Preview

terms of jsis 200

Good Essays
Open Document
Open Document
9460 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
terms of jsis 200
Thank you all for the help on this study guide, best of luck on your tests! I’ll leave the guide up for sharing with friends. ­ Big
Sean

UPDATE:
Added Gelvin and Final Essays to work on. The order is:
1. Lecture Concepts
2. Frieden
3. Gelvin
4. Final Essays

Please Note: If you want to correct any answers, please use strikeout and highlight instead of deleting the old text. Highlight your new answer, and strikeout the incorrect answer. I will try to come through and doublecheck and correct as needed. If you give an answer, if you know the book, please list the author’s name and page number with your answer so we can all read up on it. I will add the Gelvin notes as soon as I get them. This is a public document, please share with anyone in JSIS 201! Thanks!

CONCEPTS FROM PROF. MIGDAL’S
POWERPOINTS

Free trade ­ open markets, very limited government restrictions on export & import Concert of Europe ­. Lasted until WWI (1914) Balance of power ­ premise that if one of the powers constitutes aggression, remaining powers will unite to counter the aggressor

Gold Standard ­ The main feature of the gold exchange standard is that the government guarantees a fixed exchange rate to the currency of another country that uses a gold standard (specie or bullion), regardless of what type of notes or coins are used as a means of exchange. This creates a de facto gold standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself. In financing the war and abandoning gold, many of the belligerents suffered drastic inflations. Price levels doubled in the US and Britain, tripled in France and quadrupled in Italy. Exchange rates change less, even though European inflations were more severe than America’s. This meant that the costs of American goods decreased relative to those in Europe. Between
August 1914 and spring of

You May Also Find These Documents Helpful

  • Powerful Essays

    2. During the past year, the consumer price indexes of the U.S. and Europe rose by 2% and 5%, respectively. During this same period the exchange rate ($/euro) didn’t change from its value of $1.20/euro.…

    • 484 Words
    • 2 Pages
    Powerful Essays
  • Satisfactory Essays

    Gold Standard Dbq

    • 218 Words
    • 1 Page

    The Gold Standard, formally instituted in the United States in 1834, was a way to secure the prices of domestic currency in terms of a tangible, valuable commodity–gold. With a single ounce worth $20.67 ($384.35 in today’s money), people freely converted their earnings into gold and vise versa. Originally on a bimetallic system, that is a silver and gold standard, the United States followed the British in their transition to a strictly gold standard. During this time, a great number of countries adopted this system to varying degrees, leading to a groundbreaking period of free trade and economic growth. This period was limited, however, and was dismantled during World War II due to aggressive inflation.…

    • 218 Words
    • 1 Page
    Satisfactory Essays
  • Powerful Essays

    Fins1612 Notes

    • 17846 Words
    • 72 Pages

    Medium of Exchange The world’s current medium of exchange is money. Money solves the divisibility problem divisibility (How do you sell you half a cow? Etc.) facilitates saving (You can keep money indefinitely, but what Etc.), about foods?) and represents wealth. The Five Sector Economy The economy can be divided up into five different sectors.…

    • 17846 Words
    • 72 Pages
    Powerful Essays
  • Good Essays

    HIUS 222 Exam Review Sheet

    • 1197 Words
    • 5 Pages

    11. War Bonds- are debt securities issued by a government for the purpose of financing military operations during times of war. War bonds generate capital for the government and make civilians feel involved in their national militaries. This system is also useful as a means of controlling inflation in such an over stimulated economy by removing money from circulation until hopefully after the war is…

    • 1197 Words
    • 5 Pages
    Good Essays
  • Good Essays

    Alice wants to buy the Alpaca socks which Bob has for sale. In return, she must provide something of equal value to Bob. The most efficient way to do this is by using a medium of exchange that Bob accepts which would be classified as currency. Currency makes trade easier by eliminating the need for coincidence of wants required in other systems of trade such as barter. Currency adoption and acceptance can be global, national, or in some cases local or community-based.…

    • 796 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Currency has been used as a medium of exchange, for trading goods and services for around…

    • 2841 Words
    • 12 Pages
    Powerful Essays
  • Satisfactory Essays

    Currency and Medium Lo

    • 3829 Words
    • 16 Pages

    Most currencies were pegged to the British pound, which could be converted to sterling silver.…

    • 3829 Words
    • 16 Pages
    Satisfactory Essays
  • Better Essays

    “Gold standard” Wikipedia: The free encyclopedia Wikimedia Foundation, Inc. 1 April 2011 at 22:45 <http://en.wikipedia.org/wiki/Gold_standard>…

    • 1069 Words
    • 5 Pages
    Better Essays
  • Good Essays

    The rules of a gold standard are simple: first, a country’s government declares its’ issued currency, (may be coin or paper currency) will exchange for a weight in gold. Second, in a pure gold standard, a country’s government declares that it will freely exchange currency for actual gold at designated exchange rate. This “rule of exchange” means that anyone can go to the central bank with coin or currency and walk out with pure gold. Equally, one could also walk in with pure gold and walk out with the equivalent in coin or currency. The gold standard did not give any country special status in the world and its big advantage is that it acts as an automatic restraint on increasing money supplies too quickly, preventing inflationary monetary policies from irresponsible governments.…

    • 901 Words
    • 4 Pages
    Good Essays
  • Better Essays

    Federal Reserve Paper

    • 948 Words
    • 4 Pages

    Money was generally created to replace the barter system and is used habitually in the world’s economy in exchange of goods and services. Money is used to perform four functions that are medium of exchange, unit of account, store of value, and standard of deferred payment. Medium of exchange is activated when sellers are willing to accept items in exchange of goods or services. The economy is more resourceful when one item serves as medium of exchange, such as the US dollar. Unit of account is normally used in the barter system, where each good has different prices. Once a single good is used as money, each good has one price as opposed to different prices. Unit of account gives buyers and sellers a way of measuring value in terms of money. Store of value is when money allows value to be simply stored. Conversely, it is not the only store of value. Any asset embodies store of value and value is not solidified and may increase in the future. Standard of deferred payment consists of money facilitating exchange at a given moment by providing medium of exchange and unit of account. Furthermore, it can facilitate exchange over time by providing store of value and standard of deferred payment.…

    • 948 Words
    • 4 Pages
    Better Essays
  • Satisfactory Essays

    Target Market

    • 473 Words
    • 2 Pages

    A= The exchange process becomes much easier because instead of having to look for that one person to trade with who may have a need for a your item or value, you can simply use money to buy what you need from anyone with a desire to sell it.…

    • 473 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    First we should know what the gold standard was. The gold standard was a monetary system where a country's currency especially paper money has a value directly linked to gold. With this standard, countries agreed to convert their paper money into a fixed amount of gold. A country that uses the gold standard sets a fixed price for gold and buys and sells gold at that price. That fixed price is used to determine the value of the currency. For example, if the U.S. sets the price of gold at $700 an ounce, the value of the dollar would be 1/700th of an ounce of gold. So what committed America to adapt this…

    • 114 Words
    • 1 Page
    Satisfactory Essays
  • Better Essays

    the money to buy imports and loss in production reduced exports. As the value of the…

    • 1681 Words
    • 7 Pages
    Better Essays
  • Powerful Essays

    Gold Standard

    • 2587 Words
    • 11 Pages

    What exactly is the gold standard? The gold standard is a monetary standard under which the basic unit of currency is defined by a stated quantity of gold. Typically this standard was used in the 1800’s into the early 1900’s as a means of currency. This currency today no longer exists; our current currency is called the fiat system, which is merely paper money that is printed in to existence.…

    • 2587 Words
    • 11 Pages
    Powerful Essays
  • Better Essays

    MURABAHAH

    • 1229 Words
    • 4 Pages

    5. The commodity must come into the possession of the financier, whether physical or constructive, in the sense that the commodity must be in his risk, though for a short period.…

    • 1229 Words
    • 4 Pages
    Better Essays