PSYC 1010 Lecture Notes - Lecture 3: World Economy, General Agreement On Tariffs And Trade, North American Free Trade Agreement

• School: York University
• Department: Psychology
• Course: PSYC 1010
• Professor: Perchal Walter

Document Summary

*check out usmca and how it displaced nafta. The global economy: world bank-an agency constituted to, global north-approx 20% of the world"s population, it is the richer part of the world, lives on the world"s 80% of resources. Includes the g7 & g20 (countries that are much more well off: global south- Skilled and semiskilled labor- we have a high education rate: capital. >social cultural infrastructure: capital stock and labor productivity. Marshal plan was created-us putting money in to restore europe after it"s fall (western was in real trouble) Breton woods-put us in the center of world economy. Division of the world into 2 & 3 blocks. Tripolar world-us,russia(good military, bad economically), china( good economically, aspiration to advance militarily) Global privatization, global corporations (apple)-acting in their own interest. Lowered tariffs have lead to increased trade (gatt) Increased roboticization- increased use of machines, which displaced workers. >artificial intelligence the future, it will cause great displacement to the job market.