Chapter 2 – Global Transitions

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Presentation transcript:

Chapter 2 – Global Transitions Lesson 3

Problems of Transition Dominant Economic Trend of our lifetime Transition of communist and socialist economic systems to capitalism Privatization Necessary for conversion of state-owned property to private ownership. Ruling party in communist or socialist economy Fear the loss of political power during a transition to capitalism Citizens Learn to make their own decisions, take initiative, interpret prices, and fend for themselves in free markets. Many countries underestimate the costs of converting to capitalism.

Countries and Regions in Transition Decades-long transition to capitalism Russia Currently market-based economy Exceptions: Government-controlled energy, natural resource, and defense-related industries. After the Soviet Union collapsed Many Eastern European countries transitioned to capitalism Poland, Hungary, the Czech Republic, and Slovakia. China Influenced by successful market economies in Asia Undergoing some privatization and other capitalistic endeavors. Latin America Socialism still exists in Venezuela and Argentina Chile has made the transition to capitalism.

Other Faces of Capitalism Japanese government Much more involved in the day-to-day activities of private sector. South Korea Opened its markets to world trade Progressed from one of the poorest countries in Asia in the mid-1950s to a leading producer of electronics and automobiles today. Singapore Focused on a few select industries Pharmaceuticals, medical technology, and financial and high-tech industries. Taiwan Depends on economic planning Early economic power in Asia Centralized planning may hamper future economic growth.