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POL114H5 Lecture Notes - Real Estate Bubble

Political Science
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Politics nov 14 lecture notes
The world is becoming a much smaller place and much more interconnected, and make it much more
difficult for regions in the world to separate themselves from global affairs
Housing bubble in us prices increasing and banks giving loans, and Americans having falling incomes.
Only lasts as long as influx of money continues. In 2008 banks got in trouble, and loans were based on
prices of houses. No one could buy the houses anymore cuz ppl could not get loans anymore, so ya,
banks got fucked. Nobody knew who owned what any longer, and housing bubble burst. American
banks are active throughout the world, so it spread to other parts of the world that brought a global
We are increasingly becoming aware of affairs all over the world.
Globalization as a phenomenon has changed the global system and its lasting impact. The term
globalization gained usage primarily after the collapse of the soviet union. With the collapse of the
soviet union, the ideology confrontation is gone, only capitalism prevails and is globally accepted. Even
Russia and china accept capitalism. This globalizatiopn brought an expansion of the raise of living
standards all ovwer the world... in the globe as a whole. But also growing disparities and income has
happened in the last 20 years. Number of ppl in poverty has also increased. 23,000 deaths due to
starvation everyday by UN estimate. Richest 20% of the world are responsible for 75% of global
consumption. Per capita gdp in western country is roughly 16times those of developing countries.
Canada is clearly at the top of overall income, 33,375 of gpu. Niger of 781$ of per capita gdp.
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