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What did Biden's statements about wind turbines and electric vehicles hint at?
Press to flip
A shift towards economic nationalism.
What condition influences the recognition of economic entanglements as tools of conflict rather than peace?
Economic nationalism and government involvement in boosting domestic industries.
What vulnerabilities did COVID-19 expose?
Vulnerabilities in global supply chains.
What general trend are countries like India, South Korea, and Japan following?
Focusing on domestic production and self-sufficiency in critical sectors.
How did the 1990s mindset view free trade?
As a solution for global conflict, poverty, and democratization.
What are four reasons for the current shift away from global free trade?
Worker protection, climate concerns, supply chain fragility, and geopolitical tensions.
What rivalry is intensifying due to geopolitical tensions?
The rivalry between the US and China over resources like microchips.
What historical drawback is associated with 1930s protectionism?
Leading to global conflict.
What new era is the US government trying to emulate with changes to the global economy?
Pre-WWII economic strategies.
What is the 'China Shock'?
The phenomenon where many American jobs moved overseas, leading to economic hardship in some US communities.
What were some benefits of globalization mentioned in the notes?
Lower costs for goods, improved economies in countries like Vietnam, India, and Chile.
How did the US emerge economically after World War II?
As a global power promoting free trade and minimal tariffs.
What is the CHIPS Act and how much funding does it allocate?
A US policy allocating $50 billion to boost domestic chip production.
What economic transformation occurred in China in the 1980s?
China opened its coastal cities for global business, leading to massive economic growth and poverty reduction.
What role did the US dollar play in the post-WWII global economy?
It became the standard currency, stabilizing the global economy.
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