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Transcript of World Economy
Comparing national 'models'
USA market-oriented capitalism
'Great countries are those that produce great people
' Benjamin Disraeli
Highest GDP Per Capita
The countries with the highest gross domestic product per capita in U.S. dollars, based on data available 2013.
1. Qatar $100,900
2. Liechtenstein 89,400
3. Bermuda 86,000
4. Macau 82,400
5. Luxembourg 78,000
6. Monaco 70,600
7. Singapore 60,800
8. Jersey 57,000
9. Falkland Islands 55,400
10. Norway 54,400
Source: The World Factbook, 2013.
Read more: Highest GDP per capita | Infoplease.com http://www.infoplease.com/world/countries/highest-gdp-per-capita.html#ixzz2v6IbG2ia
Nielsen, Lynge (2011) Classifications of Countries Based on Their Level of Development: How it is Done and How it Could be Done, IMF Working Paper 11/31
severe income disparity
" #2(4) Global Risks 2012/ 2013/ 2014,
Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else"
Developed, Developing, Least Developed
North vs. South
Core, Periphery, Semi-periphery
North vs. South
Primary vs. Secondary vs. Tertiary
"The Bottom Billion"
Grouping National Economies (BRICs, G20, NICs)
Instruments of the state
is the process by which the government, central bank, or monetary authority manages the supply of money, or trading in foreign exchange markets
--> increases the total supply of money, by
lowering interest rates
--> decreases the the total supply of money, by
increasing interest rates
: price stability, full employment and economic growth
the actions of a government in setting the level of public expenditure and how that expenditure is funded.
Expansionary fiscal policy
- increase in government purchases of goods and services, and/or decrease in net taxes.
Contraction fiscal policy
- decrease in government purchases of goods and services, and/or increase in net taxes
Neutral fiscal policy
- no intention of affecting economic activity y
Taxes are applied to
corporate income --> debate on their effectiveness
government policy controlling foreign trade
Free trade policy
Protectionist trade policy
: tariffs, non-tariff barriers: import quotas, export subsidies, national procurement, voluntary export restraints, national procurement, red-tape barriers
Paul Collier TEDX
German "social market" capitalism
Japanese developmental capitalism