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Int 2

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Gale Pooley
Gale Pooley

This document appears to be lecture notes on global economics that includes the following: 1. A quiz with 5 questions about the eight capitals of innovation, economic principles of trade, and past tariff rates. 2. Sections on topics like trade, restrictions on trade, perspectives on trade issues, theories and evidence around trade, and international organizations involved in trade. 3. Charts and graphs about topics such as world income growth and changes in life expectancy and infant mortality over time.

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Lecture 2 - Global Economy ECON 360 International Economics
Quiz
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
Open to Trade Make More Grow More
Every Trade One Price TwoValues Two Winners
Restricting Trade PreventsValue Creation
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

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