America and the New Global Economy

Course No. 5620
Professor Timothy Taylor, M.Econ.
Macalester College
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Course No. 5620
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Course Overview

The global economy in 1950 was defined by a lack of interconnectedness and U.S. economic dominance. More than half a century later, stronger international economic ties and the rise of the Chinese and Indian economies are just two of the dramatic changes that are underway as globalization—the process of the world's diverse countries coming together and sharing experiences, events, and trade—continues to be a force in our economic climate.

The origins of this globalized economy, its effects on important contemporary concerns, and its future trends are just a few of the intriguing issues you explore in America and the New Global Economy.

This riveting 36-lecture course takes you beyond the economy of the United States and reveals the recent history of economies in Asian countries, including Japan, India, and China, as well as in other regions. Journey with veteran Teaching Company Professor Timothy Taylor of Macalester College through the last 50 years of world economic history, explore international perspectives on the new global economy, and develop a richer understanding of our increasingly interconnected world.

Tour the World's Economies

America and the New Global Economy focuses on the idea that market forces of supply and demand cause faraway events to have an economic effect everywhere else. Therefore, to get a comprehensive picture of the new global economy, you must consider the individual economies.

  • China: According to a 2007 World Bank estimate, China's economy is the second largest in the world. With a growth rate of 9% per year, China may be the world's largest economy through much of the 21st century.
  • India: India's accelerated growth is based not on low-wage manufacturing but on service industries, which produce more than half of the country's GDP.
  • The Middle East: Oil exports have not led to the kind of booming economic prosperity one might expect. Most economies there are extremely small; for example, the economy of Saudi Arabia is equal in size to the economy of the Boston metro area.

Economic Issues—From a Global Perspective

In America and the Global Economy, you also focus on a range of economic issues that have important social, political, and cultural ramifications for everyone. In addition to looking at international flows of goods and services and financial capital, exchange rates, poverty, hunger and agriculture, urbanization, and the role of women, you consider the importance of these indicators:

  • International labor flows: The world has about 180 million migrants, and the gains to expanding international migration to people who have low incomes are potentially very large.
  • Population growth: With 6.5 billion people, the world follows a demographic pattern in which life expectancy rises, fertility rates drop, and aging populations increase. Some economists believe this scenario will help spur economic growth in Africa and the Middle East.
  • International economic agencies: Multilateral organizations such as the World Bank, the International Monetary Fund, and the World Trade Organization play important roles in setting international ground rules and coordinating international cooperation. If these organizations evolve, they can continue to offer expertise on critical economic issues like development, monetary policy, and trade.

In-Depth, Expert Analysis

An expert economist, Professor Taylor is the managing editor of the Journal of Economic Perspectives, the prominent journal widely read by academics and economists. His course gives you a comprehensive, detailed look at economic globalization you can't get from reading the business section of a newspaper. America and the New Global Economy gathers widely dispersed facts and data to offer an overview of the global economy, based on research Professor Taylor conducted specifically for this course.

This course is your opportunity to grasp the economic histories, issues, and trends that affect us. With the knowledge gained from these lectures, you'll be able to understand the latest developments in our global economy and better prepare for a future in which all our economies will be linked.

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36 lectures
 |  Average 31 minutes each
  • 1
    The World Economy since 1950
    Explore the roots of globalization in the 1950s and the birth of modern globalization owing to three key factors: the development of new institutions, increased national commitments to globalization, and revolutions in transportation and communication technologies. x
  • 2
    The U.S. in the World Economy—1960 to 1995
    Revisit the golden years of U.S. economic growth in the 1960s, the dismal series of recessions that wracked the 1970s, and the budget deficits and fears of economic globalization that intensified in the 1980s. x
  • 3
    The U.S. Economy Resurgent?
    Around 1995, the U.S. economy witnessed a surge in productivity growth because of booms in the information technology industry. Take a macroeconomic look at the American economy in the second half of the 1990s and look ahead to see where our economy might be in the next few decades. x
  • 4
    Europe—From Catch-Up to Jobless Growth
    Follow the remarkable story of how European economies, fractured by the devastation of World War II, rebuilt in a few decades through two forms of growth: catch-up growth in the 1950s and 1960s, and jobless growth through investment from the early 1970s to the mid-1990s. x
  • 5
    The Single European Market
    Examine how modern Europe and the European Union have dealt with high productivity and unemployment rates, and trace economic integration through the "single market project" over the last two decades. x
  • 6
    The Rise of the Euro
    Perhaps the biggest symbol of an economically unified Europe is the euro. Professor Taylor explains the economic theory of the euro, reviews the euro's origins, and explores the possibility of the euro replacing the U.S. dollar as the main currency for international transactions and finance. x
  • 7
    The Economy of the Soviet Union
    Focus on the Soviet economic model from the 1930s until its dissolution in the early 1990s. Analyze how Soviet economic planning works, what made it seem to be an attractive economic model, and why it failed. x
  • 8
    Transitions from Communism to Markets
    In 1991, with the collapse of Communism in Eastern Europe, the Soviet Union began moving from central economic planning toward a more market-oriented economy. Track the forces that made this transition so difficult and the possible trajectory for Russia's transition economy. x
  • 9
    Japan's Economic Miracle
    Investigate Japan's startling economic growth from the 1960s to the 1980s—not necessarily by a new economic model but by more important factors like education, investment, technology, and tough competitors in world markets. x
  • 10
    When Japan's Bubble Economy Burst
    After the boom of the 1980s, Japan's economic bubble burst, resulting in a stagnant economic performance that continues to this day. See the reasons for this stagnation and explore the various policies that could help Japan's economy move forward. x
  • 11
    Government versus Market in East Asia
    Focus on the near-miraculous economic performances between the 1970s and the 1990s of the newly industrializing economies of the East Asian "tigers": Hong Kong, the Republic of Korea, Singapore, Taiwan, Indonesia, Malaysia, and Thailand. x
  • 12
    East Asia's Tigers—Restore the Roar?
    What led to the economic crisis that shocked the "tigers" in 1997–1998? Follow the sequence of this economic implosion, look at how a repeat crash can be prevented, and ponder whether the East Asian economic model has reached its limits. x
  • 13
    China's Gradualist Economic Reforms
    In 1978, after a period of social chaos and economic stagnation, China began a series of market-oriented economic reforms that may have started China on a path to becoming the world's largest economy. x
  • 14
    China's Challenges for Continued Growth
    Can China's growth continue? Explore the effects of China's high rates of investment and national savings, the ways China can rebalance its growth, and how long it will be before China becomes the largest economy. x
  • 15
    India and the License Raj
    Chart the history of India's economy through its rather lackluster growth from independence in 1947 through the 1980s and its current status as an increasingly major player in the global economy x
  • 16
    India's Turn toward Market Economics
    India's economic reforms in 1991 opened the country up to international trade, limited public-sector monopolies, and allowed for more foreign investment. In addition to exploring India's agenda for continued reform, ponder whether India's economic inequality will allow for balanced growth. x
  • 17
    Inherited Institutions in the Middle East
    Almost 900 years ago, the Middle East was one of the highest-income areas of the world, yet it has a per-capita GDP of about one-sixth that of the United States. Discover how economic policies related to traditional Islamic law possibly contributed to the loss of the region's economic lead. x
  • 18
    The Curse of Oil Wealth in the Middle East
    The Middle East is the world's largest exporter of crude oil, but its economies and standards of living have not surged since the 1970s. Investigate some of the economic theories behind why oil resources have done less than expected to increase the region's prosperity. x
  • 19
    Africa's Geography and History
    Sub-Saharan Africa has been the slowest-growing and lowest-income part of the global economy since the Industrial Revolution, with a per-capita GDP one-twentieth that of high-income countries. Look at how the region's geography and climate affect its economic development. x
  • 20
    Time for Optimism on Africa?
    Explore Africa's economic situation and learn how Africa can overcome challenges like underdeveloped energy resources, a lack of transportation routes, and the need for tax and agricultural reform. x
  • 21
    Latin America and Import Substitution
    The economic potential of Latin America is quite substantial and deserves to attract American business and government attention. Focus on its import substitution industrialization policies from the 1950s to the 1970s, as well as the problems that arose with foreign debt and hyperinflation in the 1980s. x
  • 22
    Markets or Populism in Latin America?
    Explore a few key elements of the market-oriented reforms of the 1990s. Then, follow three perspectives on these reforms: the cases for additional reform effort, for slowing or reversing the reforms, and for the earlier reforms' irrelevance. x
  • 23
    Globalization in Goods and Services
    Explore the major themes in the globalization of goods and services, including how far globalization has progressed, how increased trade helps bring about prosperity, and the prospects for rising levels of trade in goods and services. x
  • 24
    Globalization of Capital Flows
    The globalization of finance can offer great benefits to the world economy. Demystify the mysterious subject of international capital flows by looking closely at the dangers and benefits of globalized financial markets. x
  • 25
    The Foreign Exchange Market
    Investigate the costs and benefits behind three broad sets of policies—floating exchange rates, fixed exchange rates, and soft-peg exchange rates—designed to counteract market volatility. x
  • 26
    Migration—Senders and Recipients
    Explore the effects of international migration on the economic gains and losses of the immigrants, the countries receiving the immigrants, and the countries sending the immigrants. Also, consider the economic ramifications of various immigration policies like border fences and temporary worker programs. x
  • 27
    Global Population Growth
    Fears of overpopulation have been with us since the 18th-century arguments of economist Thomas Malthus. Look closely at current and future patterns in world population growth, along with their consequences on social habits, food shortages, resource exhaustion, and pollution. x
  • 28
    World Poverty—Growth or Redistribution?
    By 2004, about one-fifth of the world population was considered poor. Analyze how global poverty levels are calculated and how poverty can be combated at macroeconomic and microeconomic levels. x
  • 29
    Global Food Markets—The Supply-Demand Race
    Learn the role that factors such as rising prices and soaring demand play in perpetuating world hunger, as well as the possible policy responses from both low-income and high-income countries. x
  • 30
    An Urbanizing World
    Explore the connection between economic growth and urbanization, patterns of urbanization in the world's megacities, the gains and costs of agglomeration (economic activity concentrated in a certain location), and urban issues facing new megacities in low-income countries. x
  • 31
    Women in the Global Economy
    Equality for women in health, education, the workplace, and politics leads to faster economic growth. Examine the recent statistics about women's roles in the global economy, focusing on low-income countries—where discrimination tends to be greatest. x
  • 32
    Improving Governance, Fighting Corruption
    Governments may make up to $1 trillion every year from corrupt business practices like embezzlement and unfair dealing. But do better governance and lower corruption help economic growth? x
  • 33
    Foreign Aid—Promises and Limits
    Reconcile aid's successes and failures, explore new avenues for maximizing its effectiveness, and consider whether, in the long run, fostering economic growth would better raise the standard of living. x
  • 34
    The Multilaterals—World Bank, IMF, WTO
    Focus on these international economic agencies and the effects of globalization on their missions: the World Bank (which provides loans to countries needing capital), the International Monetary Fund (which intervenes during international financial crises), and the World Trade Organization (which reduces barriers to trade). x
  • 35
    The Economics of Global Climate Change
    Follow the scientific argument for climate change, the problems of valuing the costs and benefits of addressing the issue, and the potential shape of effective climate change policy. x
  • 36
    Globalization and Convergence
    Conclude with a look at America's role as the central hub of globalization, the possibility of continued globalization leading to polarization or convergence, and the potential future of our global economy. x

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  • Download 36 video lectures to your computer or mobile app
  • Downloadable PDF of the course guidebook
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  • Download 36 audio lectures to your computer or mobile app
  • Downloadable PDF of the course guidebook
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DVD Includes:
  • 36 lectures on 6 DVDs
  • 168-page printed course guidebook
  • Downloadable PDF of the course guidebook
  • FREE video streaming of the course from our website and mobile apps

What Does The Course Guidebook Include?

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Course Guidebook Details:
  • 168-page printed course guidebook
  • Photos and illustrations
  • Suggested readings
  • Questions to consider

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Your professor

Timothy Taylor

About Your Professor

Timothy Taylor, M.Econ.
Macalester College
Professor Timothy Taylor is Managing Editor of the prominent Journal of Economic Perspectives, published by the American Economic Association. He earned his Master's degree in Economics from Stanford University. Professor Taylor has won student-voted teaching awards for his Introductory Economics classes at Stanford University. At the University of Minnesota, he was named a Distinguished Lecturer by the Department of...
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America and the New Global Economy is rated 4.3 out of 5 by 63.
Rated 4 out of 5 by from The “New” is Now a Bit Old Perhaps a bit unfair for a course with a copyright date of 2008, but unfortunately it was released as a recession in America was underway. Perhaps with some prescience, Professor Taylor makes it clear in his last two lectures that his (or anyone’s) predictions as to the future will likely be fraught with error as time passes and history becomes the judge. Still the timing of the release of the course could really not have been worse. Even so, there is much to like and praise about this course. While not as much fun as his course on “Unexpected Economics”, nor as rigorous as his one on “Great Economists”, 36 lectures provides ample time to investigate everything from the economy of the Soviet Union to the global food supply chain. And the topic spread is an integral part of the course: the first part of the course is a review of various economies (mostly by country, but sometimes by region) and the latter portion is by economic topic (e.g. world poverty). For me, the more interesting part of the course was the section devoted to individual economies. In particular I really found the two lectures on Japan to be fascinating (the rise of Japan’s post-war economy and the belief that they had the answer to a sound economic policy, followed by the burst of the “bubble economy”). Another enlightening topic in this section were the lectures on the transition of India’s “license Raj” to a market driven economy. Perhaps I preferred the section on individual economies, is because by nature the historical approach was generally not predictive and therefore not so prone to later criticism. This is not to say that the second portion of the course did not have some gems. For example the lecture on population growth, beginning with Malthus really gave me some insights that I had not had. Professor Taylor, as always delivers his course in an enthusiastic fashion, always speaking in an easily understood manner, frequently leavened with often self-depreciating humor. Overall an interesting and insightful course, highly recommended.
Date published: 2020-04-27
Rated 4 out of 5 by from Outdated If I had realized that the course book was printed in 2008, just as the great financial crises was about to begin, I would not have ordered this course.. One wonders how the many general statements that refer to trends into the latter years of the first decade of the 2000's would have changed had this course been done 2, 3, 4, or 5 years later. The latest statistics mentioned in the course only go to the early 2000's, just about 15 years ago now. Having said that, the elements that deal with the historical development over the centuries and decades are well done. These do constitute the bulk of the course. What this course really needs is an update to cover the last 15 years or so.
Date published: 2018-08-13
Rated 2 out of 5 by from Very dated material! The presenter is very knowledgeable and entertaining but these lectures are very dated (2008-2009).
Date published: 2018-04-29
Rated 5 out of 5 by from just a wonderful course I'm a doctor, but I'm interested in history and finance. This course has just answered all the questions I thought I had and many more that I hadn't even thought about. It's yet another great course. Many thanks indeed.
Date published: 2018-01-21
Rated 5 out of 5 by from good value I found the professor to be engaging and organized. He held my attention throughout. His build of the topic was excellent matching the course outline presented catalogue. I found the DVD format to my liking because I could review the material that I did not quite grasp.
Date published: 2017-10-16
Rated 3 out of 5 by from Hard to Download. I have not downloaded this yet, because it is cumbersome to do so. I must download each file (lecture) individually, rather than one download for the entire course. I ordered about six courses. Rather than six downloads, I'll have to make 75 or more! Very frustrating; very time consuming.. I normally order CD's and play them in my car. The CD in my new car broke, but it has a USB drive input. I had hoped to load all courses on a USB drive and play them in the car. I have loaded only one course: Civil Liberties.
Date published: 2017-07-20
Rated 5 out of 5 by from Great insights I have been quite pleased. Quite complete discussion of the subject.
Date published: 2017-07-08
Rated 5 out of 5 by from without the distraction of "what went wrong?" ... This course was recorded in 2008, and the presenter discusses briefly what we now know to be the start of a worldwide recession, but he still was optimistic that the economic stresses wouldn't even take down the US, much less other major economies. I was worried this would affect the contemporary pertinence of the course, but instead it removed a distraction: from that optimistic space, he felt free to really explore the foundations of the 21st century economies. A presentation emphasizing the potential strengths of different regions and choices has been hard to come by for almost a decade now ... . I appreciated the detailed overview of where different nations came from, economically, and where they are now, without the color of 'crisis' that would have been overlaid if this was recorded even just a few months later.
Date published: 2017-06-22
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