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Essay / Research Paper Abstract
A 5 page paper refuting the central ideas behind a 'World Unified Currency' plan (W.U.C.). The writer describes the economic problems that would result from countries being able to choose their own exchange rate, troubles experienced by private industry, the destruction of capitalism, and more. It is concluded that as difficult as it may be, the world must accept the fact that some nations will succeed where others will not. The ceilings imposed by a W.U.C. plan are counter-productive and do not effectively promote the competitive efforts upon which the world economy is built. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: D0_Worldeco.rtf
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Unformatted sample text from the term paper:
essence of capitalism is its inherent stunting of competition. The plan restricts free capitalism in several ways. Rather than allowing world markets and individual economies to intrinsically determine
currency values, member nations are allowed to create their own. This enables greedy nations to "fix" their respective rate of exchange and to unfairly influence economies. In doing
so, they could gain political power and prevent nations with more integrity from competing fairly. Similarly, the fact that the determined exchange rate is to be fixed for five
years will prove politically unfair since those whose rates are too low will become "locked in" and political powerless while those whose rates are too high will be given an
unfair 5-year-long opportunity to prosper more so than they deserve. Economically detrimental to the world is the way that this plan allows member nations to determine
their own exchange rates but then limits them to 10 national currency units per W.U.C. Although well-intended with the idea of preventing economies from collapse, this restriction facilitates the
falsification of currency rates. Countries experiencing economic difficulty, whose currency should legitimately be 11 or more units per W.U.C. will be getting a virtual "free ride." Coupled with
the political problems brought about by the induced inability to compete effectively, these negative aspects of the W.U.C. bring about serious cause for re-consideration and for debate...
The political problems that result from countries being able to choose their own exchange rate and then have those rates locked for five years are potentially tremendous. Thematically,
the primary purpose of the W.U.C. is supposed to be to stabilize the international monetary system while assisting economic development. But in preventing world politics and economy from taking
...