Summary: A fourth British PM is trying to solve one of Brexit’s complicated tangles– how to treat Northern Ireland which shares a land border with the EU (Republic of Ireland). Parties on both sides of the debate are watching intently as failure of PM Sunak’s “Windsor Framework” may bring back vestiges of “The Troubles.”
***Our own Dr. Moryl was in Northern Ireland this weekend! She saw Warrenpoint and Omeath–a proposed new bridge to come in linking land trade routes from the north to the south.
California Ports were not prepared for the consumer purchasing patterns shift from the pandemic. Instead of vacations, families were buying a new refrigerator or couch. This unpredictable increase in demand combined with the ports’ fragile system caused a supply chain issue that is still affecting America today.
On this episode of NPR’s Weekend Edition Saturday, Scott Simon and Emily Green discuss the involvement and control that cartels have in the avocado and lime business in Mexico. Mexico exports about 80% of the US avocado supply and generates around $2.8 billion a year, giving cartels the incentive to get involved. They have been controlling farmers and sending threats to inspectors which caused the US to enforce a short-term ban of avocados from Mexico. With the entanglement of the cartels, you might have to start looking for a different alternative to put on your toast in the morning.
As we already know, the whole world is struggling to get items shipped to distributors because of supply chain issues. The Beergame App, created by logistics expert Mathais Le Scaon, uses the demand of cases of beer to demonstrate the bullwhip effect, where small fluctuations in demand at the retail level cause increasing larger fluctuations up the supply chain. After participating in the game, members of tPlanet Money’s indicator team find that fixing the supply chain is no simple task.
In the year 1000 Vikings were the first individuals from Europe to discover North America. Eventually, they discovered that indigenous individuals were already there and began exchanging goods with them. This is the first known example of a good from one area in the world was able to be traded for a good in another region. There is even evidence of some form of coin being exchanged between the two groups.
Summary: From imports to exports of goods and services, America’s exports are significantly varied. The top three categories of goods that the U.S. exports to other countries are refined oil products, airplanes, and cars. In this podcast, THE INDICATOR discusses the $2.2 trillion of exports the U.S. ships across the world each year.
Summary: THE INDICATOR discusses the Trump administration trade policy thus far regarding the tariffs on solar panels and washing machines that were implemented during Obama’s administration. How much of an impact do tariffs actually make on a country’s economy, if they do at all?
Summary: Learn about a little group in North Korea, called the ‘donju.’ The economic prosperity that they developed went on to support the country’s nuclear program and contributed to the growth of their economy. This was all made possible when Kim Jong Un began allowing consultants from overseas to educate North Korean entrepreneurs on accounting, trade, and management. They did this without daring to actually call it a spread of capitalism, as North Korea still remains a strict socialist country.
Original Air Date: October 13, 2017
Length: 24 minutes 25 seconds
Discussion prompt (1): Having listened to this podcast, what type of economic system do you think North Korea has? What impact do you think this system has on people, businesses and the government. Use specific examples from the podcast to support your answer.
Discussion Prompt (2): The podcast points out that in N Korea’s economic system “the state technically owns everything.” How does this impact the ‘Donju’? Think particularly how it impacts the incentives they face to start and grow a business (contributing to economic development).
Discussion Prompt (3): Why would entrepreneurship not be something typically observed in a Centrally Planned/Socialist country? How are the economic incentives of this system related to this lack of entrepreneurship? According to this podcast, how did the economic actions of the Donju contribute to economic growth in N. Korea?
Summary: The Planet Money team focus on the recent European Commission decision that Google violated anti trust rules. They discuss the context of the seven year consideration of the question whether Google has too much power over the Internet. Includes consideration of how the question is viewed differently in the U.S. and how this specific case helps us think generally about issues of competition.
Summary: An elementary lunch room has more economics involved then one would think. Snacks are the currency, and the trading is of the food. In this story, Planet Money discusses how one kid developed a derivative for a cake, by trading for snacks now for a piece of the cake later.
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