Unit 9.4 - Economics in the Global Age (day 1)
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Governments’ increased encouragement of free-market policies:
§ The United States under Ronald Reagan
§ Britain under Margaret Thatcher
§ China under Deng Xiaoping
§ Chile under Augusto Pinochet
Knowledge economies:
§ Finland
§ Japan
§ U.S.
Asian production and manufacturing economies:
§ Vietnam
§ Bangladesh
Latin American production and manufacturing economies:
§ Mexico
§ Honduras
Economic institutions and regional trade agreements:
§ World Trade Organization (WTO)
§ North American Free Trade Agreement (NAFTA)
§ Association of Southeast Asian Nations (ASEAN)
Multinational corporations:
§ Nestlé
§ Nissan
§ Mahindra and Mahindra
Key Takeaways
A) The World Bank and the International Monetary Fund imposed free-market and pro-business conditions on many poor countries if they were to qualify for much needed loans.
favored the reduction of tariff
free global movement of capital
a mobile and temporary workforce
the privatization of many state-run enterprises
the curtailing of government efforts to regulate the economy
both tax and spending cuts
B) China and Economic Imperialism 2.0
Xi Jinping (China's President) formally announced the Belt and Road Initiative in 2013
viewed by many as an attempt for China to establish economic hegemony around the world
criticized by many as a new form of colonialism by using debt traps (synthesis: the Suez canal in Egypt)
Human Rights issues are also beginning to come to light: watch China's secret internment camps
Here is a Chinese government funded source on the Belt and Road Initiative:
What's the Belt and Road Initiative? - "Belt and Road Bedtime Stories"-China Daily
Here is a source that explores the Belt and Road Initiative (Africa specific) from the Forbes
What China Is Really Up To In Africa
Here is a source that lightly touches upon the Belt and Road Initiative (Africa specific) from the Economist
The new scramble for Africa
