Assignment:
From World War II to today, oil prices have risen sharply and have caused multiple major recessions. The final paper in this class will be focused on several key events in global economic history that are related to this steep rise in oil prices and what their effects have been.
Focus of the Final Paper
In this paper, you will trace several major international economic events beginning with the aftermath of World War II and ending with the current time. In your discussion, describe each event and its lasting impact on the world economy, particularly how it affected international monetary relations. Be sure to touch on how each event led up to the current high price of oil.
Your analysis should include the following events:
1. The Bretton Woods decision of 1944. Include a discussion about what happened to the Gold Standard at this conference. Be sure to touch on the creation of the IMF. Also describe pegging and consider how pegging affected oil prices.
2. The 1971 lift of the pegged status of world currencies. Discuss why the Bretton Woods system ended at this time and what the economic effects were of the system ending.
3. The 1973 oil embargo. Discuss the various causes of the oil embargo and how it relates to the ending of the Bretton Woods system. Also include a discussion of the effects of the embargo on trading policy and the world economy.
4. The 2008 oil crisis. Discuss the economic causes of the oil crisis and its effects on the global economy, many of which are continuing today.
Research
Outside scholarly research will be required in the writing of this paper. You will find it necessary to make use of the Ashford Online Library's databases and the list of recommended articles and websites in this course along with the textbook. Your paper must reference at least five outside resources.
Writing the Final Paper
The Final Paper:
• Must be eight to ten double-spaced pages in length and formatted according to APA style as outlined in the approved APA style guide.
• Must include a cover page that includes:
• Must include an introductory paragraph with a succinct thesis statement.
• Must address the topic of the paper with critical thought.
• Must conclude with a restatement of the thesis and a conclusion paragraph.
• Must use at least five scholarly resources.
• Must use APA style as outlined in the approved APA style guide to document all sources.
• Must include, on the final page, a Reference Page that is completed according to APA style as outlined in the approved APA style guide.