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International Political Economy

Introduction to Political Economy

Global reserve system is explained as practice of keeping currency that is used for making international transactions. Reserve currency supports for buying imported items and purchasing goods and commodities in international market area. Present report is based on critical assessment of article “ The Unfinished Task of Bretton Woods: Creating a Global Reserve System”. The report describes about identification of article and brief summary of ranges, content and arguments of article has been mentioned in the report. Moreover, critical assessment and discussion of key issues that are raised in article has been mentioned.

ASSIGNMENT 1

OBJECTIVE

Present report is based on article titled as “The Unfinished Task of Bretton Woods: Creating a GloGlobal bal Reserve System”. This article has been written by Joseph E. Stiglitz and it does critical assessment of work done by Bretton Woods. The journal in which the article is mentioned is “Bretton Woods: The Next 70 Years”. This journal was published in the year 2015 and it has been published by The Reinventing Bretton Woods Committee. Inception of world bank and international monetary fund were two major initiatives that were taken for removing the status of UK from reserve currency system. After world war second a formal agreement names as Bretton Woods system was established for governing the international financial system. United state dollars were dominating marketing currency under this system (Messier, Puettmann, and Coates, 2013). It wGlobal as guaranteed by United state government that central banks can Global sell their existing reserves at a set cost for gold. The major objective for writing this article is to mention about success achieved in creating a global reserve system.

THEORY

In the present article Explicit theoretical framework has been used. This framework is used while writing an article and in the present article concepts have been mentioned with their specific definition and references from relevant and appropriate literature sources have been mentioned. A proper understanding of theories and concepts has been demonstrated in the article. Use of explicit framework in the article has supported in critically evaluating the whole subject. In adGlobal dition to this existing knowledge about the subject has been increased and more widened information about topic is found. Diverse aspects of selected topic have been mentioned in the article and information about key variables of subject has been mentioned. A detailed Reserve System.

INTRODUCTION

Global reserve system is explained as practice of keeping currency that is used for making international transactions. Reserve currency supports for buying imported items and purchasing goods and commodities in international market area. Present report is based on critical assessment of article “ The Unfinished Task of Bretton Woods: Creating a Global Reserve System”. The report describes about identification of article and brief summary of ranges, content and arguments of article has been mentioned in the report. Moreover, critical assessment and discussion of key issues that are raised in article has been mentioned.

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ASSIGNMENT 2

OBJECTIVE

Present report is based on aanalysis of past events and existing perspectives of global reserve system has been mentioned in details. The article has been assessed from various perspectives and it has supported in gaining detailed insight into the chosen topic.

CONCEPTS

In the article major achievement of Bretton wood system has been explained. Reasons behind creation of International monetary fund and world bank have been mentioned in detailed in the article. Global reserve system supported United Kingdom in getting rid from the status of reserve economy system. Establishment of international institution has supported in developing a global reserve system and US dollars have dominated in market (Broz, 2015). Role of United states in maintaining and developing economic institutions has been mentioned. UK has given the reserve currency to the US and due to that it becomes difficult for developing a global reserve system. Reasons for failure of global economic system also has been mentioned in the article with proper evidences. Principals of economies have been used for describing the lack of success in implementing the global reser

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