EC 367 Health and Labor Markets of Australia / New Zealand
EC 367 The Economy of Australia
Winter 2003
“COMMANDING HEIGHTS” PAPER ASSIGNMENT
The globalization of markets for goods and services, employment and capital has had
important effects on the economies of Australia and New Zealand. Both countries are among
those who have taken major steps to lower trade barriers and remove restrictions to the flow of
capital. As a result, the economies of both are very exposed to the various forces of
globalization.
“Commanding Heights” provides a vivid description of the ongoing process of
globalization which has rapidly transformed the world economy. It shows how globalization
has produced beneficial effects and why it holds promise for the future. But, it also shows
the perils inherent in the globalization process.
The paper should be based on “Commanding Heights” and focus on the following
question: In what ways have the same forces which have produced the successes of
globalization also been responsible for the perils of globalization, specifically financial
crises in the developing world and the challenge of including the poor areas of the world in
global growth? Since capitalism has been a driving force behind globalization, your essay
should comment on the strengths and weaknesses of capitalism.
[Note that Australia and New Zealand are located next door to site of the biggest
financial crisis (so far) of the globalized world economy, the “Asian Financial Crisis” of
1997-1999.]
If you need it, a transcript of Episode 3 of “Commanding Heights” is available at
www.pbs.org/wgbh/commandingheights.
Page length:
2 page maximum, 500 words
Due date:
Friday, 9/27, 4 pm to Margo, PRN 423.