 7.35 million 17,417 per square mile 1842

7. Open to Trade Make More Grow More

8. Every Trade One Price TwoValues Two Winners

9. Restricting Trade PreventsValue Creation

10. Headlines vs. Data

11.

12. Getting Worse vs. Getting Better

13. Source: Angus Maddison

14. Free Trade Always Under Fire By Who?

15. Free Trade Winners Losers

16. Free Trade vs. Protectionism

17. Opposition from Left and Right