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Industrialized Nations after the Cold War

United States Faces New Challenges

  • World's only superpower
  • great military and political influence
  • September 11, 2001
  • President Bush declared "war on terror"
  • 2002 - sent forces to Afghanistan
  • 2003 - invaded Iraq, toppled dictator, Saddam Hussein
  • 2009 - Barack Obama first African-American President
  • forces still in Iraq and Afghanistan

Economics

  • 1990s - budget surplus
  • George Bush
  • slow growth, massive military spending, tax cut for wealthy Americans
  • Budget deficit - gap between what government spends and takes in
  • 2008
  • global recession
  • unemployment
  • President Obama instituted multibillion dollar stimulus package
  • increased federal spending
  • tax cuts

Changes in Asia

  • Pacific Rim
  • Asian nations that border the Pacific Ocean

Pacific Rim

  • 1500s - Pacific Ocean became highway for world trade
  • by 1990s - traffic greater than the Atlantic
  • why?

Japan and China

  • 1990s - Japan economic downturn
  • China's economy boomed
  • 2008 global recession hurt China's export based economy

Asian Tigers

  • Taiwan
  • Hong Kong
  • Singapore
  • South Korea

Asian Tigers

  • modernized by 1980s
  • stressed hard work, loyalty and education
  • started with light industry (textiles)
  • shifted to higher priced exports (electronics)
  • growth due to
  • low wages
  • long hours
  • hurt by 2008 recession
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