01.+The+global+economy+Study+Scaffold

// Nature of the global economy and globalisation // • the global economy • Gross World Product • globalisation – trade – investment and technology – finance – labour • the international business cycle // Trade and financial flows // • changes in the size, pattern and direction of trade and investment • the foreign exchange market • the main participants in foreign exchange markets • the impact of changes in trade and financial flows on economies // Free trade and protection // • the basis of free trade — its advantages and disadvantages • reasons for protection – infant industry argument – domestic employment – dumping – defence ANY OTHERS • methods of protection and the effects of protectionist policies on the domestic and global economy – voluntary export restraints – tariffs – subsidies – quotas – local content rules – export incentives // Contemporary trading blocs and agreements // • the role, importance and influence in the global economy of blocs and agreements • EU, NAFTA, APEC, ASEAN, CERTA // International organisations // • the role of international organisations importance and influence in the global economy of international organisations • WTO, IMF, World Bank // Variations in the standard of living in the global economy // • income and Quality of Life indicators // Contrasts in levels of development // • difference between growth and development • reasons for differences between nations • developing economies, Newly Industrialised Countries (NICs), transition economies, high income economies // Impact of globalisation // • international convergence • economic growth, development and the quality of life • trade, investment and transnational corporations • distribution of income and wealth • environmental consequences • financial markets • the international business cycle • implications for government economic policies. // Case study // A case study on the impact of globalisation on an economy other than Australia must be undertaken, along with the strategies that this economy is using to promote economic growth and development.
 * Features of the global economy **
 * Impact of globalisation on the standard of living in the global economy **