ECON101 Virginia Commonwealth International Political Economy Essay


Question Description

10 pages , simple words ,

Exam II Study Guide

ECON 101

International Political Economy Exam II

Take Home Essay Guide



I. Basic Terminology: Be able to incorporate as many of of the following basic political economic terms as possible into each one essay of choice from the second category. Class lecture notes may be used for defining the listed terms as well as the Thomas Oatley textual readings.** Do be certain to incorporate other useful data from lectures notes, the Oatley text, and various suggested scholarly IPE books and articles as well.**

David Ricardo, "Comparative Advantage," "The Iron Law of Wages," and "Theory of Rents."

Anne-Robert Turgot and Jean-Baptiste Say


Charles Fourier and Count Sainte-Simon


Karl Marx

William Stanley Jevons and Leon Walras

Historical Economics and the Marshallian School

East Asian Model of Developement

Export Oriented Strategy

Rent Seeking

Structural Adjustment Programme

Efficiency Oriented Investment

Foreign Direct Investment

Horizontal Integration

Intangible Asset

Locational Advantages

Market Oriented Investment

Natural Resource Investment

Positive Externalities

Specific Asset

Vertical Integration

Calvo Doctrine

Export Processing Zone

Locational Incentives

Multilateral Agreement on Investment

Obsolescing Bargain Performance Requirement

Trade Related Investment Measures

United Nations on Permanent Sovereignty over Natural Resources

Balance of Payments and Balance of Payments Adjustment

Bretton Woods System

Capital Account


Current Account

Exchange Rate System and Exchange Restrictions

Fixed Exchange Rate System and Fixed but Adjustable Exchange Rate System

Floating Exchange Rate System

Foreign Exchange Market

Foreign Exchange Reserves

Fundamental Disequilibrium

Managed Float

Speculative Attacks

Stabilization Fund

European Monetary System

International Investment Position

Louvre Accord, Monetary Accord, and Plaza Accord

Target Zone

Phillips Curve


II. Essay Topics: Answer any two of the following essays with each response tallying 5-8 pages. (50 POINTS EACH).

1. Who was David Ricardo? Illustrate and explain his economic theories? Were they accurate? Might they be useful in the present?

2. In what ways did the French Enlightenment era help create the study of modern economics? Illustrate and explain all key figures

and their philosophies. Are they influences found still in the modern

global economy? If so, in which ways?

3. Who was Jean Baptiste Say? Why is he important in IPE? Explain.

4. Who were Charles Fourier and Count Saint-Simon? What economic philosophies did they create? Are their views prevalent, still?

5. Who was Karl Marx? What was his economic philosophy? How and why has his economic philosophy been so widespread as well as controversial? Explain.

6. What is Import Substitution Industrialisation? What are its's problems? Explain.

7. What is the East Asian Model? Should the West imitate it? What are its's strength and weaknesses?

8. What kind of economic reform is occuring in China? Is it both good and bad for China as well as the global economy?

9. What are the global community's criticisms about the WTO's treatment of developing countries? Are their complaints valid?

10. What are Multinational Corporations? Explain their evolution by illustrating examples of the first to evolve slowly thousands of years ago as well as the first global businesses to appear in the modern age. How are these kinds of businesses influencing the modern world economy in a positive or negative way? Should MNC's be regulated by the international community. Defend your point.


11. What is the International Monetary System? What are its' problems? How can payments imbalances become remedied?

12. What is the Bretton Woods System? Who created it, when, and why? Is it still used in the present? What were its' strengths and weaknesses?

13. What International Monetary System conflicts have occured since the 1970's? Have the international powers involved solved these problems?

14. How has the European Union cooperated in global currency exchange rates? Have they been better team players than America?

15. Why are some people as well as nations richer than others? Oatley source to be used as a source.

16. What can financial markets indicate about becoming wealthy very quickly. Oatley source to be referenced as well.

17. What does economics indicate about politics and vice versa? What are special interest groups?(Oatley data necessary).

18. What indicators are necessary to determine a successful and thriving economy? What factors cause economies to surpass others yet eventually decline? Does a powerful economy always indicate

a prosperous society for most everyone?(Oatley data to be used

as well).

19. What is the Federal Reserve? Is it a force of good, bad or both? (Oatley material to be consluted as well).


Tutor Answer

School: Duke University


Running head: ESSAY TOPICS


Essay Topics
Student’s Name


Who was Jean Baptiste Say? Why is he important in IPE?

Numerous analysts played an important part within the progression of monetary science
and Jean-Baptiste Say was one among them. The substantial exploration inspector Jean-Baptiste
Say was born in 1767 and he contributed in various financial sciences (Meade, 2013). He was the
major devotee of the self-coordinating monetary plan of rivalry by Adam Smith and he similarly
presents different studies in support of the hypothesis by Adam Smith. Jean-Baptiste Say was
also the devotee of the work by Scotsman which brought about the new words of monetary
science. Say demonstrates his own specific speculations linked with the hypothesis by Smith
known as “the abundance of country”. Moreover, within his examination he articulates that the
Adam Smith’s view of “the abundance of nations” was without an approach; was misty and
comprised for extremely several deviations as well as divergences. Say understood that common
law reinforces monetary conduct making it collected, understandable, and comprehensive
Meade, 2013). Say focused on reason’s section in monetary examination, creation of riches, and
the advantage expansion or securing of benefit. Viewing money correlated matters as a
regulation for attaining comprehensive realities his fiscal method was that of a realists and
Say’s Law related to markets
One of the reasons why Say is important in IPE is because of his law related to markets.
He was the leader who articulated that his generation is a source of consumption and with no
creation then no one is set to devour anything. Say additionally presented the chain of command
of free marketplace action (Sowell, 2015). He stated that the capability of a man to call for
something is the capability of a man to provide that much quantity of the good or administration.



The degree of creation of a dealer speaks to his capability to demand. The necessity of interest
and supply calls for money to pay or to get thusly calls for an earlier show of the ability to
supply. The manufacture of products targets that wages be compensated to the pers...

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