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America and the New Global Economy

America and the New Global Economy

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America and the New Global Economy

Course No. 5620
Professor Timothy Taylor, M.Econ.
Macalester College
Share This Course
4.4 out of 5
58 Reviews
81% of reviewers would recommend this series
Course No. 5620
  • Audio or Video?
  • You should buy audio if you would enjoy the convenience of experiencing this course while driving, exercising, etc. While the video does contain visual elements, the professor presents the material in an engaging and clear manner, so the visuals are not necessary to understand the concepts. Additionally, the audio audience may refer to the accompanying course guidebook for names, works, and examples that are cited throughout the course.
  • You should buy video if you prefer learning visually and wish to take advantage of the visual elements featured in this course. The video version is not heavily illustrated, featuring around 100 charts, graphs, maps, and historical photographs. The charts and graphs give you a better grasp of historical moments in modern economics, from Europe's post-World War II growth and the effective of India's economic reforms of the early 1990s to the ways climate change policy and international migration could impact how specific economies grow and thrive (and possibly fail). There are on-screen spellings and definitions to help reinforce material for visual learners.
Streaming Included Free

Course Overview

The global economy in 1950 was defined by a lack of interconnectedness and U.S. economic dominance. More than half a century later, stronger international economic ties and the rise of the Chinese and Indian economies are just two of the dramatic changes that are underway as globalization—the process of the world's diverse countries coming together and sharing experiences, events, and trade—continues to be a force in our economic climate.

The origins of this globalized economy, its effects on important contemporary concerns, and its future trends are just a few of the intriguing issues you explore in America and the New Global Economy.

This riveting 36-lecture course takes you beyond the economy of the United States and reveals the recent history of economies in Asian countries, including Japan, India, and China, as well as in other regions. Journey with veteran Teaching Company Professor Timothy Taylor of Macalester College through the last 50 years of world economic history, explore international perspectives on the new global economy, and develop a richer understanding of our increasingly interconnected world.

Tour the World's Economies

America and the New Global Economy focuses on the idea that market forces of supply and demand cause faraway events to have an economic effect everywhere else. Therefore, to get a comprehensive picture of the new global economy, you must consider the individual economies.

  • China: According to a 2007 World Bank estimate, China's economy is the second largest in the world. With a growth rate of 9% per year, China may be the world's largest economy through much of the 21st century.
  • India: India's accelerated growth is based not on low-wage manufacturing but on service industries, which produce more than half of the country's GDP.
  • The Middle East: Oil exports have not led to the kind of booming economic prosperity one might expect. Most economies there are extremely small; for example, the economy of Saudi Arabia is equal in size to the economy of the Boston metro area.

Economic Issues—From a Global Perspective

In America and the Global Economy, you also focus on a range of economic issues that have important social, political, and cultural ramifications for everyone. In addition to looking at international flows of goods and services and financial capital, exchange rates, poverty, hunger and agriculture, urbanization, and the role of women, you consider the importance of these indicators:

  • International labor flows: The world has about 180 million migrants, and the gains to expanding international migration to people who have low incomes are potentially very large.
  • Population growth: With 6.5 billion people, the world follows a demographic pattern in which life expectancy rises, fertility rates drop, and aging populations increase. Some economists believe this scenario will help spur economic growth in Africa and the Middle East.
  • International economic agencies: Multilateral organizations such as the World Bank, the International Monetary Fund, and the World Trade Organization play important roles in setting international ground rules and coordinating international cooperation. If these organizations evolve, they can continue to offer expertise on critical economic issues like development, monetary policy, and trade.

In-Depth, Expert Analysis

An expert economist, Professor Taylor is the managing editor of the Journal of Economic Perspectives, the prominent journal widely read by academics and economists. His course gives you a comprehensive, detailed look at economic globalization you can't get from reading the business section of a newspaper. America and the New Global Economy gathers widely dispersed facts and data to offer an overview of the global economy, based on research Professor Taylor conducted specifically for this course.

This course is your opportunity to grasp the economic histories, issues, and trends that affect us. With the knowledge gained from these lectures, you'll be able to understand the latest developments in our global economy and better prepare for a future in which all our economies will be linked.

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36 lectures
 |  31 minutes each
  • 1
    The World Economy since 1950
    Explore the roots of globalization in the 1950s and the birth of modern globalization owing to three key factors: the development of new institutions, increased national commitments to globalization, and revolutions in transportation and communication technologies. x
  • 2
    The U.S. in the World Economy—1960 to 1995
    Revisit the golden years of U.S. economic growth in the 1960s, the dismal series of recessions that wracked the 1970s, and the budget deficits and fears of economic globalization that intensified in the 1980s. x
  • 3
    The U.S. Economy Resurgent?
    Around 1995, the U.S. economy witnessed a surge in productivity growth because of booms in the information technology industry. Take a macroeconomic look at the American economy in the second half of the 1990s and look ahead to see where our economy might be in the next few decades. x
  • 4
    Europe—From Catch-Up to Jobless Growth
    Follow the remarkable story of how European economies, fractured by the devastation of World War II, rebuilt in a few decades through two forms of growth: catch-up growth in the 1950s and 1960s, and jobless growth through investment from the early 1970s to the mid-1990s. x
  • 5
    The Single European Market
    Examine how modern Europe and the European Union have dealt with high productivity and unemployment rates, and trace economic integration through the "single market project" over the last two decades. x
  • 6
    The Rise of the Euro
    Perhaps the biggest symbol of an economically unified Europe is the euro. Professor Taylor explains the economic theory of the euro, reviews the euro's origins, and explores the possibility of the euro replacing the U.S. dollar as the main currency for international transactions and finance. x
  • 7
    The Economy of the Soviet Union
    Focus on the Soviet economic model from the 1930s until its dissolution in the early 1990s. Analyze how Soviet economic planning works, what made it seem to be an attractive economic model, and why it failed. x
  • 8
    Transitions from Communism to Markets
    In 1991, with the collapse of Communism in Eastern Europe, the Soviet Union began moving from central economic planning toward a more market-oriented economy. Track the forces that made this transition so difficult and the possible trajectory for Russia's transition economy. x
  • 9
    Japan's Economic Miracle
    Investigate Japan's startling economic growth from the 1960s to the 1980s—not necessarily by a new economic model but by more important factors like education, investment, technology, and tough competitors in world markets. x
  • 10
    When Japan's Bubble Economy Burst
    After the boom of the 1980s, Japan's economic bubble burst, resulting in a stagnant economic performance that continues to this day. See the reasons for this stagnation and explore the various policies that could help Japan's economy move forward. x
  • 11
    Government versus Market in East Asia
    Focus on the near-miraculous economic performances between the 1970s and the 1990s of the newly industrializing economies of the East Asian "tigers": Hong Kong, the Republic of Korea, Singapore, Taiwan, Indonesia, Malaysia, and Thailand. x
  • 12
    East Asia's Tigers—Restore the Roar?
    What led to the economic crisis that shocked the "tigers" in 1997–1998? Follow the sequence of this economic implosion, look at how a repeat crash can be prevented, and ponder whether the East Asian economic model has reached its limits. x
  • 13
    China's Gradualist Economic Reforms
    In 1978, after a period of social chaos and economic stagnation, China began a series of market-oriented economic reforms that may have started China on a path to becoming the world's largest economy. x
  • 14
    China's Challenges for Continued Growth
    Can China's growth continue? Explore the effects of China's high rates of investment and national savings, the ways China can rebalance its growth, and how long it will be before China becomes the largest economy. x
  • 15
    India and the License Raj
    Chart the history of India's economy through its rather lackluster growth from independence in 1947 through the 1980s and its current status as an increasingly major player in the global economy x
  • 16
    India's Turn toward Market Economics
    India's economic reforms in 1991 opened the country up to international trade, limited public-sector monopolies, and allowed for more foreign investment. In addition to exploring India's agenda for continued reform, ponder whether India's economic inequality will allow for balanced growth. x
  • 17
    Inherited Institutions in the Middle East
    Almost 900 years ago, the Middle East was one of the highest-income areas of the world, yet it has a per-capita GDP of about one-sixth that of the United States. Discover how economic policies related to traditional Islamic law possibly contributed to the loss of the region's economic lead. x
  • 18
    The Curse of Oil Wealth in the Middle East
    The Middle East is the world's largest exporter of crude oil, but its economies and standards of living have not surged since the 1970s. Investigate some of the economic theories behind why oil resources have done less than expected to increase the region's prosperity. x
  • 19
    Africa's Geography and History
    Sub-Saharan Africa has been the slowest-growing and lowest-income part of the global economy since the Industrial Revolution, with a per-capita GDP one-twentieth that of high-income countries. Look at how the region's geography and climate affect its economic development. x
  • 20
    Time for Optimism on Africa?
    Explore Africa's economic situation and learn how Africa can overcome challenges like underdeveloped energy resources, a lack of transportation routes, and the need for tax and agricultural reform. x
  • 21
    Latin America and Import Substitution
    The economic potential of Latin America is quite substantial and deserves to attract American business and government attention. Focus on its import substitution industrialization policies from the 1950s to the 1970s, as well as the problems that arose with foreign debt and hyperinflation in the 1980s. x
  • 22
    Markets or Populism in Latin America?
    Explore a few key elements of the market-oriented reforms of the 1990s. Then, follow three perspectives on these reforms: the cases for additional reform effort, for slowing or reversing the reforms, and for the earlier reforms' irrelevance. x
  • 23
    Globalization in Goods and Services
    Explore the major themes in the globalization of goods and services, including how far globalization has progressed, how increased trade helps bring about prosperity, and the prospects for rising levels of trade in goods and services. x
  • 24
    Globalization of Capital Flows
    The globalization of finance can offer great benefits to the world economy. Demystify the mysterious subject of international capital flows by looking closely at the dangers and benefits of globalized financial markets. x
  • 25
    The Foreign Exchange Market
    Investigate the costs and benefits behind three broad sets of policies—floating exchange rates, fixed exchange rates, and soft-peg exchange rates—designed to counteract market volatility. x
  • 26
    Migration—Senders and Recipients
    Explore the effects of international migration on the economic gains and losses of the immigrants, the countries receiving the immigrants, and the countries sending the immigrants. Also, consider the economic ramifications of various immigration policies like border fences and temporary worker programs. x
  • 27
    Global Population Growth
    Fears of overpopulation have been with us since the 18th-century arguments of economist Thomas Malthus. Look closely at current and future patterns in world population growth, along with their consequences on social habits, food shortages, resource exhaustion, and pollution. x
  • 28
    World Poverty—Growth or Redistribution?
    By 2004, about one-fifth of the world population was considered poor. Analyze how global poverty levels are calculated and how poverty can be combated at macroeconomic and microeconomic levels. x
  • 29
    Global Food Markets—The Supply-Demand Race
    Learn the role that factors such as rising prices and soaring demand play in perpetuating world hunger, as well as the possible policy responses from both low-income and high-income countries. x
  • 30
    An Urbanizing World
    Explore the connection between economic growth and urbanization, patterns of urbanization in the world's megacities, the gains and costs of agglomeration (economic activity concentrated in a certain location), and urban issues facing new megacities in low-income countries. x
  • 31
    Women in the Global Economy
    Equality for women in health, education, the workplace, and politics leads to faster economic growth. Examine the recent statistics about women's roles in the global economy, focusing on low-income countries—where discrimination tends to be greatest. x
  • 32
    Improving Governance, Fighting Corruption
    Governments may make up to $1 trillion every year from corrupt business practices like embezzlement and unfair dealing. But do better governance and lower corruption help economic growth? x
  • 33
    Foreign Aid—Promises and Limits
    Reconcile aid's successes and failures, explore new avenues for maximizing its effectiveness, and consider whether, in the long run, fostering economic growth would better raise the standard of living. x
  • 34
    The Multilaterals—World Bank, IMF, WTO
    Focus on these international economic agencies and the effects of globalization on their missions: the World Bank (which provides loans to countries needing capital), the International Monetary Fund (which intervenes during international financial crises), and the World Trade Organization (which reduces barriers to trade). x
  • 35
    The Economics of Global Climate Change
    Follow the scientific argument for climate change, the problems of valuing the costs and benefits of addressing the issue, and the potential shape of effective climate change policy. x
  • 36
    Globalization and Convergence
    Conclude with a look at America's role as the central hub of globalization, the possibility of continued globalization leading to polarization or convergence, and the potential future of our global economy. x

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Your professor

Timothy Taylor

About Your Professor

Timothy Taylor, M.Econ.
Macalester College
Professor Timothy Taylor is Managing Editor of the prominent Journal of Economic Perspectives, published by the American Economic Association. He earned his Master's degree in Economics from Stanford University. Professor Taylor has won student-voted teaching awards for his Introductory Economics classes at Stanford University. At the University of Minnesota, he was named a Distinguished Lecturer by the Department of...
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America and the New Global Economy is rated 4.4 out of 5 by 58.
Rated 5 out of 5 by from good value I found the professor to be engaging and organized. He held my attention throughout. His build of the topic was excellent matching the course outline presented catalogue. I found the DVD format to my liking because I could review the material that I did not quite grasp.
Date published: 2017-10-16
Rated 3 out of 5 by from Hard to Download. I have not downloaded this yet, because it is cumbersome to do so. I must download each file (lecture) individually, rather than one download for the entire course. I ordered about six courses. Rather than six downloads, I'll have to make 75 or more! Very frustrating; very time consuming.. I normally order CD's and play them in my car. The CD in my new car broke, but it has a USB drive input. I had hoped to load all courses on a USB drive and play them in the car. I have loaded only one course: Civil Liberties.
Date published: 2017-07-20
Rated 5 out of 5 by from Great insights I have been quite pleased. Quite complete discussion of the subject.
Date published: 2017-07-08
Rated 5 out of 5 by from without the distraction of "what went wrong?" ... This course was recorded in 2008, and the presenter discusses briefly what we now know to be the start of a worldwide recession, but he still was optimistic that the economic stresses wouldn't even take down the US, much less other major economies. I was worried this would affect the contemporary pertinence of the course, but instead it removed a distraction: from that optimistic space, he felt free to really explore the foundations of the 21st century economies. A presentation emphasizing the potential strengths of different regions and choices has been hard to come by for almost a decade now ... . I appreciated the detailed overview of where different nations came from, economically, and where they are now, without the color of 'crisis' that would have been overlaid if this was recorded even just a few months later.
Date published: 2017-06-22
Rated 1 out of 5 by from Out of date I bought this course recently- it was released in 2008 before the crash. I would have hoped for an update.
Date published: 2017-05-27
Rated 3 out of 5 by from Somewhat disappointing The first twenty-two lectures are dedicated to survey the economies of different regions of the world – with each region allocated two lectures. Lots of the material is presented as quite dry statistics. I found the cookie-cutter structure of this part of the course somewhat uninspired and uninspiring, though I have to admit there was some very good information to be had. The final fourteen lectures are more thematic in nature and deal with general phenomena of globalization such as globalization of goods and services, of capital flows, and food markets and I found these to be much more interesting. I do not understand the title: there is quite little stress given to the American economy and a better title in my opinion would have been “The global economy”. As others have mentioned, the course is obviously seriously dated because it was produced prior to the 2008 crisis. This makes some of the subject matter sound ridiculously anachronistic. I have heard all of Professor Taylor’s courses in the TGC, and I found him to be one of its most entertaining and talented presenters – able to explain subtle points and provide profound insights. The courses are seasoned with quite heavy doses of very good humor, and they were some of my favorites within the TGC. I found this course to be his weakest yet – primarily because of the repetitive structure of the first twenty-two lectures. Also, he seemed to me to be more a person of unfailing faith in free market capitalism, and not so fair minded and objective about other alternatives – an attitude I did not feel to the same extent in the other courses of his that I heard. So overall I did learn quite a lot, but I was expecting much more…
Date published: 2016-10-19
Rated 4 out of 5 by from Fine course, but..... While this is my 4th course by Professor Taylor and I've enjoyed them all, I certainly wouldn't ask him for any financial advice! Given in the middle of 2008 with the housing bubble in full burst mode he fails to grasp the impending financial disaster. This is despite the fact that he explains much of the bursting of the Japanese economy in the late 1980s and 1990s with the same scenario that was about to hit the U.S. financial institutions. Waiting for yet another Taylor course discussing the 'great depression'.
Date published: 2015-12-05
Rated 5 out of 5 by from An Excellent Course I am a huge fan of Tim Taylor. He seems to have excellent judgment and is very understandable in his lectures. My only complaint is that the course is from 2008. It needs to be updated to reflect the Financial Crisis.
Date published: 2015-01-02
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