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Gale Pooley
Gale Pooley

This document appears to be lecture notes on global economics that includes: 1) A brief quiz on the capitals of innovation and the economic principle of comparative advantage. 2) A chart on comparative advantage and the definition of globalization as the advance of human cooperation across borders. 3) Additional topics covered include trends in trade, investment, economic indicators, theories on free trade and its critics.

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Lecture 2 - Global Economy ECON 360 International Economics
Quiz
1. Name and briefly describe the capitals of innovation. 2.What economic principle is all trade based upon? 3. How does Boudreaux define globalization. Chart Comparative Advantage The advance of human cooperation across national boundaries. Quiz
Hong Kong 7.35 million 17,417 per square mile 1842
Open to Trade Make More Grow More
Every Trade One Price TwoValues Two Winners
Restricting Trade PreventsValue Creation
980,000
Portfolio Investment Foreign Direct Investment FDI
Headlines vs. Data
Getting Worse vs. Getting Better
Source: Angus Maddison
Free Trade Always Under Fire By Who?
Free Trade Winners Losers
Free Trade vs. Protectionism
Opposition from Left and Right
Wage cuts Job losses Industry collapse Pollution Low labor standards Low Health standards
Macroeconomic Microeconomic
Theories Empirical Evidence
Economics Politics
Personalize Benefits Socialize Costs
Large Benefit to One Small Cost to Many
Manufacturing Services
World Trade Organization WTO
GATT 1948 WTO 1995
Income Life Expectancy Infant Mortality
HDI Life Expectancy Income Education
An era of globalization may be associated with rising inequality that is caused not by globalization, but by its opposite, the refusal (or inability) of some countries to participate. - Martin Wolf
Kuznets Curve Get Dirty Get Richer Get Cleaner

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