Research Proposal on "Current Event and the Global Economy"

Research Proposal 5 pages (1726 words) Sources: 1+ Style: APA

[EXCERPT] . . . .

Current Event and the Global Economy

Provide a summary of the article's global topic, event, or issue. (Include the source of the article, including site link if available)

In the cited article the both the print and online editions of the Economist, the editorial team (Leaders: Renewing America, 2009) discusses the daunting challenges President Obama faces in his new administration. From a foreign policy that has been unilateral and more reliant on super-power status than the power of consensus to one of the worst economic crises faced in nearly 80 years, the article portrays the many daunting challenges the new President will face. Specifically focusing on the tendency of American foreign policy to be isolationist and even arrogant in approach, lacking the ability to see the far-reaching consequences of the war in Iraq and Afghanistan, to the many challenges of turning around a failing economy and also managing dozens of bail-outs, it is clear that President Obama has exceptionally large challenges to face, with unrealistic expectations of what he will be able to affect in four years. The article goes on to say that despite all of these challenges, President Obama is a respectful and thoughtful man, and has also cultivated the right group of advisors around him to succeed, making the most of the opportunities to improve the U.S. foreign policy, the global economy, and the many challenges of saving American industries now asking for bail-outs in the billions of dollars from the U.S. government. From the litany of problems however that President Obama faces today, there is the inherent ability of the U.S. To be rejuvenated and be self-renewing. The inauguration of President Obama is a point of renewal for the U.S., and opportunity to be more fully focused and cognizant of the nations' impact on nations globally, yet also critically important to take these responsibilities in light of constitutionality and law. The article also states that the open approach President Obama has taken in constructing his cabinet will be an asset going forward and also illustrates to the world he is a respectful and thoughtful man.

Identify and explain the global economic concepts/key terms that pertain to your article. How does each relate to the article's topic?

First, the global economic systems and their inherent interlinking and integrative aspects are critical to the success of the Obama Presidency, as is the development of more conciliatory and bilateral foreign relations with the nations of the world. Third is the specific topic of the U.S. economy and the need for infrastructure improvements to bridges, roads, telecommunications systems in addition to healthcare, the need for managing the significant financial risk of the bail-outs, and the development of jobs programs to reduce unemployment. The global concepts of economic policy, new jobs creation, open trade vs. being protectionist, and the managing of the massive bail-out the country is sponsoring are all critical aspects of the incoming presidents' agenda discussed in this article. Each of these is presented in terms of their complexity and interconnected nature, clearly showing that Obama needs to create an effective team of advisors to take them on. The article is in fact more of an overview of the many challenges the incoming administration faces and less about making broad generalizations regarding expectations of Obama's performance. What is thoughtful and insightful about the article is that it makes clear the weight of expectations on President Obama to not only right the wrongs of U.S. Foreign Policy to but also solve a global economic crisis that is rarely showing signs of a turn-around even today. There are also the many social programs and their challenges both in the U.S. And aboard, from the heed for healthcare services for the poor in the U.S. To the need for creating catalysts of job growth for Americans who are seeing the national unemployment rate rise to nearly 7% in the last year. In summary the expectations are very high for President Obama and the article does an excellent job of showing how these many economic challenges are all intertwined, connected and dependent on intelligent, thoughtful responses to each to make the entire system work efficiently again.

Identify how the economic sector(s) are impacted in the article and the global impact on each? "Economic sectors" refers to the participants of the circular flow of economic activity, including businesses, households, government, financial institutions, and foreign companies.

Beginning with the financial institutions and the massive bail-out required to keep these services firms in business, to the role of the U.S. Federal Government as debt negotiator and manager, and further to the banks who are now required to lend the funds provided by the U.S. government, the economic ecosystem is now partially nationalized. President Obama will need to get banks lending again so loans can be made to businesses, and investment in future production can continue. For the entire economic system to work, President Obama will need to create a very high level of trust and transparency in the capital markets including NASDAQ, New York Stock Exchange (NYSE) and the American Stock Exchange (AMEX). This is a first step and a very critical one for the bail-outs of the larger lenders including the government taking over mortgage lenders. The challenge for Mr. Obama is to reinvigorate the entire economic system and get trust moving on both the financial institutions so that they begin making loans again, and also on the part of consumers to begin spending again. The article implies that the circular flow as defined in by this question is not being fulfilled today due to a lack of trust and a complete break-down in the basic interactions between these intermediaries of the financial system.

How might this event or issue highlighted in the article impact you personally or professionally?

There are immediate and significant impacts to nearly every American, specifically in the areas of the economic system needing to work more efficiently again, the need for realistic plans for overcoming unemployment, and the need for more effective infrastructure investments. Each of these areas has significant personal and professional implications for every American, as the current recession is having a significant impact on everyone. From families who have had one or more of its members lose a job to the fear of entire industries changing radically making entire professions obsolete, there has never been a time of more economic uncertainty in the U.S. In nearly 80 years (Leaders: Renewing America, 2009). There are also the foreign policy considerations that impact many Americans at a personal and professional level. From the families who have had their husbands, fathers, daughters and mothers sent to Iraq, Afghanistan or many of the other nations where Americans are stationed, to the thousands more in training in response to the requirement of more support for wars and conflicts, the foreign policy decisions of the U.S. has led to exceptionally high levels of sacrifice on the part of millions of American citizens. There is the expectation that President Obama will be able to somehow alleviate these massive troop build-ups and in the process overcome the anxieties these deployments cause and the interruption to professional lives in terms of careers being put on hold to serve. To be sure, those in the armed forces deserve much respect for these sacrifices in the name of serving the U.S., yet it is unrealistic to assume President Obama will be able to immediately make an impact in the personal lives of those serving. Only over years of foreign policy change will President Obama be able to transform his intentions in foreign policy into change at the personal and professional level. The economy, foreign policy, and infrastructure improvements over time will impact each American's personal life and the potential for professional growth. The article cited does an excellent job of explaining how the expectations for President Obama to accomplish all these major tasks is unrealistic yet still cause for hope of a positive change in the quality of life in the U.S.

What perceptions (or myth-conceptions) of the article's topic did you have prior to reading the article? How did the article alter your perception of the article's topic.

With any new president there is the hope of positive change, and in the midst of one of the worst economic crises in the last 80 years, President Obama has the majority of these expectations fall squarely on his shoulders. It is daunting role of being President of the United States, and the article portrays how complex, even paradoxical the job can be. Yet in its complexities and the need for strong leadership is the need to be able to convey and define a path out of the tough times. President Obama has promised to lead the nation out of the economic crisis, while also making the necessary infrastructure investments, lowering taxes and redefining the U.S. aboard. If all these were not enough, he is also promising to work with Congress in a bipartisan way. There is a strong… READ MORE

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