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Chapter 16 (Globalization vs. Protectionism (Workforce, Corporate Policy,…
Chapter 16
Globalization vs. Protectionism
Workforce
Corporate Policy
Promotes Inequality
Misery Index
unemployment rate added to the inflation rate
work implies a deterioration in economic performance
Arthur Okun
Advantages and Disadvantages
of International Trade
Cost
Unemployment
Source Variety
Collectivization vs. Privatization
Stalin
Forced to home others
Late 1920s to early 1930s
NAFTA
agriculture, textiles, and automobile manufacturing
Founded January 1994
Canada, Mexico, USA
European Union
Regional Development
International Single Market
Economic Union of 28 Members
Comparative Advantages
Opportunity cost
Absolute Advantages
Produce something at a lower cost