GLOBAL ECONOMIC CHANGES

20th Century Site

King's College


| Unions | Great Depression | Keynesianism | WTO | China | Gorbachov | Germany | NAFTA | Euro | Info. Age |


    Overview

    As our world advances in many aspects such as technology, communications, politics, and other social structures, it is conquering boundaries. The 20th century was a very exciting time with many changes occurring throughout the world. Perhaps the most important changes were seen within the field of economics. Theories about economics are formulated based upon views first established by John Maynard Keynes, Karl Marx, Adam Smith, and others. These economic perspectives are then influenced by and also determine international and domestic politics, social issues, and the process of technological advancements. As the world becomes more global and free of boundaries, the economies of nations become more interdependent upon one another. It seems the shifting events and policies that characterized the economic history of the 20th century soon led economics to affect and be affected by all aspects of a linked, global market.

    However, many barriers stood in the way as the economies of nations tries to compete and also grow together at the same time. The successes and failures of the 20th century will be analyzed further within my future presentation. These issues will concentrate on aspects such as the roles of technology and communication, growing disparities among nations, and the influence of war upon individual economies. Much of the world’s 20th century economic history stems from events that have forced governments to implement and execute certain economic policies.

    In the beginning of the 20th century, advances in communication were allowing almost all nations to stay on top of economic changes going on all over the world. This allowed peoples to compare their nation’s economy and standard of living to others. In many less-developed, non-industrialized nations the people became dissatisfied. Issues like these helped to establish political and social changes in many nations.Many times chance was found through the process of unionization, where people would use collective baragining. Possibly, the first major economic event that affected many nations was the Great Depression, which began in October 24, 1929. The Great Depression was a disastrous event brought on my imbalances of an unstable global economy. This event helped to show economic isolation for nations was impossible, because they now became dependent upon one another for resources and support.

    Another example of the changing global economic world can still be seen in 1923 by the devaluation of the German mark by trillionths, the introduction if women in the workplace, industrialization, and militarization. If barriers like these were to remain in existence, then the world’s economy would slowly deteriorate. Their interdependencies were now evident, but nations still tried to protect their domestic industries from unpredictable, global influences. In order to protect domestic growth of their nations, countries began to establish barriers on imports, such as tariffs, taxes, duties, etc. They tried to gain stability back to their economies, which was lost after WWI. Therefore, an economic monetary stabilization policy was enacted on September 25, 1936 in order to help alleviate economies. Soon WWII would interrupt the global economy’s route towards stabilization.

    Then in 1946, the Bretton Woods Agreement helped to establish the International Monetary Fund (IMF) in order to provide capital to nations on need of economic stability. The World Bank was also formed under this agreement and was used to finance long-term developmental needs by nations. The last part of this agreement focused on the placement of fixed exchange rates, which were adjustable due to various economic factors. Later, several leading nations joined together and established the General Agreement on Trade and Tariffs (GATT) in 1947. Within this agreement, they created the most favored nation clause, which gave favorable treatment to nations participating and cooperating according to GATT.

    All of these new global policies were considered necessary as the international business world was now becoming more vast, multinational, focused on the expansion of corporations, and the distinct opportunities that nations had to offer. Also, the global economy soon began to rotate around the growing demand for petroleum, as cars became the most popular means of transportation in the later part of the 20th century. Since cars were now growing in demand, the limited supply of petroleum became an important issue. To help maintain control over the world’s limited supply of petroleum the Organization of Petroleum Exporting Countries (OPEC) was formed and began to impact the global economy starting in the early 1970’s. Later, with the growth of many multinational corporations (MNC) in the 1980’s, individual countries began to lose direct control over the course of their economy.

    Economists can only try to predict the path of their economy by numerous indicators such as inflation rates, interest rates, unemployment rates, and gross domestic product (GDP). They must also recognize control factors placed upon their particular economy by government. Yet, there still remains much disparity among nations, an imbalance of economic powers, famines, and natural disasters that economy must deal with. In the last quarter of the 20th century alone, our world has seen the fall of communism by the former USSR, the reunification of Germany both politically and economically, and more nations adopting free market reforms. Also, the North American Free Trade Agreement (NAFTA) was established in 1994, and created the largest free market ever. Then in January of 1995, the World Trade Organization (WTO) was established as a stipulation of GATT. This became the legal and institutional foundation of the multilateral trading system among nations. The WTO has recently been deciding upon China's entrance into the organization. This is a critical issue that could help to make China's mass market even more accessible.

    Currently, the global economy is being affected by the introduction of the euro, which took place in 1999. The euro’s long-term econmic affects have not yet been revealed, although they should be very interesting to see. The European Monetary Union (EMU now EU) took the first step to make trade easier in Europe by introducing this single European monetary unit. In the future, developments such as these and others will help growing economies to better understand other cultures, cross boundaries, and learn how current and future economic factors will impact he economic history of the 21st century. The economic ideas, events, and peoples of the past will always help to determine the global economy path in the future. Hopefully, it’s a prosperous one under a more stable and free market. 

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Unionization

    One of the major happenings of the economic world of the 20th century, was how the business world was drastically changed. The Industrial Revolution, which began in the 1750’s in Britain, prompted the rise of factories and ultimately industrialization. When factories began to build up in centralized regions, people soon moved to where the jobs were available. This mass movement into cities would finally lead to unification of the labor force.

    By 1900, nearly 20 million people lived in cities of 5,000 or more, but along with the economic growth of industry came unsanitary and overpopulated conditions. Many epidemics arose out of urbanization and the economic emphasis placed on industry. People began to work long hours in unsafe conditions and dealt with health risks. As a result, workers began to unite to from labor unions and to use collective bargaining as their source for better working conditions, fair wage rates, benefits, and others. In the early 1880’s and before, the British Trades Union Congress and the Federation of Organized Trade and Labor Unions already existed, but now more emphasis was being placed on them as industrialization and labor became a more critical part to a nation’s economy. Even in 1998, there were 31,062 labor unions in the Japan that representing workers and upholding fair working conditions and benefits.

"A Short History of American Labor." 25 September 1997. Union International Systems, Inc., URL:http://www.unionweb.org. 20 March 2000.

This web site is a decent source for specific information on unions. It was setup and is maintained by the Union International Systems, Inc. and has many links to international unions all over the world.

"Labor Unions." 30 April 1999. Labor Union Basic Survey. URL:http://jin.jcic.or.jp/stat/stats/09LAB81.html 15 April 2000.

This web-site offers accurate statistics on the number of labor unions in the Japan from 1984-1998. It also contains a link to the Ministry of Labor Department in Japan.

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The Great Depression

    A wide awakening experience to the instability of the world economies is what the Great Depression is an unfortunate example of. The Great Depression was sparked on October 24, 1929 when the stock market in the US plummeted by 40%. The US fell into a downfall of economic disaster as 9,000 banks went out of business, nine million savings accounts disappeared, 8,600 businesses failed, and 15 million people in the US alone were unemployed. The crash could have been caused by a number of related reasons, but most important were the lack of confidence of investors and the majority of wealth of the US in the hands of a few. The Great Depression inspired President Franklin Delanor Roosevelt’s New Deal, which was a revolution in US political and econmic thinking. The New Deal was put into effect in 1933. Roosevelt gained back the confidence of the American people, by borrowing money in order to help businesses and put the American people back to work, and also started such programs as the Social Security Act. As the US slowly got back into a stage of economic prosperity, the rest of the world soon followed.

"Building America: Franklin Roosevelt’s New Deal." Summer Scholars Program. URL:http://cite.academic.marist.edu/ssp96/fdrhome.htm 22 March 2000.

Very descriptive and full of interesting data is what this site offers. Insights into the New Deal and the Great Depression can be found here. It also includes lots of links and even has access to a FDR digital library.

Gupta, Prananv and Jonathan Lee. 7 March 1996. URL:http://www.bergen.org./AAST/Projects/depression/causes.html 22 March 2000.

Various topics relating to the Great Depression can be found at this site. It seems very professional and was created by professors that offer their e-mail addresses for any questions one might have.

"The Great Depression." http://www.geocities.com/Athens/Olympus/1545/index.html 22 March 2000.

This site was put together by an 11th grade history class. It offers many pictures, statistics, a timeline, and lots of general information about the Great Depression. The authors of this site also included their e-mail addresses for questions.

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Keynesianism

    John Maynard Keynes (1883-1946) was a leading British economist who believed that governments and international agencies should take more initiative in managing and steering capitalist economies. In 1936, he claimed that there was a fluctuation of employment in capitalistic economies due to various economic factors. His General Theory of Employment, Interest, and Money changed the economic thinking of his time. Keynes argued that there would be times when consumers would save more of their income then they would usually spend, even in times of economic growth and expansion. Therefore, a company’s inventory will rise, the company will layoff unnecessary help, and the economy will fall into a depression or recession. Keynes helped to show that capitalism doesn’t seem to be a system that can regulate itself, because there are other factors involved. Keynes stated, "the difficulty lies, not in the new ideas, but in escaping the old ones which ramify…into every corner of our minds." He helped to support Roosevelt’s New Deal policy that an economy in distress cannot get back on its feet without some intervention, most likely from government.

"John Maynard Keynes" URL:http://www.bemorecreative.com/one/392.htm 20 March 2000.

This web-site doesn't offer much information on Keynes or his theories. However, it does list some of his interesting quotes and sites where others may be found. One great thing about this site, is one can search for topics related to Keynes through many different links.

"Keynesians-Introduction." 1999. Virtual Economy Home page. URL:http://bized.ac.uk/virtual/economy/library/theory/keynesian.htm 20 March 2000.

This web-site was created by the Biz/ed/Institute for Fiscal Studies (IFS). It has all different areas of scholarly research within it. This site has access to specific case studies, economic policies, and links that cater to teachers and students. Also, mailing and e-mail addresses are given.

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The World Trade Organization

   The World Trade Organization (WTO) is a provision of the General Agreement on Tariffs and Trade (GATT), and was established to oversee stipulations of GATT and to resolve any disputes under the new rules. The WTO was officially put into affect on January 1, 1995. Currently, it has 134 member nations including the United States, Japan, and Germany. Within the recent years, the WTO’s importance has grown along with the worldwide financial markets. The global market is leading the formation of united, global politics.

    The WTO is a good example of how countries are trying to cope with the growing interdependencies and instabilities among themselves. Some of the key principles of the WTO's purpose are to require member nations to regulate imported goods in the same way they regulate domestic goods. Recently, the WTO has come under attack that it supports the rich nations getting richer, and the less developed countries that aren't part of the WTO must suffer. However, the US must end its ban on the limited amount of imports of apparel and sugar by the year 2005. Possibly, this will allow some of the less developed and poorer countries a chance at economic growth.

"The multilateral trading system - past, present, and future." The World Trade Organization. URL:http://www.wto.org/wto/inbrief/inbr01.htm. 20 March 2000.

This is the WTO's own web-site. It was created and maintained by the WTO. The most recent news and in-depth research about the WTO can be found here. Within this site, one can access numerous related topics through links, search within the site, and find the address to the WTO.

"Social and Economic Policy." Jan. 2000. Global Policy Forum, URL:http://www.globalpolicy.org. 20 Jan. 2000.

Monitoring global policy at the United Nations is the purpose of this web-site. This web-site is well organized with graphic buttons that serve as links. One can search the site, link to highly recommended articles, e-mail the organization, and view tables and charts. This site is very informative and has a broad scope.

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China's New Economy

   China made major steps in opening its economic world in 1987. China did this by allowing certain territories within its borders to have equal commercial and industrial rights for all countries. Then on November 15, 1999 China entered into an agreement with the US that would lead to greater reformation of their economic structure. The Chinese negotiators agreed on Beijing's terms of entering the WTO. They also signed an agreement that would open up the boasting 1.3 billion consumers of China to more foreign trade and investment. White House economics advisor Gene Sperling said the two countries had put, "a 21st-century vision of a freer world economy over old outdated 20th century visions." The Chinese trade minister, Shi Guansheng, promised that the phase out of all limitations on certain industries would be complete within a five-year period. China would soon be giving foreign firms "essentially full trading and distribution rights." This would allow foreign companies to import and export their products directly without dealing with a middleman. Since the door will be opened to greater foreign competition, this should force Chinese industries to adopt more effective and efficient means of production.

"China Signs Trade Deal With U.S., Paving Way For Enrty Into WTO." 15 November 1999. http://dowjones.wsj.com/n/economy.html 20 March 2000.

This site gives specific, scholarly information about this topic. The publishers of the Wall Street Journal set up this site. However, there are not any significant resources to links or information found on this site.

Washnigton Post Home Page. URL:http://washingtonpost.com/wp-dyn/business/A1082-1999Nov15.html. 20 March 2000.

This site also gives specific information upon China and the reforms. Some links are offered to related topics and the information ia well organized.

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Mikhail Gorbachov

    In 1985, Mikhail Gorbachov (1931-?) became the leader of the Soviet Union. He recognized many of the problems faced by countries that were centrally planned such as the incentive problem, the lack of industries being coordinate with one another, and the lack of individual motivation. He began policies of glasnost (openness) and perestroika (restructuring). Gorbachov believed that by offering the citizens more freedom, he could reform and strengthen the Soviet system. Instead, the Soviet Union began to fall apart. Some of the direct causes of its breakup were declining growth of the economy, poor product quality, lack of consumer goods, the burden of a large military, and inefficient argriculture procedures. Finally, in 1991 the Soviet Union collapsed due to these failures of centralized planning. Gorbachov became hailed as a great hero for ending the Cold War (1945-1991). In honor of having completed so may critical steps in bringing the Cold War to its end, Gorbachov received the Nobel Prize for Peace. By 1992, the republics of the Soviet Union had also gained economic independence. 

Armstrong, Martin A. "What Will Tomorrow Bring." 18 Nov. 1999. Princeton Economic Institute, http://www.princetoneconomics.com/ 20 Jan 2000.

This web-site provides a vast resource of information for all major financial markets worldwide. It offers historical research covering economics, politics, and financial markets. An e-mail address is provided and one can register for access to more research and history publications. This site is user-friendly and registration free.

"Boris Nikolayevich Yeltsin." 26 April 2000. Centre for Russian Studies Database. URL:http://www.nupi.no/cgi-win/Russland/personer.exe/8 26 April 2000.

This site is very vast and contains many links to important government offices and to critical events in the life of Gorbachov. It has his life outlined, provides a picture, and many historical dates. A very useful site when looking into the history of Russia in the time surrounding Gorbachov.

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The Unification of Germany

   Along with the lurking sense of the fall of communism in the Soviet Union, East Germany's communist government fell in 1989, which made it more possible for the two sides to reunite. The unification of Germany came about on July 1, 1990 with the "treaty on currency-, economic-, and social union" (Staatsvertrag über Währungs-, Wirtschafts-, und Sozialunion). This treaty helped to establish a market economy in the former German Democratic Republic. The structures of the western welfare state were also adopted. Germany's unification treaty (Einigungsvertrag) on August 31st 1990 then made Germany officially reunited. In July, the financial systems had been merged, and then in December the first united German election was held.

    Helmut Kohl became the leader of the new Germany and named Berlin as the capital. He immediately dealt with an enormous number of immigrants coming form East Germany to now live in the West. This occured, because of the inequalities in the standards of living and other different economic aspects due to the diversity of the political systems before unification. Once unified, Germany would prove once again what made it a successful nation state since the beginning of the 20th century. Today, Germany is a powerful part of the global economy.

Bartczak, Stanislaw. "Structural Changes of Economics in Poland and the New German Countries." International Advances in Economic Research. Vol. 4, May 1998, p164. Available form EBSCOhost.

This article reports on the process of transition of the Polish and German economies. It focuses on population, employment, and the structure of gross domestic product. This should be helpful when comparing how the past is now impacting the future.

Coombs, Sheila and LeFever, Mangrum, and Olson. "The Fall of The Berlin Wall." URL:http://www3.northstar.k12.ak.us/schools/nph/twt/berlin/berlin1.htm 15 April 2000.

This site can be very resourceful, because it offers pictures of the Berlin Wall, and gives key dates of events and a description of what happened. There are also links to various economic topics that were taking place in Germany during this time.

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North American Free Trade Agreement

   The North American Free Trade Agreement (NAFTA) is a trade pact that was signed on Dec. 17, 1992 eliminated most trade barriers, such as tariffs and duites, between the United States, Canada, and Mexico. However, it only went into effect on Jan. 1, 1994 after ratification. This created a free trade zone among the three largest countries in North America, and essentially created the largest free trade zone in the world. NAFTA went into effect in order to stimulate trade among its members and prosper close political economic ties. NAFTA was negotiated by the United State's president George Bush, Canadian prime minister Brian Mulroney, and the Mexican president Carlos Salinas de Gortari. This helped the United States and Canada gain greater access to Mexican markets in banking, insurance, advertising, telecommunications, and automobiles.

Fray, William C. and Lisa A Spared. "Avalon Project at The Yale Law School." 14 Sept. 1999. Yale Law School, URL:http://www.yale.edu/lawweb. 20 Jan. 2000.

This project compiled by law students documents law, history, and diplomacy. It contains documents on the 20th century, and e-mail address, and one can also search within the site itself for information. The information seems accurate, detailed, and easy to find.

"Government and The Economy." 14 Jan. 2000. Economic Policy Institute, URL:http://epinet.org/epihome.html. 20 Jan. 2000.

This well organized site offers an enormous amount of information on global economic policies. Within its contents one can find publications, search sites, and obtain a large number of links to related topics through its library feature. It also features a datazone and offers an e-mail address.

"North American Free Trade Agreement." Department of Foriegn Affairs and International Trade.URL:http://www.dfait-maeci.gc.ca/nafta-alena/menu-e.asp 15 April 2000.

This site is maintained by a reputable organization and offers much backround information on NAFTA and all the issues surrounding it. It provides many links, accurate information, and should prove to be vey useful.

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The Euro

   The European Monetary Union took its first steps to making trade relations easier by introducing the euro in January 1999, as a single monetary unit among the nations. The 12 nations that are partciparting are: Austria, Belgium, Finland, France, Germany, Ireland, Itlay, Luxembourg, the Netherlands, Portugal, and Spain. Other countries that are most likely to adopt the euro are: the United Kingdom, Denmark, Greece, and Sweden. The ramifications of the introduction and use of the euro are numerous. The euro will make global trade easier, increase the amount of international banking done by small local banks, and serve as a powerful part of future international monetary policy. In due course, there will be more business for everyone and greater investment opportunities in Europe. The only threatening aspect is the instability of the exchange rates between the US dollar, Japanese yen, and the new euro. It should be interesting to see which on sets the pace for the 21st century.

Cowan, Rory. "Euro Conversion Could Prompt Software Firms to go Global." Boston Business Journal. Vol. 18, 21Aug. 1998, p37. Available fromEBSCOhost.

This article discusses computer software companies’ globalization plans, and the need for them to update localization processes. It should give an important analysis of the effects of the Information Age.

Mahoney, Chris. "Seizing the Euro." Boston Business Journal. Vol. 19, 26 March 1999, p40. Available from EBSCOhost.

This information looks at the opportunities created by the introduction of the Euro for smaller banks. It also focuses on the increased international activity of community banks. This should help one recognize the local effects of the Euro and how the economic changes will effect society and the business world, particularly investments.

 

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Information Age

   The world economy has seen many volatile times, and yet it is still thriving. New technological innovations and advancements keep the economy in a state of constant transition. Having a strong position in the global markets allows nations to have a strong position on global politics. It seems the more economically, politically, and computer dependent the world becomes, the more instability there will be, because the distribution of wealth will be determined by the changing hands of technology. Technology companies are investing more capital and resources in developed nations. Companies are joining together to form joint ventures and multinational corporations that will be able to compete on the global level. Science and technology firms might soon possess nonpolitical authority as their access to capital resources increases, maybe even more than that of many governments.The growing dependency on information has been seen in the Y2K scare this past year, and can also be seen in Boeing's new construction of the 777, which bascially flies itself. Right now the fastest growing industry in the world is technological equipment and services at a rate of over 50% in sales every year. It seems this rate is sure to follow this fast paced path for a long time.

"Boomtown." Economist. Vol. 354, 15 Jan. 2000, p75. Available form EBSCOhost.

This article focuses on possible growth trend in the number of initial public offerings in Japan during 2000. It also looks at the Internet businesses and their impact on the market. It should serve as a current source for the significance of the Information Age and global markets.

"Idea House." 18 Feb. 2000. National Center for Policy Analysis, URL:http://www.ncpa.org. 20 Jan. 2000.

A nonprofit public policy research institute maintains this site. It offers worldwide analysis, debate, and in-depth research. One can search within the site and gain access to institutions and research through links.

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Annotated Bibliography

Printed Sources

Bairoch, Paul. The Economic Development of the Third World Since 1900. Berkeley and Los Angeles, CA: University of California Press, 1975.

This book’s purpose is to explain the nature of less-developed economies and how they are affected over the long run. The examination of these economies covers the years 1900-1970 and concentrates its efforts on 24 countries. This book skillfully uses statistical tables to show the effects of population, urbanization, manufacturing industries and others on economies. The information presented seems very accurate, in-depth, and easy to read. Although this book was published in 1975, it should still offer some helpful background knowledge on different economies around the world.

Cardoso, Fernando Henrique, Martin Carnoy, Manuel Castells, and Stephen S. Cohen. The New Global Economy in The Information Age. University Park, PA: The Pennsylvania State University Press, 1993.

This is a new look at the world economy and its changes over the past three decades. This book focuses on national growth opportunities, government intervention, and how economies interact with one another. Much of this is related to the increase of information and communication technology in creating competitive and global economies. This book seems well written, makes use of charts and timelines, and has specific references to current economies such as Japan, France, and Germany. This book covers a broad area of information, but it does it in a concise manner.

Chabot, Christian N. Understanding the Euro. New York, NY: McGraw-Hill Co., 1999.

An easy to understand guide to the new European economy is offered in this text. It touches upon the European Union countries and how monetary policies and unions will become more integrated by the Euro. The format of this book follows the asking of clear questions, which are then answered by applying accurate information to the topic in question. Even though much is still yet to be uncovered once the Euro is finally prevalent all over the world, this book allows one to recognize the importance of understanding the Euro’s role in the global economy.

Garraty, John A. The Great Depression. New York, NY: Harcourt Brace Jovanovich publishers, 1986.

This text was written as an inquiry into the causes, course, and consequences of the global depression of the 1930’s. It takes a thorough look at why the Great Depression started, its effects on farmers, workers and unions, and the jobless. It then focuses on the ways to help ease all the problems and gives outlooks on various reactions that follow the Great Depression. The New Deal, and the Nazi, British, and French policies are looked upon. This book gives a complete understanding of the Great Depression and it also serves as an excellent source for pictures.

Maier, Charles S. In Search of Stability. New York, NY: Cambridge University Press, 1987.

This book focuses on the instability of Europe’s economy after WWI until the present day (1987). It takes a special look at Fascism, Nazism, and the politics needed for productivity. This book also investigates the circumstances of threats to the stability and the ways in which stability can recover. This book gives many concrete facts and shows the significance of determining the stability of economies.

Moran, Theodore H. ed. Multinational Corporations. Lexington, VA:D.C. Heath and Co., 1985.

This book takes a descriptive look at the behavior of multinational corporations (MNCs) and how they effect the economies they operate in. It explains how these MNCs generate jobs, expand exports, penetrate markets, allocate resources, and make use of technology. The author was a Professor of International Business Diplomacy at Georgetown University at the time of print. Scholarly attention is paid to the specific effects of MNC’s in appendix case studies. The scope of this book is wide, but uses business terminology that might be a little difficult to fully comprehend for the average reader. It seems to be a good source for focused information on MNCs.

Morris, Jonathan ed. Japan and The Global Economy. New York, NY: Routledge, 1991.

Issues and trends surrounding Japan in the 1990’s are analyzed in this book. A number of professors from around the world collaborated on his work. This book explains the impact of Japan’s business structure, their foreign direct investments, division of labor, and other key topics on their economy. This is an accurate, global perspective on Japan’s economy that is enriched by figures, tables, and specific case studies. It should help to show Japan’s changing position in the growing global economy.

Nussbaum, Bruce. The World After Oil. New York, NY: Simon and Schuster, 1983.

The ever-changing axis of power and wealth that swivels upon petroleum is explored in this text. The author is a reporter for international finance and business. This allows the book to have an insider’s perspective on the changing economies. It analyzes the creation of OPEC, the decline of Germany, the disintegration of the Soviet Empire, and other changes. This book is very detailed and offers specific places, names of corporations, and the causes and effects of events that transpired.

Spulber, Nicholas. Restructuring the Soviet Economy. Ann Arbor, Michigan: The University of Michigan Press, 1994.

This book focuses on the adjustment of the new Soviet economy from the centralized, Marxist ways into the new free market, capitalistic economy. It provides statistical tables and figures to show how their business world is changing. This book is very in-depth, gives perspectives over all aspects of the Soviet economy, and uses business terminology. It should be very helpful in the understanding of the Soviet economy and its effects on world history.

Stares, Paul B. ed. The New Germany and New Europe. Washington, D.C.: The Brookings Institution, 1992.

Germany’s critical role as a shaper of the future course of Europe’s economy is researched in this text. The consequences of German unification are looked upon through the perspectives of twelve scholars from around the world. The Brookings Institution is an independent organization devoted to nonpartisan research and publications in economies. This detailed account of history is also helped explained by charts and maps. This seems to be a very precise account of German history and should reveal many interesting and important facts surrounding Germany’s economy and the world.

Website/Online Sources

Ali, Abbas J. "Middle East Competitiveness in the 21st Century’s Global Market." Academy of Management Executive. Vol. 13, Feb. 1999, p102. Available from EBSCOhost.

This information explores the structure of business in the Middle East and looks how the region will successfully compete in the global market place. It also focuses on the need for open trading and a civil society. This article should give a different perspective on how global the economy has become and how it is affecting nations.

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First posted:  2000 April 11
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