Sample Business Studies Paper on Strategic competition between the US and China

Strategic competition between the US and China has dominated the former’s foreign policy debates. The competition between the two countries is multifaceted since it involves both military and ideological components. The US has managed to accumulate power by encouraging agreements and establishing institutions such as IMF, the World Bank, and WTO which have helped in deepening connectivity between and amongst economies. It is possible for America’s Asian allies to re-orient their positions between the two major competitors, the US and China, through UN international multilateral panels. Both the World Trade Organization and the International Monetary Fund can help nations to compete effectively and have a solid balance of payment.

World Trade Organization can help US Asian allies to maintain their position between the US and China. The mandate of WTO is to ensure that the international trade flows in a smooth and free manner (Bello 416). The organization helps to create global trade rules among its member nations and support international commerce. By creating economic peace and stability through a multilateral system, a balance in trade would be realized. However, member nations have to endorse these rules for them to be part of their domestic systems.  These rules will apply to home companies that conduct business at the international level. For WTO member countries, their laws cannot oppose WTO regulations.

 

The International Monetary Fund (IMF) plays a significant role in ensuring that there is stability of the monetary and financial system. The organization facilitates a balanced growth of international trade and exchange stability (Gould 560). It helps nations to have an organized correction of balance of payments problems. A balance of payment deficit is a situation where a country’s value of imports surpasses the value of exports. If the deficit continues for a long period, it is likely to slow economic growth (Bussiere 1609). This trend is likely to cause an alarm on the part of foreign lenders who will be concerned whether they will get returns on their investment. When demands go down, a country’s currency is likely to decline thus causing inflation. However, through the intervention of IMF, the opposite is true. A country will have a balanced trade since the difference between the imports and exports will not be too much.

Second Problem: Climate Change

The Paris Agreement’s main goal is to support the world’s effort to combat the threat of climate change. The Accord seeks to keep temperature rise below 2 degrees Celsius above pre-industrial levels. It also seeks to limit global temperature to 1.5 degrees Celsius and increase countries’ ability to deal with climate change impacts (Rogelj et al. 640). Although the US was part of the agreement, the Donald Trump administration decided to part ways with it on the grounds that it did not favour the country. The Paris Agreement is an essential agreement since it shows that various countries with varying interests can join hands to deal with issues that affect many people (Savaresi 17). If implemented by all signatories, the accord will be a game-changer in matters climate.

It is critical to note that the UN cannot compel the US to rejoin the Paris Agreement. Although the Paris Accord has a legal binding, signatories are allowed to quit after three years. In order to address this issue, the UN has to deal with it diplomatically. The international body has to convince the conflicting parties on the need to sign the agreement. The UN has to stress on the effects of climate change. Climate change affects every country by disrupting economies and affecting lives (Karl and Trenberth 1721). Today, some of the effects of climate change include changing weather patterns, rising sea levels, and severe weather events. It is worth noting that greenhouse gas emissions caused by human activities causes climate change and it is likely to cause more effects in future. Without proper interventions, the world’s temperature will exceed 3 degrees Celsius with some areas receiving more intense temperature. From statistics, the poorest and most helpless people are the ones being affected much.

The UN has to bring the conflicting parties to a sitting table. While the Democratic Party members support the Paris Accord, their Republican counterparts pour cold water on it as they claim it does not favour the US. Since the UN is famous for calling for dialogue, it can organize one for Biden and Trump’s teams. Through its representatives, the UN will hear from both sides as they argue the reasons for and against the document. It would be important to address the concerns of the Republicans since they believe that the accord will not benefit the country. The UN needs to explain to the complaining voices on the need to adopt the agreement as it affects many countries. As the world’s superpower, the US needs to lead by example. The country needs to show that it is concerned with environmental matters and the need to contain global warming.

 

 

Works Cited

Bello, Judith Hippler. “The WTO dispute settlement understanding: less is more.” American        Journal of International Law 90.3 (1996): 416-418.

Bussiere, Matthieu. “Balance of payment crises in emerging markets: how early were the ‘early’       warning signals?” Applied Economics 45.12 (2013): 1601-1623.

Gould, Erica R. “Money talks: Supplementary financiers and international monetary fund conditionality.” International Organization (2003): 551-586.

Karl, Thomas R., and Kevin E. Trenberth. “Modern global climate change.” Science 302.5651         (2003): 1719-1723.

McCarty, John P. “Ecological consequences of recent climate change.” Conservation Biology            15.2 (2001): 320-331.

Rogelj, Joeri, et al. “Paris Agreement climate proposals need a boost to keep warming well     below 2 C.” Nature 534.7609 (2016): 631-639.

Savaresi, Annalisa. “The Paris Agreement: a new beginning?” Journal of Energy & Natural            Resources Law 34.1 (2016): 16-26.