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AS and A Level: UK, European & Global Economics

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How to evaluate effectively in economics

  1. 1 A significant proportion of marks are likely to be for evaluation. Trigger words include ‘assess’, ‘to what extent’ and ‘evaluate’. Evaluation can come during a piece as well as at the end. It includes any critical distance you add to your points.
  2. 2 Stating both sides of an argument or different points of view e.g. advantages and disadvantages will give you a start. Try to group them rather than a list of each. This will score more evaluation marks as you are linking the two arguments.
  3. 3 Discussing the long term versus the short term effects is a good method of evaluating. Don’t be frightened to acknowledge that it may even be too early to say with certainty what the outcome will be. An example of this is the impact of the UK not being in the Eurozone.
  4. 4 If you have made several points, you can gain evaluation marks for prioritising them or just saying which you believe is the most significant and why.
  5. 5 How significant will a particular point be and will it affect different groups of people in different ways. Discuss these for evaluation marks.

Five things to know about exchange rates

  1. 1 Most exchange rates are ‘floating’. This means that the value of one currency expressed in terms of another currency varies according to the demand and supply for and of each currency.
  2. 2 Factors affecting the demand for a country’s currency are the demand for the goods and services of it, the demand of its citizens for imported goods, relative interest rates and speculation. If for example, UK interest rates are relatively high, then people will buy pounds to save in UK banks. This will increase the value of the pound.
  3. 3 Exchange rates affect the competitiveness of a country’s products. Remember the acronym SPICED – Strong Pound Imports Cheaper Exports Dearer.
  4. 4 A strong pound will be worse for UK producers as they will struggle to compete with cheaper imports and UK exports will look relatively more expensive abroad. It will however be useful to reduce domestic inflation.
  5. 5 A weak pound will help UK producers for the opposite reason but may lead to inflation. It will help the balance of payments subject to the Marshall Lerner condition (learn this and use it for evaluation).

What is globalisation?

  1. 1 Globalisation refers to the increasing integration of the world’s economies meaning more international trade, increased international flows of capital, shifting patterns of consumption and production across countries e.g. outsourcing production.
  2. 2 Many reasons are put forward for its growth and it is hard to differentiate between its causes and effects. Is the growth of multinational companies and their desire for greater profits a cause of globalisation or its effect?
  3. 3 Other reasons put forward for globalisation are the reduction in trade restrictions, growth of the internet, cheaper international transport costs, opening up of China and the old communist countries. Again they could be cause or effect.
  4. 4 The effects of globalisation are debatable (more evaluation opportunities). Generally it is seen as increasing the level of wealth as countries specialise more in the products in which they have a comparative advantage.
  5. 5 Recent economic uncertainty has lead to some talk of de-globalisation where international trade declines due to increased protectionism (tariffs and quotas).

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  1. trading blocs

    I - Forming a trade bloc 1 - Forming a trade bloc : a step toward free trade On the one hand, forming a trade bloc may seem to answer the goals of the globalization as it enables member countries to develop exchanges 2 - Forming a trade bloc : a step toward protectionism On the other hand, forming a trade bloc can be seen as a protectionist measure and is often regarded as going against the rules of globalization as it prevents non member countries from trading and as it prevents poor countries from developing by excluding them from world trade.

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  2. Samuel Greg chose this site because

    In 1766 when he was 8 years old, Robert Hyde, Samuel Greg's uncle, who was childless, offered to adopt his nephew. Thomas Greg readily accepted. This was a significant event in the story of Quarry Bank Mill because Robert Hyde himself owned a merchant manufacturing business in Manchester, dealing primarily in fustian, a cloth produced using both linen and cotton. Nearly 30% of the cotton spinning factories set up in the North of England during the early part of Industrial revolution were headed by Manchester fustian merchants.

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  3. Where to now Oz?

    There is much trade and partnership between Asia and Australia, so maintaining good relationships is important. To be able to do this Australia must be showing that they are sympathetic to the Asian culture and appreciate it (which has been successful with the current whaling bans and restrictions on fish farming) but we must also indicate that we are prepared to contribute to ensuring economic stability. Basically, Australia should be aiming to be in a win-win situation with Asia that has benefits for all. Though Australia's position of support to America affects this partnership - as can be seen with the latest world evens of terrorism and the US Trade Agreement with Australia.

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  4. Feminist approaches to the study of international relations theory

    Among the early books, now classics of the field, are Jean Bethke Eishtain's Women and War (1987) and Cynthia Enloe's Bananas, Beaches and Bases (1989). In addition, J. Ann Tickners Gender in International Relations: Feminists Perspectives on achieving global security (1992) and Christine Sylevester's Feminist Theory and International Relations in a Postmodern Era (1994) made their mark in the early 1990's. While they are all different in their approach, they are united by seeking to rethink IR's basic parameters.1 Research into gender is now a major growth area in international relations. Gender and IR were very slow to connect historically however, and there was no feminist work to speak of until the 1980's.

    • Word count: 3116
  5. CHINA: To What Extent Did The Three Missions (Macartney, Amherst and Naipier) Fail?

    In particular, requests were made for more ports to be opened to the British, territory conceded for British residence, a British ambassador stationed in court at Bei jing and allowance for the dissemination of Christianity. However, the view of Emperor Qianlong on the mission was that it was merely a tributary one, no different from the multitude of others he received from states wishing to benefit from the sovereign nation of China. Indeed, the requests made by Maccartney were seen to be 'completely unreasonable' and in the Imperial edict sent back to the King upon the refutation of all of the British requests, Qian Long referred to them as 'wild hopes and dreams.'

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  6. Protectionism. What do you consider to be the main circumstances in the field of international trade when protectionism might be justified?

    These small newly establishing countries need to be protected from the established foreign competition of whatever country due to new technology that is used in the more economically developed countries. The newly emerging industries are the type of industries that protectionism was designed for; it gives them a chance to get started before they have to face the full force of foreign competition. In the beginning these industries may not have secured a stable retail market, their overheads will be high until they are in full production and it gives them time to become operationally efficient and reduce costs.

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  7. Globalisation and Protectionism.

    There has been a slight decrease in the percentage that agriculture accounts for from about 16% to about 10%. As a percentage over total exports, manufacturing overtook minerals exports in 1984. Also, during this period the percentage that services account for has approximately doubled for developing countries from 9% to 17%. c). One way in which economies are allowed to prosper due to globalisation is through comparative advantage. The law of comparative advantage states that a country has comparative advantage over another in the production of a good if it can produce it at a lower opportunity cost. Globalisation means that restrictions on international trade generate gains by the reallocation of resources towards those sectors in which countries have a comparative advantage.

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  8. Mercantilism is the economic theory that a nation's prosperity depends on its supply of gold and silver; that the total volume of trade is unchangeable.

    Regulatory taxation was another mercantile regulation. Protective "tariffs" were used on foreign imports to the colony, and revenue was raised for the mother country. No colonial self-government was allowed, either. The mother country avoided challenges to its economic authority, and the colonies couldn't enact pro colonial/anti-mother country laws. The Spanish used three mercantilist devices to protect their commercial monopoly in the New World. They prohibited foreign ships from entering Spanish colonial ports, and no foreigner could send goods to the colonies or take gold bullion out of Spain in payment for goods sold to Spanish merchants without having a special license.

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  9. 6b.Colonialism in Southeast Asia is not only about the restructuring of local society for the sole aim of economic progress, and not always with tragic consequences.

    Therefore, the 'forward movement' and the rise of 'new imperialism' in the West, particularly Europe, led to a frenzied rush for colonies, especially in Southeast Asia. For instance, the British initially adhered to a policy of non-intervention in Malaya. However, they feared the prospect of German intervention in the Malaya. After Chancellor Bismarck reunified Germany in 1871, rumours were rife that the Germans wanted to secure a naval station in the Pangkor area, as part of their plans to increase their influence beyond Europe.

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  10. "What do sociologists mean by the term 'Globalisation' and how have they tried to explain it?"

    It is argued that globalisation allows the world to become increasingly more united, with people more conscious of ethnic, societal, civilizational and individual aspects of their lives. When exploring the topic of globalisation, sociologists have categorised the term into three components, economic, political and cultural globalisation. They have done this in order explain what it means. I have aimed within this essay to explain all three types of globalisation in order to answer the essay question. I intend to concentrate mainly on the economic and cultural influences as each element consists of wide discussions.

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  11. The rapid growth of globalization has created a boundary less organization

    With globalization becoming a basic economic reality, national boundaries have become insignificant. As a result, companies worldwide have shifted their focus from domestic to an international or global arena by extending operations into different parts of the world. As companies become more global minded, the need for managers with global perspective, international experience and skills that translate well to broader global context has increased. These new breed of managers, known as global managers, are those who manage across multiple time zones, country infrastructures, and cultural expectations. A major challenge facing many multinational firms to successfully compete and grow in worldwide markets is the recruitment and development of a cadre of good managers with a global mindset who can succeed in the international market place.

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  12. Worldwide Human Security

    Defining Human Security To uphold human security, one must first define that which threatens it, a contentious subject to say the least. The Foreign Affairs Canada Human Security Program provides a brief philosophy, Human Security is a people-centered approach to foreign policy which recognizes that lasting stability cannot be achieved until people are protected from violent threats to their rights, safety or lives.1 They categorize their effort into 5 groups, Protection of Civilians; Peace Support; Operations; Conflict Prevention; Governance and Accountability; and Public Safety.

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  13. International Management

    change of a planned economy to a market economy China managers will also need to adapt their skills from the traditional Chinese way of doing business to the global rules in order to become as efficient as the other global or international companies. Finally, China main fear is that the central government reforms become a failure due to the social pressure and less growth in some regions of the country. In the event that wages are increasing as Chinese workers request to access to a higher standard of living, then China will loose any possibility to be the lowest-cost manufacturing centre.

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  14. Provide an analysis of the evidence which

    The first, and inherently most obvious indicator to suggest the globalism is the dominant force that it is commonly perceived as, is the massive growth in world trade that the world has experienced in the past fifty years. In 1950, the volume of world trade to world Gross Domestic Product ration was around 8%, and yet in 2001, that same ratio was at 31%, a massive increase in the volume of goods and services traded between countries with respect to world GDP output.

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  15. To what extent was 'blood and iron' the MAIN reason for the unification of Germany by 1871?

    This economic strength, stems back to the Congress of Vienna, where Prussia was given mineral rich land. It gave Prussia the coal and iron producing areas of the Rhineland, and the mineral rich Ruhr and Saar. The availability of such natural resources created an economic take off in Prussia in the 1850s. As a result, Germany became Europe's largest producer of key industrial commodities, such as coal and iron. New mines and iron works were also opened in Prussian territory, such as the Ruhr Valley.

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  16. Is there a trade-off between prosperity and violence? If so, what is it? If not why not?

    The growth and development of societies from their agrarian beginning to full development is driven by a variety of factors but fundamentally shaped by two overarching themes: "one economic and one political: the decision to form capital and the formation of institutions that make it rational to do so" (Bates, R, 2001, pg. 22). Economic growth is seen to arise from investment in all forms of capital and "equally as important, economic growth results from changes in the manner in which people organise the process of production" (Bates, R, 2001, pg 23).

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  17. The U.S. Steel Industry - analysis and recommendations

    steel industry in the form of subsidies and/ or the absorption of legacy costs. The alternatives will be analyzed according to factors such as the impact they will have on the steel producing industry, the international reaction, the domestic reaction and the implications to U.S. taxpayers and also the impact each alternative will have on the individual consumer. Given an analysis of the alternatives, it is recommended that the U.S. government should consider offering support to the U.S. steel industry, both in the form of subsidies and in the absorption of the legacy costs, as an alternative to introduce changes in the U.S.

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  18. Corruption and Globalisation - Both of them have been so pervasive in recent years. According to a BBC survey, corruption ranked as the second biggest problem people concern in the worldand globalisation ranked first. Are there any links between the ...

    Did people ignore corruption in the past? Or is it because there is more corruption than in the past? Some of the main reasons could be: - As countries trade more with each other, fair trade is expected and unfair business or political practices are being paid more attention. - The media is reporting much more about corruption cases, especially in emerging market countries, such as China, India. - Globalisation has brought individuals and companies that from countries with no or little corruption to those countries where corruption is more frequent. - International organizations such as Transparency International, IMF, and the World Bank are playing growing role in terms of anticorruption actions.

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  19. Impact of Information Technology On Financial Globalisation

    Information and technology is the heart of economic development and prosperity today. It is modern communication that makes globalisation possible through operations of huge multinational corporations (MNC); for the European service sectors to deal with its customers through a call centre in America, for a manufacturer to design its products in America, makes them in Asia and sell them in Europe.4 This paper tries to look at the impact of information technology on globalisation. In order to do so one has to see the concept globalisation first.

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  20. How successful were Peel's economic and financial policies during 1841-1846?

    Peel's reduction of duties made prices cheaper and increased sales, this would later lead to a further division within the Tory Party, which becomes a unrelenting battle. This significantly acknowledges that Peel's economic policies contest the established principles of the Tory party and consequently appears only slightly less incompetent than the Whig's immeasurable flaws. Robert Peel definitely believed in attaining money from the nobility rather than the poor . Observing that the wealthier community were heavily mortgaged it has been asserted that 'Peel's Act' was the cause of the economic difficulties of farmers in the 1820s.

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  21. 'Critically assess the role of the World Trade Organisation (WTO) as a means of promoting economic growth and development'

    Tot his end it is hoped that greater economic growth, development and prosperity will flourish. There are of course to sides to everything and there are many arguments criticising both the WTO and free trade itself. Detractors contend that free trade cannot obtain a uniform sense of equality for all states; they assert that free trade favours larger nations, and the undemocratic forces behind the WTO will hinder its progress. The purpose of this essay is to critically assess whether the WTO can overcome these criticisms and achieve its goal of promoting economic growth and development.

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  22. Is it time to legalize prostitution in Britain?

    It has been repressed, criminalized and, for many different reasons, fought against in many different societies. Prostitution has been blamed for the spread of disease, vice, crime and more simply for being against God's will. But such reasons make poor arguments. Any of them could be shown to be consequences of the illegality and repression of prostitution. In a society such as ours in Britain that prides itself so heavily on the principle of democracy and personal freedom, and isn't ruled by a single religion, why should it be deemed immoral? Also, none of them disprove the idea that if people are allowed to sell their bodies in various other ways to make money, then why can't they sell them sexually in order to make money?

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  23. With Reference to Specific Examples or Case Study, Asses the Effectiveness of International Aid in the Development Process

    A factor that must be taken into consideration as well in this case, is the type of aid. The most common forms are Aid in Food, and Financial Aid. Using assistance with these two aspects of the topic, is International Aid effective within the development process? While a fraction of the world is focusing on luxuries, the other portion is concentrating on bare necessities. Food is an obvious essential that all living beings need in order to survive. Because there is a great shortage of this in many countries, organizations are doing all they can to help.

    • Word count: 1807
  24. "Trace the growth and development of ideas on 'race' from the slave trade era to the late 1970s. How were such ideas used and what purpose if any did they/do they serve?"

    Ideas about race and racism assume particular condition i.e. they take into account the political and socio economic climate and historical era. When referring to race as a concept, it is also important to consider broader aspects such as race relations, racial difference and of course, racism. After all, ideas which have emerged on race can affect and will continue to affect all of the above. Above all, it is important for us to understand that race is no static concept. It is not the same within other countries even at the same time, and as a result of this, it must be put into some historical and comparative context.

    • Word count: 2753

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