Economics class film: How Biden’s Inflation Reduction Act changed the world
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration here.
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Specification:
Market failure, government intervention, international trade, trade protection
Click to watch the film and then answer the questions:
According to the three commentators, what is the Inflation Reduction Act (IRA)?
To what extent will the IRS reduce carbon emissions?
Explain the purpose of the CHIPS and Science Act (CSA)
Define protectionism
Explain why the IRA and CSA could be viewed as forms of protectionism
Define offshoring
Explain the role of the World Trade Organization (WTO)
Explain why Germany is likely to win any subsidy-war which takes place in Europe
How will the US Administration fill the job vacancies that will emerge because of the investment stimulated by the IRA?
With reference to the tragedy of the commons, evaluate the role of the government in tackling the global climate emergency
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