Jobs, Wealth and Values in a Globalized Economy Syllabus

Class Session Themes, Subject Areas, Highlights

Globalization is integration of trade and investment among countries, facilitated by free movement of capital with reliance on market forces to determine prices and costs as well as transport, telecommunication and other technologies.


I. Globalization development to 1945

Precursor to Phoenicia:

-17000 End of Last Major Glacial Age

-10000 Wild grain seeds of Anatolia after climates warm, planting seeds vs. hunter gather

-5000 Mesopotamia, Egypt – war and conquest, but not trade, economy, investment focus

-5000 Land tech: Irrigation, flood control, wheel, animal, construction, rural productivity, urban service, public works

-4000 economic culture – language, writing (cuneiform, wedge), accounting (grain storage, trade), laws (Hammurabi)

-1500 to 400 BC Phoenician city states of Eastern Mediterranean

Rise of sea technologies, Mediterranean application: lateen sail, rudder, keel, oars, star and sun navigation

Diversity of needed resources: Cyprus copper, Anatolia iron, Cornwall tin, resource source and market diversity

Similar advances in Indus, China Yellow, but in Mediterranean more continuity and familiarity


-400 to 1250 Greeks, Romans, Arab Empires contribute to advance to globalization

Greek arts, science, mathematics, philosophy, political systems

Rome added military power, empire, infrastructure

Arab religion based society and values formed bridge to east and stored values of west


1250 to 1914 Rise and dominance of Europe: Renaissance, Discovery, Industrial Revolution

Consistency of China contrast to volatility of Europe Mideast and South Asia

Chinese technology, innovation, civil service facilitate political stability and economic progress



1845-1945 Europe Empires to World Wars, US Manifest Destiny, Asia Stirrings

Post Napoleon Metternich Europe, US moves west, Civil War, Perry in Tokyo, Pacific Latin America interests

Destructive European Civil War tests limits of monarchies after industrial revolution, capitalism, fascism, communism

Asia tests limits of Japan co prosperity, resists Western colonial control, China Civil War



II. Explosive globalization growth from 1950-2010 and associated benefits and threats

1945-1970 US Golden Age economic dominance, Europe aid, Japan recovery, Cold War, US- USSR compete in 3 rd world

1947+ Colonial end, Superpower limits: 1927+ Communist China rise, 1947 India free, 1957 Ghana, 1954-75 Viet Nam

1970 Trade and manufacturing parity among developed world, resource emphasis, protectionism in 3 rd world

1970+ Increasing world trade and economic competition and integration, accelerated by 1989-91 Communism fall

 Rise of Globalization Enabling Technologies

Emergence of Asia into Developed World: Japan – Rim Tigers – China – Soviet Collapse

1992-2010 Technology and construction bubbles to mask manufacturing decline in US, IT productivity


III. US Wealth, Jobs, Productivity Gains and Values, Social and Economic System Changes

Progression from basic resources to inventions to big business: organization, processes, automation

Automation: competitive advantage for big business or catalyst of creative destruction helping entrepreneurial and new

Troubling legacy of financial service contributions and rewards, capital investment and tax based wealth distribution

US Economy - From raw material cash crops to agriculture to manufacturing to service, finance, knowledge

US Jobs – Challenges from vast job creation and changes dating to Industrial Revolution


US Jobs – Challenges from Global Economy


IV. Burden of Values in Current US Work Force

Milestones of equal opportunity:

1863 Emancipation, 1918 Women suffrage

1945 GI Bill, 1948 Military desegregation, 1954 School desegregation

1963 Equal Pay Act, 1964 Civil Rights Act, 1965 EEOC,

1967 Age Discrimination 40-65, 1986 Eliminate Age Cap

1986 Immigration reform, control, 1990 American Disabilities Act

Non Wage Benefits and Standards of Employment

Company benefits after WWII: Solution to labor shortage, wage inflation, economic growth

Regulations on job working conditions, discrimination, security

Wages, worker incentives, environment, other regulations

Complexity of comparability of tax rates and government costs for country competitiveness

Varying costs and standards of quality of life from pollution, standard of living, worker protection

Benefits to US consumers from low priced, high quality, wide selection of imports

V. US Globalization Facilitators, Government Policies, Values

Can US maintain tech leadership in energy, climate, life science opportunities?

Tradeoffs between importance of environment, cleanup, warming, worker rights, economic growth, job creation

Question of relation between capitalism, rapid economic growth, productivity, democracy, political control

 Technologies facilitating and promoting globalization

Values and economic policies affecting globalization

Government policies determining rate of growth of globalization

VI. US Consumer, Investor, Worker, Finance, Money Issues Determine Globalization Pace

 Economic decisions of largest unified US consumer block demand benefits of globalization and imports

Globalization requires free flows to create most value and benefits for all, but threatened by nationalism, vested interests

Manipulation and trading by countries and financial services add little compared to new products, services, business processes

Money and finance: catalyst or culprit of capitalism, global economy, productive investment, job equity?

Consumer demand for widest selection and range of prices, qualities, features, styles


Worker decisions related to income distribution, disposable income, debt levels, future expectations

Investor view of returns related to globalization, taxation, restrictions, risk

Financial sector benefits and limits in globalization and wealth creation

Money as Enabler, Measure, Potential Solution, Deterrent in Globalized Economy Issues

VII. Country Abilities, Goals, Policies Determine Globalization Participation Level


1700’s Industrial Revolution in UK, overtaken in 20 th by US due to resources, system, empire end, wars

Effect of EU: new, old members; Germany, UK; economic, life, value variations

South and North differ on social safety nets, initiative, innovation, comfort with change


Dominance of resources in USSR to build economy, Cold War competition and Central Planning in LDC’s

Complexity of converting resource wealth to productive economy, social benefits, wealth creation

Chasm between resource rich and poor countries with little other economic progress or integration

Imperative of education, tech skills, ingenuity, time, infrastructure to build cohesive growth and progress

Latin America

Preoccupation with Cuba, revolution in Cold War impedes progress, solutions

Power and differences of Brazil, Argentina, Chile, Mexico, limits of others

Narcotics cancer of Andes, Caribbean, Mexico fueled by US demand


Remarkable stability and continuity of enormous China and India, despite 1947 India partition, 1949-76 Mao China

Japanese 1854 opening to West, 1904 Russia defeat, WWII co prosperity, recovery, 1970’s exports, 1989 collapse

Chinese of Rim of Asia check Japanese, inspire mainland China imperatives of growth to spread money economy


VIII. Globalization Conclusions on Future Progress, Limits, Threats, Benefits

Enormous economic progress amid serious social dislocations

Public policies to maintain values and standards of people and planet