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CU-Boulder GEOG 1982 - Europe Continued

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GEOG 1982 1st Edition Lecture Outline of Last Lecture I. Where “is” Europe?II. Europe’s HistoryIII. European EmpiresIV. Industrial RevolutionV. Europe in Crisis: WWIVI. Europe in Crisis: the 1930sVII. RecapOutline of Current Lecture I. Recap II. Europe after the cold warIII. What does it mean to be European?IV. EurozoneV. Eurozone HistoryVI. Eurozone: a region made through moneyVII. Eurozone outcomesVIII. Eurozone: disparities and tensions IX. PIIGS?Current LectureI. Recapa. Emerged as a center of a world system created through colonialism, imperialism, capitalismb. Changes in Europe (like the industrial revolution) were linked to events in other regions (like the colonies), with powerful effects in both placesThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.II. Europe after the cold wara. Reunification of region, countries split by cold warb. New pressure to define what it means to be Europeanc. Political integration: democracy via European union, parliamentd. Economic integration: Eurozone III. What does it mean to be European?a. Immigration, largely from former coloniesb. Cooperation with the US vs. political autonomyc. Regionalism vs. integration: independence movements in catalunya, Scotlandd. Economic inequality and financial integration: Eurozone and the PIIGSe. Clicker question 1: what is the Eurozone?i. A monetary and economic regionIV. Eurozonea. Established in 1999 by European Union b. Euro (bills and coins) entered circulation in 2002c. 17 core members from EUd. Solved obstacle of doing business in Europee. 10 EU states do not use Eurof. Administered by European Central Bankg. Concern that Greece might leave the Eurozoneh. Will the Eurozone survive?V. Eurozone History: a. The Marshall plani. US programii. Goal to rebuild European industry, economy destroyed by wariii. Counter spread of communism through economic growthiv. Ties rebuilding Europe to international economyv. Top recipients of Aid1. Of the 15 billion distributed more than half went to the top 5 recipients2. The bottom 5 received under 700 million b. European economic community 1958i. Formulizes economic integration started under the Marshall planii. Allows different countries to specialize1. Examples: W. Germany- industrial production, France- agricultural productsiii. Market as basis for integration and muting nationalism (fear of fascism)iv. Welfare states: states subsidy for basic standard of living aimed at addressing internal disparities (fear of communism)VI. The Eurozone “a region made through money”a. Arguments for:i. Money facilitated exchange of goods over distanceii. Switching currency barrier to tradeiii. Economic integration will improve all economiesiv. But pre-euro not all EU currencies (peasants, pounds, francs, etc.)v. Nor were all EU states equally well offb. Problems:i. Not all pre-euro currencies have the same valueii. Risk that joining the Eurozone would devalue currencies in rich countries and lead to inflation in poorer countriesiii. Poorer countries compelled to cut social welfare programs, sell of state controlled assetsVII. Eurozone outcomesa. Wealthy investors buy factories farmland real estate in poorer countries and regionsb. International vacations became affordable for more people in wealthy countriesc. Overall economic spiked. Top banks in Eurozone start making it easier to borrow money in “growth areas” (Ireland,Spain, Italy, Greece, Portugal) e. Economic conditions in richer areas also undercut as workers now competing against poorer countries and immigrant laborf. Europe’s economiesi. Persistent inequalities between countriesii. Regional standard of living maintained through targeted loans VIII. Eurozone: disparities and tensionsi. Growing economic tensions:1. Deindustrialization (decline in industrial employment, often coupled with shift to service economy)2. Migration from North America, Middle east, Caribbean (former colonies)ii. Political tensions1. Nationalism (Balkan war)2. Region independence (Catalunya, Scotland)3. Far right partiesiii. Cultural tensions1. Religious differences (Anti-Muslim legislation) b. Eurozone: crisisi. 2008- Eurozone forced to bailout private banks in wake of US crisisii. All banks start calling in their debtsiii. The PIIGS could not repay back their debt1. Portugal, Italy, Greece, Spain (mid 1990s)2. Ireland added in 2009IX. PIIGS?a. PIIGS justify social spending in order to maintain pre Euro quality of life and keep up withother countriesb. Germany, France, England all profit off of euro integrationc. People living in many of these countries have not even seen marked improvementsd. Austerity measures (the cure)i. Raise retirement ageii. Cut social spending (health care, educationiii. Raise taxes for alliv. Privatize remaining state owned industriese. Austerity riotsi. PIIGS bailout private creditors to try and stave off economic crises, but run up debts higherii. Can’t print more money since they are tired to euroiii. Enter the


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