Term Paper

From World War II to today, oil prices have risen sharply and have caused multiple major recessions. The Final Paper in this class will focus upon 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 Paper

In this eight- to- ten page paper (not including the title and reference pages), you will trace several major international economic events beginning with the Bretton Woods Conference of 1944 and ending with the 2008 oil crisis. Provide an explanation of each of the four events listed below, specifically addressing how each event affected international monetary relations, and how each of the four events led to the current high price of oil.

Your paper must include:

1. An explanation of the Bretton Woods decision of 1944, specifically addressing: (a) the creation of the International Monetary Fund (IMF) and the effects upon international monetary relations and (b) how pegging led to the current high price of oil.

2. An explanation of the 1971 lift of the pegged status of world currencies, specifically addressing: (a) the end of the Bretton Woods system and the effects upon international monetary relations and (b) how the lift of pegging led to the current high price of oil.

3. An explanation of the 1973 oil embargo, specifically addressing: (a) the oil embargo's economic causes and the effects upon international monetary relations and (b) how the 1973 oil embargo led to the current high price of oil.

4. An explanation of the 2008 oil crisis, specifically addressing: (a) the oil crisis' economic causes and the effects upon international monetary relations and (b) how the oil crisis led to the current high price of oil.