Written Brief – any article relating to globalization and the economy
Lingyun017
SameulsonExample1.docxBRIEFING FORMAT: News, Articles, Videos
PA – 315
Dr. McWeeney
BRIEFING
FORMAT:
News,
Articles,
Videos
PA
–
315
Dr.
McWeeney
Name
:
McWeeney
Course:
PA
315
Date:1/13/15
Title
of
Article
or
Video
:
The
Secret
History
of
the
Credit
Card
Citation/URL
Author:
Samuelson
Length:
column
Subject
:
Collaboration
between
the
President
and
the
FED
on
economic
recovery
in
the
1980s
1.
Describe
the
problem
or
issue
that
was
the
subject
of
article/video
During
the
1960
’
s
and
1070
’
s
inflation
was
growing
out
of
control
–
reaching
a
rate
of
13%
by
the
early
1970s.
This
was
seriously
hurting
fixed
savings
and
retirement
accounts
and
causing
a
loss
in
overall
confidence
about
the
future.
All
traditional
approaches
tried
over
the
previous
decade
had
not
improved
the
situation
2.
What
do
you
think
was
the
root
cause
of
the
problem?
Government
policies
that
tried
to
fight
inflationary
pressures
while
maintaining
full
employment.
3.
List
three
important
points
you
learned
in
the
article/video
1.
Leadership
actions
in
the
1960
’
s
and
1070
’
s,
such
as
wage
and
price
controls
during
the
Nixon
Administration,
made
inflation
worse
2.
FED
Chairman
Paul
Volker
unilaterally
reduced
the
money
supply,
intentionally
causing
a
recession,
thinking
that
was
the
best
way
to
fight
inflation
3.
Ronald
Reagan
refused
to
do
the
easy
political
thing
and
call
for
the
FED
to
relax
its
control
of
the
money
supply
–
and
he
suffered
losses
in
the
mid
term
elections
of
1982
because
of
it.
4.
Within
18
months,
inflation
was
diminished,
ushering
in
a
20
period
of
prosperity
4.
Is
this
a
problem
of
business,
government,
or
a
both?
Both.
Government
made
decisions
that
caused
the
problem.
Business
resisted
all
changes
to
slow
the
economy
by
tightening
the
money
supply.
Volcker
and
Reagan
acting
unilaterally
were
able
to
break
through
all
barriers.
This
was
a
demonstration
of
real
leadership
5.
On
a
scale
of
5
to
1
(with
5
being
high),
how
would
you
rate
the
quality
of
the
article/video?
Please
explain
your
answer
4
–
it
painted
a
very
compelling
picture
of
the
problem
and
Samuelsson
made
a
compelling
argument,
The
article
would
have
been
improved
with
more
information
about
the
cause
of
the
inflationary
spiral
6.
What
do
you
see
as
a
possible
solution?
What
should
government
do?
What
should
business
do?
Can
non-profits
help?
Government
should
use
this
as
an
example
that
illustrates
why
traditional
approaches
don
’
t
always
work
in
a
new
crisis.
The
inflationary
spiral
of
the
1970s
was
unique
for
the
US
in
the
20
th
Century
–
yet
approaches
tried
to
deal
with
it
were
standard
economic
and
relatively
painless
fixes
that
did
not
address
the
core
problem.
Govt
must
be
willing
to
try
innovative
measures
in
trying
to
address
intractable
problems.
And
business
must
help
by
providing
the
innovative
solutions
and
accepting
the
difficult
path
that
follows
the
tough
choices.
Today
’
s
deficit
and
debt
problem
are
the
best
example
of
an
area
demanding
innovation.
7.
Why
is
this
article/
video
relevant
to
the
study
of
business
and
government?
The
article
paints
a
good
example
of
how
real
collaboration
among
all
stakeholders
makes
it
possible
to
achieve
solutions
that
would
mot
otherwise
be
possible.
Samuelsson
makes
it
clear
that
the
Fed
could
not
have
been
successful
without
White
House
support
and
that
the
White
House
could
never
have
devised
policy
to
address
the
problem
alone.
The
banks
and
the
government
all
shared
in
the
program
and
in
the
outcome.
It
was
a
win-win
situation\
