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Module 1: Globalization and the Foundations of Trade in Economic Perspective

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  • Post Date 2018-11-06T11:59:48+00:00
  • Post Category Essays

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Module 1: Globalization and the Foundations of Trade in Economic Perspective

Oil Price Plunge and the Middle East

INSTRUCTIONS:

Select as a case study any global economic event or events currently or recently covered in the news media and write a critical essay applying the concept points covered in any module (or modules) of the course. If possible, select an event that has had an impact on the Middle East.



The thesis or point of each student essay will be to evaluate alternative propositions for economic choice by one or more individuals, firms, organizations, or governments applying one or more of the economic theories provided in the course.



Students should use and cite at least four published sources to support their positions and analyses in addition to citing at least one discussion of economic theory in the Carbaugh textbook. At least two of the sources should be written by economists (they can be writing in news media or academic journals), and at least two of the sources should present arguments or perspectives that differ from or oppose each other.





Text book: Carbaugh, R. (2013). International Economics (14th ed.). Mason, OH: South-Western, Cengage Learning. ISBN 13:

9781133947721



Module 1: Globalization and the Foundations of Trade in Economic Perspective

Module 2: Comparative Advantage - Sources of

Module 3: Comparative Advantage – Challenges to

Module 4: Introduction to Barriers to Trade

Module 5: Introduction to Barriers to Trade

Module 6: Trade Regulations and Policy

Module 7: Modernization of Trade Regulations and Policy

Module 8: Regional Trade Arrangements

Module 9: International Factor Movements and MNEs

Module 10: Balance of Payments

Module 11: Foreign Exchange

Module 12: BOP Adjustments

Module 13: Exchange Rates

Module 14: Macroeconomic Policy and International Banking

CONTENT:

Portfolio Project (International Economics): Oil Price Plunge and the Middle East Name Course Instructor Date Background The recent plunging oil prices from June 2014 has highlighted the fragility of oil dependent countries, since, oil is the biggest component of revenue. The effects of declining oil prices in the Gulf Cooperation Council Countries GCC countries are likely to increase government borrowing to continue with government spending in the face of falling oil revenues. This further highlights the impact of oil prices on the balance of payments in the GCC countries, and the need for diversification as a strategy to improve their economic outlook. The GCC growth approach has focused on using oil revenue to improve infrastructure, education and health while also increasing employment in the public sector (IMF, 2014). Nonetheless, there is exposure to volatility of oil prices that undermines this growth approach that would be more sustainable when oil prices decline over time. The Middle East and oil prices The plunge in the oil prices has affected the revenues and budgetary allocation in the GCC countries, which rely on petroleum on economic performance. Crude oil is an important product to the economies of the GCC countries in the Middle East. Hence, account balances of these are running low and there is pressure for the countries to diversify reform t

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