Vietnam Currency Protectionism Essay Example for Free

Vietnam Currency Protectionism Essay Vietnams decision to devalue its currency by 5 per cent last week to protect itself from undervaluation of the Chinese renminbi, and the worried response from Thailand and other Asian countries, suggests the move towards global trade conflict may already be unstoppable. As one group of countries seeks to gain or maintain trade advantage by manipulating their currencies, the historical precedent suggests that countries that are not able to devalue will respond with trade protection, especially tariffs and other barriers, and global trade will suffer. In the 1930s many, but not all, major economies imposed draconian constraints on trade which sharply contracted international commerce and almost certainly slowed the global recovery. It was widely understood then that the collapse in international trade would only worsen the crisis, and yet countries, seeking to protect their own positions, collectively engaged in behaviour that left them worse off. American economists Barry Eichengreen and Douglas Irwin recently published a paper examining the roots of the post-1930 surge in protection. They argue that during the 1920s and shortly after the onset of the 1929 crisis, several countries abandoned the gold standard and engaged in beggar-thy-neighbour competitive devaluations. These countries subsequently experienced rapid improvements in their trade balances and suffered much less from the ravages of the global contraction of the 1930s. But others, most obviously the US and European gold bloc countries, were sharply constrained in their ability to adjust their currencies. These countries suffered much of the brunt of the adjustment as imports became more competitive against their domestic industries, especially in relation to countries that were less constrained. These were also the countries that were most likely to resort to what the authors call the second-best adjustment mechanisms tariffs, import quotas, exchange controls, and so on. The exchange rate regime and economic policies associated with it were key determinants of trade policies of the early 1930s, they wrote. Countries that remained on the gold standard, keeping their currencies fixed against gold, were more likely to restrict foreign trade. With other countries devaluing and gaining competitiveness at their expense, they adopted such policies to strengthen the balance of payments and fend off gold losses. That should not surprise us. In a world of contracting global demand policymakers were concerned not just with measures to boost domestic demand but also with measures that allowed them to acquire a greater share of foreign net demand. The easiest way to do this was by devaluation. But countries that were unable to realign their currencies remained under pressure to find alternative ways of helping their domestic industries. They resorted to tariffs and import quotas. The same thing may be happening again. Of course no currency is any longer tied to gold, so there is no country whose ability to devalue, as in the 1930s, is limited by a commitment to maintain gold parity. But there are countries whose abilities to manage their currencies are nonetheless severely constrained. The US dollar, for example, is widely believed to be overvalued, especially in relation to the currencies of Asian nations. Because of massive intervention by Asian central banks, however, it is proving almost impossible for the dollar to adjust sufficiently, except against floating currencies such as the euro. This creates a similar problem for Europe. Although few analysts believe the euro to be undervalued against the dollar indeed, most believe it is more likely to be overvalued it is nonetheless forced to bear the brunt of US dollar adjustment by further appreciation. This means that both the US and eurozone countries suffer from currency intervention and competitive devaluations elsewhere, with little room to adjust. What can the US and Europe do? If Messrs Eichengreen and Irwin are right, they are likely to resort to the same second-best options available to them as countries locked into overvalued gold exchange rates in the 1930s. They will raise tariffs or otherwise intervene directly in trade, and it is pretty clear already that as US and European anger over currency misalignment grows, the recourse to protectionism is also growing. Nearly everyone agrees that a world that retreats into direct and indirect forms of trade protection is a world that is worse off and likely to recover more slowly from the global crisis. But the fact that everyone seems to agree on this point should not allay our worries. In the 1930s, it was also well understood that the crisis would be exacerbated by plunging international trade. This did not stop a descent into protectionism which put the Great into the Great Depression. Once again it seems we are going to make the same mistake. Countries that can expand their share of global demand by competitive devaluations are seeking to do so. Countries that cannot will almost certainly consider more direct forms of intervention. We should worry. Without serious global co-ordination, in which the US and Europe forswear protectionism in exchange for significant appreciation of undervalued currencies, rising tariffs appear inevitable.

Refutation To A Bias Suggestion :: essays research papers

Refutation to a Bias Suggestion "Some people suggest that the Bible, being a collection of texts written long ago by persons much different from ourselves, does not have much (or any) significance for modern people." The suggestion that the Bible is invalid simply due to its authors and era is absurd and bias. This statement is supported by God and all modern day believers. Almost any Christian you confront with this statement would most likely give you a blank stare. However, it is mainly non- Christians who would make such a slanted view of the Bible. I am an American. The authors of the Bible were not. Why should this influence my opinion in the least amount? Simply because the texts of the Bible are old does not void their validity. Although we may not share the same nationality with the authors of the Bible, we do share common beliefs and faiths. Taken from a different perspective, non-Christians do not share the same beliefs, obviously, or they would not make such statements. Another question one may ask themselves is exactly how different are the authors of the Biblical texts from ourselves. Is it their lifestyle or career that makes them so exotic in relation to us? Is it just because they spoke another language? They are children of God, just as we are. Science today is still discovering new evidence that proves the existence of a "mother of all humanity." We all share a common gene pool, we are all descendants of Adam and Eve. Since the beginning of recorded history, religion has had a profound impact on the present society. Romans, Greeks, Hindus, and Catholics have all molded their societies and laws around religion. As far as impact goes, look at the Spanish Inquisition. It is difficult for one to refute that Catholicism had little or no impact on the Aztecs of modern day Mexico. Even our laws today reflect the ten commandments given to Moses by God himself. We are forbidden by present day law in the United States of America to either steal or murder. Religion has powerful influence concerning the outcome of a child. The values and beliefs of religions are impressed upon youths. Some may be different from others, but most parents bring up their children into the same faith as themselves. Concerning the teachings of Christianity, the Bible is probably the most commonly used tool. Therefore, children raised in Christian homes will most likely be taught the values and teachings of the Bible, influencing them dramatically. Christianity is the most commonly practiced

Fahrenheit 451 by Ray Bradbury Essay

â€Å"There are worse crimes than burning books. One of them is not reading them† -Ray Bradbury. In the past there were events that affected book writers. People will get together to burn books because they thought it was inappropriate or they were against their literature. Montag is a fireman in a futuristic society who would start fires instead of put them out. After he meets Clarisse a young girl different from all teenagers in that society Montag will find himself doing things he never did before. In Fahrenheit 451 Montag will have a huge change in his life that will make him different from other people. There were people who contributed to that change, people who Montag would never thought of meeting or people he had already knew. Clarisse had Montag analyzing his happiness and questioning himself which caused him to do things he never done before. When Montag and Clarisse were walking Clarisse asked him if he was happy with the life he was living. â€Å"Of course I†™m happy. What does she think? I’m not?†. Montag seems really bothered by the question Clarisse asked him. Montag is positive about his happiness, he knows he’s happy with the life he’s living He knows he’s â€Å"happy† but by someone else asking him that kind of question it doesn’t seem like he is. â€Å"He wore his happiness like a mask and the girl had run across the lawn with the mask and there was no way of going to knock on her door and ask for it†. Once Clarisse asked him about his happiness he started thinking about it and he knew he wasn’t happy at all. He thinks that Clarisse opened his eyes about it. Montag also feels like Clarisse was the one who took his happiness by asking him that question. Mildred proved to Montag he wasn’t really by the way she acts towards him. She was the one who woke him up and made him do something so he could have his happiness back. Mildred as a wife should listen to Montag and make him feel better. Instead Mildred would totally ignore him and seem careless every time he would say something. â €Å"†I’m hungry† â€Å"Last night† he began. â€Å"Didn’t sleep well. Feel terrible† she said. â€Å"God I’m hungry I can’t figure it† â€Å"Last night† he said again. She watched his lips casually. â€Å"What about last night† â€Å"Don’t you remember†Ã¢â‚¬ . Mildred doesn’t really listens to Montag He always tries to tell her something but she seems careless about it. He feels like he’s not getting the attention he wants from her. â€Å"â€Å"When did we meet? Where?†Ã¢â‚¬ ¦ â€Å"It doesn’t matter.† She was up, in the bathroom now, and he heard the water running, and the swallowing sound she made. â€Å"No, I guess not,† he said. This demonstrates that all this years of marriage meant nothing to Mildred. By her not remembering how they meet tells that Mildred doesn’t really care about their marriage. Faber encouraged Montag to overcome his fears not by giving him advice but by showing Montag he also feared. Faber was always the type to follow the rules so he wouldn’t get in trouble and face the consequences. Montag didn’t want to be a coward like Faber that’s how he overcame his fears. â€Å"For a little while I’m not afraid. Maybe it’s because I’m doing the right thing at last. Maybe because I’ve done trash thing and don’t want to look the coward to you†. Faber has never made a change in his life because he has always been afraid of the consequences. He tells Montag that he has to face his fears which make him feel like he’s doing the right thing for once. â€Å"â€Å"Mr. Montag you’re looking at a coward. I saw the way things were going a long time back. I said nothing. I’m one of the innocents who could have spoken up and put when no one would listen to the ‘guilty’†¦Ã¢â‚¬  Faber is telling Montag that he never had the courage to stand up in what he strongly believes its right. He categories himself as a person who’s afraid by the consequences. In Fahrenheit 451 by Ray Bradbury, Clarisse, Mildred and Faber had Montag doing things he never did before. They had him questioning, making him realize and encouraging him to get over his fears. He was doing things he never saw himself doing before in his life. Even though those things he do had its bad consequences he never felt that good about himself. Many people won’t confront their fears because they’re scared of the consequences but once people they overcome those fears there will be nobody who will stop them to do what they think it’s right. WORK CITED Bradbury, Ray. Fahrenheit 451. Simon and Shuster paperbacks; New York, 2012

The Use Of Cell Phones While Driving - 1843 Words

It is known that the use of cell phones while driving decreases driver awareness and overall road safety, and in response to this knowledge, some states have passed laws that have prohibited the use of handheld devices. However, there are no laws banning hands free cell phone usage, despite research claiming hands free devices are just as dangerous handheld devices, but does their usage distract drivers enough to the point where states should legally ban the total use cell phones while driving? The following will introduce arguments for both sides of this topic, one for hands free cell phone usage and the other against cell phones usage entirely. It should be illegal to use hands free devices while driving because research from†¦show more content†¦Additionally, the cell phone group rated themselves worse in driving performance before and after the simulator. This indicates that driver performance is impaired by cell phone use and drivers generally know their driving is wors e when using hands free devices, therefore, the use of such devices should be illegal. Other evidence against hands free cell phone use while driving is simply that talking on hands free devices is just as bad as talking on handheld devices in relation to driver performance (Ishigami Klein, 2009). To determine this, Ishigami and Klein (2009) reviewed the results of several separate studies that investigated the impacts of handheld and hands free cell phone usage on the detection reaction times of drivers. These studies were: Abdel-Aty (2003), Burns et al. (2002), Consiglio et al. (2003), Haigney et al. (2000), McEvoy et al. (2005), Patten et al. (2004), Redelmeier and Tibshirani (1997), Strayer and Johnson (2001), Strayer, Drews, and Crouch (2006), and Tà ¶rnros and Boiling (2005, 2006). Consiglio et al. studied the effects of auditory distractions, such as cell phone, by measuring the reaction time of participants using a non-driving, braking task where participants released an accelerator and applied the brakes if a red light were shown. The control group performed the task without auditory stimulation. Strayer and Johnson (2001) examined the effects of phone conversation on reaction time with a computer pursuit tracking task.Show MoreRelatedUse Of Cell Phones While Driving860 Words   |  4 PagesAmericans rely heavily on cell phones to perform daily activities. Cell phone are used for phone calls, email, sending text messages, surfing the internet, and performing other tasks. It is unfortunate that many of these daily activities occur while a person is driving. As a result, an increase of accidents and fatalities have occurred because of the use of cellular phones while driving. Using a cell phone while driving is an epidemic that has taken our nation by storm. Most drivers believe theyRead MoreCell Phone Use While Driving1503 Words   |  7 Pagesforth over the lines or driving at very inconsistent speeds. You wonder what could possibly be causing the driver to drive so erratically. Is the driver drunk? Is the driver preoccupied with eating his or her lunch? Is the driver busy attending children in the backseat? Once you pull along the side you realize that was not the case, instead you notice the driver has a cellular telephone up to her or his ear chatting away, or even worse you pass and see the driver holding a phone texting, you pass byRead MoreThe Use Of Cell Phones While Driving1817 Words   |  8 Pagesknowledge that the use of cell phones while driving decreases driver awareness and overall road safety, and in response to this knowledge, some states have passed laws that have prohibited the use of handheld devices. However, there are no laws bann ing hands free cell phone usage, despite research claiming hands free devices are just as dangerous handheld devices. But, does their usage distract drivers enough to the point where states should legally ban the total use cell phones while driving? The followingRead MoreCell Phone Use While Driving990 Words   |  4 Pages Cell phones are integral to people’s lives in Canada because they are vital communication and entertainment tools. However, the use of cell phones has remained contentious, because texting and talking on the phone are associated with distracted driving. Distracted driving is, â€Å"defined as the diversion of attention away from activities critical for safe driving toward a competing activity† (Klauer, Guo, Simons-Morton, Ouimet, Lee Dingus, 2013, p. 55). Although distracted driving is also associatedRead MoreUse of Cell Phones While Driving824 Words   |  4 PagesIf you are driving at 55mph for 5 seconds in that amount of time you could cross a football field. People don’t understand how dangerous distracted driving really is. All states should have some sort of legal parameters of what happens when you get caught using your cell phone while driving. People should get a stronger/ harsher punishment for the use of a cellular device while driving. People are way more impaired when you are distracted and driving than you are drinking and driving. The problemRead MoreCell Phone Use While Driving1114 Words   |  5 PagesToday, we use our cell phones for just about anything and everything to include; texting, talking to our loved ones, and connecting with the rest of the world via social media. Cell phones have become a natural way of life to where we pick up our phones and use them like second nature. However, the dangers present themselves when we get behind the wheel of a car and carry these habits of cell phone addictions with us. If all states ban the use of cell phones while driving, then there would be a reducedRead MoreThe Use Of Cell Phones While Driving1509 Words   |  7 PagesSeveral states have enacted laws banning the use of cell phones while driving; an indication of the type of society America has become. These laws were put in place not only to keep drivers from taking phone calls, but also to deter them from posting their latest tweet or commenting on their friend’s latest picture. Social media is so ingrained in society today that many are unable to entertain a world that is devoid of such technology. With usage at an all-time high, the psychological effects ofRead MoreCell Phone Use While Driving Essay1816 Words   |  8 PagesThe study was attempting to determine the thoughts and behaviors that African American freshman college students in regards to cellphone use while driving. They wanted to know how the students thought cellphones (independent variable) impact driving skills (dependent variable). Research suggests that cellphone use correlates to higher likelihood of accidents. The study used 331 (195 females and 136 males) freshman students who held a driver’s license. The students were then given a questionnaireRead More Cell Phones And Driving: Dangers Involved with Cell Phone Use While Driving1036 Words   |  5 Pagesoften. Talking on the cell phone and driving has become a very popular thing these days. Technology is coming out with the newest phones that c an do everything for you and people are attracted to that. There are people that don’t have hands free and drive their car with only one hand, people that text and totally take their eye off the road and type conversations to each other. Bluetooth is another technological breakthrough where you wear an ear piece and can receive phone calls by one touch ofRead MoreStop the Use of Cell Phones While Driving854 Words   |  4 Pages13 2013 Many people driving don’t know that they can be so many wrongs they can be doing without realizing it. Plenty talk on the phone while driving, drink, text and drive. A lot of people even innocent people as well have had accidents involving one of those. Out of the three there has been one that has become more common, and it’s only increasing if people don’t put a stop to it themselves. A usage of a cell phone should not be displayed at any point while driving. It can wait many have had