1. Modern Politics New Economy
Era 10 EOC
Modern Politics
New Economy

2. Watergate Scandal
A political scandal that occurred in the United States in the 1970s as a result of the June 17, 1972 break-in at the Democratic National Committee headquarters at the Watergate office complex in Washington, D.C., and the Nixon administration's attempted cover-up of its involvement. Richard Nixon was president and was up for reelection in During the course of the election, the Democratic National Convention’s office in the Watergate office building in Washington, D.C. was broken into. Nixon was Republican. Nixon won the election and in 1973 the Senate began investigating Nixon’s link to the break-in. At the same time, journalists Bob Woodward and Carl Bernstein from the Washington Post, kept the nation captivated by the details. (Deep Throat)

3. Senate Hearings
Senator from Tennessee. In 1973 and 1974, Baker was the influential ranking minority member of the Senate committee, chaired by Senator Sam Ervin, that investigated the Watergate scandal. Baker is famous for having asked aloud, "What did the President know and when did he know it?", a question given him by his counsel and former campaign manager, future U.S. Senator Fred Thompson.

4. Vice President resigns
During the investigation, the Senate requested Nixon release tapes he had made. Nixon refused to release the tapes of conversations he had concerning Watergate to the special prosecutor. He had the prosecutor fired. In the middle of all of this his Vice President Spiro T. Agnew resigned from office when charged with taking bribes while governor of Maryland. President Nixon nominated Gerald R. Ford to replace him. Ford was confirmed by the Congress.

5. President resigns
Facing near certain impeachment in the House of Representatives and a strong possibility of a conviction in the Senate, Nixon resigned the presidency on August 9, 1974. His successor, Gerald Ford, then issued a pardon to him.

6. What is globalization
Globalization is a process of interaction and integration (To make into a whole by bringing all parts together) among the people, companies, and governments of different nations, A process driven by international trade and investment and aided by information technology. This process has effects on the environment, on culture, on political systems, on economic development and prosperity, and on human physical well-being in societies around the world.

7. Us and world trade
The United States is party to many free trade agreements (FTAs) worldwide. Beginning with the Theodore Roosevelt administration, the United States became a major player in international trade, especially with its neighboring territories in the Caribbean and Latin America. Today, the United States has become a leader of the free trade movement, standing behind groups such as the World Trade Organization.

8. nafta
North American Free Trade Agreement The goal of NAFTA was to eliminate barriers to trade and investment between the U.S., Canada and Mexico. The implementation of NAFTA on January 1, 1994 brought the immediate elimination of tariffs on more than one-half of Mexico's exports to the U.S. and more than one-third of U.S. exports to Mexico. Within 10 years of the implementation of the agreement, all U.S.-Mexico tariffs would be eliminated except for some U.S. agricultural exports to Mexico that were to be phased out within 15 years. Most U.S.-Canada trade was already duty free. NAFTA also seeks to eliminate non-tariff trade barriers and to protect the intellectual property right of the products.

9. Import quotas
The primary goal of import quotas is to reduce imports and increase domestic production of a good, service, or activity, thus "protect" domestic production by restricting foreign competition. As the quantity of importing the good is restricted, the price of the imported good increases, thus encourages consumers to purchase more domestic products. In general, a quota is simply a legal quantity restriction placed on a good imported that is imposed by the domestic government.

10. Advantages of Global Trade
Resources of different countries are used for producing goods and services they are able to do most efficiently. Consumers to get much wider variety of products to choose from. Consumers get the product they want at more competitive prices. Companies are able to procure input goods and services required at most competitive prices. Companies get access to much wider markets It promotes understanding and goodwill among different countries. Businesses and investors get much wider opportunities for investment. Adverse impact of fluctuations in agricultural productions in one area can be reduced by pooling of production of different areas.

11. Disadvantages of global trade
Developed countries can stifle development of undeveloped and under-developed countries. Economic depression in one country can trigger adverse reaction across the globe. It can increase spread of communicable diseases. Companies face much greater competition. This can put smaller companies, at a disadvantage as they do not have resources to compete at global scale.