1. Industrialized Nations After the Cold War
Chapter 19 Section 1

2. The New Face of Europe
Communist Eastern Europe and Democratic Western Europe crumbled–trade, travel, business and communication become easier
European nations were effected by:
Immigration form developing worlds
anti-foreign discrimination
unemployment
East and West Germany united and brought nationalism
East Germany economy weak
Racist groups emerged
Blamed Immigrants for terrible times
Attacked foreign workers

3. The New Faces of Europe Germany still had strong military leader
European economic community became European Union (E.U.)
Early 2000’s: More than 12 countries joined the E.U. and applicants are still coming from Eastern Europe
E.U. worried that members of weaker economies would bring down their economy as well
Large population of Muslims in Eastern Europe
Other European religions in the E.U. were worried that quick changes in the it would make it unstable

4. The New Face of Europe Many European nations wanted to join NATO
NATO policy makers believed that the primary goal was to protect human rights
Terrorist attacks forced NATO to reexamine their role in global war on terrorism

5. Global Power Shifts
Russia was struggling to change to a market economy
1998: Russia almost had a financial collapse because it defaulted
Failed to make payments on foreign debt
Vladmir Putin became president in 2000
Russia in consulting status with NATO
However, Putin increased power of government at the expense of people’s freedoms

6. Global Power Shifts
U.S. was sole super power and had political and military influence
1991: Pres. George H.W. Bush drove Iraq from Kuwait and started peace talks between Israel and Palestine
Pres. Clinton made peace with Haiti and Yugoslavia
Economic boom in 1990
Surplus of money left over from expenditures
Between , economy traded off going up and down

7. Changes In Asia
Pacific Rim: vast region of nations that border the Pacific Ocean
Pacific Ocean was a major highway for world trade
Japan Dominated Asian Pacific Rim
Became economic power house
1990: Japan suffered from economic turndown
Taiwan, Hong Cong, Singapore, and South Korea modernized quickly and earned the name “Asian Tigers” or “Four Tigers”
Asian Tigers concentrated on higher priced goods

8. Japan Trade Deficit at Record: $75B in First Half
Japan’s trade deficit surged to a record $74.9 billion in first half of the year
Exports failed to keep pace with surging imports
Import bill was partly due to a jump in demand as business and consumers stepped up purchases ahead of April 1
Sales tax went from 5% to 8%
Imports for the 6 months jumped 10% to $420 billion
Exports rose 3.2% to $346 billion
Deficit in June alone more than tripled from the year at $26.7 billion
Overall, Japan’s economy is less and les export driven

9. Works Cited