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WVU POLS 103 - Economist Magazine Articles
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POLS 103 September 17 Lecture 11Outline of Last Lecture I. Russia economy is not doing well which is why Ukraine wants to become independent country favoring the westII. sanctions put on a country can even hurt the country who issues themIII. Pakistan is important because they have been the center of key wars and have nuclear weaponsOutline of Current Lecture II. Short stories linked to globalizationa. Detroitb. Japanc. Wage stagflationIII. Scotlanda. what will becoming independent do to the country and rest of the world?IV. GlobalizationCurrent LectureShort Stories in the Economist linked to globalization1. Detroit:1. has gone bankrupt because they haven't handles finances particularly well-mainly the water supply2. the city itself has declined over the years because what made it prosperous isnow no longer a key player3. The city owns the water supply and when people didn't pay their water bill the city didn't cut off the water supply. Then over the summer the city decided to crack down and cut off the water supply because people weren't paying their billsThese 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.4. has become a human rights issue-can Detroit not allow people to have clean water just because they can't pay their bills?2. Japan1. Japan has recently shifted around cabinet members because of problems in the economy2. 13 years ago it entered a recession- hasn't come out3. economy has stagnated4. rest of the world is growing- Japan is declining3. Wage Stagflation1. for most of the rich world, wages have not changed in the past 5 + years2. inflation is happening on prices, but wages are not increasing to compensate3. the economies of these states are growing- wages are not4. it is happening all over the world, not just in the US5. this is because the world is more globalized and economies are all connected to each other6. economic decisions made in one state can effect all other statesScotland1. Scotland has been part of the United Kingdom for 300+ years2. The referendum being voted on states: “Do you agree that Scotland should become an independent country?”3. Scotland wants to be independent because1. they tend to vote more left (favoring labor) than the rest of the UK 2. they feel unfairly governed3. Rest of Britain votes more conservative24. Scotland is upset about national decisions affecting them5. independence would solve their problems4. Nation vs. State issue1. what will Scotland do when they become independent?2. How will they manage their currency?3. Government?4. Relocation of British nuclear weapons in Scotland5. How will they create income?6. Will they make a constitution?5. US believes in self determination-the right of people to govern themselves1. the problem is, who does this apply to?2. Only big powerful states?3. Is there an entity too small to be a sovereign state?Globalization is linking a lot of states together1. before, small states would exist by themselves. They did everything for themselves. Big states ignored them.2. Now, it is hard for small states to interact with the rest of the world because they don't have much to offer.3. How can a state be part of the modern global economy if it is so small that it is fragile?4. Small economies are fragile1. modern currency is based on government creating it2. fixed foreign exchange: government fixes the exchange rate of money and enforces it. People must come to government to exchange one currency for another. Generally all big states in the world don't use fixed foreign exchange.3. Floating exchange: most economies use this method of exchange. It allowed the market to determine the exchange rate (price of currency) the government is not involvedSmall states really can't go it alone in the world.If Scotland tries to become independent, it could trigger other states to pursue independence more extremely.


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WVU POLS 103 - Economist Magazine Articles

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