Being a business major, I knew many of the economic concepts before coming to this class, I think these tools are very helpful in understanding how the world works, but for me they were not the most helpful. I think the thing that is most directly applicable about this class in understanding how the world works are the little things you learn about each country. Looking at the many different customs, traditions, behaviors and even stereotypes of many countries has showed me how each country is a unique experience. Looking more into Scotland, a country I have never been to, has showed me how neighboring countries, with similar histories can be very different, when comparing it to England, a country I have visited often. I really enjoyed learning and teaching the class about how these "countries," might not be considered countries at all. I think knowing that when you get to a new country there will be so much you don't know, and so much to learn, and mistakes will be made will make me a better traveler. I look forward to visiting new countries and learning these little things about them.
As I stated above, I am certainly interested in learning about other countries as I travel, but a specific topic from the class that I enjoyed was the economic geography of cities and countries. I remember making a map of campus and realizing that I completely forgot to incorporate Dow and the swimming pool, into my map, places I rarely visit. I found it interesting how students in the class included and excluded different things on their maps. I also enjoyed learning about how cities are laid out, and how this has changed with technology, transportation, and development. It is cool to think that I live so close to a national metropolis (Chicago), the biggest place in Central Place Theory. I would enjoy learning more about these things outside of class.
My advice to a student considering talking this class is that it is incredibly helpful if you are planning on going abroad. I feel as though I learned a lot about the country I plan on going to, as well as valuable information on how to travel, and what to expect from travel in general. The topics and concepts covered in class are interesting and fairly easy to grasp. I would advise a potential student to participate more than I did in class discussion. I would say that discussion was a particular weakness of mine, and that it would have been valuable to participate in the discussions more. Overall, I would recommend the class to a student considering it, especially if the student is interested in travel or wants to learn more about their study abroad country.
Friday, June 7, 2013
Wednesday, June 5, 2013
In Scottish News #5
I read an article titled "Scottish independence: What are currency options?" in a Scottish newspaper called The Scotsman. The article can be found HERE.
This article discusses the currency options for Scotland if they were to become an independent nation. Currently, Scotland is part of the United Kingdom and uses the british pound sterling. If the referendum, in which Scotland votes to break away and become independent or remain a part of the U.K., is in favor of independence, Scotland would need to decide which currency it will use. The article outlines three main options. The first is for Scotland to adopt the euro. This would mean the European Central Bank (ECB) would determine monetary policy, such as interest rates for Scotland, and Scotland would be entitled a governing council of the ECB. Another option discussed in the article is retaining the british pound. This would have to be through agreement with the U.K., in which likely Scotland would not have much power of monetary policy concerning the pound, or through dollarisation. The final option for Scotland would be to adopt its own currency which would likely fluctuate around the british pound.
As the vote on the Scottish referendum draws closer and Scottish independence becomes a viable possibility, much though should be given to the currency of Scotland. The choice of currency would be the most important economic decision for the country. If Scotland were to adopt the euro, the exchange rate for this country would already be in place and would depend on all the countries in the eurozone. One reason Scotland considered adopting the euro early on was to express a powerful declaration of Scotland's economic independence.
This article discusses the currency options for Scotland if they were to become an independent nation. Currently, Scotland is part of the United Kingdom and uses the british pound sterling. If the referendum, in which Scotland votes to break away and become independent or remain a part of the U.K., is in favor of independence, Scotland would need to decide which currency it will use. The article outlines three main options. The first is for Scotland to adopt the euro. This would mean the European Central Bank (ECB) would determine monetary policy, such as interest rates for Scotland, and Scotland would be entitled a governing council of the ECB. Another option discussed in the article is retaining the british pound. This would have to be through agreement with the U.K., in which likely Scotland would not have much power of monetary policy concerning the pound, or through dollarisation. The final option for Scotland would be to adopt its own currency which would likely fluctuate around the british pound.
As the vote on the Scottish referendum draws closer and Scottish independence becomes a viable possibility, much though should be given to the currency of Scotland. The choice of currency would be the most important economic decision for the country. If Scotland were to adopt the euro, the exchange rate for this country would already be in place and would depend on all the countries in the eurozone. One reason Scotland considered adopting the euro early on was to express a powerful declaration of Scotland's economic independence.
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