1. Dr. Hans Rosling was a Swedish physician and academic who pushed for the use of data to solve problems
in the developing world. In about 150 words, can you briefly summarize Mr. Rosling’s theme of his
TEDtalk in Bangalore? https://www.ted.com/talks/hans_rosling_asia_s_rise_how_and_when?language=en
(Reference: Lecture 1-1 Assignment) 15 points
2. Dr. Parag Khanna argues that we are witnessing a tectonic shift in global power. If the 19th century
belonged to Europe, and the 20th century to the United States, then the 21st century now belongs to Asia.
Will you summarize in 150 words, three of Dr. Khanna’s arguments on why this is the “Asian century”?
(Reference: lecture 1-2 assignment) 15 points
3. One of President Ronald Reagan’s (1981 to 1989) economic policy was to encourage U.S’s older basic
industries to reduce out-mode capacity and adapt newer technologies. The government channeled research
and development funds to emerging and technology industries and encourage business formation wherever
entrepreneurs see a promising opportunity. Additional plans was developed to provide workers with
technical education needed for high-skilled jobs.
• Reagan’s plan to shrink America’s basic industries has been enormously successful. America’s basic
manufacturing started to decline, especially in sectors that face the largest increases in foreign
competition. With US manufacturing reduced domestic capacity and set up low cost operations
abroad, some 2 million jobs have been lost in US’s old-line basic manufacturing businesses since
1970s. The adverse impact of Japanese competition on US employment became particularly harsh in
the recession of 1980-1982.
• While US manufacturing jobs has been stagnant, the number of US service jobs has exploded. Service
jobs now account for over 86% percent of all private sector jobs in 2018. This also led to the
financialization of the US corporation — the process of putting shareholders first, often at the expense
• 3 QUESTIONS: (15 points total, answer in about 150 words)
a. Will you comment on Reagan’s economic policy and whether Reagan’s plan was successful
in advancing US technology, innovation, and economic power?
b. What were some of the major issues faced by the older, less educated workers in the
industrial belts that was created by Reagan’s economic policy?
c. Why did US Multinational and Wall Street supported Reagan’s economic policy?
4. After WW2, U.S. had special interests and motives to extend its help to East Asian countries. America
established and maintained institutions and security among nations in order to respond to challenges and
opportunities around the world. U.S. was also facilitating the spread of democratic forms of government
through these institutions. (15 points total, answer in about 150 words)
d. Will you identify and explain the three elements of USA’s Cold War initiative? (3 answers)
e. What was the central pillar of U.S. foreign policy throughout the Cold War?
f. Why did the US extend its help to East Asian countries?
5. “Globalization is the word used to describe the growing interdependence of the world’s economies, cultures,
and populations, brought about by cross-border trade in goods and services, technology, and flows of
investment, people, and information.” (15 points total, answer in about 150 words)
a. In what ways have multinational companies contributed to the process of globalization in the
b. Please explain what is “globalization of production”? What are its advantages and
c. What are the benefits of the “globalization of markets”?
6. Why does globalization have a positive impact on the global economy? (15 points total, answer in about 150
a. Who has benefited the most from Globalization?
b. Who are the losers of Globalization?
c. What were the main technology drivers of globalization?
d. With the COVID-19 pandemic, is Globalization over?
7. According to Professor Milanovic, 1980s to today has been the period of the greatest reshuffle of personal
incomes since the Industrial Revolution. (Reference: https://www.youtube.com/watch?v=bjh-vt6xtfo) 15
points total (15 points total, answer in about 150 words)
a. Who are the winners of this reshuffling of income, why?
b. What happened to the older, less educated workers in the industrial belts of Western
c. Do you think bringing back these older basic industries back to the U.S. will help the country
in moving towards INDUSTRY 4.0? (Reference:
8. Will you explain and give examples of the three motives of Foreign Direct Investment? (15 points total,
answer in about 150 words)
a. Market-Seeking Motives
b. Resource or Asset-Seeking Motives
c. Efficiency Seeking Motives
9. The “First wave” of Asian economies’ rise was led by Japan in the 1970s. The East Asian development
model was characterized by relative autonomy of a powerful, competent and insulated state bureaucracy and
a subordinated civil society. (15 points total, answer in about 150 words)
a. What was the role of the government of East Asia economies?
b. Why did these countries open their border to global trade and finance?
c. Can you explain why export-oriented industrialization functioned as one of the main vehicles
for long-term growth for the East Asian economies?
10. By 1978, Japan’s economy rapid growth as its swelled rapidly to become the world’s 2nd largest economy.
Japan had moved into being a high-wage economy and became the envy of the world. All of that ended in
the early 1990s when its economy stalled and it entered “lost decade” (15 points total, 150 words)
a. What was “lost decade of Japan” (失われた十年 Ushinawareta Jūnen).
b. Can you name and explain two reasons for the end of “Japan’s Economic Miracle in the
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