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Overview of world economy

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Title: Overview of world economy


1
Overview of world economy Outline of this
section the worlds economies basic
comparative economic statistics differences
by levels of development major groupings of
world's economies global and regional
institutions Readings Read the following parts
of YY for the most important facts sections
11.1-11.3 Chapter 21 figures 10.1, 15.5,
15.9 tables 13.1-13.3, 18.5, 19.1
2
The Worlds Economies 208 countries with
populations over 30,000 biggest 10 by
population - China, India, U.S., Indonesia,
Brazil, Russia, Pakistan, Bangladesh,
Nigeria, Japan biggest 10 by size of the
economy - U.S., China, Japan, India, Germany,
U.K., France, Italy, Brazil, Russia
world's biggest economies US, European
Union Examine map of the world by income
(figure) correlation between geography and
development Examine the five tables of data
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Differences in economic characteristics between
developed countries and developing countries
(LDCs, Less Developed Countries) see the four
tables of data dual economy -
capital-intensive, high-wage industrial
sector - very poor traditional agricultural
sector small capital stock (physical and
human) weak financial markets
governments - not large in terms of spending
and taxes - highly centralized - extensive
direct control of the economy e.g. controls
on foreign exchange controls on starting
new businesses frequent political upheavals or
even wars
10
Conventional groupings of countries Developing
countries NIC's - newly industrializing
countries - East Asia - e.g. South Korea,
Taiwan, Malaysia, Thailand - Southern and
Eastern Europe e.g. Poland, Hungary, Turkey,
Greece - Latin America e.g. Brazil, Mexico -
dual importance for US ? challenges for US
industry ? opportunities for US businesses
European Union (EU) - formerly called Common
Market and European Community (EC) - 15
countries, plus 10 more in May 2004 - 12 in EMU
(Economic and Monetary Union) Euro i
- competitor of US ? for world economic
leadership ? dominant world currency
11
country groupings continued Countries in
transition (27) - communist until
1989-1991 - Eastern Europe and former Soviet
Union - Russia is the most important - huge
economic problems in 1990s oil producing and
exporting nations - economies dominated by
oil - e.g. Saudi Arabia, Iraq, Libya,
Kuwait
12
Examples of international institutions Global
Institutions United Nations - many agencies
pertinent to economics - rule-making,
coordinating functions (e.g. intellectual
property, communications) - activities
complementary to economics (e.g. health,
education, peace-keeping) World Trade
Organization (WTO) - 146 members - reducing
barriers to international trade - resolving
trade disputes International Monetary Fund
(IMF) - international monetary matters - the
world's central bank? Development
Banks - World Bank (IBRD), ADB (Asia), IADB
(Americas), EBRD (transition) - reduce poverty,
raise levels of development Bank for
International Settlements (BIS) - cooperation on
banking, finance issues International Labour
Organization (ILO) - labor and workplace
standards, information
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Group of Seven (G-7) - seven major industrial
countries - policy coordination - US, UK,
Japan, Germany, France, Italy,
Canada Regional Institutions EU NAFTA -
United States, Canada, and Mexico. Mercosur -
Southern Americas ASEAN - Association of
Southeast Asian Nations Asian-Pacific Economic
Cooperation Forum many other regional
groupings Sectoral Institutions International
Accounting Standards Board International
Atomic Energy Agency ICANN (Internet
Corporation for Assigned Names and Numbers)
OPEC (Organization of Petroleum Exporting
Countries)
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