Many countries face unequal wealth and income distribution. This is very problematic for the foreign exchange market. Economists and sociologists have looked for gaps in wealth to determine how economic equality can be counteracted. Economic inequality has been examined on many different levels. The European Union researched inequality from country to country to figure out just how different factors had been affecting their economies. Once realized they felt the best way to close the gap between themselves and the United States economy was to create an all-new currency.
On January 1, 1999, the European Union introduced there first ever currency called the Euro (Hmlinen, 1999). Eleven different countries would adopt the European version of the American dollar. This newly created Euro system includes the European Central Bank and eleven national banks throughout Europe. The European Union took a decade to create this currency and they finally launched their currency 9 days before my birth in 1999. They called the new Euro invincible for the first three years because it was only used for electronic payments and accounting purposes (Hmlinen, 1999).
The main reason the European Union created the Euro was to reduce the transaction cost and to unify Western Europe as an economic common market (Hmlinen, 1999). The European economist projected the Euro to rival the Dollar as the preferred international currency. The Euro has been able to do just that, initially an idea and now the Euro is the second largest currency around the globe. With the introduction of the Euro in January of 1999 currency fluctuations have been reduced and global pricing for goods has become more transparent (Hmlinen, 1999). The Euro has made European business transactions for the eleven countries in the European Union more efficient.
Broadly speaking, the European Union adopted a neoliberalism economic perspective with the creation of the Euro. This ideology promotes an economic system in which the political and economic perspective that promotes an economic marketplace free of government regulations. With the introduction of the new currency, the European Union was able to reduce taxes, improve workers’ rights, and ease government regulations (Obringer, 2002). The power of large European corporations strengthened, and government influence was weakened. Although, the Euro loosened government regulations the introduction of the currency contributed to the decline of other European labor unions (Independent Institute, 1999). With the decline of European labor unions, income and benefits received a decline but were reinforced by the certainty of the new currency. Therefore, the decline of the labor union benefitted the income and benefits of countries in the European Union. The European Union’s Euro was created to promote economic diversity, promote growth, and international economic stability (Independent Institute, 1999).
The Euro is used in a culmination of different countries, but each nation still had the individual right to use its own previously existing currency as well. It was not until three years after the launch that the Euro was established in all eleven countries in the European Union as the everyday currency in Europe (Independent Institute, 1999). To this day the Euro is still not fully adopted by every country in the European Union as the only currency for transactions (Independent Institute, 1999). The creation of the Euro in 1999 has had a major effect on the global economy. However, the Euro has not successfully taken over the world leading-dollar as the main currency due to key transactional flaws. Since its creation, the Euro has been a major player in digital currency transactions (Independent Institute, 1999).
The most substantial consequence of the 1999 introduction of the Euro has been the function of the foreign exchange market. The fact that eleven of the world’s most powerful economies agreed to stop trading their existing currencies and adopt a new currency has had a major effect on worldwide trade and the fundamental attention of currency in the foreign exchange market. The major flaw in the Euro of 1999 is that a single monetary policy has not completely fit all local economic conditions for each country in the European Union (Obringer, 2002). The European Union has been prosperous for decades with a high growth platform but with the introduction of the Euro in 1999 some of the countries who made the switch suffered from prolonged economic downturns and higher unemployment rates.
Throughout modern history, national currencies have dictated how global economies operate. Currencies allow us to accurately express the set value of individual products across markets globally. Wealth is the culmination of assets and currencies transported (Obringer, 2002). The Euro created a system in which investments are supported throughout the eurozone. Without the proper allocation of the Euro, the foreign exchange market could face high risk which could lead to inefficient foreign exchange and major capital deficits (Obringer, 2002). Although, global stocks also have high risk in the foreign exchange market (Obringer, 2002).
Moreover, on January 6, 1999, President Clinton and Vice President Gore created a three-part economic resolution to cut the federal budget deficit, invest in government systems, and create a free market foreign exchange system (Clinton Administration, 1999). With the creation of this 1999 economic resolution, the United States was able to create a budget surplus of $76 billion which helped counteract the creation of the European Union’s Euro (Clinton Administration, 1999). With a surplus of $76 billion, President Clinton was able to create a budget deficit that was 50 percent higher than the previous year’s budget deficit and would be the largest dollar surplus in United States history (Clinton Administration, 1999). The largest dollar surplus in history was the of fiscal balance for the country. In 1999 the Clinton administration was able to create an expanding budget for not only education but also jobs and labor union training (Clinton Administration, 1999). President Clinton’s resolution also created tax cuts for the working middle class and created the lowest tax burden for the middle class in over two decades. President Clinton built an economic resolution that provided the necessary aid for the working classes and provided key benefits that helped close the gap of hierarchal wealth and education inequality. In 1999, the Clinton administration was able to create a surplus that has helped solve generational deficits in the United States (Clinton Administration, 1999).
In the social class system, people can move upward or downwards in social class, this is called social mobility. Many factors determine your social hierarchy including education, income, and occupation (Atkinson, Korgen, Trautner, 2019). There are many social classes that people fall into, the highest being the upper class, followed by the middle class, then finally the lower class (Atkinson, Korgen, Trautner, 2019). Societal arrangements are established through laws and interactions. The way our government is structured determines the countries level of economic inequality. In the United States, our government leaders have historically created a meritocracy, this means the largest rewards are claimed by those who work the hardest and do the work that is most needed (Atkinson, Korgen, Trautner, 2019). The goal of a meritocracy is to allow those individuals who work the hardest to move up in societal hierarchy the easiest. A meritocracy affects the wealthy families because it makes it possible for a wealthier family to move down in the societal hierarchy if they do not continue to work hard for their status. Although, there is a major flaw in meritocracy because it creates the notion that the lower class is only there because they simply do not work hard enough. This is not always the case and many wealthy families built their wealth on the backs of hard-working laborers.
Social reproduction theory reflects a viewpoint in which social inequality plays a negative role in society. “Karl Marx’s idea that society is composed of groups competing for power forms the basis of this theory” (Atkinson, Korgen, Trautner, 2019). Leading social reproduction theorists have concluded that limited or unequal access to resources such as education and jobs leads to the unequal distribution of wealth causing impoverished areas to stay that way without further government intervention. Many theorists have argued that our United States economy is structured for upper-class families to use their wealth to stay in the upper class without any additional work effort (Atkinson, Korgen, Trautner, 2019). When these themselves in political positions, they create laws that benefit only the elite and create a gap in the distribution of wealth which further restricts opportunities for lower-class families. This lack of distribution of wealth to deserving hard-working people defies the purpose of our government meritocracy and does not allow upward mobility. Social reproduction theory helps us explain economic inequality and study just how harmful inequality can be for our American culture (Atkinson, Korgen, Trautner, 2019).
Works Cited
Sirkka Hmlinen.(1999).The euro: the birth of a new currency.European Central Bank.Newspaper
.(2002).How the Euro Works. HowStuffWorks.com. 45(03), pp.45-1203-45-1203.Journal
.Clinton Administration. (January 6, 1999)THE 1999 BUDGET SURPLUS. Clintonwhitehouse4.archives.gov.Journal
Independent Institute. (January 8,1999).Independent Institute: The Euro and Economics.
Journal
Maxine P. Atkinson, Kathleen Odell Korgen, Mary Nell Trautner. (2019).Chapter 2: Analyzing Economic Inequality.Social Problems: Sociology in Action. Thousand Oaks, CA: SAGE Publications.Book
Get Professional Assignment Help Cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Why Choose Our Academic Writing Service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Online Academic Help With Different Subjects
Literature
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Finance
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
Computer science
Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!
Psychology
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
Nursing
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Sociology
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
Business
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
Statistics
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Law
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
What discipline/subjects do you deal in?
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Are your writers competent enough to handle my paper?
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
What if I don’t like the paper?
There is a very low likelihood that you won’t like the paper.
Reasons being:
- When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
- We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.
In the event that you don’t like your paper:
- The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
- We will have a different writer write the paper from scratch.
- Last resort, if the above does not work, we will refund your money.
Will the professor find out I didn’t write the paper myself?
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
What if the paper is plagiarized?
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
How our Assignment Help Service Works
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!
