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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  • Download 36 video lectures to your computer or mobile app
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  • Download 36 audio lectures to your computer or mobile app
  • Downloadable PDF of the course guidebook
  • FREE audio streaming of the course from our website and mobile apps
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DVD Includes:
  • 36 lectures on 6 DVDs
  • 168-page printed course guidebook
  • Downloadable PDF of the course guidebook
  • FREE video streaming of the course from our website and mobile apps

What Does The Course Guidebook Include?

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Course Guidebook Details:
  • 168-page printed course guidebook
  • Photos and illustrations
  • Suggested readings
  • Questions to consider

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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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Reviews

America and the New Global Economy is rated 4.3 out of 5 by 62.
Rated 4 out of 5 by from Great Orientation To know where we are going we must know where we've been. This course is a great way to get oriented to economic issues. Professor Taylor does his usual great job here.
Date published: 2009-06-02
Rated 5 out of 5 by from Nice overview This is turning out to be one of my favorite courses which I have listened to (CD presentation was completely adequate for me). Professor Taylor has a way of presenting information in interesting and non-judgmental ways. I appreciate the fact that his "economist's hat" allows him to highlight factors and issues that are in play and have an effect on the economy, without labeling subjective factors as necessarily good or bad, acknowledging complexity and diversity of views. Now if only there were a 2009 update . . .
Date published: 2009-05-21
Rated 5 out of 5 by from A Good Grounding By their very nature, the topics covered in these 36 lectures are subjective. In my opinion Professor Taylor does an admirable job in opening these doors and viewpoints to us. As he I'm sure would acknowledge, nobody knows all the answers, but you will emerge from these lectures with a good grounding. Time well spent !
Date published: 2009-05-07
Rated 5 out of 5 by from an other very good course from professor Taylor. very enlightening on a lot of current economical issues , i enjoyed it greatly.
Date published: 2009-05-04
Rated 5 out of 5 by from The world in a nutshell - and more! This is a massive survey course of world economic conditions and the world in which America will find itself in the near term future - insofar as that can be predicted. The professor is a nerd, as some have pointed out, but I don't expect to spot Vin Diesel teaching Economics (nor would I want to, but I digress). I find his manner engaging, but that may be a matter of taste. I sped through this course in no time, and was sorry to see it finish.
Date published: 2009-04-17
Rated 3 out of 5 by from Your Mileage May Vary Somewhere during this series of lectures, the course just became laborious to plow through and I felt myself losing interest. While the information was detailed and well organized, there wasn't much attempt to tie in coverage of different geographic regions with how America is impacted. The instructor displayed an impressive amount of knowledge but the presentation style left alot to be desired. Distracting gestures and pressured speech, along with a smattering of weak attempts at humor just didn't maintain the enjoyment of listening. Might be better on CD- your mileage may vary.
Date published: 2009-03-22
Rated 4 out of 5 by from A bit dry Perhaps it is the subject matter itself, but I found this series difficult to "enjoy.". That is, even though Taylor has an excellent grasp of the material, and presents a varied and well-thought-out perspective on global economic issues, some topics (global warming, for example) sounded lifeless. As has been noted, Taylor is an advocate of the "free-market system" and presents it uncritically. His comments promote a global acceptance of this model. To his credit, he does attend to related issues such as social welfare policy, but there is not enough context to explore this further. I would like to rate this series more highly because there is an obvious attention to organizing his material. Perhaps it is just the economic model that winds up quoting statistics that depersonalize individual experience in the economic system.
Date published: 2009-03-17
Rated 5 out of 5 by from Thoughtfully Examines Global Issues At a time when many people are emotion-driven on the topics of the economy and globalization, Prof Tim Taylor helps us step back, take a deep breath, examine the data, and apply sound reason. One of the main values of this course is that it helps you think like an economist on global issues ranging from capital flows to poverty to climate change. The first half of the course gives a fascinating look at the economic histories of various regions of the world. Why is a generous social “safety net” so important to Europeans, and how has this affected their economies? How do Japan, South Korea, and China exemplify the “catch up” principle of economic growth? Why does the discovery of oil sometimes hamper a country’s economic progress? In the second half of the course, Prof Taylor does not shy away from controversial topics such as global warming, migration, and women’s issues. He does a good job of presenting all sides of the issues. While Prof Taylor does lean strongly toward free market policies, his positions are not “unbridled free market” policies. Instead they are arrived at thoughtfully and only after having weighed the evidence in the context of history. Prof Taylor takes the position that globalization is bound to happen whether we like it or not. Given this, the course challenges us to prepare for it and make the best of it.
Date published: 2009-03-10
Rated 2 out of 5 by from dissapointing It so so dissapointing to note the mistakes done with the figures given in the tables. In one table GDP of a country given as $500 billion on the next table it is $250 billion. Some of the per capita GDP figures are not correct. I was not expecting to see the up to date figures but feel quite surprised with the out of date contradictory figures.
Date published: 2009-03-03
Rated 1 out of 5 by from Myopic Purchased as a package deal with the fabulous Economics, I found this course to be a big disappointment. I'm amazed that the same instructor has 2 courses of such disparate quality.
Date published: 2009-02-21
Rated 5 out of 5 by from Excellent teaching, narrow viewpoint Excellent teaching, good use of illustrations, good range of coverage. Downside was a blind adherence to unfettered "Free Market" ideology with little consideration to gray areas or alternative viewpoints. He does an outstanding job of explaining fundamentals, such as effect of devaluing currency, but sometimes goes in directions that are not justified by the evidence, sounding almost like an apologist for The American Enterprise Institute or a columnist for the Wall St. Journal. Nevertheless, he is a well-organized teacher who makes clear presentations and the course is still a good survey of international trade.
Date published: 2009-02-18
Rated 5 out of 5 by from The World Today Prof Taylor presents a very timely and I beleive very accurate explanation of the world's economies and interaction. As in investment professional for over 30 years, I found his presentation very useful and clear. As a public speaker on economics and the investment markets, the information Prof Taylor has made its way into my presentations. They have been very helpful. Candidly, I sound a lot smarter by integrating his observations into my talks. We didn't get to where we are by accident. The history of how we got here makes it more understandable. Excellent course.
Date published: 2009-02-06
Rated 5 out of 5 by from Beyond the Paranoia Prof. Taylor does it again with this course on the Global Economy. It is important to listen to this course to truly understand today's economy and get a non-biased/non-ignorant view. This course is neatly designed to discuss the specific issues of each region of the world for the first 2/3 of the class and then shifts to discuss specific issues in the World Economy. Professor Taylor always does a good job of addressing myths and political opinions addressing the economy (especially doom and gloom prophesies) and logically rips them a new one! This course especially comes in handy when you get those annoying bipartisan forwards from co-workers and friends dealing with the economy.
Date published: 2009-02-03
Rated 5 out of 5 by from If Only the Stock Market was as Good as this Class I just finished listening to this grand tour of the world economy and I cannot recommend it highly enough. I had listened to Prof Taylor's other courses and liked them but this course represents the culmination of his other efforts. It does not deal directly with the current crisis since it was prepared and recorded by mid-2008 but everything he covers is still relevant to the economy today.
Date published: 2009-01-19
Rated 5 out of 5 by from Bravo! For years, I've been trying to develop an informed perspective on the pros and cons of globalization. Dr. Taylor has done a superb job providing an even-handed assessment of how the spread of market forces is playing out throughout the globe. The material is easily understandable to those with no background in economics. It is so chocked full of information, I'll likely watch it several more times to catch everything. His course gave me a more positive perspective of how globalization is lifting many out of poverty. (While reviewing this course, I saw the outstanding movie "Slumdog Millionaire" which, among other things, depicts the rapidly changing economic landscape of India today.) However, like Fareed Zakaria in his book "The Post-America World," Dr. Taylor delivers the news that the United States needs to prepare for the rise of other powers that are rapidly catching up with us. America's days as a unilateral superpower are waning; Dr. Taylor's course helps reorient his audience to the new realities of the 21st century.
Date published: 2009-01-08
Rated 5 out of 5 by from Timely Evidently recorded in the summer of 2008, just a few months before the severe financial downturn in September of that same year, this course provides an excellent review of economic principles needed to understand the financial challenges facing the global economy in 2009. If you are wondering how to deal with the recession of 2008/2009, this is an excellent place to begin.
Date published: 2008-12-25
Rated 5 out of 5 by from AWESOME!! This course is exactly what it describes: a survey of every major region and issue in global economics today. Prof. Taylor's presentation is great--and most importantly--easy to understand. If you want to understand what's behind the headlines but know nothing about economics, this course is for you!
Date published: 2008-12-18
Rated 5 out of 5 by from Timely and appropriate The course material is most appropriate for the current conditions around the world and is very helpful in understanding the economic climate we are now facing in the United States. Professor Taylor has a great style of lecturing which is engaging and interesting.
Date published: 2008-12-17
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