Index ABN Amro 206 Association of Southeast Asian Nations Abramoff, Jack 225 (ASEAN) 64–5, 122, 132–3, Abu Dhabi 186, 223 135, 137 Adam Smith Institute 95 AT&T 163 Adidas 163 Australia 5, 9, 17, 117, 130, 226, African Growth and Opportunity 237 Act 78 economy 34, 54–5, 199, 244 AIG 203–4, 216 fi nance 177, 179, 202, 209, 214 Air Transport Association (ATA) 22 Foreign Investment Review Airbus Industrie 144 Board 142 Algeria 131 investments 142, 171 American Enterprise Institute 95 migration 8 Andean Community 72 trade 27, 31, 54–5, 58, 116, 129–30, Angell, Norman 28, 193 137 Angola 77 and China 60–1, 135 Apple 228 and GATT/WTO 118, 123 Argentina 5, 10, 17, 115, 204, 223 Austria 29, 41, 46, 48, 80, 105, 143, economy 73–4, 188 208, 218 fi nance 74, 102, 183, 192, 198, 214 Azerbaijan 79 trade 27, 31, 74, 112, 119, 126, 137 Armenia 79, 217 Bahrain 75, 129 ASEA Brown-Boveri (ABB) 159 banana dispute 126 ASEAN-India FreeCOPYRIGHTED Trade Agreement Banana Republic MATERIAL 163 (AIFTA) 135 Bangladesh 5, 10, 11, 18, 69, 134 Asia-Caribbean-Pacifi c (ACP) labor 222–6, 229 group 131 trade 70, 122, 126 The Contemporary Global Economy: A History Since 1980, First Edition. Alfred E. Eckes, Jr. © 2011 Alfred E. Eckes, Jr. Published 2011 by Blackwell Publishing Ltd. 290 Index Bank for International Settlements economy 36, 73, 187–8, 197 (BIS) 146, 166, 183–9, 194–6, fi nance 20, 83, 183 214, 242–3 investment 19, 73, 188 Bank Medici 208–9 labor 222–3 Bank of America 201, 206 state-owned enterprises 142, 153 banking 101, 109, 141, 167, 169, 173, trade 27, 73–4, 153, 232 224, 232 Bilateral/regional 72, 129, 132, deregulation 97–100, 176, 178, 137–8 180–1, 194 GATT/WTO 118–19, 123, 126 Great Depression 31, 93, 168–9, 213 Bremmer, Ian 142 Great Recession 47, 200–5, 209, Bretton Woods (NH) 34–5, 84, 90, 232–4, 243 91, 169–75, 179, 188, 190, 199, Japan 179, 185 216 Latin America 193–4 BRIC 57, 102, 245–6 offshore 186, 198 British Columbia Resources and Wriston 181–3 Investment Corporation 52 Barzini, Luigi 40 Brown, Gordon 209, 215 Basel Accords (1987) 185 Brunei 74, 130, 133 Basel Committee on Bank Buffett, Warren 185, 195, 201 Supervision 243 Bulgaria 41, 43, 207–8, 222 BBVA 208 Burma (Myanmar) 64, 65, 221, 223 Bear Stearns 205–6, 217 Bush, George H. W. 98, 148–9, 184 Beijing consensus 51, 102 Bush, George W. 98, 129, 196, 201, Belarus 46, 79, 80, 81, 217 214 Belgium 8, 45, 48, 226 business, international 14, 79, 87, Bell Canada 52 104–8, 139–65, 230 Benetton 163 see also multinational corporation Bergmann, Barbara R. 110 (MNC); transnational Bernanke, Ben 30, 217 corporation (TNC) “Big Bang” 178–9, 185 Byrd, Robert 126 Blair, Tony 43, 202 BMW 45–6, 160 Cai Fang 229 Boeing 22, 80, 113 Caisse de depot et placement du Bolivia 72, 101, 223 Quebec 210 Botswana 6 California Public Employees’ Bove, Jose 21 Retirement System 186 BP (British Petroleum) 45, 46, 141, Cambodia 64, 223, 226, 228 234 Camdessus, Michel 188, 190 Brazil 5, 10, 17, 36, 90, 102, 117, 140, Cameroon 221 214, 235 Canada 5, 9, 17, 34, 51–3, 61, 116, and BRICs 49, 57–8, 102, 139, 164, 117, 214, 241 245–7 fi nance 171, 179, 210, 246 and China 60–1 labor, sweatshop 226 Index 291 migration 8 health and safety issues 232–4 trade 31, 51, 53, 132, 137 labor 221, 228–9 bilateral/regional 61, 133–4, trade 116, 215, 243–5 142 trade negotiations 134–5 GATT/WTO 118, 123, 125, 126 China National Petroleum NAFTA 48, 52–3, 71, 128 Corporation 60, 142 Canon 147, 161, 185 Chrysler 216 capitalism 102, 193, 231 Churchill, Winston 28 criticisms of 27, 91–4 Cisco Systems 161 and former Communist Cisneros, Henry 200 countries 20, 59, 61, 68 Citibank 168, 173, 177, 180, 181–5, and Friedman 97 209 and Greenspan 98, 184 climate change 234–8 and Smith 87–8 Clinton, William J. 98, 194, 196 see also free market fi nance 81, 194 Caribbean Community subprime lending 200–1 (CARICOM) 137 industrial policy 98, 108–9, Carrefour 45, 69, 141, 164 148–9 Castro, Fidel 92 trade negotiations 129 Cato Institute 95 Club of Rome 145 Cayman Islands 186 Coca-Cola 158, 161 Central African Republic 6 Cold War 3, 14, 28, 35, 40–1, 48, 139, Central American Free Trade 140, 150, 160, 184, 239 Agreement (CAFTA) 72, 129, collateralized debt obligation 157 (CDO) 192, 209 Central and Eastern Europe 15, 79, collateralized mortgage obligation 207–8, 216 (CMO) 166 Chambers, John 161 Colombia 72, 129, 134, 137, 217 Chile 5, 10, 17, 97 Commodity Futures Modernization economy 8, 31, 74, 115, 180 Act (2000) 194 trade 27, 72, 74, 118 Commonwealth of Independent States trade negotiations 127, 129–33, (CIS) 79, 112 135–7 communications 3–4, 22–3, 26, 30, 73, China 5, 9, 17, 58–61, 114, 127, 222, 79, 91, 140, 213, 224 346 and fi nance 179, 207 and BRICs 245–6 and global business 11, 14, 23, 141, currency manipulation 243–4 143, 157, 160, 162, 165, 229, economy 58–61 239 foreign-currency reserves 18, 60, and Great Recession 213 197 and trade barriers 122, 132–3, 151, investment in 19, 59–60, 163–4 155 state-owned enterprises 60–1, and trade expansion 116 142 and Wriston 105 292 Index competitiveness 42, 48–9, 54, 62, 74, Denman, Roy 154 77, 148, 149, 154 Denmark 41, 43, 48, 143, 237 and banks 180 deregulation 4, 11, 49, 84–5, 95, 106, and China 134 109, 148, 221 and Japan 109, 147 and Europe 42 and Korea 137 fi nance 174–6, 178, 179, 181, 187–8, and Reagan 108–9, 148–9 194, 203 and World Economic Forum 48–9, and Friedman 97 54, 77 and Gramm 100, 194 Comprehensive Economic labor 221 Partnership 133 and Reagan 20, 97, 176 Comprehensive Economic and Trade and Sachs 100 Agreement (CETA) 134 and Smith 88 Congo, Democratic Republic of 6, 77, and Thatcher 42, 176 221 derivatives 99–100, 175, 194–5, 203, convertibility, capital-account 101, 210 170, 187–8 Deutsche Post AG 141 Costa Rica 72, 134, 135, 217 developing world 57–84, 138, 219, cotton subsidies 126 240, 244–5 Council on Competitiveness 109 economic growth 27, 240 Countrywide Financial 201, 203 economic nationalism 92, 143, 145, credit default swap (CDS) 203–5 172 credit standards 202–5, 242 in GATT/WTO 124 crime 224, 228, 240 literacy 6, 240 Cuba 102, 223 market opening 115, 190 currency reserves 16–18, 59–60, 76, migration 11 82, 199 population 14, 20 current account 16, 196 developmental state 32, 58, 62, 68, 73, defi cits (CAD) 16, 18, 51, 80, 116, 90, 92–3, 114, 118 195–9, 208, 229, 243–5 direct investment see foreign direct Cyprus 41 investment (FDI) Czech Republic 6, 10, 15, 18, 41, 43, Dodd, Chris 201, 242 44, 80, 87 Dodd-Frank Act (2010) 242 Doha Round 123–5, 127, 132, 134, Da Silva, Lula 137 215 Daimler see Mercedes Dominican Republic 72, 107, 129, 223 De Gaulle, Charles 144, 173 Dresdner Bank 178 debt bondage 220, 223, 225 Drucker, Peter 3, 21, 105–7, 110, 112, de-globalization 28, 167 158 Dekker, Wisse 155 Dudack, Gail 192 Dell 228 Dunlap, Albert 158 Delors, Jacques 42, 188 DuPont 143, 163 Deng Xiaoping 90 Duranty, Walter 32 Index 293 East Asia 5, 9, 17, 48, 92, 138 Embraer 73 economy 7, 20–1, 27, 37, 58–64 Engels, Friedrich 90–1 fi nance 81–2 environment, natural 21, 52, 65, 95, trade 15, 16, 58–64, 112, 130, 132 124, 135–6, 144–5, 224 East Asian Miracle 58 climate change 234–8 economic growth 6–7, 27, 28, 74, 101 Ericsson 163 and central planning 92 Eritrea 223 developing countries 6–7, 140 Estonia 41, 43, 80, 207, 222 East Asia 7, 62, 66, 92–3 euro 83, 103, 199, 211, 218, 221, 230, Eastern Europe 7, 79, 82 241, 246 gross domestic product (GDP) 7, euro area 5, 9, 15, 17, 47, 49, 51, 211, 17, 114 218, 230, 246 gross domestic product per “Euro sclerosis” 42, 144 capita 7, 9, 27 eurodollar market 106, 171, 173, 182 and G-20 214 Euro-Mediterranean Free Trade Area and IMF 188 (EMFTA) 131 and laissez faire 85–6, 175, 188 Euronext 192 and Smith 85–6 European–American Business Council see also individual countries (EABC) 45 economic integration 14–18, 36, 38, European Central Bank (ECB) 42, 43, 130, 139, 156 47, 214, 216–17 Asia, East 64 European Commission 42, 44, 65, 130, Asia, South 68 154, 178, 188, 241 Asia, Southeast 64–5 European Community 120–1, 150, and business 139, 156, 159, 162, 173, 177 164 see also European Economic Central and Eastern Europe 79, 83 Community; European Union China 134–5 European Economic Community India 135 (EEC) 34, 41, 143 Japan 55–6 see also European Community; Latin America 71, 72 European Union North America 48–53 European Free Trade Association Oceania 54–5 (EFTA) 134, 143 Western Europe 40–8, 130, 143, European Recovery Program 171 154, 156, 159 European Round Table of see also fi nancial integration; trade Industrialists 42, 125, 154, 156 negotiations European Union (EU) 40–8, 117, 161 Economic Policy Institute 50 fi nance 46 economists, fi nancial 99, 176 Great Recession 47–8, 211–15, 217, Ecuador 62, 72, 137 241 Egypt 5, 8, 10, 17, 76, 92, 131 Lisbon Treaty 43 El Salvador 217 Maastricht Treaty 41–2 Electrolux 151 membership 41–2 294 Index European Union (EU) (cont’d) fi nancial crisis (2007–10) see Great migration 8 Recession (2007–10) trade 44–6, 112–16, 142, 232–3 fi nancial integration 166, 174–80, negotiations 121, 123, 125, 184–90, 191–4, 207–12, 130–4, 136–7 246 WTO 125–6 Financial Stability Board 214, 243 see also European Community; Fingleton, Eamonn 60 European Economic Finland 41, 48, 80 Community Fisher, Irving 99 export-led growth 15, 16, 61, 68, 109, Fitch Ratings 203 114, 197, 198, 243 Flextronic 161 export-processing zone 114, 226 forced labor 220–3, 225, 240 exports 14, 114–17, 141–2, 178, 186, see also human traffi cking 191 Ford Motor Company 79, 141, 143, agriculture 69, 112, 114, 124 153, 159 developing countries 56–83, foreign direct investment