John Arnold
Econ 102
Midterm: (essays of 250-500 words per chapter; per the syllabus)

Globalization Economics Chapters 1-4

Chapter 1: Globalization in General & Globalization Economics in Particular

This chapter gives an over view concept of what globalization entails. The chapter gives a great description and definition of the concept: “Globalization is a holistic, or systematic, set of structures, dynamics, functions or goals, internal constraints, and external impediments”. All of this is relative to the exchange of goods, services, e-goods, information, ect. In other definition, globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by …show more content…

Roosevelt issued an order forbidding banks to pay out or export gold. On April 5, again by a presidential order, Americans could not own more than $100 worth of gold or gold certificates. Amounts in excess had to be converted into other U.S. currencies. The Gold Reserve Act of 1934 authorized the president to revalue the dollar in relation to its existing statutory gold equivalent. This set the dollar's value at 59.04 percent of the par value as set by the Gold Standard Act of 1900, resulting in a gold "profit" of $2,806 million through devaluation of the dollar. I think every person should have a understanding of The Gold Standard and why it is important. I think it will help me in my career and life by having a understanding of why it was implemented and why we are no longer on it.

Chapter 4: Moral Assessment of the GSS

The most interesting fact that I learned from this chapter is that gold was not in fact the principal tool of world transactions. For the most part in respects to world trade, gold standard was favored by Britain, France, USA and Germany, in that order. In this chapter I learned the three criteria one can confront any theory. First, is the theory of the GSS consistent with itself; Second, does the theory cover all the facts or just a part of them? Last is there any compatibility between the theory of the GSS and the data it attempts to explain? This chapter is important because a person has to have a