Submitted 8/26/09:
Global Economics
by
Craig Hovey and Gregory Rehmke
The full title is The Complete Idiot’s Guide to Global Economics, and it is a useful book for those curious about outsourcing, tariffs, quotas, international trade, income inequality, money supply, GDP (Gross Domestic Product), and the like.
The President’s $787 billion American Recovery and Reinvestment Act, passed last February, includes a section requiring iron and steel used on infrastructure projects be “Made in America.” This upset Canada, one of our largest trading partners, and it was on the North American Summit agenda recently. Not much about this has been covered by the media. However, the authors believe free trade is better for all countries’ economies and employees. They state: “…things would not improve a lot for unskilled Americans if we sealed the borders and kept all foreign workers and foreign products out….Despite all the worries about jobs and industries being lost to foreign competitors, …advances in technology—especially in the United States—have a much bigger impact on the economic landscape.”
Another important concept is “economic freedom,” composed of 10 categories, that claims “…in the 7 economically free countries, citizens enjoy twice the average income of countries less economically free.” The 2009 Index of Economic Freedom ranges from $40,253 per capita GDP in economically free countries to $3926 in less economically free. (Browse online for “Index of Economic Freedom.”)
It is also entertaining, as the authors insert humor and interesting tidbits, e.g. Amtrak’s Acela trains are made in Canada . Hovey has been a professor of international economics at Nazareth College in Rochester, and Rehmke has directed economic education programs for 25 years.
This paperback might be a useful textbook for high school economics classes or a home reference for explanations of economic terms, such as GATT (General Agreement on Tariffs and Trade), WTO (World Trade Organization), IMF (International Monetary Fund), etc., that one might hear or read in the news.
-30-
Global Economics
by
Craig Hovey and Gregory Rehmke
The full title is The Complete Idiot’s Guide to Global Economics, and it is a useful book for those curious about outsourcing, tariffs, quotas, international trade, income inequality, money supply, GDP (Gross Domestic Product), and the like.
The President’s $787 billion American Recovery and Reinvestment Act, passed last February, includes a section requiring iron and steel used on infrastructure projects be “Made in America.” This upset Canada, one of our largest trading partners, and it was on the North American Summit agenda recently. Not much about this has been covered by the media. However, the authors believe free trade is better for all countries’ economies and employees. They state: “…things would not improve a lot for unskilled Americans if we sealed the borders and kept all foreign workers and foreign products out….Despite all the worries about jobs and industries being lost to foreign competitors, …advances in technology—especially in the United States—have a much bigger impact on the economic landscape.”
Another important concept is “economic freedom,” composed of 10 categories, that claims “…in the 7 economically free countries, citizens enjoy twice the average income of countries less economically free.” The 2009 Index of Economic Freedom ranges from $40,253 per capita GDP in economically free countries to $3926 in less economically free. (Browse online for “Index of Economic Freedom.”)
It is also entertaining, as the authors insert humor and interesting tidbits, e.g. Amtrak’s Acela trains are made in Canada . Hovey has been a professor of international economics at Nazareth College in Rochester, and Rehmke has directed economic education programs for 25 years.
This paperback might be a useful textbook for high school economics classes or a home reference for explanations of economic terms, such as GATT (General Agreement on Tariffs and Trade), WTO (World Trade Organization), IMF (International Monetary Fund), etc., that one might hear or read in the news.
-30-
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