Intro
What were most of the west's (ex: US and British) elected leaders economic solutions
free market capitalism
Who was the British prime minister and US president at the time.
British: Margret Thatcher
USA: Ronald Reagan
What organization was formed with almost all countries to debate and decide what sort of trade agreements, tariffs, etc..., should be implemented?
The World Trade Organization
Give one example of a mind workers job
engineers, doctors, attorneys, teachers, scientists, executives, etc.
What is a multinational corporation
A large company that operates and has assets in multiple countries
Why were wages kept low (2 reasons)
1. an influx of female, minority and immigrant labor kept wages low
2. oil price and tax increased due to regulation and welfare programs increased prices
In theory (according to Reaganomics), what did lower costs for owners mean
more money for the business to invest in opening new factories/businesses and growing
Give two examples of things that came/were based off the world trade organization
1. NAFTA
2. ASEAN
Give two examples of countries with knowledge economies and two with production and manufacturing economies.
knowledge: Finland, Japan, U.S.
production and manufacturing: Vietnam, Bangladesh, Mexico, Honduras
Which of the discussed corporations is a Swiss multinational food and drink company
nestle
Name 3 reasons why taxes needed to be high
1. Social programs
2. Military spending
3. Keynesian Economics
Explain Reaganomics
if you cut taxes and regulation, the high-earners (business owners) will be able to save a lot of money
the ____ ____ had formed from the ___, allowing citizens of all countries to freely trade, work, and move between European countries with a unified _____ ____ and ______ _______
European Union, EEC (European Economic Community), European citizenship, common currency
the term "information industry" itself is mostly identified with what? (1 of 3)
computer programming, system design, telecommunications, and others
What is M&M and what do they sell
(Mahindra and Mahindra) A multinational corporation that sells cars with origins in India.