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Religion in the Arab-Israeli Conflict, 2005.
This paper discusses the role of religion in the Arab-Israeli conflict.
1,700 words (approx. 6.8 pages), 10 sources, APA, AU$ 67.95
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Abstract
This paper states that, although there are significant political, cultural, historical and geographical aspects of the dispute over the "Holy Land", the Israeli-Arab conflict is based on deeply rooted religious beliefs and attitudes held on all sides. The author stresses it is essential to understanding of the basic beliefs of Judaism, Christianity and Islam, their similarities and differences, conditions for the permissibility of war and killing and the significance of the Holy Land. The paper concludes that when religion is involved a peaceful reconciliation can come from the differing faiths only when their interests are combined.
Table of Contents
Introduction
Judaism
Christianity
Islam
Conclusions: Is Peace Possible?
From the Paper
"Islam shares some key beliefs with the other two faiths. For example, Muslims believe in the total "unity" of God much like in the Jewish faith. Further, Muslims also share the same Prophets with Judaism and Christianity. These include Adam, Noah, Moses, Isaac, Jacob, and Jesus (whom they regard as a prophet, and not divine). Further, they also believe that Jesus was born of a virgin birth just as in Christianity. Even in areas of practice, Islam shares some striking similarities with the other faiths. For example, Muslims do not eat pork (like observant Jews), and they also share many of the same moral rules (no sex outside of marriage, the prohibition of killing and stealing, etc.). However, Islam differs radically from Judaism and Christianity in that it does not allow the drinking of alcohol, does not observe the Sabbath on the same day, and considers Jewish and Christian believers to be in grave error due to their rejection of Jesus and Muhammad as legitimate prophets."
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"Resource Wars", 2005.
This paper discusses Michael T. Klare's "Resource Wars", which takes the old ideas of imperialism and the liberal economy and places them in the modern world, confronted with immediate shortages and conflicts surrounding of natural resources.
2,990 words (approx. 12.0 pages), 5 sources, APA, AU$ 107.95
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Abstract
This paper explains that Michael T. Klare in his book "Resource Wars" states that, although society is often blinded by religious and political propaganda, the ultimate fight is for economic stability. The author points out that, using this argument, many of the United States' recent international policies supposedly aimed at the spreading of freedom can more accurately be seen as the United States acting to tighten its grip upon the world's oil supply. The author of this paper believes that Klare's argument vitally falls short because he contents himself merely to identify the root causes of future conflicts and provides few avenues for the avoidance of bloodshed. The paper aalso discusses whether alternative sources of energy can be utilized and the current supplies of water can be better distributed.
From the Paper
"The core notion that privatization of the world's water supplies alone can solve the impending water crisis is likely to be false: "Water would be allocated more efficiently and wasted less if its allocation could be based on clear prices established by demand and supply. But the argument is also a bit too simplistic. Water is not a commodity like any other. Rather, it is inherently susceptible to market failure-that is, unfettered markets often will fail to allocate it optimally." Still, the claim that individual governments can remain capable of distributing water efficiently and free of pollutants is likely to be equally fallacious. The moral consequences of pricing water-essentially, placing a monetary value on life-although rather compelling and moving, remain unrealistically placed in a world threatening to reach a population of nine billion by 2050, and concurrently struggling to maintain stable economies and governments."
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U.S. Trade Balance and Exchange Rate, 2006.
This paper analyzes the issue of the U.S. trade balance and its significant impact on the exchange rate in America due to the burgeoning trade deficit and declining value of the dollar against other major world currencies.
1,922 words (approx. 7.7 pages), 10 sources, MLA, AU$ 74.95
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Abstract
This paper examines the relationship between the trade balance and the exchange rate. The writer details the general rule of economics that states a negative trade deficit normally leads to a weaker currency while trade surplus results in enhanced value of currency, although there are exceptions to the rule, which are detailed in this paper. This paper discusses the issue of the U.S. trade balance and its effect on the exchange rate of the country's currency which is currently in the limelight due to the burgeoning U.S. trade deficit and the declining value of the dollar against other major world currencies. The writer of this paper delves into America's economy against that of China's and questions whether the U.S. dollar will retain its status of the reserve currency in the long run. This paper touches on the opinions and views of economists and U.S. treasury officials who contend that the current trade deficit is nothing to be alarmed about as the country's economy and the U.S. dollar survived a similar slide in the late 1980s. This paper also discusses the opinion of the U.S. administration that believes the alleged under-valuation of the Chinese Yen is a prime source for the deficit problems since there is a huge and growing trade imbalance between the U.S. exports and imports to China. The well-researched and well-written paper clearly define the terms: Trade balance, exchange rate and reserve currency.
Table of Contents:
What is Trade Balance?
What is Exchange Rate?
The Extent of Trade Balance Deficit in the U.S.
What is a Reserve Currency?
Can the U.S. Dollar Retain its 'Reserve Currency' Status for Long?
Is the U.S. Trade Deficit Sustainable?
Is China the Source of the Deficit Problem?
Possible Solutions to the Trade Deficit Problem
Conclusion
References
From the Paper
"The key question is, can the US dollar retain its status of the resrve currency for long? History suggests that it may not. Before the advent of the dollar as the world's reserve currency, the British Pound had enjoyed such a status. Between the two World Wars and the post-World War II period saw the weakeing of the British economy. As a result, the British Pound was devalued by 30% in 1949, effectively ending its run as the world's reserve currency and the start of the dollar's reign. Dollar has been able to retain its status as the reserve currency since it was relatively stable, was backed up by the formidable economy of the US, low interest rates and the absence of an alternative currency."
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Spain, Portugal and the Euro, 2006.
This well-researched paper details the economies of both Spain and Portugal while focusing on the impact of the Euro on both of these countries.
3,224 words (approx. 12.9 pages), 11 sources, MLA, AU$ 112.95
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Abstract
This paper details the birth of the European Union, or EU, as an intergovernmental organization of European countries, considered the most powerful regional organization at present. The chief activity of the EU covers the establishment and administration of a common single market, which consists of a customs union, a single currency called the Euro, a common agricultural policy and a common fisheries policy. The writer of this paper delves into the economies of both Spain and Portugal while discussing the impact of the Euro on both of these countries. Portugal's economy is based on traditional industries, including textiles, clothing, footwear, cork and wood products, beverage, porcelain and earthenware, glass and glassware. This paper details Portugal's inclusion into the EU as well as its impressive showing in Europe's automotive sector and services, particularly tourism, which has played a significant role in reviving this once depressed economy. After joining the EU, the Spanish government continued with its programs of liberalization, privatization and deregulation of the economy as well as tax reforms. Following its membership in the EU in 1986, Spain experienced strong economic growth and trade expansion, which are clearly described in this paper. This paper also contains relevant statistics and data regarding both countries' economies before and after inclusion into the European Union.
Table of Contents:
Introduction
Changes in General Performance and Structural Economy
Portugal
Spain
Impact of the Euro on Portugal and Spain
Expectations
Conclusion
Bibliography
From the Paper
"Poverty reduction is a major goal in Portuguese cooperation, which has yet to be sufficiently addressed. In tackling this goal, Portugal places top priority to education and health. Unfortunately, these allocations do not strictly target the poor and there has not been a focus on prominent sector-wide approaches. As to debt actions, Portugal has made higher payments at $126 million in 1999, which was 35% of the total ODA gross disbursements. The DAC average was only 4%. Most of its actions come from defaults on state guaranteed private export credits and loans. Its ICP's strategic role in coordination likewise remains insufficient in minimizing overlaps of aid programmes by the different ministries and other agencies. Operating tools and useful guidelines still have to be developed and evaluations undertaken in a comprehensive and effective way."
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The Iraq War, 2005.
Examines justification and critical arguments about George W. Bush's reasons for invading Iraq.
1,577 words (approx. 6.3 pages), 9 sources, MLA, AU$ 62.95
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Abstract
The great majority of critical comment from both scholars and other countries suggest that the United States attacked Iraq precipitously and without exploring all other options first. In addition, there is now credible evidence that the reasons given by Bush and his administration to justify this action do not stand up to close scrutiny. This paper examines the arguments pertaining to President Bush's invasion of Iraq and ultimately argues that the war was not justified.
Paper Outline:
Introduction
Justification
Critics
Skepticism in Other Countries
Conclusion
Bibliography
From the Paper
"While the United Nations had an intensive program of inspection of Iraq's war manufacturing, Iraq employed multiple strategies to thwart UN inspections (Cordesman, p. 175). The need for these inspections was clear, because Iraq had used WMD not only on civilian targets during the Iran-Iraq and Gulf wars but on minority groups within its own borders (Cordesman, p. 176). The Bush administration believed, largely because of Iraq's intense efforts to thwart the U.N.'s authority to inspect, that Iraq might have hidden some WMD outside its borders (Kassop, Nancy)."
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The Human Development Index (HDI), 2005.
This paper discusses the Human Development Index (HDI), which was first calculated in 1990 by the United Nations Development Program (UNDP) as an indicator of human development in both industrial and lesser developed nations.
2,645 words (approx. 10.6 pages), 4 sources, MLA, AU$ 96.95
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Abstract
This paper explains that the Human Development Index (HDI) presumes that in a hypothetical ideal situation everyone would have the opportunity to make choices about the essential issues in their lives. The author points out that HDI is a helpful calculation method because it uses specific indicators of a nation's various developmental factors to create a more generalized index, thus simplifying a very complex reality. The paper relates finding of the application of the HDI such as investment in human capabilities is a never-ending process and it is not obvious that the payoff, in monetary terms at least, is greater when levels of development are low. Chart.
From the Paper
"This ideal state is assigned a value of one and the various countries' levels are calculated accordingly on a zero to one scale. This emphasis on empowerment is important to this thesis since it addresses the question of independence versus dependence. For example, in an ideal case everyone in the world would have the opportunity to use the Internet, because they would have the adequate educational background, pleasant environment without major factors threatening their lives and living conditions, and the economic resources to take advantage of network services. HDI indicates the distance countries have to travel to reach such equal and independent possibilities in reality."
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Anti-Imperialism in the United States, 2006.
An argument in favor of continuing the anti-imperialist tradition in the U.S.
904 words (approx. 3.6 pages), 4 sources, APA, AU$ 39.95
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Abstract
This paper presents an overview of the anti-imperialist tradition in the United States and argues that it is the most noble type of foreign policy to follow. The paper also traces the roots of the U.S. anti-imperialist ideology and looks at where the country has veered from an anti-imperialist foreign policy towards a policy that favors meddling in the affairs of other countries. The paper argues that pursuing an imperialist foreign policy betrays the lofty ideals upon which the U.S. was founded.
From the Paper
"While the pro-imperialists saw the imperialism as economically and strategically beneficial for the country, the anti-imperialists considered it a betrayal of the country's lofty ideals and felt that the policy ran counter to America's founding ideology. They also believed that a democratic republic such as the United States could not be an empire and reasoned that if the country kept its empire the republic would fall. (Zwick, 1996-"Imperialists and...") American Imperialism at the time was also a manifestation of racism and a reflection of the theory of "the white man's burden" advanced by imperialist writers such as Rudyard Kipling. Andrew Carnegie, a member of the Anti-Imperialist League, gave a fitting response to expansionists who felt that the Americans had a duty to occupy Philippines in order to "civilize" the Filipinos, by remarking: "Congratulations. You seem to have about finished your work of civilizing the Filipinos. It is thought that about eight thousand of them have been completely civilized and sent to heaven." (Zwick in "An American Anti-Imperialist ....")"
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The Bay of Pigs Invasion, 2006.
An overview of the Bay of Pigs invasion and the aftermath of the invasion, particularly with regard to American-Cuban relations.
2,846 words (approx. 11.4 pages), 9 sources, MLA, AU$ 102.95
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Abstract
This paper analyzes and discusses the Bay of Pigs invasion, implemented and designed by President John F. Kennedy, and the impact this failed maneuver had on American foreign policy and on American-Soviet, as well as American-Cuban relations. The paper describes the attempted invasion, the Cuban response to the invasion, the events leading up to the invasion and why it represents one of the worst political disasters in recent U.S. history. The paper further discusses the political repercussions that followed the attempted invasion and its long-lasting impact on American-Cuban relations.
From the Paper
"On the morning of the invasion, it was reported that the exile forces, together with the CIA, had literally destroyed numerous locations, had landed in several provinces within Cuba, had freed thousands of political prisoners and had driven inland, practically dividing the whole country into two separate parts, not to mention placing the Cuban Navy in revolt. In reality, however, none of these claims were true, for the exile forces in the Bay of Pigs encountered immediate difficulties. For example, the location for the first assault was suppose to have been an isolated area, a good place for a surprise attack, yet the forces discovered a militia patrol which destroyed the element of surprise; the beachhead was suppose to be sandy and free of obstacles, yet many reefs were encountered which sank some of the boats. Worst of all, Castro's men were lying in wait just north of the original landing point. Much gunfire then erupted and the exile forces found themselves pinned down; to make matters worse, reports soon came in the Russian tanks were moving closer with every passing minute."
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EU and the Migration Problem, 2005.
Examines how the European Union deals with the question of free trade in the labor market.
1,129 words (approx. 4.5 pages), 1 source, APA, AU$ 47.95
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Abstract
While the initial formation of the European Union was striking in its novelty, many believed that the May, 2004 expansion that included many post-Soviet Central and Eastern European would bring new challenges. The paper shows that chief among these was the worry concerning the imbalance between the labor economies of those newly admitted nations, and that of the more affluent older members. The paper shows that although most EU members have no problem with the free trade of goods and services (without import taxes or other restrictions) across their borders, quite a few blanch at the thought of allowing free trade in the labor market as well.
From the Paper
"One typical objection to free labor trade might be (perhaps from Germany) that German companies may try to move to cheaper (i.e. lower wage, lower property costs, etc) Eastern or Central European nations, thereby creating even larger unemployment within Germany as a result of their removal. Although on some levels, and at least temporarily, this may be true, the truth is that companies may pay less in those countries with lower labor costs, however, they will be balanced by such issues as lower productivity, and increases in other costs (perhaps materials, equipment shortages, or higher energy costs due to an older, less efficient infrastructure)."
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News Framing: The Sino-U.S. Spy Plane Collision, 2005.
A comparison of the "New York Times" and the "People's Daily" coverage of the Sino-U.S. spy plane collision of April 1, 2001.
11,500 words (approx. 46.0 pages), 32 sources, MLA, AU$ 271.95
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Abstract
On April 1, 2001, what began as a minor training exercise turned into a post-Cold War confrontation between two of the world's nuclear powers. On this date, a collision of a U.S. spy plane and a Chinese fighter jet resulted in a tense - but not hostile - political confrontation between the two nations. This paper examines how although the actual details of the spy plane collision in April 2001 differed substantially in their respective accounts in the Chinese and U.S. media, these differences were not so important to many observers as how important the role they played in shaping public opinion as the events unfolded. It provides a side-by-side comparison of the accounts from China and the U.S. to show how the "New York Times" and the "People's Daily" seem to be covering two completely separate incidents. It also defines and discusses the media framing functions that were categorized into three dimensions: visual framing, contextual framing and operational framing.
Outline:
Introduction
Background and Overview
Differences in Media Accounts
Categorization of Framing Functions in Media Accounts
Review of the Literature
Role of the Media in News Presentation
Gatekeeping and Presentation of News Reports
Additional Factors Influencing Presentation of News Reports
The American Position as Reflected in "The New York Times"
The Chinese Position as Reflected in "The People's Daily"
The International Community's Position
Method
Data Analysis and Findings
"People's Daily": April 2-April 27, 2001
"New York Times" Analysis
Validity and Reliability
Conclusion
References
From the Paper
"From a subjective perspective, one can almost envision the Chinese leadership hunkered down in the Forbidden City formulating a cogent but forceful response to the spy plane incident that would show the world that they still meant business militarily, but one which would not go so far as to jeopardize what was really important: the American markets. However, from an international perspective, the evolution of the Sino-American trade bloc may be thwarted by future recurrences of this level of hostility, and in the post-Cold War globe, former allies may become potential enemies. "
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Kamikaze Pilots, 2005.
Examines the use of suicide pilots by Japan against the Americans during WWII.
1,987 words (approx. 7.9 pages), 3 sources, APA, AU$ 76.95
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Abstract
As the Second World War progressed, the Japanese hopes for a global empire were dashed and eventually, the imminent fall of Japan itself became apparent. The Americans could not be stopped by any conventional means--they were poised on the outskirts of the empire, waiting to come ashore. The paper shows that from a strictly military perspective, the only chance for the Japanese to halt American advancement was to employ some new and unexpected form of attack. Over time, the willingness of many Japanese soldiers to sacrifice themselves for the larger cause presented itself as, perhaps, the best possible way to gain an edge against the invaders. This paper examines the driving force of the young men who would become kamikaze pilots. It was a desperate tactic, utilized in a cultural setting that saw defeat as an apocalyptic outcome. The paper follows the story of a university student called Minoru who eventually became a Kamikaze pilot.
From the Paper
"Having had absolutely no flight experience, Minoru's relegation to the Ohkas was predetermined. Additionally, as his crash course in flight began it became quickly apparent that he was one of the least talented in his squad. By December 10, 1944 Minoru had been classified as a D level pilot. Still, he was less concerned with his ranking as a pilot than he was with his newly-found importance in the war. The most interesting parts of his days were the hour-long lectures on philosophy and history fed to him by his superiors. Though the general notions regarding honor and bravery had been what spurred him to join six weeks earlier, the new perspectives he gained during his training helped him to see a more broad historical context for his actions."
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Preferential Trading Arrangements (PTAs), 2005.
This paper examines if preferential trade agreements (PTAs) are trade diverting or trade expanding.
760 words (approx. 3.0 pages), 1 source, MLA, AU$ 33.95
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Abstract
This paper relates that the cost of trade diverting because of the efficiency costs of regional trade arrangements is larger than preferential trade agreement (PTA) proponents recognize. The author points out that these costs arise because (1) the claim that regional trade arrangements minimize trade diversion by grouping natural trading partners is wrong and because (2) the volume of trade flows between countries, another popular indicator, is not a good proxy of naturalness. The paper concludes that these two critiques of the static welfare effects of preferential trading arrangements suggest that the trade diverting effects are likely to be larger and the trade-creating effects are likely to be smaller than proponents of PTAs claim.
Table of Contents
Preferential Trading Arrangements (PTAs) through Free Trade Arrangements
Whether PTAs are Trade Expanding or Trade Diverting?
Conclusion
From the Paper
"Asian-Pacific Economic Cooperation (APEC), an initiative that brings together nineteen countries on both sides of the Pacific, was launched in 1989. The apparent shift in world trading arrangements has generated debate within policy and academic circles about the implications for global economic welfare. One set of protagonists in that debate, including high profile members of Clinton's economic team, such as Lawrence Summers, actively promotes PTAs."
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Russia and The European Union, 2006.
This paper examines the various reasons why Russia is still not a member of the European Union.
1,274 words (approx. 5.1 pages), 3 sources, APA, AU$ 52.95
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Abstract
This paper focuses on the evident rise of Russian nationalism, which is a result of the domestic media and various political players who want to keep Russia isolated from western influences. This is only one of the reasons Russia has not yet joined the European Union (EU). The writer of this paper analyzes the Russian government's displeasure with the EU due to the addition of several countries from the former Soviet bloc, including: Latvia, Lithuania, Malta, Slovakia and Slovenia, which resulted in Russia abstaining from joining the EU. This paper also discusses the EU's dissatisfaction with Russia's handling of their ongoing conflict with breakaway Chechnya as well as Russia's federal control which signals a departure from democratic decision-making.
Table of Contents:
Introduction
Why Did the Russian Government Decide Not to Join? (Reasons & Primary Sources)
Domestic Debate: Press, Positions by Major Political Actors, Parties, Interest Groups and Prominent Opinion Makers
Conclusion
Bibliography
From the Paper
"A recent survey conducted by the Russian Center for National Problems and Reforms yielded an insight into Russian domestic ideology as it pertains to the west. Twenty-two percent believed that Russia is a superpower and that any problems should be solved independent of the west. Twelve percent believed that closer ties to the west are imperative is necessary if there is to be economic reform. Eighteen percent want to return to socialism as existed during Lenin's regime. Fifteen percent are centrists and pragmatists who believe that Russia should foster relationships with the west and with middle eastern and Asian neighbors when it suites the country's needs. A look at these domestic statistics reveals that the liberal democrats are losing ground, and the Radical Conservative/Nationalist political position is taking greater hold even over more moderate positions."
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Asian Turmoil and the U.S. Economy, 2006.
This paper examines the impact in the rise of speculative investments in unregulated Southeast Asian economies which has resulted in a global-wide financial crisis.
3,361 words (approx. 13.4 pages), 18 sources, APA, AU$ 115.95
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Abstract
This paper analyzes the under-regulated stock market, real estate ventures and currency instability in the Asian economy that resulted in world-wide financial crisis. This paper explores the events in the stock markets in Thailand, Manila, Singapore and Hong Kong that were extremely profitable for a short time, only to crash soon after, leaving countless people owing billions of dollars and the economies of many Asian nations in shambles. The writer of this well-researched paper discusses how banks in the U.S. suffered greatly because of fraud in Singapore as well as in trading in derivatives, which when the various nations' economies sank, so did the value of these investments. This paper also examines the tug of war between Asian exports and imports and their impact on the American economy.
Table of Contents:
Abstract
Introduction
The Derivatives Fiasco
Japan
Asia
United States Actions and Reactions
Conclusion
Bibliography
From the Paper
"A staid old British banking institution, Baring Brothers, decided to enter the Asian derivatives field, and so sent a number of young traders, including Nick Leeson, first to Indonesia, then, based on his success, to Singapore. He used this great distance from the home office to trade in his own account, using the firm's money, as well as investments from other international banks. Because of the volatility of the market (and natural disasters like the Kobe earthquake) he first made poor judgment calls which had him owing 170 million pounds (about. $225 million). At the end, he was in the red (or, rather Baring's was) in the amount of $1.5 billion. When discovered, he and his wife fled, but were eventually arrested. This one man's greedy fraud had caused Baring's to go bankrupt, and caused a ripple effect in the U.S. where similar derivatives investments turned sour."
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Japans Pre-modern Cultural Tradition and the Economy, 2006.
An examination of the culture and economy in Japan.
3,937 words (approx. 15.7 pages), 12 sources, MLA, AU$ 130.95
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Abstract
In this paper, the author examines the differences in the culture of Japan to America. He looks at the significant differences between Western business culture and Japanese business culture based on studies taken and articles written. In particular the author looks at the work of Professor Yoshimori who tells us that the Japanese mind is complicated because of the archaic ways of thinking that still exist in the depths of the mind of an educated contemporary Japanese man or woman. The author proceeds to discuss the history of the Japanese economy and looks at its industrialization. The paper prudently points out that Japan learnt how to reinvent itself when it came into contact with various innovations, religious, economic and political, but never lost its national character. The paper continues to discuss the methods that the Japanese use to manage and develop their businesses. In conclusion, the author relates that many economists believe the rigidity of the national character has eventually caused Japan's economy to come apart in the past decade.
From the Paper
"Schawecker's Guide also tells us that Buddhism originally was imported to Japan in 538 or 552 AD in form of a present from the king of the friendly Korean kingdom of Kudara (or Paikche). The ruling nobles welcomed the new religion while the common people did not understand its complex theories. After a few conflicts with the native religion Shinto, the two religions soon were able to co-exist harmonically and even complemented each other. During the Nara period, the great Buddhist monasteries in Nara, for example the Todaiji, gained strong political influence which was one of the reasons for the government to move the capital first to Nagaoka (784) and then to Kyodo.
Nevertheless, the problem of politically ambitious and even militant monasteries remained a main issue for the governments during many centuries of Japanese history."
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The Korean Economic Crisis, 2006.
This paper provides a brief synopsis of South Korea's economic history leading up to its current economic crisis, as well as a few thoughts on South Korea's economic future.
1,694 words (approx. 6.8 pages), 19 sources, MLA, AU$ 66.95
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Abstract
In this paper the author looks at how the currency of South Korea, the won, de-valuated greatly against the American dollar. The author looks at how this devaluation affected South Korea's economy in that several of its businesses are on the verge of bankruptcy, unable to repay their massive foreign and domestic debts. The author looks at the request by South Korea for help from the International Monetary Fund (IMF) and the proposed plan by the IMF. In conclusion, the author states that there are clearly two parties of thought, some who believe the IMF plan will work and South Korea's economy will blossom and others who believe it will continue to deteriorate.
Table of Contents
Introduction
U.S. Involvement in South Korea's Economic Development
South Korea's Basic Economic Structure
The Fall of South Korea's Economy
The International Monetary Fund
Prognosis
From the Paper
"The economic strategy emphasizing exports had produced a shortage of domestic consumer goods that was exacerbated by the increasing demands brought about by rising wages and the advance in living standards. Price controls imposed on producers of consumer goods discouraged the manufacture of these goods, and the rapid inflow of dollars expanded the money supply and inflation became a serious problem.
President Park addressed these problems by replacing the economic team in December 1978 and adopting stabilization measures. However, these methods caused a recession, produced a series of bankruptcies among small and medium loan-dependent enterprises, and increased unemployment. This situation was similar to Korea's current economic problems. However, foreign aid continued to flow into the country and the government and large companies were able to continue servicing their debts."
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