FINANCIAL CRISIS LECTURE I (12/10)

Why Learn Asian Crisis?

In an Increasingly Globalized World, Everything Is Connected…

Globalization in simple terms is: What’s happening in one part of the world affects your country and your individual life. Let’s see what kind of examples are there in our everyday life:

 Security threat (terrorism, organized crime, smuggling, piracy, etc.) is getting more international, owing to developments in communications, transport, and financial technologies
 Natural disasters (global warming-induced tsunamis, floods, droughts, storms) have worldwide repercussions because of the global warming effect and other environmental degradation
 Contagious diseases (swine flu, bird flu, SARS, mad cow disease, foot-and-mouth disease) breaking out in one country can spread to the world within a few days owing to the rising mobility of people and goods (including cattle)
 Financial crises brewing in one country may have contagious effects throughout the world just like the cases of the Asian crisis and the credit crisis that’s going on now

Here, let me tell you a little bit about the credit crisis. This crisis beginning from the so-called Subprime crisis in the United States is affecting every country in the world now. You may want to know more about it, of course. I will mention about it occasionally through the course. But I believe there are many more good sources of information on the Internet.

The best source I found so far is this: Go to iTunes.com and download the iTunes program on your computer. And then go to iTunes Store>iTunesU. Then you will see more than a hundred content providers such as Oxford University, Cambridge, Harvard, Stanford, and so on. You will find easily many audio or video programs whose title starts from words like credit crunch, the meltdown, the crash, the current economic crisis, the global recession, etc. You could play it either on your iPod or on your computer.

Globalization in the