The Global Economy(GE007)

Economy.

An _ is a system of production, consumption, and exchange of goods/services within a region or nation.

economy

An _ is a system of making and trading things of value. It is usually defined by a specific region (like a city, state, or country) and focuses on how people use resources to meet their needs

Global economy

_ links these national economies internationally

_ is the economy of the world seen as a whole

global economy

The _ (or world economy) is the interconnected system of all the national economies working together. It describes how countries interact with one another through trade, finance, and technology.

Green Economy Initiatives

The SDGs are driving a shift toward green technologies and sustainable practices across governments and private sectors.

Sustainable Finance

The goals are fostering new business opportunities, particularly in renewable energy, and promoting investment in sustainable infrastructure.

Overcoming Crises

The COVID-19 pandemic highlighted the need for building back better, emphasizing that sustainable economic recovery is essential for long-term prosperity.

17 SDGs

The _ are designed to balance social, economic, and environmental sustainability to achieve a better world by 2030.

Goal 10: Reduced Inequalities

_ Aims to reduce inequality within and among countries. Seeking to lessen income disparities

Goal 12: Responsible Consumption and Production

_ Ensures sustainable consumption and production patterns. Promoting efficient resource use.

Goal 17: Partnerships for the Goals

_ emphasizing international cooperation and financial support for development.

Goal 1: No Poverty

_ focusing on ending poverty and ensuring access to essential services

Goal 8: Decent Work and Economic Growth

Promotes sustained,Vinclusive, and sustainable economic growth, full and productive employment, and decent work for all.

Goal 9: Industry, Innovation, and Infrastructure

Focuses on building resilient infrastructure, promoting sustainable industrialization, and fostering innovation.

Economic globalization

refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies.

It reflects the continuing expansion and mutual integration of market frontiers, and is an irreversible trend for the economic development in the whole world at the turn of the millennium. (UN,2000)

Economic globalization.

is the process of increasing integration between nations through trade, capital flows, technology, and labor, driven by innovation and reducing barriers.

Trade Liberalization

Protectionism

2 Types of Economy Associated with Economic Globalization

Trade Liberalization

is the removal or reduction of restrictions or barriers on the free exchange of goods between nations. This includes the removal or reduction of tariff obstacles, such as duties and surcharges, and nontariff obstacles, such as licensing rules, quotas and other requirements. Economists often view the easing or eradication of these restrictions as promoting free trade.

Trade policy

allowing domestic providers (of goods and/o services) to compete more freely in world markets and foreign providers to compete more freely in domestic markets.

ELIMINATION OF IMPORT LICENSING

RATIONALISATION OF TARIFF STRUCTURE

ADOPTION OF FLEXIBLE EXCHANGE RATE

TRADE SECTOR REFORMS

Protectionism

policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors. Protectionist policies have been implemented by many countries despite the fact that virtually all mainstream economists agree that the world economy generally benefits from free trade.

hyper-globalization

The Soviet Union collapsed in the 1990s.That allowed countries like Poland, the Czech Republic, and East Germany to catch up as they rejoined the global economy. It coincided with a significant expansion in world trade, commonly referred to as ____

International trade

exchange of goods and services between countries. Total trade equals exports plus imports. In 2025, world trade exceeds $35 trillion

traditional economies

Countries with _ could lose their local farming base. That's because developed economies subsidize their agribusiness.