Lecture Notes: The Global Economy

Introduction

• Overview of the global economy and its importance.
• Discussion on how economies of different countries are interconnected.

Key Concepts in Global Economy

• Globalization: Definition and impact on trade, culture, and politics.
• International Trade: How countries exchange goods and services.
  • Benefits of trade
  • Trade barriers and tariffs
• Exchange Rates: How currency values fluctuate and their effect on global trade.

Economic Systems and Policies

• Capitalism: Characteristics and influence on global markets.
• Socialism: Comparison with capitalism and its global implications.
• Trade Policies: Overview of agreements like NAFTA and the European Union.

Global Economic Challenges

• Economic Inequality: Causes and global impact.
  • Wealth distribution disparities.
• Environmental Challenges: How global economy affects and is affected by climate change.
• Political Instability: Impact on global markets and economies.

Conclusion

• Recap of the importance of understanding the global economy.
• Future outlooks and potential changes in global economic policies.