Assignment #2
Trade & Supply & Demand

Your answer should be typed and single-spaced. Be sure to put the assignment number and name at the top of your paper to avoid any recording problems.

1. Today if you look at the labels on your clothes or electronics you will find few "Made in America" labels, which is the result of the process of globalization that many see as a new phenomenon. It is not, as you will see in the Introduction to Bernstein’s book, Splendid Exchange. (Resources) Trade has been around since the beginning of civilization, and while it has changed much since then, there are some themes that run through time. You are to write a 500-word essay in which you identify some themes - and I am especially interested in what really surprised you.

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2. Do markets work well enough to leave them alone? This is a BIG debate in economics, one we will revisit all semester, but you can be certain there is agreement that sometimes markets fail to work. History is filled with examples of speculative bubbles - and the crashes that follow them - and to give you some historical perspective on one BIG market you are to read the Introduction chapter of Robert's book The End of Oil. (Resources) You are to write a 500 word essay in which you provide a “vision” of the future based on Robert’s look backward. Are we at another power shift, and if so, are we ready?