ISS 210 Lecture Notes - Lecture 3: Gross Domestic Product, Neoliberalism, World Trade Organization
18 Aug 2017
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Document Summary
Globalization: the integration of resources, labor, and capital into a global network. Two meanings: globalization is the spread and connectedness of production, communication and technologies across the world. Happiness: every culture defines what is needed for happiness and well-being. Gross domestic product (gdp: money is a source of individual well-being, gdp is a measure of national well-being, the gdp is the total of goods and services bought and sold each year. In the last 200 years, there is a huge increase in gdp meaning economic growth, mostly in the western world. Debt: as of 2014 the total outstanding debt across 183 countries was trillion, as of 2015 student debt surpassed . 1 trillion (or over ,000 a person) National debt: today money is backed by nothing. It is created by private corporations (banks) through the mechanism of interesting bearing debt: the creation of money begins with the establishment of a national debt, no debt, no money.
