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UNDERSTANDING THE GLOBAL ECONOMY
The Interconnectedness, Benefits, and Impacts of Global Economy
Understanding the Global Economy
TheInterconnectedness,Benefits,andImpactsoftheGlobalEconomy
Celine Ebert
What is the global economy?
The global economy refers to the interconnected worldwide economic activities that take place between multiple countries. It is tied to trade, allowing countries around the world to obtain resources they may want, regardless of whether those resources are produced domestically. The global economy generates economic activities that can have either positive or negative impacts on the countries involved It can be characterized by the following attributes:
Globalization: Globalization refers to how trade and technology have made the world a more connected and interdependent place. National and regional economies, societies and cultures have integrated through networks of trade, communication, immigration and transportation. Due to globalization, domestic economies have become more cohesive, improving their performance
International Finance: International finance allows for streamlined transactions between different countries. Money can be transferred at a faster rate between countries compared to goods, services and people, making it one of the primary features of the global economy. International finance focuses on currency exchange rates and monetary policy.
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The Significance of the Global Economy
National economic growth and prosperity are among the most vital benefits of a thriving global economy. Countries that engage in international trade have access to a larger consumer base, leading to increased sales, higher profits and a more prosperous economy in the long term A strong global economy promotes job creation, higher living standards and a higher quality of life for people worldwide. The key signifance is described below.
Access to Diverse Goods and Services:
If each country only had access to the products they made, there would be limited access to goods and services Nowadays, products from all around the world are at your fingertips When countries engage in trade with diverse partners, they gain access to new markets and opportunities. By expanding their customer base, businesses can increase sales. Additionally, diverse trade fosters healthy competition, driving innovation, efficiency and productivity in industries.
Other Key Aspects of the Global Economy
Along with these key benefits, there are many others, including the growing reliance on global finance like foreign investment, international banks and stock exchanges Multinational corporations create jobs, invest in local economies and produce technology, playing a significant role in the global economy. Global supply chains create resilience and efficiency worldwide by enabling businesses to optimize their manufacturing processes by sourcing components and labor from various regions. This increases productivity and lowers costs, benefiting consumers.
How Does the Global Economy Work
The functioning of the global economy can be explained through the idea of transactions International transactions between top economies help sustain the global economy. These transactions mainly comprise trade between different countries, including the exchange of a variety of products.
Benefits of the Global Economy
The global economy offers numerous benefits, including free trade, which allows countries to exchange goods and services and specialize in producing goods where they have a comparative advantage. This specialization leads to increased economies of scale, resulting in lower average costs and lower prices for consumers. Another advantage is the movement of labor, as increased migration benefits both the recipient countries and the workers by providing job opportunities and reducing geographical inequality. Additionally, the global economy facilitates increased investment, making it easier for countries to attract both short-term and long-term investments, which are particularly beneficial for the economic growth of developing countries
A Beginner’s Guide to the Stock Market
Anika Shah
The Stock Market: Where investors buy and sell shares of companies But what does that actually mean, and how does it work?
The Stock Market is like a flea market and an auction house. Vendors, such as individuals, hedge funds and investment banks, sell various items in this case, shares of public companies listed on stock exchanges However, the prices of these shares keep fluctuating as buyers and sellers try to reach market price for a stock Many factors such as the companies’ earnings and latest news regarding the company and its market, ca
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When you place an order to buy or sell a stock through an online trading platform or broker, an intermediary that ensures transactions run smoothly, you’re usually buying or selling your stock to other investors. Intermediaries will match “bid” and “offer prices.” The bid is the price the buyer is willing to pay, and the offer is what the seller is willing to accept Once a match is made, the transaction goes through Investors usually buy stocks when they are at low prices and sell when they are high to get the most profit.
Buying stocks in a company and holding onto them for a long time because you believe the price of the stock will increase in time is called investing. When you sell the stock, the difference between what you originally paid for the stock and what you sold it for is your gain or loss
Different types of markets in the stock market include bear and bull markets. A bull market refers to a period of rising stock prices and optimistic investor sentiment. During a bull market, stock prices rise steadily or sharply, and economic indicators such as GDP growth and corporate earnings are typically strong. On the other hand, a bear market refers to a period of declining stock prices and pessimistic investor sentiment During a bear market, stocks decline, often over twenty percent of their value Economic indicators may also show signs of recession, and corporate earnings can decline Bear markets are known to cause panic and may last for several months or years.
Overall, the stock market is a complex entity. While it provides opportunities for financial growth, it l i l i k S i th t k k t i
Robo-Road Trip
Applications of AI across the globe
Khushi Gohel
Artificial Intelligence is changing industries across the world by reshaping interactions between humans and computers From health to banking, AI has been vast, and its influences have been profound
Healthcare is one sphere in which AI algorithms analyze medical data at a very high speed and accuracy, helping diagnosticians formulate treatment plans. Some healthcare experts say that AI detects patterns in medical imaging that the human eye cannot perceive. Some current uses are in the analysis of X-rays and data management in electronic health records. In Ghana AI has been introduced in its telemedicine sector Similarly, China has opened its first (AI) hospital, where patients are treated in virtual reality by AI-generated doctors
There is also development in AI usage for mental health counseling chatbots which can help identify early signs of mental health problems and encourage users to seek professional help when needed. In the U.K. an AI mental health chatbot is being used to help people with anxiety and depression. AI’s abilities also extend to the financial industry, where AI can detect fraud in financial institutions Its ability to digest large amounts of data fast helps companies make more accurate predictions about market trends and risks. The Government of India uses Artificial Intelligence and Machine Learning to trace suspected transactions and resultant fraud risk relating to Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) SEHAT scheme.
AI also enhances learning processes through personalization The AI-based tutoring systems adjust automatically to the speed at which the student is learning and thus enhance learning outcomes Some examples of this are Khanmingo and Flexi. However, more regulation is required as students misuse this application. A different application of AI in learning has been used in the Latin American higher education sector for the management of student attendance through facial recognition using just one image from the capturing device.
AI-powered chatbots respond to every query of the users seeking customer support, hence improving user experience across industries with instant support. Chatbot interactions can also provide valuable data on customers which can be used to improve the chatbot's responses and overall customer service. Some companies that use chatbots include Amazon, Expedia and Starbucks.
AI is also being used in autonomous vehicles made by companies like Tesla, Waymo and Toyota. The primary role of AI in autonomous vehicles is to ensure safer roads and reduce traffic congestion However, there are numerous safety concerns, particularly regarding pedestrian crossings and crashes. AI undoubtedly holds potential for innovation and efficiency. Faster AI development, however, increases ethical concerns about privacy and job displacement. Governments and industries around the globe continue to work together in processes to guide the ethical standards and regulations that frame the technological future and human interaction Responsible development and integration of AI will hopefully shape the future scene of technology and humanity for the better
Leading the Charge
How women CEOs are transforming global sustainability
Alina Zhengt
Out of the 1.7 million CEOs in the world, only 5.4% of them are women as of 2023. However, in the sustainable business industry, 58% of executives in big companies are women, showing their profound influence in the industry. This growing cohort of female executives have acknowledged and prioritized the need for sustainability in global businesses across the globe and have proved that their impact on the environment is in fact, not small
According to the European Investment Fund’s 2023 report, firms with female CEOs achieved higher environmental scores than other companies. In addition, female leaders exhibit a higher frequency of investing in renewable energy and energy efficient practices, aiding in lowering greenhouse gas emissions and boosting the environment’s cleanliness
The Network for Business Sustainability also identified that female executives tend to increase a company’s dedication to pursuing Sustainable Development Goals, such as environmental protection to preserve a sustainable and thriving planet for the coming generations. Female CEOs embody a stronger sense of consideration for the world around them and thus, view ethical norms with a higher regard As a result, their corporations often implement environmentally friendly standards and are more likely to refuse unethical businesses practices
Mindy Lubber is among the growing number of female CEOs across the globe, shaping the future for generations to come. Lubber, the CEO of the non-profit Ceres, aims to alleviate the world’s sustainability obstacles by championing policy changes and assisting capital market leaders to target net-zero emissions before 2040 Lubber and her executive team of women focus on encouraging investors, boards and capital market leaders to adopt clean energy habits and assist in initiating water policies to maintain an environment with lasting resources. Her women-led company is one amongst many that are dedicated to operating an environmentally friendly business.
Based on a 2023 study led by Muzhar Javed, an Assistant Professor at The Commission on Science and Technology for Sustainable Development in the South (COMSATS) University, gender significantly influences “going green” in corporations, and female CEOs catalyze more sustainable innovation in the businesses that they run. Furthermore, Zigan Wang and Luping Yu at the University of Hong Kong conducted a study and discovered that female CEOs’ businesses emit less air and water pollution, less greenhouse gases and face fewer environmental penalties. Female CEOs’ impact in green and sustainable global businesses remains as an unwavering contributor to maintaining an environmentally friendly world
Global Perspectives
A cross-cultural comparison of women entrepenurs around the globe
Vivian Zhou
Throughout the business field, women have proven their boundless capabilities to drive the industry forward into new advancements This worldwide impact is a testament to their resilience in overcoming common challenges and developing best practices to sustain a business.
Women in the United States have consistently faced difficulties in securing venture capital and loans, which are critical to their businesses In fact, only about 2.3% of capital funding reportedly went to female-founded startups in 2020. Many of these challenges stem from gender bias, which prevails in male-dominated i ndustries like tech and finance, affecting women’s credibility and inherent access to resources Similarly, in India, these stereotypes exist They take the form of societal expectations, where traditional gender roles rooted in generations of history evolve into current social norms. Today, these norms discourage women from pursuing entrepreneurship, specifically through their families or societies
However, women in both countries have a common advantage – the ability to network and support each other. For instance, the National Association of Women Business Owners (NAWBO) in the United States is a resource to provide extensive networking opportunities Funding initiatives such as the Female Founders and the Bumble Fund specifically target investing in women-led startups to support them. In India, government schemes, such as the Mudra Yojana and Stand Up India, provide financial support to women entrepreneurs Other initiatives in India such as the Women Entrepreneurs India, the Indian Women Network (IWN), Catalyst for Women Entrepreneurs (CWE) and SHEROES offer mentorship opportunities to continue cultivating the advancing culture surrounding women entrepreneurs and passing down their skills to the next generation of aspiring leaders.
Another common challenge female business owners face is governmental or structural intervention, which can be seen in countries such as Brazil and Japan. In Brazil, complex and lengthy processes to register and run a business can discourage hopeful entrepreneurs from integrating into the industry. Moreover, women entrepreneurs in Brazil often face difficulties in accessing larger markets and supply chains within the country, demotivating them from growing their businesses.
Japan has structural norms integrated into its culture, such as rigorous work-life balance Their demanding work culture makes it challenging for women to balance business and family ponsibilities, causing them to prioritize other life commitments over their careers. However, these hurdles have been recognized, and supportive government policies, initiatives, grants and even childcare support are provided in these countries to alleviate the stress and obstacles of starting and maintaining a business. For example, Womenomics in Japan is a government program to increase female participation and combat the discouragement directed at them, while expanding childcare facilities and subsidies to help with the work- life balance.
Despite the myriad of challenges rooted in gender bias, societal expectations and structural norms, women entrepreneurs across the globe have made significant advancements in the business world. Their unwavering persistence is a beacon of hope that will pave the way for future generations of women entrepreneurs.
Tech's Trailblazers
Female Tech Leaders Advancing Inclusion and Innovation
Siena Ebert
Despite efforts for gender diversity, women remain underrepresented in the tech industry, from entry-level positions to executive leadership. Although underrepresented, their contributions continue to advance and shape the tech s gl ball W i h h i d y i i women, foster diversity and drive innovat
One of the most notable females in th Sheryl Sandberg, has been an influential the profound impact women are having i At the beginning of her journey, Sandber Lawrence Summer’s research assistant an the World Bank. Motivated by her deter Sandberg joined Google, Inc. as a gener business unit in 2001 but climbed the lad vice president of global online sales and o soon after As the lead developer of AdW AdSense, Sandberg was largely credited w making Google profitable in its early year
In 2008, Sandberg was appointed the at Facebook, the company’s second high ranking official However, she didn’t sto In June 2012, she was elected to Faceboo board of directors. As the first woman to on Facebook’s board, Sandberg made he mark in Facebook history, paving the way f future female leaders in the company.
“We need women at all levels, includ top, to change the dynamic, reshape the c to make sure women's voices are heard an overlooked and ignored,” Sandberg said commencement speech at Barnard Colle
Similarly, Reshma Saujani, the foun non-profit Girls Who Code, has impacte
tech education by inspiring and empowering the next generation of young women With an MPP from Harvard and a law degree from Yale, Saujani ran for the U S House of Representatives seat from New York’s 14th congressional district in 2009. During her campaign, Saujani recognized the lack of female representation in computer science classrooms.
Determined to diversify the tech industry, Saujani founded Girls Who Code, a nonprofit organization aimed to close the gender gap in technology. As of 2024, Girls Who Code has 14.6 billion engagements globally through its online resources, campaigns, books and advocacy work Girls Who Code has inspired over 580,000 girls, women and nonbinary individuals to pursue their passion for coding through their in-person programming. Summer Immersion Program, Clubs and College Loops.
Although Sandberg and Saujani pave the way for future generations to thrive in a more inclusive and divers industry, women still hold only 26% of all tech-related roles despite comprising 49% of the U.S. workforce, according to the CompTIA State of the Tech Workforce 2023 reports The disparity in representation increases at higher levels, with women holding only 10.9% of CEO and senior leadership positions. It’s crucial for organizations, educational institutions and policymakers to continue fostering environments that support and encourage women in technology. In empowering women in tech, we not only advance gender equality but also unlock the full potential of innovation and progress for future generations.
Our Team
Celine Ebert-Editor-in-Chief
Elizabeth Truelove- Managing Editor
Siena Ebert- Managing Editor & Curriculum Development
Vivian Zhou- Outreach Director & Staff Writer
Anika Shah- Outreach Director & Staff Writer
Alina Zheng- Curriculum Development & Staff Writer
Zhushi Gohel- Staff Writer