HIST 102 AMU week 7 lesson Global Capitalism and National DilemmasAmerican History since 1877 American Military university
Global Capitalism and National Dilemmas
This new century focused on the uses of new technology, the changing global role of America in strategic theaters, and the rise of terrorism. The presidential administrations of the two Bushes and Clinton had an impact on the United States, and also upon the election and administration of President Obama. The Lockerbie, Scotland, aircraft disaster, the destruction of the Beirut and Khobar Towers, the 9/11 destruction of the Twin Towers in New York, and subsequent associated terrorism left their imprints on Americans and the United States as the new century began.
This lesson will cover the following topics:
- New Technologies
- Immigration and Multiculturalism
- Cultural Wars
- Republican Resurgence and the Clinton Impeachment
- Foreign Policy and the Middle East
- George W. Bush
- Barack Obama
The European Union
European Union flag.
In 1993, the European Union (EU) was created as an attempt to unify policy in Europe. The basis for the EU political union began after World War II to develop more economic interdependence among nations. Initial efforts involved treaties and organizations that focused on tariff structures and steel manufacturing. One was the European Community. The treaty that established the EU is referred to as the Maastricht Treaty. Maastricht is a city in The Netherlands.
The Netherlands and eleven other nations were the founding nations of the EU. The treaty changed the name of the former European Community to the European Union. In 1995, three more countries were added to the EU. More nations joined after the beginning of the new century.
The EU has a parliament, council, and court of justice. It also has a central bank. The union has developed a single market and a standardized system of laws that applies to all member nations. The EU has a monetary system and a currency, the Euro, which more than one-half of its member states use. The union also focuses on the free movement of people, goods, services, and capital, along with common policies on trade.
The purpose of creating a single, common, currency was to facilitate the development of a single market that had uniform regulation and pricing, and eliminate the multiple markets of the various countries. The EU was organized to be a counterweight to the power of the United States. The benefits from a single market include increased competition and better financing opportunities for companies in member states. The EU, however, has remained militarily weak.
China began to emerge as a major world economic power in the 1980s, and increasingly has turned toward capitalism. China has quadrupled its gross domestic product between 2000 and 2008, and has kept its currency weak to ensure that exports have remained inexpensive for consumers in the United States.
American businesses had developed increasing trade relations with China, and as a result there are long-term implications of the trade relationship. The trade deficit is one result. U.S. companies export products to China, but the imports from China exceed the number of exports. As a result, the trade deficit has continued to grow. Many of the imports are products assembled in China for U.S.-owned companies that ship raw materials to China for cheap assembly, and for return to the U.S. to sell to consumers at lower prices than if the products had been assembled in the United States. Additional outsourcing can lead to additional closing of businesses and unemployment.
Made in China label.
Globalization & the End of the Cold War
Globalize means to expand worldwide, and to influence internationally. Globalization is the process of developing an integrated global economy that includes free trade, the flow of capital, and use of less expensive foreign labor.
At the end of the Cold War a new, massive scale of foreign trade was made possible by the new technologies. There were new international organizations and corporations, and some of the existing entities grew in size and scope, having an influence on world economies. There was an increase in multinational companies, and an increased reliance on cheap labor. Deregulation also had an effect on the global economy.
- GROUP OF SEVEN
- WORLD TRADE ORGANIZATION
In 1975, a group of economic ministers and members of central banks of six nations met near Paris to discuss and assess economic policies. The following year Canada joined the group, and the group became known as the Group of Seven (G7) .
The group meets annually at “summits” to discuss economic policy. The group has also focused on developing communications between industrialized nations and emerging-market nations. The Group of Seven was increased by two members but Russia, one of the two additions was temporarily suspended from attendance in 2014. The European Union became the eighth member. These remaining members are currently named the Group of Eight.