War The War Of 1812 - 1543 Words

Intro From being a well-known war hero in the War of 1812 to becoming the 7th president of the United States, Andrew Jackson lived a marvelous life. His past life may have affected him greatly, but it never stopped him from moving to one role to another. Furthermore, not only was he president, but he was also a major general in the army and has been very victorious and successful in leading his troops. Jackson had gone through great lengths to obtain his position and popularity as president. He was the first self-made man, who started from very low points in his life, who became president. In addition, he was well known for his casual temper tantrums and his short temperedness, though he was also known for representing the rights of the common man. If he had conflicts with certain groups, he would deliberately declare war on them with no second thoughts. Furthermore, he is the kind of man who would not deal with these conflicts so he would turn to violence. Because yes, violence is t he answer to all problems. Andrew Jackson is a unique kind of fellow to learn about, and most people would only know him as a tough man who always leads things to violence. Some may have not known the many difficult obstacles that Andrew has faced in his life in which he had to surpass in order to have gone so far and be very successful. Also, all the things he has done has gained him a guaranteed spot for a guy to remember! Early Life Andrew Jackson had a difficult childhood in which he wentShow MoreRelatedWar Of 1812 : War1197 Words   |  5 PagesWar of 1812 Essay The War of 1812 was battled between the Assembled States and Britain. Finishing in 1815 with the Settlement of Ghent, the war did not achieve any of the issues it was being battled about. For the US, the War of 1812 appeared to simply be one disappointment after another. Despite the fact that the military endured awesome disappointment amid the war, these were the immediate result of the disappointment of the nationals to join for the reasons for the war. In light of these disappointmentsRead MoreWar of 18121643 Words   |  7 PagesThe War of 1812 was a war between Britain and the United States fought primarily in Upper Canada. It had many causes, few which involved British North America. The results of the war include the fact that there was no clear winner or loser among them. The only real losers in the situation were the Natives in the region. They were driven out of their lands and customs. None of the borders was changed by the war, though many attempts were made. The T reaty of Ghent, which ended the war, did nothingRead MoreThe War of 1812672 Words   |  3 PagesThe War of 1812 was caused by the many conflicts with Great Britain and France. Even though the United States had made many efforts to stay out of the Napoleonic Wars, the conflict was not avoided. The United States had three primary reasons for declaring war: impressments and violations of trading rights, Indian conflicts, and a desire for western territory. For many years Great Britain and France violated the United States’ neutral shipping rights by confiscating American ships and impressingRead MoreThe War of 18121132 Words   |  4 PagesWar of 1812 The War of 1812 was started by America due to British encroachment on three fronts, trade restrictions imposed by the British, the increasing alliances of the British with Indian tribes blocking American expansion West, and due to British interference with merchant class ships in the Atlantic. The war was fought in the Great Lakes region between America and Canada, near New Orleans in the Gulf of Mexico, in the Atlantic trade routes, and around Washington DC. The British had alwaysRead MoreThe War Of 1812867 Words   |  4 PagesThe build up to the War of 1812 began nearly a decade prior to the start of the military action. Jefferson and the Republican vision slashed spending and government all around, leaving the military depleted and operating on Jefferson s â€Å"Gun Boat Diplomacy,† which meant America had just enough boats to protect American coasts but not enough to partake in any offshore activities. This left America vulnerable to the tactics employed by the British w hen combat resumed between England and France, andRead MoreThe War Of 1812 Essay1130 Words   |  5 PagesThe adjournment of the war of 1812 led to three political process which changed the face of America forever. The market revolution, the westward expansion, and the rise of a vigorous political democracy established American policies which are still upheld today. These policies include reformed freedom, improved economic procedures and established a political democracy. Many changes evolved after the war of 1812, the first being the eradication of a one-party government. The election of 1816 is significantRead MoreThe War Of 18123664 Words   |  15 Pagestheir grievances from the War of 1812. They were concerned by growing power of federal government, even though they wanted to start new from England, the majority wanted a moderate compromise. Discussed 3/5 compromise, Louisiana Purchase, Embargo of 1807. 2.Impressment Main cause of the war of 1812, where British ships took over american merchant ships and kidnapped merchants to join the British navy. America used this as the main reason to declare war for the War of 1812 because of nationalism andRead MoreThe War Of 1812 And The British War Essay1650 Words   |  7 PagesIntroduction War of 1812 was a conflict between the United States of America forces and the British Empire. Because the British feared that trade with the United States was harmful for the battle with France, they ended up restricting trade between them. Additionally, the British forces feared that the United States’ forces wanted to set up an Indian State in the West in order to maintain a strong influence in the region. This explains why more than 10,000 Native American engaged in fighting on theRead MoreThe War Of 1812 And The Civil War959 Words   |  4 PagesThe Antebellum period is known as the period before the Civil War. However, it is described as the periods between the War of 1812 and the Civil War. The word e â€Å"antebellum,† means before the war, and â€Å"reform,† means the improvement of what is wrong. The Antebellum period made transportation more efficient for people who traveled. The Transportation Revolution provided several new, reliable, safe and cost- effective ways to travel to different parts of the nation, including new land in the west. TheRead MoreThe War Of 1812 And The Boer War1522 Words   |  7 Pagestime, mankind has been involved in conflict and struggle with each other. This has been made clear by the fighting either within nations, or between them. Such examples before WWI include: The French Revolution, the War of 1812, and the Boer War. But WWI would forever change how war was fought, and how life was lived in the world. It ushered in many changes to society. But what if none of this ever happened? What if WWI didn’t exist and the world had never heard of the scores of casualties

Swot Analysis - 751 Words

SWOT Analysis By Stacy Collett (Jul. 19, 1999) In order to swat the competition you need to understand SWOT. SWOT stands for Strengths, Weaknesses, Opportunities and Threats. It s a way to analyze a company s or a department s position in the market in relation to its competitors. The goal is to identify all the major factors affecting competitiveness before crafting a business strategy. SWOT Breakdown SWOT identifies the internal and external factors that affect an organization. Here’s the breakdown of SWOT by internal and external variables: Internal factors (Strengths and weaknesses) †¢ A corporate structure, culture and resources †¢ Shareholders †¢ Customers †¢ Competitors External factors (Opportunities†¦show more content†¦Although some companies might think the move was excessive considering 80% of customers have no problems, Delta believed customer service was an important area for increasing market share and that competitors could pose a threat if Delta didn t address the problem. Another example is Dell Computer Corp., which is a great example of how an IT company can use a SWOT analysis to carve out a strong business strategy, according to Glazer. Dell recognized that its strength was selling directly to consumers and keeping its costs lower than those of other hardware vendors. As for weaknesses, the company acknowledged that it lacked solid dealer relationships. Identifying opportunities was an easier task. Dell looked at the marketplace and saw that customers increasingly valued convenience and one-stop shopping and that they knew what they wanted to purchase. Dell also saw the Internet as a powerful marketing tool. On the threats side, Dell realized that competitors like IBM and Compaq Computer Corp. had stronger brand names, which put Dell in a weaker position with dealers. Dell put together a business strategy that included mass customization and just-in-time manufacturing (letting customers design their own computers and custom-building systems). Dell also stuck with its direct sales plan and offered sales on the Internet. Clarity in strategy works. FuzzyShow MoreRelatedSwot Analysis Of Swot And Swot Analysis738 Words   |  3 Pagesknown as SWOT analysis. The SWOT analysis is business analysis method that business can use for each of its department when deciding on the most perfect way to increase their business and future growth. This procedure identifies the internal and external strengths, weaknesses, opportunities and threats that are in the markets. SWOT analysis helps you decide your position against your competitors, identifies best future opportunities, and highlight current and future threats. SWOT analysis is an acronymRead MoreSwot Analysis Of Swot Analysis : Swot1223 Words   |  5 PagesOnStar – SWOT Analysis To help OnStar determine if home monitoring services should be added to its list of products and services, a SWOT analysis should be completed. A SWOT analysis is a situation analysis or tool used to identify the strengths, weaknesses, opportunities and threats of an organization (SWOT Analysis Definition | Investopedia, 2005). Thus, it is a basic straightforward model that determines what an organization, like OnStar, can and cannot do, as well as determines its opportunitiesRead MoreSwot Analysis Of Swot Analysis : Swot911 Words   |  4 Pages SWOT Analysis In the article â€Å"SWOT analysis† Harmon (2015) offered a definition for SWOT analysis, the purpose of the SWOT analysis, the advantages of performing a SWOT analysis, and outlined and discussed the four components of the SWOT analysis. SWOT analysis is a planning and brainstorming tool that helps people evaluate an idea or project for a business or formulate a business plan (Harmon, 2015). It should be noted that SWOT analysis is an acronym for Strengths, Weaknesses, OpportunitiesRead MoreSwot Analysis : Swot And Swot1081 Words   |  5 PagesSWOT Analysis: A SWOT analysis (SWOT matrix) first used by Stanford Research Institute during 1960-1970 and it was presented by Mr. Albert S. Humphrey a American business and management consultant by using data from fortune 500 companies. We can succeed in our life if we use our talents to our full extent. Similarly, we‘ll have some problems if we know our weakness are, and if we manage these weaknesses so that we don’t matter in the work we do. To understand more about our self and our externalRead MoreSwot Analysis : A Swot1708 Words   |  7 Pages A SWOT analysis is â€Å"a structured planning method used to evaluate the strengths, weaknesses, opportunities and threats involved in a project or in a business venture.†(en.wikipedia.org/wiki/SWOT analysis, 03/11/14). A swot analysis can also be used to examine a person’s attributes. The strengths and weaknesses usually are internal factors whereas threats and opportunities are mainly external. Advantage Disadvantage Internal Strengths 1. Self-motivated 2. I am organised; accurate and pay attentionRead MoreSwot Analysis : Swot And Swot2320 Words   |  10 PagesSWOT analysis focuses on the internal factors which are the company’s strengths and weaknesses as well as the external factors which are the opportunities and threats which are gained from situational analysis, which focuses on summarizing all the pertinent information acquired about the key three environments of internal, customer, and external (Ferrell Hartline, 2014, p. 39). A SWOT analysis further gives a company precise advantages and disadvantages in satisfying the needs of its selectedRead MoreSwot Analysis : A Swot852 Words   |  4 PagesStrength, weaknesses, opportunities and threats, commonly known as a SWOT analysis is used by businesses. Organizations use the SWOT analysis technique to figure out and understand their areas of strong suits (strengths), their inevitable flaws (weaknesses), prospects that the organization could look into (opportunities) a nd things that pose as intimidations to the organization (threats). There are many obstacles to overcome when it comes to international expansion. Obstacles such as; language andRead MoreSwot Analysis : Swot And Swot1957 Words   |  8 PagesSWOT analysis focuses on the internal factors which are the company’s strengths and weaknesses as well as the external factors which are the opportunities and threats which are gained from situational analysis which focuses on summarizing all the pertinent information acquired about the key three environments of internal, customer, and external (Ferrell Hartline, 2014, p. 39). A SWOT analysis further gives a company precise advantages and disadvantages in satisfying the needs of its selected marketsRead MoreSwot Analysis : The Swot1215 Words   |  5 PagesThe SWOT analysis was originally introduced by Andrews Christiansen, Guth and Learned in 1969 and its basic organizing principles have remained largely unchanged in the field of str ategic management. [BADEN-FULLER, C. H. A. R. L. E. S., STOPFORD, J. (2002). The Firm Matters More than the Industry. Strategy for Business: A Reader, 123.] It is a systematic framework which helps managers to develop their business strategies by appraising their internal and external determinants of their organization’sRead MoreSwot Analysis : The Swot1888 Words   |  8 PagesThe SWOT analysis, a strategic planning tool was developed by Albert Humphrey in the 1960’s and 1970’s. Albert is said to have come up with this strategic planning tool through the use of data the Fortune 500 companies in the United States of America at that time (Lancaster Massingham, 2011). A SWOT analysis determines the strengths, weaknesses, opportunities and threats, which are a relevant part of any organization especially the ones that get involved in new ventures. This tool assists the users

Pitch perception Essay Example For Students

Pitch perception Essay pageReferencesBaharloo, S., Johnston, P. A., Service, S. K., Gitshcier, J., Freimer, N. B. (1998). Absolute pitch: An approach for identification of genetic and nongenetic components. American Journal of Human Genetics, 62, 224-231. Retrieved 11/16/2004. Deutsch, D. (1985). Dichotic listening to melodic patterns and its relationship to hemispheric specialization of function. Music Perception, 3, (2), 127-154. Gregersen, P.K. (1998). Instant recognition: The gentics of pitch perception. American Journal of Human Genetics, 62, 221-223. Retrieved 11/16/2004. Heaton, P., Hermelin, B., Pring, L. (1998). Autism and pitch processing: a precursor for savant musical ability? Music Perception, 15, (3), 291-305. Lenhoff, H., M., Perales, O., Hickok, G. (2001). Absolute pitch in Williams syndrome. Music perception, 18, (4), 491-503. Levitin, D., J., Bellugi, U. (1998). Musical abilities in individuals with Williams Syndrome, Music Perception, 15, (4), 357-389. Pechstedt, P., H., Kershner, J., Kinsbourne, M. (1989). Musical Training improves processing of tonality in the left hemisphere. Music Perception, 6, (3), 275-298. Simpson, J., Huron, D. (1994). Absolute pitch as a learned phenomenon: Evidence consistent with the Hick-Hyman law. Music Perception, 12, (2), 267-270. Sloboda, J. A. (1985). An exceptional music memory. Music Perception, 3, (2), 155-170. Nature or Nurture: The origins of pitch PerceptionFor most of us, quick and accurate perception of the visual world is essential for getting around in life; we take for granted our instant recognition of color, shape, distance, and the physical relationships between objects. Many aspects of the auditory world are also apprehended in an effortless manner: a nighttime whistle is easily identified as a distant train, without any deliberation. However, identifying the pitch of an isolated whistle is beyond the abilities of most people. This is also the case for most musicians, despite the fact that they spend every day working in the context of a standardized system of pitch relationships. Those rare individuals who can instantly recognize the pitch of a random piano tone or passing car horn, without the use of a reference pitch, possess a cognitive ability that is termed absolute pitch.The range of useful musical pitches is 20-5,000 Hz, which is, roughly the range of a piano keyboardPit ch is a one-dimensional attribute defined by the number of vibrations, per second, emanating from a sound source, such as a plucked stringThe peripheral auditory organs are designed specifically for frequency analysis. The cochlear basilar membrane vibrates, at each point along its length, with an optimal resonant frequency. The fact that all humans are quick to appreciate the differences in timbre between instruments illustrates the extreme sensitivity of this organ to complex frequency spectra. Therefore, AP perception is not dependent on a special kind of ear; it reflects a particular ability to analyze frequency information, presumably involving high-level cortical processingDuring the last century, scientific opinion about the etiology of AP has been spread widely across the nature-nurture continuum (Ward and Burns 1982). Many studies have suffered from low statistical power, a lack of controls, and a minimal appreciation for the complexities of genetic causation. The report by Baharloo et al. (1998 in this issue), with Nelson Freimer and his colleagues at the University of California San Francisco (UCSF), marks the dawn of a refreshing new era in this regard. By surveying and testing a large population of musicians, the authors have begun to generate basic information on the prevalence and familial aggregation of AP and on environmental factors that influence the development of AP. Particularly important is the careful attention paid by Baharloo et al. to defining the phenotype. Although AP is qualitatively distinct from the relative-pitch ability possessed by all trained musicians, it nevertheless exhibits some phenotypic heterogeneity, and this is likely to be an important consideration for successful mapping studies. .u343cc9937c700052723bd355c8019b92 , .u343cc9937c700052723bd355c8019b92 .postImageUrl , .u343cc9937c700052723bd355c8019b92 .centered-text-area { min-height: 80px; position: relative; } .u343cc9937c700052723bd355c8019b92 , .u343cc9937c700052723bd355c8019b92:hover , .u343cc9937c700052723bd355c8019b92:visited , .u343cc9937c700052723bd355c8019b92:active { border:0!important; } .u343cc9937c700052723bd355c8019b92 .clearfix:after { content: ""; display: table; clear: both; } .u343cc9937c700052723bd355c8019b92 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u343cc9937c700052723bd355c8019b92:active , .u343cc9937c700052723bd355c8019b92:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u343cc9937c700052723bd355c8019b92 .centered-text-area { width: 100%; position: relative ; } .u343cc9937c700052723bd355c8019b92 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u343cc9937c700052723bd355c8019b92 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u343cc9937c700052723bd355c8019b92 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u343cc9937c700052723bd355c8019b92:hover .ctaButton { background-color: #34495E!important; } .u343cc9937c700052723bd355c8019b92 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u343cc9937c700052723bd355c8019b92 .u343cc9937c700052723bd355c8019b92-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u343cc9937c700052723bd355c8019b92:after { content: ""; display: block; clear: both; } READ: Persuasive Essay - the Arts in the EducationA second major finding of the UCSF group is that musicians with AP tend to start their musical education quite early in childhood, nearly all at

The Oil And Petrodollar Connection to the Recent Military Conflict free essay sample

The Future of the Dollar as a Petrodollar. In this paper, I intend to assess the validity of claims that there is a definite connection between the petrodollar and recent military conflicts. I will also look at why the United States needs to keep the dollar as the global reserve currency to secure their global hegemony for the future and what other contenders for the role of reserve currency are emerging. The Petrodollar Connection with the Recent Military Conflict in Iraq There is a history of violence related to oil. A major example of this is World War Two. In 1945, Albert Speer, the German Armaments minister told his Allied forces captors that â€Å"the need for oil was certainly a prime motive† for Hitler to invade Russia even though Hitler had told the German people that the motive was to â€Å"save the western world† from barbaric and godless communists (Black, 2007). Now with the trade of oil linked so closely to the hegemony of the US, this history of violence is set to continue. We will write a custom essay sample on The Oil And Petrodollar Connection to the Recent Military Conflict or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page After World War Two, world leaders met at Bretton Woods to negotiate a new international monetary system. The front runners in the negotiations were the United States and the United Kingdom. John Maynard Keynes, the UK’s leading economist, called for more realist policies and believed that no national currency would be strong enough to be the global reserve currency. He suggested that a new currency would be created (which he called ‘bancor’) and that it would be administered by a world central bank. This did not fit in with the policies of the US and their leading economist Harry Dexter. The World War had left many countries in debt and the UK was no exception. The UK had borrowed money from the US in order to fund their participation in the war. Therefore, the US was able to get their way when it came to the matter of negotiating the future of the global currency at Bretton Woods. The US dollar became the global reserve currency at a price linked to gold. While the US did compromise on some matters, this was one thing they did not. This shows how important having the dollar as the leading currency in the international monetary system is to the US (O’Brien amp; Williams, 2010). While the US dollar is no longer linked to gold due to President Nixon breaking the link when a problem called the ‘Triffin Dilemma’ was uncovered, where there would not be enough gold to cover the amount of dollars there were outside of the US, the US dollar still remains as the global reserve currency to this day and the US have shown that they are prepared to use extreme measures in order for it to stay this way. From the 1970s when the link to gold was cut, the US dollar became an oil-backed currency. Many argue that this provides reason for the US to use extreme measures such as military intervention in oil producing countries (Clark, 2005). One of the key factors keeping the dollar as the global reserve currency is its unique position as ‘petrodollar’. This means that transactions for oil are made using the dollar. Through the process of petrodollar recycling, the US is able to sustain yearly current account deficits and fund its military supremacy amongst other things. So it is therefore important to the US to keep the dollar as the currency used to trade oil. After the cold war, Europe became more united and eventually a single monetary zone was created along with the euro currency. Before this, there was not another currency that could challenge the dollar to its throne of global reserve currency. On the 24th September 2000, Saddam Hussein announced after a meeting of his government that Iraq would begin the transition from using the dollar for its oil transactions to using the euro currency. This caused the US to make plans to ensure that this did not happen and to keep the dollar as the currency Iraq, one of the biggest oil producing countries in the world, used to sell oil (Clark, 2005). In 2003, the US military invaded Iraq under the pretence of them stockpiling Weapons of Mass Destruction (WMDs). As a UN report later concluded, there were no such WMDs present in Iraq (BBC News, 2005). William R. Clark argues that the real reason the US invaded Iraq was to secure the dollar’s global dominance (2005). It is of vital importance to the US economy to keep the dollar in its dominant position within the international monetary system. While countries keep large reserves of dollars, this effectively provides the US with free imported goods and services. Without this input, the US economy will struggle. Their central bank will have to start building up foreign currency reserves such as the euro which would mean trouble for their attempts at monetary management. The US would lose their subsidy of effectively free goods and services and the value of the dollar will come down dramatically (Gokay, 2004). This means that there is much more at stake in the Iraq war than publicised by the US government. It’s not just a fight against terrorism, or a fight to keep the US supplied with the oil it needs to continue its lavish lifestyle. It is a fight to keep the US in the position to have its debts denominated in its own currency that it has enjoyed for around 40 years. It is a war against Europe as well as it is a war against Iraq to try and see off the euro’s challenge to the dollar (Gokay, 2004). While it may have been the principal objective behind the Iraq war, securing the dollar’s position is not the only advantage the US gains from controlling the oil in Iraq. Firstly, it would mean they would control the oil supplied to Europe. This will ensure Europe’s loyalty to the US. Zbigniew Brzezinski warns in his book The Grand Chessboard (1997) of how a truly united Eurasia would be a major threat to US hegemony. This is because Eurasia is one of the biggest land masses, and is where much of the world’s supply of oil either comes from, or goes through. The economy of Eurasia would soon surpass that of the US and in turn, the military power will as well. If the US controls the oil to Europe then they will be able to control political decisions in Europe especially regarding relationships with countries in the Middle-East and the Far-East. Also, China is emerging as a potential major competitor with the US. At the moment China is going through what could be described as their ‘Industrial Revolution’ and are demanding large supplies of oil to power it. If the US controls the supply of oil to China at this stage, they could at least profit from their excessive use of oil, if not slow their growth down to stop China’s economy catching up with theirs. In December 2007, Iran the Organisation of the Petroleum Exporting Countries (OPEC’s) second largest member, had ceased trading its oil for US dollars. Instead it now trades its oil for most other major currencies with the euro being the predominant currency (Reuters, 2007). If we assume for now that the US did in fact invade Iraq to ensure they continue trading oil in dollars, you have to wonder what the US will do now Iran has stopped trading oil in dollars. It was a lot easier in the case of Iraq because they did not have the capability to strike the US with a WMD such as a nuclear weapon. The US could invade Iraq and only risk the lives of a very small minority of its citizens. Things are completely different in the case of Iran. This is because Iran has a much stronger military and could inflict a lot more damage to the US. Also, experts believe that it would only take a few months for them to build a nuclear weapon (BBC News, 2011a). This leaves the US in a difficult position as an attack on Iran to secure its oil would be too risky. The heart of Eurasia, the Caspian – Caucasus region, is geopolitically a very tense region. This is where the different social, political and economic traditions of Russia, Turkey, Iran and the Shiite and Sunni of the Islamic world all meet. However, this is the region which will be vital to the future of oil production due to its vast unexploited oil potential and the decreasing production of the North Sea and Alaska’s North Slope regions (Gokay, 1999). If the US can control the oil in this region, then this should secure the dollar’s position as the leading international currency for the foreseeable future. The geopolitics of this region is one of the main reasons for Iran to ask buyers of their oil for payment in euros instead of dollars. There is ongoing tension between Iran and Israel and with the US being the main source of Israel’s financial and political support, Iran wants to punish the US. Switching their oil trade to euros is a much more effective punishment for the US than an oil embargo (Gokay, 2004). Other Contenders to the Dollar’s Throne Paul Krugman (1995) speaks of the six roles of the dollar (See ‘Table 1’ below). They are based on Cohen’s 1971 model. Firstly the dollar is a medium of exchange or ‘vehicle’ in private transactions or an ‘intervention’ currency in official use as it is brought and sold by central banks. It is also a unit of account with many trade contracts being denominated in dollars making it an ‘invoice’ currency or a ‘peg’ as the par values for exchange rates are often stated in terms of the dollar. Finally, it is a store of value. For private agents it has a ‘banking’ role as they hold liquid dollar-denominated assets and for central banks it is a ‘reserve’ (Krugman, 1995). Table 1: Roles of an International Currency (Krugman, 1995) For a currency to take over from the dollar as the leading international currency, it will need to be able to fulfil all of the above roles. Looking at the first role, a medium of exchange for private actors, we can see that there is currently increased, yet still distant competition from other currencies. To fulfil this role a currency needs to have economies of scale. Back in 1978, Kubarych said â€Å"Since the dollar is the main currency for international trade and investment the dollar market for each currency is much more active than between any pair of foreign currencies. By going through the dollar, large amounts can be traded more easily† (Kubarych, 1978). At its peak, 95% of international trade was conducted in dollars. However, now this has fallen to around 55%. Even though there has been a rather dramatic decline in the denomination of international trade conducted using dollars, the euro is still a rather distant second and other currencies such as the British Pound, Japanese Yen amp; Chinese Yuan are even further behind in the field (Turk, 2011). One of the other most important roles for an international currency is it’s store of value as a ‘reserve’ held by foreign central banks. Table 2: Share of national currencies in total identified official holdings of foreign exchange, end of year (In percent)(IMF, 2010) As you can see from ‘Table 2’ on the previous page, accessed from the IMF Annual Report 2010, the percentage of dollars being held by other countries is slowly falling while that of the euro is increasing, meaning the dollar is starting to see competition from the euro in the role of ‘reserve’ as well as its role of a medium of exchange. Although, as you can see from ‘Table 2’, the euro still has a long way to go to overtake the dollar. There have been previous occasions when there was a scare that the dollar would be overtaken by a rival currency, once in the late 1970s and again in the early 1990s. However these scares were premature. However, this time around things could be different because of the existence of the euro as a plausible rival. Menzie Chinn amp; Jeffery Frankel state in their 2005 study that the euro could overtake the dollar as the top reserve currency by as early as 2020. They say in order for this to happen the countries within the EU who are not currently using the euro (including the UK) need to adopt the euro as their currency. Or even if not all of these countries adopt the euro, the dollar could still be overtaken if the US government continues to depreciate its value (Chinn amp; Frankel, 2005). Special Drawing Rights (SDRs) are another contender to the throne of the dollar. SDRs are allocated to member states of the International Monetary Fund (IMF) at a low cost. They do not represent a currency, but can be exchanged for the currencies of the IMF members. China has been the main driving force behind the push for SDRs to replace the dollar as the international reserve currency. While Chinn amp; Frankel (2008) argue that the euro is the main contender to the throne of the dollar, China believes that a reserve currency that is not connected to economic conditions and sovereign interests of any single country is needed. Also, accumulating a foreign-exchange exposure is another cost to countries of having a national currency as the leading international currency (Humpage, 2009). Conclusion I believe the best way forward for the world economy would be to switch to using a basket of currencies or something along the lines of SDRs instead of having the dollar as the leading international currency. We have seen the troubles of having the dollar as the reserve currency in the recent global financial crisis. It is a classic example of the saying â€Å"when America sneezes, the whole world catches a cold†. America’s economy was in trouble and this rippled through most of the globe. This was partly down to the vast amount of dollars the rest of the world has to keep in reserve in order to keep their economies stable. If we were using a non-national currency as a global reserve currency then I believe the recent global financial crisis would not have been as hard hitting. This, I believe, is because the monetary policies the US had to put into place to stabilise their economy made the dollars that countries held in their reserves worth less. However, I do not believe that the US will allow any other currency, be it another national currency or a non-national currency, take the dollars throne. This is because it would not be long after the dollar loosing its position as the leading international currency that the US would loose their hegemonic position. While having something like SDRs or Adam Smith’s ‘bancor’ as the global reserve currency would probably be better for the world economy, if the US was ever in a position where it was going to loose it’s hegemonic position, with the destructive power that it possesses, I don’t think it would go without a fight.