"In this unit, we will consider three markets that became more integrated with globalization: international markets for goods and services (trade), international labour markets (migration), and international capital markets (international capital flows, which are flows of savings and investment)." (Core Econ, Chapter 18).
In today's class we will begin to study the causes and effects of globalization.
You should have read the following sections in Chapter 18 ("The Nation and the World Economy") of Core Econ:
Write a blog post about the sections you read for homework, relating the ideas in the reading to the country you have chosen to study.
Share a question that you would like to discuss as part of our Socratic Discussion today.
Participate in a Socratic Discussion. This rubric will be used to evaluate your blog post and discussion.
Read the following section in Chapter 18 ("The Nation and the World Economy") of Core Econ: 18.2 Globalization and investment.
Podcast: In this podcast, William Bernstein talks with EconTalk host Russ Roberts about the history of trade. Drawing on the insights from his recent book, A Splendid Exchange: How Trade Shaped the World, Bernstein talks about the magic of spices, how trade in sugar explain why Jews ended up in Manhattan, the real political economy of the Boston Tea Party and the demise of the Corn Laws in England. The discussion closes with the political economy of trade today and the interaction between trade and income inequality.
Podcast: In this podcast, John Nye of George Mason University talks with EconTalk host Russ Roberts about his book, War, Wine, and Taxes. The conversation covers the history of Britain and France's trade policy, why the British drink beer and why Ricardo's example of Britain trading wool for Portuguese wine is bizarre. Nye turns the traditional story on its head--he argues that France was more of a free trader than Britain and that the repeal of the Corn Laws was not the dividing line between Britain's protectionist past and free trade future. At the end of the discussion, Nye emphasizes the importance of domestic free trade for economic growth.
Podcast: In this podcast, Timothy Brook, professor of history at the University of British Columbia and author of Vermeer's Hat: The Seventeenth Century and the Dawn of the Global World, talks with EconTalk host Russ Roberts about the expansion of global trade between Europe and the rest of the world, and in particular, North American and China. He discusses the differences and similarities between Chinese and Western attitudes toward trade and exploration and the implications for innovation and knowledge.
World Bank Data Set: ‘Trends in average MFN applied tariff rates in developing and industrial countries, 1981–2010’.