The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
Regional & Community Outreach connects the Bank to Main Street via structured dialogues and two-way conversations on small business, mortgages, and household credit.
Economic Education improves public knowledge about the Federal Reserve System, monetary policy implementation, and promoting financial stability through the Museum and programs for K-16 students and educators, and the community.
The culminating activity of the Global Economic Forum is the simulation that appears below.
As a result of the simulation, participants will be able to:
demonstrate an understanding of the challenges facing many of the world's developing and industrialized nations;
discuss significant global economic issues from the perspective of developing and industrialized nations; and
draw conclusions about the economic benefits and hardships created by globalization.
Participants will role-play delegates, from a variety of industrialized and developing nations, attending a two-part Global Economic Summit conference. Each delegation will be composed of 2-3 members. Delegates will receive an information packet about the country they are representing. Delegates should prepare to perform the tasks below during the simulation activity.
present an overview of the existing economic situation in their nation;
explain significant economic challenges facing their nation; and
identify the most pressing economic challenge facing the community of developing and industrialized nations.
debate and vote on three resolutions related to the global economy from their nations' perspective
IV. GLOBAL ECONOMIC SUMMIT SIMULATION AGENDA
Presentations by delegates about their nation's (each nation will speak for a maximum of 1 ½ minutes): - existing economic situation - most pressing economic challenge(s)
Discussion (10 minutes maximum): Which global economic issue should receive the greatest attention from the world's developing and industrialized nations?
Discussion of Resolution #1 (10 minutes maximum): "Resolved that the World Bank and International Monetary Fund shall end all lending to nations that fail to meet uniform targets including moderate inflation. minimum government ownership of basic industries, and limited budget deficits."
Vote on Resolution #1 (each delegation will have one vote)
Discussion of Resolution #2 (10 minutes maximum): "Resolved that workers employed by large corporations in developing countries shall have the same rights and benefits as workers in industrialized countries,( e.g. rates of pay, job site safety conditions, and the right to form unions)."
Vote on Resolution #2 (each delegation will have one vote)
Discussion of Resolution #3 (10 minutes maximum): "Resolved that industrialized nations shall eliminate all existing agricultural and textile tariffs and subsidies."
Vote on Resolution #3 (each delegation will have one vote)