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!
