Exam !
Instructions of the exams
• * This exam is compose from two parts which are choosing two questions from the list that I will post
• To answer those two questions, you need to follow the instructions bellow
• Answering each question that you chose should be from (5 to 7 pages)
• So the total should be about (10 to 13 pages) for the both questions
• The key important thing is using a footnote and using the lectures notes
• The textbook that we use is (Oatley, Thomas International Political Economy: 5th Edition.
• The Instructor:
W. Seay, “The Origins of political Economy”
ECON 101:Virginia Commonwealth University
The instructions of exam:
1- Introduction
The introduction should have the theses statement ( one sentence) no longer that 2 sentence.
2- each paragraph in the Body needs to have closing sentences with your analysis (from 5-8 sentences).
Exams in your response exams
Sources
1- The primarily sources data should be from
• 5 paragraphs from the lecture notes
• 5 paragraphs from the your text book
• 5 paragraphs from scholarly books
• 5 paragraphs from scholarly articles
2- The secondary resources data from
• Magazine, newspaper and journals
***NOTE THAT ALL DATA SHOULD BE FOOTENOTED AND ALSO THE DATA FROM LECTURES NOTE AND TEXTBOOK NOTES SHOULD ALSO FOOTNOTED.
Exam Completion: This information is from the syllabus
1-ALL EXAMINATIONS WILL BE RESEARCH BASED AND MUST CONTAIN DATA FROM SCHOLARLY BOOKS AND ARTICLES, DOCUMENTS, CLASS LECTURE NOTES AS WELL AS MAPPING ACTIVITIES.
2. STUDENT S WILL BE GIVEN AN ESSAY TOPICAL GUIDE FOR EACH OF THE THREE EXAMS-TWO TOPICS OF WHICH THEY WILL CHOOSE TO WRITE AS ESSAYS. EACH ESSAY WILL COUNT AS 50 POINTS-100 POINTS TOTALED FOR BOTH ESSAYS.
3. EACH RESPONSE IS TO BE 5-8 PAGE, TYPED, AND DOUBLE SPACED. DATA FROM CLASS LECTURES AS WELL AS THE TEXT ARE TO BE USED*****HOWEVER, STUDENTS MUST FOOTNOTE AT LEAST THREE BITS OF DATA FROM THREE SCHOLARLY SOURCES (THREE BOOKS OR TWO BOOKS AND ONE ARTICLE) TO PROVE THEY HAVE MADE THIS EXAM ASSIGNMENT ONE THAT IS RESEARCH BASED. THE PROFESSOR WILL ALSO RECOMMEND VARIOUS SCHOLARLY BOOKS CONCERNING IPE THAT STUDENTS SHOULD REFERENCE . YET PUPILS MAY USE BOOK SOURCES INDEPENDENT OF WHAT IS RECOMMENDED. *** DO NOT, HOWEVER, USE ONLY ONLINE ARTICLES. THIS WILL NOT MAKE FOR AN ACCEPTABLE EXAM.
**TWO OR THREE ECONOMIC AND POLITICAL DOCUMENTS MAY BE USED ALONG WITH OR IN PLACE OF ARTICLES. THE MORE DIVERSE THE RESEARCH, THE HIGHER THE GRADE A STUDENT MAY RECEIVE.
4. AT LEAST 10-15 PARAGRAPHS IN EACH EXAM ESSAY SHOULD DERIVE FROM THE LECTURE AND MAP NOTES WHILST A REMAINING 10-15 PARAGRAPHS ARE TO BE BASED UPON SCHOLARLY SOURCE RESEARCH(BOOKS AND ARTICLES BY ECONOMISTS, GEOGRAPHERS, POLITICAL SCIENTISTS AND HISTORIANS AS WELL AS DOCUMENTS).
II. Essay Topics(50 points each).
1. What is International political economy? Illustrate and explain the various IPE thought schools? Which of them seems most applicable in the modern age? Argue and defend your point.
2. What is the global economy? Illustrate and explain its’ evolution. Is it good, bad or a bit of both?
3. What is the World Trade Organisation? Explain its creation and purpose? Has it proved itself positively in promoting balanced global trade? What challenges doe the WTO presently face?
4. What is the Doha Round? Has it been effective concerning solving important global economic issues?
5. What is the economic argument for trade? What factors can enforce fair trade? What factors also hinder it?
6. What are various approaches to trade policy? Which may foster
fairer global trade?
7. What factors are needed to create successful trade and developement? Will these factors contribute to economic well being? Explain.
8. What are Money Markets? How did they operate? Explain.
9. What are Incentives? Why are they important? Illustrate and explain examples.
10. Are tax cuts beneficial for improving an economy especially after a recession? Argue and defend your point.
and this is the lecture note :
Adam Smith was credited for scientific analysis for Laissez-Faire economy.
The Physiocrats comes up with Laissez-Faire originally.
1600s:
– France has the largest gold reserve in the world (More than Spain)
– The Dutch government (The Dutch Princess) allowed any tradings (free market)
– The King of France prefers Mercantilism, there’s no free trade allowed in the country. This ends up exhaust the country’s resources, raises demand for goods (price). The peasants can’t afford any of the goods.
Early 1700:
– The Physiocrats came forward with Laissez-Faire. (Both them and Adam Smith did not say that there should not be ANY government interference on economics.) There should be a limited government power over the market to keep the free market being free.
– The Dutch-India company was doing very well.
Late 1700s:
– The Dutch made a mistake in their economy. It based on monopoly.
– The mosquitoes carried malaria and exhausted the Dutch-India employees.
– The British did not allowed any monopoly based on slave trades.
MacMillan, a right wing conservative Prime Minister, came up with something called the middle way, then renamed to the Third Way philosophy. It promotes the balance between capitalism and x?x.
Austerity: reduce government budget deficits to pump back into the economy.
Global recession 2009 – 2010, Canada did not suffer as much as the US and European Union. However, Canada did have economical problem in late Winter 2009 (?). The Liberals and Conservatives came to a compromise that austerity was needed. The Liberals agreed on the term that Medicare was not to be tampered with. They both agreed on university costs, there were no more new university built, but can be spend on supplies, update, or expand. University costs were raised, but by a small margin.
Austerity is acceptable when a nation economy is in inflation state, not deflation. When a nation is already losing money (deflation), they can’t cut spending.
Edmund Burke was known as the grandfather of the modern Conservative. He argues that an intrusive government is a danger to freedom.
Monetarism: an economic philosophy by Milton Freeman
The Middle Way approach by Sir McMillan.
Lecture I: “The Origins of Political Economy”
I. What is Political Economy
A. Various Model/Relations Between Governments, and The Economy.
B. Debates in Modern Political Economy.
Clement Atlee was the 2nd Labour Party Prime Minister from 1940 to 1951. He reintroduced a very liberal government at the end of World War 1, in order to promote the social welfare of the people. He was the first long lasting, and effective Labour party Prime Minister.
Sir Ramsay MacDonald was the first Labour Party Prime Minister (1928-1932). He did not able to gain any legislation at all. He was expected to be a classic Fabian. He was able to expand National Insurance.
National Insurance (1911) = Social Security in US
David Lloyd George (1917-1921) was a (radical) Liberal Prime Minister. In 1911, he was able to put pressure on the National Insurance (he wasn’t a PM). Brittain was using most of its fund for World War 1 relieve and to put down rebellion in India. David made it very clear in 1911 that he did not get support from the Conservative on National Insurance. He threatened the Conservative that he would cause a crisis if they didn’t cooperate with him on NI right on the doorstep of World War 1. They gave in, and NI was passed on 1911. David also gave an ultimatum that he would form an alliance correlation with a socialist party, the Fabians.
The Fabians believe that the government should be an union, equal pays, give rights to women… The Fabians were not a political party, led by George Bernard Shaw.
Herbert Asquith was a Liberal PM (1st term 1909-1913) (2nd term 1913-1917). He was a lighter, less formal Conservative. He believed in an expansion of Poor Relief. David Lloyd George agree with him, but he also wanted to expand this to everyone. This will become the National Insurance. However, it didn’t make sense to give tax break to the wealthy, since British was importing more than exporting. David ended up raising 5% real estate tax on the wealthy, but gave them free business tax if they were to creating jobs for the people.
1885-1886, Ronald Regent also raised tax on the wealthy in America, but he only came up with 700m in 86’ and 600m in 86’. This was hardly enough to pay off the country debt. The reason why was the wealthy already moved their money and estate out of the country.
Benjamin Disraeli was a Conservative right wing blue Tory Prime Minister. He came up with The New Society (Poor Relief) plan. He believed that a society has to have a middle class, or it will wither away. He raised tax 1% on the wealthy to create Poor Relief, and give them 2% tax break. If the wealthy willing to to pay more into Poor Relief, they can get more tax relief (5%). If businesses willing to pay competitive wage (living wage), have more workers, they will be able to receive 50% tax relief. if businesses pay better than competitive wage, they don’t have to pay any tax into Poor Relief. The poor can only stay on Poor Relief for a certain time.
1880-1885, there’s a dramatic decrease in British politic. There was 40% decrease in extreme poverty in 1880-1885: 20% people enter middle of middle class, 20% people enter lower middle class. British made the best but also cheapest cotton in the world by this time.
1911, there was a big divide in the Liberal Party. By this time, the Liberal Party often got along well with the opposed party, the Conservative.
1947, Nyi Bevan was the deputy PM to Atlee. He created National Health Service. The Conservative supported NHS, not because of any threat, but they thought it was needed since London was bombed in 1940.
Lord John Maynard Keynes (1930-1940) dislike both socialist and labour party. He was a Liberal Democrat (liberal, new name since 1930), a lighter version of conservative. The Liberal broke into two in 1928. the Liberal Democratic and the Labour.
? Labour Party: socialist
? Liberal Democrat: moderate government involvement in economy and social welfare. They are somewhat more conservative liberal.
The only two things Keynes agreed with Labour Party was NHS and no tuition university.
The War of Independent: Taxation without Representation, but it was only one of the 13 reasons. Most of the other reasons were political freedom. Without political freedom, they knew that they would not have economic freedom.
Sept. 14 2015
America did not have the income gap like Britain.
1912, Eugene Debs, a self proclaimed socialist, was running for United States President. 1985, he agitated Pullman Railroad Strike.
The New Deal.
Conservatives said that Franklin Roosevelt almost brought America into a Second Great Depression.
Stanley Baldwin was Britain Prime Minister in the early 1930. He was a Conservative. He brought a man into the picture (economic advisor), John Maynard Keynes, a Cambridge economic professor. Keynes was a Liberal Democrat. He advocated deficit spending to stimulate an economy in recession.
Deficit spending.
Britain had 90% GDP/National Debt Ratio. He wanted to unpair British pounds from Gold. British government can use the money they have and pump back into the economy, as long as they do not print anymore money that excess 2% inflation. This money can be use to restructure the economy, so that import and export can improve.
Keynes wants to turn British pounds into fiat money – paper money that is not back by a piece.
By 1936, only in 3 years, British GDP improved by 45%.
Britain had the fastest growing free market aeroplane.
Sept. 16 2015
Lord Keynes came to America in 1936. Franklin Roosevelt was reelected in this year. During this time, America was on the verge of going into the 2nd great depression. There has not been any significant growth in term of spending, caused by no growth in job creation. Jobs that Roosevelt created were not capable of growing the economy. Keynes told Roosevelt that he did not pump enough stimulus money into the economy. He needed to pump money into states and regional government. Once states and regional government have access to that revenue money, then it became their responsibility to create banks. Banks can pump that money into businesses, so that they can create jobs.
Roosevelt responded to Keynes that the supreme court was blocking him. Roosevelt created National Relation Act. This created National Labor Relation Board. The supreme court blocked NLRB. The supreme court also blocks Roosevelt from price control, creating jobs through the New Deal. The supreme blocked Roosevelt and the Federal Reserve to print any more money to use in the New Deal. Keynes told Roosevelt that he shouldn’t fret as that money is going into the wrong direction anyway. He could still use money in trade, in bomb investment, and pump it into states and regional government. Roosevelt did listen to Keynes’ advice. Roosevelt makes purchase war bond, thus creating jobs in war bomb’s researches.
Though, America still has a very good exporting base, and a strong currency value. It was exporting coal around the world.
Conservative political thinkers believe government is not in the business of creating jobs. Let the free market do its things. Keynes also agrees with this. However, he indeed agrees that there should be government intervention.
Lord Harilex escorted John Maynard Keynes during this period.
Sept. 18 2015
Jeffrey Lacker, Richmond, VA Department of Treasury, made it very clear that we do have money in Federal Reserve to loan out to business for job incentive (Sept. 15, 2015). The Federal Reserve does promise to sell government bond to businesses that lost money on the stock exchange.
The supreme court blocks NRA because they think it’s unconstitutional to have government acts as a labor union. It should be left between AFLO and private businesses. As for price control, it could bring more harm than good. They state that they do not want to stop the President from printing money, but it would need to be approved by the Congress. They want to prevent an excessed amount of money that would devalue the US dollar.
Franklin Roosevelt argues with the supreme court that he still has the power under the Emergency Act of the Constitution to ask the Federal Reserve to print more money. The Supreme court answers him that the Emergency Act should be used under war time, like President Abraham Lincoln did. It’s less than 60% printed money during this time was able to be used into stimulus money.
From 1930-1950, it was fashionable for business and people to buy war bonds.
John Maynard Keynes
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August 8th, 2017 
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