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Description:
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THE GLOBAL ECONOMY – PAST, PRESENT AND FUTURE
Course Objectives
· To review and analyze the performance of the global economy since World War II.
· To examine the success – or failure – of economic policy in promoting economic growth and price stability.
· To analyze Asia’s rapid economic development and its impact on the global economy.
· To evaluate prospects for the global economy over the next 5-10 years.
Suggested Texts
Texts will be assigned during the course.
Course Outline
1. Aftermath of the Great Depression and World War II – 1945-1970
A. Erosion of public support for free markets and laissez-faire economic policies.
B. Attraction of government planning, regulation and intervention.
C. Impact of Keynesian economics on public policy.
D. Liberalization of world trade.
E. Economic performance in the 25 years after World War II.
2. Age of Anxiety - 1970-1982
A. Sluggish economic growth, rising unemployment and accelerated inflation.
B. Disillusionment with Keynesian economic policies and the revival of free market philosophy.
3. Return of Economic Prosperity – 1983-2007
A. Redefining the role of government in economic affairs.
B. Worldwide ascendancy of market-oriented economic systems.
C. Challenge of technology-driven economic globalization.
D. Debt fueled economic expansion.
4. Global Financial Crisis of 2008-2009 and Its Economic Consequences
A. Turmoil in Financial markets and global recession
B. Response of monetary and fiscal policy to the crisis.
C. Shifts in the balance of economic and political power.
D. Pressures for more government regulation and intervention. Reduced reliance on market forces.
E. Impact of debt burdens on economic growth.
F. Costs and benefits of globalization.
G. Long-term challenges facing the global economy.
H. Prospects for medium and long-term economic growth. (5/10 NR)
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