Political Science - What common features of small states Foreign Essay

Political Science - What common features of small states Foreign Policy distinguish it the most from Great powers Foreign Policy - Essay Example Foreign policy has deeper connotations with stated and un-stated objectives that a country to tries to fulfil through political, economic, military, and diplomatic means. Dean Rusk quoted by Seabury, interprets foreign policy as a â€Å"galaxy of complicated factors.† Hoffman quoted by Seabury too sees the current picture of international relations as â€Å"the crisis of complexity†. He feels that in the past century the sheer dimension of international equilibrium has multiplied. States have added significantly to these dimensions with different manifestations of foreign policy under varying set of conditions. Foreign policy is a dependant variable conditioned by internal power configurations of the state (Wagner). As such foreign policies of small Asian, African, and Latin American states have foreign policies have changed with changes in the domestic power structures. Smaller states are more vulnerable to domestic and international changes as they show greater tenden cy to change foreign policy. Scholars have studied the changes in foreign policies of nations and dichotomised the international behaviour of great and small nations. Reiter, for example, infers how a small and a great power learn from their experiences of war to chalk to out their foreign policies. East for example cites Roseau’s observation that the size of a nation plays a great role in creation of its foreign policy. Small states never have permanent and extended interests in international arena as big powers. Other than studying foreign policy on the basis of ‘greatness’ and ‘smallness’ foreign policies have been studied in contrast to authoritarian regimes, traditional or modern societies or in stages of economic development (Pfaltzgraff,1974).

Finance Essay Example | Topics and Well Written Essays - 2250 words - 4

Finance - Essay Example ralian dollar, as well as the interest rates as apparent in the situation of the housing market, and the unemployment situation in the mining industry. Lastly, this paper looks at the current efforts to regulate the financial markets. The sources of data include article from online versions of major newspapers such as the Australian, as well as articles from global financial institutions such as the World Bank and Overseas Development Institute. Other legitimate sources such as the website of the Australian government have been utilized. The bulk of the sources include academic journals such as Financial Management, McKinsey Quarterly, Cambridge Journal of Economics, etc., that tackle the issue of global financial crisis, from databases such as Business Source Premier, Oxford Journals and ABI Inform. The invisible hand view of the economy, as explored in the book â€Å"Economics† by Samuelson and Nordhaus, will fail to exist under two conditions: when there is imperfect competition and imperfect information, and when there are market externalities. The failure in major financial markets exists because of either of these conditions. Prior to the financial crisis, the financial markets such as stocks, bonds and mutual funds markets are considered markets where the invisible hand operates. The stock market has always been referred to as an efficient market by economists. According to Brealey, Myers and Marcus, â€Å"the competition [in this market] to find misvalued stocks is intense. So when new information comes out, investors rush to take advantage of it and thereby eliminate any profit opportunities (2004, 165).† An efficient market, according to Samuelson and Nordhaus in their book â€Å"Economics† is defined as â€Å"one where all new information is quickly understood by market participants and becomes immediately incorporated into the market prices (2004, 534).† This characteristic of the stock market as an efficient market is attributed to the availability of