Global Economics An Introductory Course

This book is intended as a text for an introductory course on global economics. The book assumes that the wealth or poverty of people in a specific country is not only caused within the economy of that country, but by the world economy. The unit of analysis is the world economic system, rather than any specific national economy. The student learns about the major aspects of the global economy, including environment, production, wages, profits, business cycle, trade, finance, and more. The complexity of the global economy is summarised in a diagram of three major circulatory flows, namely, circuit 1 -- physical flows, circuit 2 -- real market flows, and circuit 3 -- financial flows. The presentation is influenced by two intellectual traditions, namely, world-system analysis and post-Keynesian economics. There are no mathematical formulas, but statistical tables and graphs are included.