write one essay for each question and each essay should be 5 pages. format: 12 New Times Roman font doubled spaces APA style . questions are located under ‘essay topics’ in the bottom of the page.I. Basic Terminology: Be able to incorporate as many of of the following basic political economic terms as possible into each of the two essays of choice from the second category. Class lecture notes may be used for defining the listed terms as well as the Charles Wheelan textutal readings.** Do be certain to incorporate other useful data from the Wheelan text, and various suggested scholarly IPE books and articles as well.**The WTO, NAFTA, and GATTNIC’s and example nationsWelfare and Distributional ConsequencesExplanatory and Evaluative StudiesWelfare EvaluationLiberalism(Economically defined)The Philosophies of Adam Smith and David RicardoMarxismInterests and Material InterestsPolitical InstitutionsMarket LiberalismMFN & GSPNational Treatment and Nontariff BarriersCustoms UnionDispute Settlement MechanismThe Doha RoundFree Riding and Free Trade AreaGeneralised System of PreferencesHegemon and Hegemonic Stability TheoryIntergovernmental BargainingMinisterial ConferenceNondiscriminationPublic GoodRTATariffs, Trade Creation, and DiversionBargainingContract CurveEnforcement ProblemFactor EndowmentsHecksher-Ohlin ModelNash EquilibiriumOutside OptionPareto SuboptimalPatienceReciprocityCollective Action ProblemExport-Oriented SectorFactor Mobility and ModelFactor-Price EqualisationImport-Competing SectorMajoritarianProportional RepresentationReciprocal Trade Agreements ActSector ModelSpecific FactorsStolper-Samuelson TheoremVeto PlayerEconomics of ExperienceEconomics of ScaleIndustrial PolicyInfant-Industry Case for ProtectionOligopolyRentsState StrengthStrategic-Trade TheoryBackward LinkagesBig PushComplementary DemandEasy ISIEnclave AgricultureExport Substitution StrategyGATT Part IVGeneralised System of PreferencesGroup of 77Import Substitution IndustrialisationMonoexportersNew International Economic OrderPecuniary External EconomicsSecondary ISISinger-Prebisch TheoryStructuralismTerms of TradeUnited Conference on Trade and DevelopmentLIBORCentral BankingEquity Market Bubbles’Toxic Assets’Lehman Brothers and Bear StearnsPaul VolckerII. Essay Topics: – What is the global economy? Illustrate and explain its’ evolution. Is it good, bad or a bit of both? – What factors are needed to create successful trade and developement? Will these factors contribute to economic well being? Explain
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