America and the New Global Economy

Course No. 5620
Professor Timothy Taylor, M.Econ.
Macalester College
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Course No. 5620
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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
 |  Average 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 4.3 out of 5 by 63.
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
Rated 1 out of 5 by from What can I believe? Please re-do course! Where did this man get his "facts" about the length of holidays that workers in Europe enjoy? He stated, with strong emphasis, even making a joke about it, that in Europe workers receive TEN WEEKS holiday a year. That is UTTER NONSENSE. According to the leading UK newspaper, Daily Telegraph, writing in March 2013: "Across Europe, the average leave and public holiday entitlement is 33 days, according to data collected from 12 European countries". I have seen comments by a few workers on the continent of Europe that they enjoy up to 6 weeks off a year, including paid vacation time and public holidays; these are longer-term, older workers. I am English; we Britons get some of the fewest paid and public holidays in Europe, research has shown, with workers having a minimum of only 28 DAYS off each year... that's paid vacation AND public holidays together. After hearing the error made by Mr Taylor in an early lecture, I am having major trouble continuing with this course. Given Mr Taylor's egregious error that I have noted, what other mistakes has he made that I need to check up on? Unemployment benefits? Growth in GDPs?? Facts & figures??? And so on? I naturally expect material in Great Courses lectures to be FAULTLESSLY ACCURATE. This course should be updated and re-issued. NB: I note that several reviews here state that the lecturer's firm prognostications, made in 2008, when this course was recorded, proved absolutely WRONG! Interesting.
Date published: 2013-09-05
Rated 5 out of 5 by from What a Great Course Should Be Professor Taylor sets the standard for the Great Courses, in my humble opinion. He takes a topic that could be as dismal as the stereotype has suggested for years, and he turns it into a feast for the mind. I have the older audio cassette version of this, and I still listen to it. It is a treat to listen to Prof. Taylor expound on capital flows and GDP. And that's a high compliment indeed! Thoroughly enjoyed this course, and I still do. Highly recommended.
Date published: 2012-12-26
Rated 5 out of 5 by from Does it Again The lecturer does in this lecture what he has done in all of his others - takes a topic with so much information it can overwhelming and puts it into a very easy to understand and digestible format. The information is very timely given the current Euro crisis, rise of the Asian Tigers, etc.. He is an absolutely fantastic lecturer. He is engaging, entertaining, clear, concise, and intuitive - he seems to "know" which concepts are somewhat difficult to grasp and he presents them in several different ways to be sure his point is clear. I have absolutely no background in econ, I'm a scientist - this course is a must as are his others.
Date published: 2012-08-24
Rated 3 out of 5 by from Wish it was current Absolutely loved this course, but could only give it a 3 star rating because it is dated. The course that I received was make in 2008, and while there are great insights, I feel that the course should be updated since so much has happened to the world economy since 2008 that does nor fit into any of the neat models and ideas of the Professor. He is a wonderful teacher, and back in 2008 or 2009 I probably would have rated this a 5*. My rating is lower merely because the course needs to be redone to reflect all the changes since 2008.
Date published: 2012-05-20
Rated 4 out of 5 by from Excellent overview of Economic Issues The economic perspective for the various areas of the world was superb. The perspective gave a crystal clear understanding of the development of the world economies.
Date published: 2012-05-14
Rated 5 out of 5 by from Stunning overview of the world economy Another home run for Professor Taylor. If you want to really get an excellent understanding of how the world economy (and specific regions within it)developed over the course of the last half of of the twentieth century then this is a course that has it all. There is intriguiing contrasts in the relative productivity levels of the US and European markets. In addition the analysis of the connected but differing models of economic development in Japan, China and India is truly fascinating. Yes this course was recorded before the calamity of the post Lehman recession took effect but it is outstanding econmic history which remains utterly relevant to understanding our world today. Awesome Professor!
Date published: 2012-03-19
Rated 5 out of 5 by from Excellent - for the right audience I just finished this course today, and I'm so pleased to recommend it highly. I've listened to a few other of Prof Taylor's courses - and they are all good. Of them, this one is the most memorable and engaging. Interestingly, this course is more about "the Global Economy" and less about "America." And of that Global Economy you are certain to learn much. If you are thinking of purchasing this course to learn about what is going on in the macro economy right now, then it is not for you. What other reviews say is indeed accurate - it does *not* include our recent economic downturn. That said, I think this course is very good for instilling, dare I say it, great hope for the long term future, how human and economic progress, over time, includes more and more people.
Date published: 2012-02-01
Rated 3 out of 5 by from Out-dated Initially, I loved this course. The instructor is a dynamic presenter and clearly loves his subject. However, it becomes clear that this course was recorded in July, 2008. I bought the course because I wanted to hear what the professor had to say about our current economic situation. It's not here. This course is out-dated. He states that he doesn't foresee a serious economic crash. I suspect that he changed his mind a couple of months later. I'm terribly disappointed that this course did not include the current economic conditions of the US and so, his predictions of the future economic position of the US in the world economy doesn't carry much weight.
Date published: 2012-01-08
Rated 5 out of 5 by from Recomend it I like the organization of the course very much. Taking a tour on economies of each region in the world then focusing on the specific problems regarding the world gives perspective about world economy to a layperson such as me. However I suspect this course may not present the same value to a person who is already a bit knowledgeable about the world economy. Prof. Taylor is an engaging instructor that conveys the information in an easy to understand fashion. Generally I enjoy presentation of Prof. Taylor very much. However I must add, although happens rarely, I sometimes sense belittling of people around the world in these lectures. I am not talking about criticism of bad aspects of some economies; I am talking about unfounded criticisms that present itself in a seemingly innocent joke. Furthermore I think small portion data that Prof. Taylor is using in these lectures is either outdated or outright prejudiced. I am saying this because some data Prof. Taylor presents about the region I am living in surprised me a lot which then I find to be wrong after some research about the subject. All in all I think criticisms I have made are minor ones and these lectures helped me to see the big picture of world economy more clearly. I recommend this course.
Date published: 2011-07-08
Rated 5 out of 5 by from Timothy Taylor is a fantastic lecturer This couse was by far the best of the Great Courses I have taken, which totals about 10. I am an actuary and not unfamiliar with basic economic concepts, but I learned so much about the economic forces of the world through this course, I was simply amazed. I would never have thought I would enjoy Professor Taylor's lecturing style so much. I must say that I learned or gained understanding of no fewer than 15 major truths about world and US economics. Knowledge like this is very empowering and, given the interconnectedness of the countries of the world, I believe I will be able to make better and more informed business and personal decisions because of this course.
Date published: 2010-11-09
Rated 2 out of 5 by from not worth the money More out of NY Times I was disappointed with this course and never finished... Taylor is too slow and too simplistic. I do not have an economics background, but read the NY times a daily and browse the WSJ and found this course superfluous. If you have absolutely noe understanding of the global economy, you may learn something, but I would spend the money on a subscription to the Financial Times or the WSJ
Date published: 2010-11-06
Rated 5 out of 5 by from Another great economics course from Timothy Taylor I greatly enjoyed the TTC Economics course and decided to get this one too. It is more of an applied economics course than theoretical. That complements the first course very well. Much of the course is a series of pairs of lectures on various regions and topics. The first is an economic history and the second addresses the impact of globalization. This works very well. The course is on economic analysis rather than prediction. A number of reviewers have complained that his failure to predict how bad the current recession was going to be (or even worse, seeming to predict that it would not be that bad). My feeling is that analysis tools that help us to improve understanding are good even when they are not perfect. I find the obvious wrong prediction useful; not because it shows the theory is wrong, but to emphasize that there are still uncertainties. This is especially true with complex systems with their occasional long-tail events.
Date published: 2010-09-04
Rated 5 out of 5 by from Informative I enjoyed this course. The section on the Japanese bubble economy was particularly relevant in light of the collapse of the recent world wide bubble. I found myself listening to Tim's lectures several times.
Date published: 2010-05-23
Rated 5 out of 5 by from Critical knowledge for today's global economy History repeats itself. Today's wild world markets are a repeat of past events described in this great course. Thank you, Professor Taylor, for helping me make sense of our global economy.
Date published: 2010-05-15
Rated 3 out of 5 by from Lots of data, but what does it really tell us? Given the current economic situation and the resulting need to better understand the American and global economies, I had high hopes for this course, but I came away disappointed. The main problem is that the course is heavy on economic data, but weak on analysis and synthesis of this data in order come up with useful insights. Moreover, the data largely just puts numbers to what most of already know. As a result, the course felt rather stale and it seemed to take forever to finish it. Regarding the elephant in the room, this course was produced in 2008, when the financial crisis was already under way, but Taylor still vastly underestimated what was unfolding: “the economic weakness of late 2007 and early 2008 could become a recession”(!) Should we fault him for his? He does have a disclaimer in the last lecture: “Any predictions about the future of the world economy are always uncertain. Indeed, recent decades have seen numerous confident predictions that turned out to be completely wrong.” But shouldn’t an economist in the midst of this situation be able to offer a forecast which is at least somewhat in the ballpark? Otherwise, what’s the value of a course like this? If it’s all a matter of guesswork, even I can do that … Anyway, to give a sense of the content of this course, and especially its limitations, here are the points I thought were worth noting: -- Overall, economic success requires suitable physical geography, public health, education, infrastructure, technology, investment capital, reasonably free markets, a cultural orientation towards production and consumption, political representation and stability, rule of law, appropriate regulation, and fiscal discipline. -- The world economy has grown at an average annual rate of about 2% during the past two centuries. The average US GDP growth rate has been about 2.5%, whereas the maximum growth rates of some countries (eg, China) have been close to 10% in recent decades. The retirement of baby boomers will put pressure on the US economy which may slow growth in the near future. -- The US economy is about 20% of the world economy, and the EU economy is comparable in size to the US economy. In the future, the role of the US will diminish, while China and India will become more important. -- The minimum US unemployment rate is usually about 4%. By comparison, the 1970s were a time of stagflation, combining high inflation with unemployment near 10%. (And of course we’re now back in the 10% range.) -- Until the 1980s, many economists thought the Soviet economy was on track to surpass the US economy. -- Japan experienced a real estate and stock bubble which burst in the early 1990s, sending the country into more than a decade of recession. (This raises the ominous question of whether the US will follow a similar course). -- Global poverty and food shortages remain a huge problem, especially in Africa. In this regard, while many Americans believe that foreign aid is 20% to 25% of US government spending, it’s actually only about 1%. Moreover, US foreign aid is much lower as a percentage of GDP than many other countries. -- In much of the world, women continue to lag greatly in education and literacy. -- Losses due to global corruption are estimated to be about $1 trillion per year. And according to Transparency International, the US isn’t in the top tier of countries with respect to freedom from corruption. For example, in 2009 the US “corruption perception index” was 7.5, versus 9.3 for Denmark. (I think the true situation is probably even worse than this, since most of the looting by the financial sector and others in corporate America probably isn’t captured in these numbers.) -- Globalization may provide economic benefit overall, but there are losers as well as winners, so the benefits are certainly not uniform. Related to this, income inequalities between and within countries have increased during the past century. (Also, I take issue with Taylor’s assumption that endless economic growth is a suitable goal. Surely, we’d eventually run out of resources and/or excessively damage the environment. Moreover, why can’t we be satisfied with reaching a decent global standard of living and then just sustaining that as a steady state?) -- Globalization is continuing to intensify, but we still have a long way to go before the world becomes thoroughly integrated. (And of course some people oppose globalization, for understandable reasons.) If many of the above points are new and interesting to you, maybe go ahead and try this course. Otherwise, perhaps you’ll be better off spending the 18 hours doing something else.
Date published: 2010-03-11
Rated 5 out of 5 by from Superb Survey of the Global Economy Prof. Taylor has provided an excellent survey of the global economy and a valuable overview of the various economies of the world and their interaction. Although taped in 2008, I do not believe recent economic events diminish in any way the value of the course; to the contrary, I think this course provides terrific context to better understand today's headlines. This is a great companion to Prof. Taylor's economics course for TTC; I highly recommend them both. I purchased the DVD version of the course, which was helpful in viewing the various charts Prof. Taylor utilizes in many of his lectures. That said, given that Prof. Taylor recites the relevant entries in each chart, I think the audio version of the course would work just as well.
Date published: 2010-03-08
Rated 5 out of 5 by from contemporary document The course should be kept as it is. It is a contemporary document. It gives insights to the perspective of American economist(s) just before the historical 2008-economic-big-bang.
Date published: 2010-02-09
Rated 3 out of 5 by from Needs a significant update Much of this course is a presentation of interesting contexts between American economy and other nations over the past 50-100 years. One significant caveat: it was recorded in the summer of 2008, before the steepest decline of the recent recession but nevertheless at a time when the writing was on the wall. Taylor's downplaying of the seriousness or concerns surrounding our economic outlook at that time require that a re-recording of this part of the lecture be done for this course to be taken seriously. He goes on at length at how that recession (one from which we are still recovering two years later) was not going to be serious, that stabilizing forces in the market were firmly in place to prevent any serious decline, and that unemployment showed no indications of going up in any significant manner. We all know how things turned out in reality. The worlds dominant economy had its most serious crisis since the 1930s, sparking a global recession. So-called safeguards in the market, such as the integrity of bond and credit-rating mechanisms, proved useless and even dangerous, and most significantly, unemployment had mushroomed for such a sustained period that our government seems truly at a loss at how to right the ship. Taylor's lectures are informative and valuable...but lets be careful with his conjectures. This was a serious example of where he (and so many economists whose opinions we have come to count on) has been so very wrong.
Date published: 2010-02-02
Rated 5 out of 5 by from Excellent follow-up to "Economics" I bought this course as a follow-up to Professor Taylor's excellent Teaching Company course "Economics" and I was not disappointed. I learned an amazing amount from this course. The first 22 lectures tour the globe, providing an insightful economic history over the last half century for each geographic region in turn - US, Western Europe, Eastern Europe, Japan, East Asia, China, India, Middle East, Africa, Latin America. In each group of lectures dedicated to a region, you are guaranteed to learn something vitally important that you did not know that helps explain why that region is the way it is entering the 21st century. The remaining lectures are dedicated to a broad range of topics that are viewed from a global perspective - Globalization, Foreign Exchange, Population, Poverty, World Bank / IMF, and even the economics of global climate change. Each topic is approached with clarity, coherence and insightfulness. Regardless of your opinion on each topic, you will definitely leave with an appreciation of the complexities involved and a much deeper understanding of the economics that apply. A remarkable course, even better than Economics. Thank you.
Date published: 2010-01-05
Rated 5 out of 5 by from Stop the World -- I Want To Get On! First and foremost, the ‘New Global Economy’ course is a perfect companion to ‘Economics 3rd Edition,’ also taught by Professor Taylor. I listened to the audio editions back to back. It was a terrific one-two combo punch that offers dozens of filters, insights and big ideas to understand the economic world around us, and where America does (and does not, or can’t) fit in. The ‘Global’ course was recorded in mid-2008, just as the US housing market was collapsing. What a difference a year or two can make. Modern economics is terribly time-sensitive, and this course cries for an update. Throughout the course, when Taylor describes the triumphs and travails of other countries, I couldn’t help comparing the US and where we are at the end of 2009. In Lecture 10, Taylor tells us about Japan’s ‘zombie banks’ of 1995, the walking dead: bankrupt banks, their fragile shells going through the motions of pretending to be banks, propped up only by a belief in their own rhetoric. Sound familiar? I got the overall sense that Taylor thinks that too much government planning (meddling) with economies does more harm than good, except for health and education. But he offers many exceptions, too, and makes you think twice. Lecture 17 was a real shocker: Taylor dissects the reasons why countries with large Muslim populations invariably have lower per capita income. This is never presented as a value judgment, but just ‘what the facts show us.’ In Lecture 21, the hyper-inflation troubles in South America sound eerily familiar with what might happen in today’s American economy. The professor admits Lectures 21 and 22 on Latin America are confusing and diffuse. Latin American economics are hard to figure out, and Taylor does not leave us with a satisfying, unifying idea -- probably because there isn’t one. Taylor claims in Lecture 26, on migration, that he ‘is not taking sides,’ yet spends 95% of the lecture arguing for wide-open borders. He’s an unabashed free-trader, and admits it. Taylor loves to repeatedly point out that Malthus and (more recently) Paul Ehrlich were wrong, wrong, wrong on overpopulation. But Taylor says that because a majority of scientists think Global Warming is real, we must do ‘something’ as a form of insurance against possible disaster -- regardless of our personal politics. Lecture 35 on ‘Global Climate Change’ was excellent and made sense to me. His ‘insurance policy’ metaphor is very useful and persuasive. In Lecture 32, Taylor states that countries with more newspapers have less corruption. I wonder what Taylor would say about the recent death rate of US newspapers and magazines? Minor quibbles aside, Taylor is fun, enthusiastic, and highly talented. He completely held my interest through 36 well-organized, information-packed lectures. I now find myself reading articles in ‘Business Week’ and the WSJ through new and better lenses, and can more easily see what many writers leave out of their stories. Best of all ... I enjoyed Taylor’s wonderful basic optimism about humanity. The world has problems, sure, but we’re gonna fix ‘em, and more and more of us -- all around the world -- will succeed, thrive and prosper if we just keep working to get it right. Highly recommended!
Date published: 2009-12-18
Rated 5 out of 5 by from Excellent Overview Professor Taylor does a masterful job of covering a very broad range of economic topics. The first half of the course is a trip around the world in which he presents the history of and issues facing the different regional economies across the globe. The second half of the course deals with the major issues facing the entire world economy. Some of the topics covered (e.g. global warming) can be controversial, but Professor Taylor tries to address the topics through an economic lens, avoiding any emotional entanglements. He is also careful not to promote his personal points of view. Given that the name of the course is America and the New Global Economy, I would have preferred a little more discussion of the key policy decisions facing the United States in light of the rapidly evolving global economy.
Date published: 2009-10-25
Rated 5 out of 5 by from Excellent Economic Overview I have no background in economics. I bought this as a tape set because I am one of the few who still have a tape player in my car. My reason for buying it was that I teach at one of the most diverse colleges in the US, and increasingly my students are not only diverse but from multiple countries and multiple cultures, have moved frequently throughout their lives. I bought it so I could better understand my students. The lecture series is excellent. It was clear and gave me a good overview of the global economy from an American perspective. It was exactly what I wanted.
Date published: 2009-10-10
Rated 5 out of 5 by from Magnificent! Tim Taylor, over recent years, has updated his extraordinary overview on the American and global economy. He was 'spot on' in his first series and remains so in this updated version. The Soviet Union, China, Africa--whatever the area, Tim provides a concise overview and assessment that, for the professional and layman alike, is extraordinarily valuable. I am astonished at the breadth of Tim's knowledge and insight. with a personal style honed by years of being a newspaper eoconomic columnist, tim can explain the most complex situations in a manner than any intelligent individual can comprehend. Over the years,I have listened to Tim's lectures on many occasions. Each time I am amzed at how right he is (and has been) in assessing and even predicting national and global economic outcomes. Unlike Lester Thurow and Robert Heilbroner, I do not find bias in Tim's assessments. He simply uses common-sense economics to describe and assess countries and topics than can enlighten us all.
Date published: 2009-09-28
Rated 5 out of 5 by from Another Amazing Series Packed with information, and history, this is a guided tour of issues facing the world today and how we got there. Very good information with lots of interesting stories to help with concrete examples. Very helpful.
Date published: 2009-08-29
Rated 5 out of 5 by from Magnificent! Tim Taylor, over recent years, has updated his extraordinary overview on the American and global economy. He was 'spot on' in his first series and remains so in this updated version. The Soviet Union, China, Africa---whatever the area, Tim provides a concise overview and assessment that, for the professional and layman alike, is extraordinarily valuable. I am astonished at the breadth of Tim's knowledge and insight. With a personal style honed by years of being a newspaper economic columnist, Tim can explain the most complex situations in a manner that any intelligent individual can comprehend. Over the years, I have listened to Tim's lectures on many occasions. Each time I am amazed at how right he is (and has been) in assessing and even predicting national and global economic outcomes. Unlike Lester Thurow and Robert Heibroner, I do not find a bias in Tim's assessments. He simply uses common-sense economics to describe and assess countries and topics that can enlighten us all. Keith Wheelock
Date published: 2009-08-27
Rated 5 out of 5 by from A Good Overview In this course, Professor Taylor devotes two or three lectures to each region of the world, making it easy for the listener to go back and review regions in which they’re most interested (to me, that’s China, India, and Africa). Later in the course, he organizes the material by topic. I thought some of the topics were somewhat “filler” (global climate change in particular). In their place, I would have benefited from one or two lectures discussing jargon used by international economists, such as "comparative advantage", "capital account", "balance of payments", etc. Professor Taylor’s enthusiasm is apparent throughout this course. He is lively and never dull.
Date published: 2009-06-25
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