Global Economics Too

My previous post provided a glimpse of the intrigue and excitement to be found in the study of global economics.  Irresistible.  Right.  As already recommended, the youth library book, Economics (©2009 by World Book, Inc. – printed in China) is a fast read or a casual companion in a quiet corner, depending on how one handles intrigue. 

The introduction defines an economy as “a system in which people exchange goods and services with other people.”  This thin book leads the eager reader through histories of tax collection, coins, paper money, checks, banks, stock markets, and the gold standard (abandoned by the United States in 1971 –page 21.)  The bar code, credits cards and ATM’s also come into play.  The chapter on Electronic Commerce really gets down to business, “starting in the late 1990’s” enabled by the World Wide Web – global marketing and transactions over the Internet.  A local example is my friend Phil’s recent purchase of a flight-simulator program for $12 from the United Kingdom of Great Britain and Northern Ireland (UK); and it works OK by my graphics standards.  I think the $12 included shipping & handling, which was likely done electronically by enabling a one-minute download from the Internet.

After feudalism dominated the Middle Ages (p.34),” mercantilism emerged in Europe” and thrived during the 1500’s through the 1700’s (p.36) until the idea of a free-market system was argued by Scottish economist Adam Smith (… The Wealth of Nations, 1776.)  “Less government interference in the economy” – a key phrase I noticed jumps out as a cry for freedom that applies to global economics today.  And then the chapter we’ve waited for: Capitalism -- “an economic system in which individual households and businesses control the economy.”  It “is also called the free-market system, because individuals are free to make their own economic decisions.”  The historical chapter on Communism (p.40) is like a recurring nightmare.  Finally, the trend towards globalization “accelerated in the late 1900’s due in part to technological developments.”  The European Union (EU, created in 1992) has played a major role.  (Economics  p.42)  

Since the global recession began in 2008, China may be managing capitalism’s crisis better than the U.S. (Viewpoint byTony Karon, Jan. 20, 2011, Time.com.)  I don’t think so, and would never “Like” it on Facebook, though we seem to buy most everything from Asia.  We must work together to remain the greatest country on earth (my humble opinion.)

Now tell me you’re not excited!

Global Economics Appetizer

Written for school children, so even I can understand while trying to think less about food; (incomplete sentence just for practice.)  With help from the Layton librarian, I finally found a thin book on (titled) Economics, published in 2009 by an old friend, World Book, Inc.  At the Library of Congress it’s cataloged as “Economic history – Juvenile literature.”  Of all the econ books I’ve read since 1971, I consider it the “little darling” I’ve been waiting decades for.  You can devour it in five minutes.

My only disappointment: the glossary is missing “economics”, defined by my Merriam-Webster as “a social science dealing with the production, distribution, and consumption of goods and services.”  As if to make amends, Economics defines globalization as “the trend toward increased economic, cultural, and social connectedness across international borders.” 

Like icing on a cake, the cover is a grand photo of a stock exchange in action (NYSE, it appears); you will recognize it next time you’re browsing the youth section at the library (like meat & potatoes at a buffet.)  Moving on to the adult econ area, as tempting as they may be, never mind Economic Literacy – What Everyone Needs to Know About Money & Markets ©1995 by Jacob DeRooy, and Secret Weapon ©2012 by Kevin Freeman (love the surname) about economic terrorism.  Get a taste of the little paperback: The 21st Century Economy – a Beginner’s Guide ©2009 by Randy Charles Epping; (the “beginner’s” part is what got my attention.)  Like a rich chicken pot pie at a favorite restaurant, it has “101 easy-to-understand tools for surviving and thriving in the new global marketplace.”  Not filling, and worth sampling; no $tip required.

For dessert, listen to the BBC news; for example, stock markets in the US and elsewhere fell sharply yesterday when Italy’s parliament was “hung” (no winner in the election = more uncertainty about the economic future of Europe.) 

Enough for now, to stimulate the appetite.  Until next time, “feed the pig” (add cash to savings for the next economic crisis.)