1.

Warming-up question:
A. Antarctica: A treaty in 1959 ensured that the place is free for all. No one nation
legally owns or governs Antarctica so there’s no set centralized lawmaking
body on the continent. But since it is no more than a large chunk of ice and
has little to offer regarding natural resources, it's barely habitable. The whole
continent is donated to science for scientists to study and experiment on.
2. The relationship between politics and the economy
- Def politics
Joyce Mitchell in his book Political Analysis and Public Policy: Politics is the collective decision-making or policy-
making common to the whole society
- Def the economy
According to the Reserve Bank of Australia: the system for deciding how scarce resources
are used so that goods and services can be produced and consumed
Why do our group want to dig in the impact of politics on the economy. Economics is
concerned with studying and influencing the economy. Politics is the theory and
practice of influencing people through the exercise of power, e.g. governments,
elections, and political parties.
So, by American Philosopher John Dewey

“Politics is the shadow cast on society by big business.”

- "No market that can run entirely on its own" Michael Wallerstein
- “All the market institutions contributing to the growth of an economy need to have
extensive involvement and policy from the government.”
- Many economic issues are inherently political because they lend themselves to
different opinions.
- Many of the markets which end up facing economic problems rely on the
government fully for help and for this reason it should be noted that a market
economy cannot self-regulate itself, contrary to the capitalist thinking.

so here is the graph that will give you a brief idea on how politics influence the
economy. Looking at the graph, we can see that the government and politicians will
use institutions, both domestic and international trade agreements, and of course one
of the most efficient management tools is laws. These factors will influence the
changes of GDP, create or loose the international deals, raise or decrease tax on
various fields but still ensure the benefits of the economy

3. Benefit of politicians:
question: What is the greatest benefit the politicians receive?
- Politicians
- Businessman

Next part of this session, we will focus on the fiscal policy - a policy will directly affect the
economic growth of a nation
4. Fiscal Policy
- How GDP calculated
- Tax ( bipartisan - capitalism - socialism)
+ Reagan: 40th presidents, a member of the Republican Party. the same political
background goes to Bush sr, Bush jr and Donald Trump. While, Clinton, Obama
and Biden were the presidents, members of the democratic party

to look further on the fiscal policy of the US. We can look into the political views of
the two US presidents nominates here are Hilary Clinton and Donald Trump in 2016.
Hillary Clinton, like her husband Bill Clinton, is a member of the democratic party.

+ the 2016 Democratic national platform was adopted on July 25. It includes
generalized goals that you might expect from the Democrats, such as closing
tax loopholes that benefit wealthy individuals and supporting small businesses
by providing tax relief and simplifying the tax code.

While, in the opposite side, Donald Trump is a member of the Republican

Party

+ The 2016 Republican national platform was adopted on July 18. In general,
the Republicans want to promote economic growth and eliminate unspecified
special-interest loopholes, while being mindful of the tax burdens that are
imposed on the elderly and families with children.
Even though Trump could not entirely eliminate the federal estate tax, he had
reduced this tax to historic lows.
- ppl protest against income tax
5. US-China Trade war
- US: Donald Trump
- While running for President in 2016, President Donald Trump expressed his
disdain for many current trade agreements, promising to bring manufacturing
jobs back to the United States from other nations where they had been
outsourced, such as China and India. After his election, he embarked on a
protectionist campaign.
- Donald Trump and his advocates (as members of the Republican Party) want to
bring manufacturing jobs back to the United States
- China: same