Students Are Required To Write A Current Event Essay ✓ Solved

Students Are Required Write A Current Event Essay In Which They Analyz

Students are required to find an article from sources such as The Economist, Wall Street Journal, Time, Newsweek, etc., and write a three-page essay (Times New Roman, double-spaced, 12 point font, and one-inch margins) relating the article to topics discussed in the course. The essay must cite the article, demonstrate how course topics relate to it, and be submitted during Week 18. Late essays will not be accepted. The essay is worth 50 points.

Sample Paper For Above instruction

Introduction

In an era characterized by rapid economic changes and global interconnectedness, analyzing current events provides valuable insights into broader economic theories and policies. This paper examines a recent article from The Economist titled "Global Supply Chains Reconfigured as Countries Seek Resilience," which discusses shifts in international supply structures amid pandemic disruptions and geopolitical tensions. By connecting these developments with key economic concepts such as globalization, supply chain management, and economic resilience, this analysis demonstrates the relevance of course topics to real-world economic phenomena.

Summary of the Article

The article from The Economist highlights how the COVID-19 pandemic and ongoing geopolitical conflicts, notably between the United States and China, have prompted countries to reconsider their reliance on global supply chains. It discusses the trend toward reshoring and nearshoring—bringing production closer to consumer markets—as a strategy to enhance resilience against future shocks. The article further elaborates on how companies are diversifying suppliers and investing in technological innovations to mitigate risks associated with over-dependency on specific regions. The overarching theme emphasizes the shift from a purely cost-driven globalization to a more balanced approach prioritizing security and stability.

Analysis of Course Topics

The article vividly illustrates several economic concepts covered in the course. First, it exemplifies the effects of globalization and its associated vulnerabilities. Traditional global supply chains have often been driven by comparative advantage, aiming to minimize costs. However, the pandemic exposed these vulnerabilities, demonstrating that excessive geographic specialization can pose significant risks. This situation aligns with the theory of transaction costs and how increased costs and delays may incentivize firms to consider reshoring, an idea rooted in new trade economics (Helpman, 2011).

Second, the article reflects the principles of economic resilience—an important aspect discussed in the course. Countries and firms are now emphasizing systems' robustness to withstand shocks, a concept akin to the idea of strategic stockpiling and diversification of suppliers (Baldwin & Evenett, 2020). The transition towards reshoring is also related to the concept of "economic security," where governments seek to safeguard critical industries against geopolitical risks, illustrating the role of government intervention in market dynamics.

Third, the movement towards nearshoring and diversification relates to concepts of market failure and externalities. Disruptions in supply chains can have widespread impacts, underscoring the importance of coordinated responses and policy measures to correct market failures, which can lead to increased government involvement and regulation (Stiglitz, 2019).

Moreover, the article underscores the shift in global trade patterns, influencing exchange rates, tariffs, and trade balances—areas integral to international economics. These policy tools are often employed to protect domestic industries or promote resilience, aligning with the course's exploration of trade policy and economic strategy.

Implications and Broader Context

The ongoing restructuring of supply chains signifies a broader transformation in the global economy. From an economic perspective, reshoring may initially increase production costs and prices but could lead to more stable supply networks, ultimately benefiting consumers through decreased volatility. This dynamic also raises questions about the trade-offs between efficiency and resilience, a classic debate in economic policy (Rodrik, 2018).

Furthermore, the shift aligns with the push towards sustainable and responsible investing, as companies consider environmental and social governance (ESG) factors in their strategic planning. Reshoring initiatives often involve investments in greener technologies, reflecting the interconnectedness of economic policy and sustainability goals.

From a policy standpoint, governments might implement measures such as subsidies, tax incentives, or trade policies to encourage domestic production. Such actions invoke theories of strategic trade policy and government-market interactions, reinforcing the importance of policy tools discussed in the course.

Conclusion

This analysis demonstrates that current events, such as the reconfiguration of global supply chains, are deeply intertwined with core economic theories and policies. Understanding these relationships enriches our comprehension of international economics, market dynamics, and governmental roles. As the global economy continues to evolve, tying real-world developments to academic concepts ensures a holistic grasp of the subject matter, preparing students for informed engagement in policy and business decisions.

References

Baldwin, R., & Evenett, S. J. (2020). COVID-19 and Trade: The Impact of Disruptions on Global Supply Chains. London: Centre for Economic Policy Research.

Helpman, E. (2011). Innovative Trade and Growth. Harvard University Press.

Rodrik, D. (2018). Straight Talk on Trade: Ideas for a Sane World Economy. Princeton University Press.

Stiglitz, J. E. (2019). People, Power, and Profits: Progressive Capitalism for an Age of Discontent. W. W. Norton & Company.

The Economist. (2023). "Global Supply Chains Reconfigured as Countries Seek Resilience." Retrieved from https://www.economist.com

(Note: The references above are fictional examples inspired by typical scholarly sources; actual references should be properly sourced and formatted according to citation standards.)