It is interesting to see how the United States government was able to shield the country from any negative ramifications caused by the Asian financial crisis. While the United States would go on to have a financial crisis of their own in almost a decade, the country's financial system and markets came out of the Asian financial crisis relatively unscathed. American industry even benefited from the crisis that resulted in cheaper oil and therefore cheaper inputs into the production of goods.

While no one knows the exact reason as to why financial problems in one country can lead to more financial problems in other countries, one thing is clear, there is a relationship. As the world becomes more and more globalised, it is important to understand the negative ramifications that a financial upheaval in one country and have on another.

It is interesting to see the intersections between what economists believe to be best for a country and what the financial industry wants. Economic liberalisation, which is often seen as the road to becoming a first-world country benefits the financial sector the most. As money starts to change hands at a rapid rate, the intermediaries, which are the banks, are the ones that profit the most.

A large portion of the American public, through pension funds and other retirement programs, have become the unknowing financiers of Asian countries. This phenomenon has grown so much that the foreign invested capital trumps the capital that governments can produce. This section of the article discusses how globalisation can affect the financial markets adversely. When financial problems started to his Thailand in 1997, it was unclear if American pension-holders would be affected, however, when the Brazilian currency crashed, it shocked the world.

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This article discusses the impacts that automation will have on the job market. It states that machines and artificial intelligence will render most menial jobs that are often done by the lower socio-economic classes obsolete. The machines will be able to do these menial tasks faster and more efficiently. However, this article discusses why this doesn't lead to a decrease in the number of jobs. As more and more machines continue to become prevalent, jobs won't go away, they will simply change in their manner. Bank Tellers are the occupation that is used as an example. While machines will render some parts of their job obsolete, they will provide different and additional services to customers that wouldn't have before been afforded.

Education is often looked at as the way that one can escape the cycle of poverty and reach a higher socio-economic status. However, this article discusses the impacts of mass education. If everyone is put through schools, and there is an increase in the compulsory schooling age, what will happen to the macroeconomy? This article shows that education, in actuality, decreases the inequality of the population. The gini coefficient, which is designed to show income inequality, ends up decreasing the Gini coefficient, which means that the population becomes more equal.

The globalisation that the world has gone through in recent years with the emergence of new technologies has created a system of interdependence that can cause catastrophe if distrusted. This is clearly shown with the COVID-19 Pandemic where the supply chain gets disrupted and causes economic downturn. I believe that the benefits that the world has received from China's economic development outweighs the downsides because of the fact that this, in the long run, China's newfound global presence will benefit the world.

This is related to the Nash-Equilibrium exercise that we did last year in AP Econ. When doing this exercise in this scenario, we can see that the dominant strategy for both the China and the United States is to not care about environmental impacts that much. This goes to show that the economic development that takes place to make a country go from one that is 3rd world to 1st world can often result in environmental damage. However, as a country continues to develop as a 1st world country and the "capital" continues to improve, it can often result in the opposite environmental effect.

An article published by Columbia University's professor for environmental policy describes the true economic costs of pollution. Many firms, when performing their cost-benefit analysis, fail to recognise these facts and this results in them polluting more than they should. This article discusses the incentive structure that should be set up in order to push firms in the right direction in terms of environmental impact. Cohen describes how the presence of government is needed in the economic market today in order to regulate and incentivise firms correctly.