money makes the world go round essay

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Money Makes The World Go Round (Argumentative Essay Sample)

Money makes the world go round.

One of the popular sayings you hear today is that money rules the world, in today’s society if you have money it is true that you can get anything you have ever imagined of having.  Have you ever imagined living without money? It is not possible for people to survive without money. Money makes life easier there is no doubt that with money you can do miracles. Money not only makes life easier, but also makes life meaningful. Money gives us joy and it helps us turns our dreams into reality. Even though money cannot solve all our problems, it is a panacea for most of our problems.

It is well known that a wealthy person is respected and have many friends. Even though some people downplay the importance of money, they all agree that without money, the world can come to a standstill. To understand the importance of money, picture a situation where you do not have money, but you need to buy something important. You will feel frustrated because you cannot afford it.  I do believe that money makes the world go round because it acts as a motivator. Humans naturally want to be recognized and feel important. People who have money are considered as successful and highly respected. The desire for respect and success makes money an important element in our lives.

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With money,   anyone can afford a good life this means you can buy a good house get a better education and have higher chances of succeeding in life.  If you do not have money, you will not access the best services you want. With the increased cost of living, everything is costly. If you do not have enough money, you cannot afford the basic services like health care.

Even though other people view money as the sources of all conflicts in the world like wars, the need for money has facilitated newer inventions and a better world.  Money is an indispensable force for humans, it facilitates intellectual evolution, which pushes people to want to have money and excel in life. Inventing something new and unique means having more money, hence being recognized.  Such invention gives an individual access to more money and fame that comes along with having money.

One cannot doubt the role money plays in our society today; money drives almost everything. People work hard to get money, and others kill for it. Most people work to accumulate wealth, but out of obsession, some people risk their lives and dignity, getting into crime to obtain money. That is why people view money as the cause of all evil in the society. In reality, money is the root source of all the functionality in the world. If you do not have money, you cannot properly move around or be comfortable.

It is true that money makes the world go round because it facilitates invention and progress in various fields.  People felt comfortable and contented with life by having money. Therefore, money is one of the crucial elements in human life. Most people argue that money makes the world go round while another look at money as the root of all evil; money is still a necessary because it rules the world and makes life easier. Money presents many benefits to humans than we can imagine.

Home — Essay Samples — Economics — Money — Why Money Rules the World

Why Money Rules The World

• Categories: Consumerism Money

About this sample

Words: 521 |

Published: Jan 31, 2024

Words: 521 | Page: 1 | 3 min read

Table of contents

Historical perspective, economic dominance, social influence, political control, environmental impact.

• British Museum. "History of Money." https://www.britishmuseum.org/.
• World Inequality Database. https://wid.world/.
• American Psychological Association. "Consumerism and its discontents." https://www.apa.org/.
• Center for Responsive Politics. "OpenSecrets: Data on Money in Politics." https://www.opensecrets.org/.
• United Nations Environment Programme. https://www.unep.org/.

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Idioms Meaning

Money makes the world go round

The idiom “Money makes the world go round” is a popular phrase used to describe the importance of money in the modern world. It means that money is the driving force behind most of our decisions and actions.

He always says ‘money makes the world go round’—he’s so obsessed with money!

She knows that money makes the world go round, so she’s always looking for ways to make more money.

Money makes the world go round, but happiness is what really matters in life.

The origin of this phrase is uncertain, though it is believed to have originated in the early 19th century.

What does “money makes the world go round” mean?

It means that money is the driving force behind most of our decisions and actions.

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Why Does Money Make the World Go Round?

Part of the show shark camouflage in australia, chocolate-money.jpg.

Modern society involves us interacting and co-operating with hundreds and thousands of strangers, whereas our ancestors very survival depended on working with small groups of people, all of whom you would know and trust intimately. The researchers were interested in whether money played a role in facilitating this co-operation with people we have no knowledge of.

First participants took part in a control task. Paired up with anonymous strangers each was randomly assigned the role of Producer or Consumer. Producers were given the option to share some of their good with Consumers (who would be rewarded for the transaction), on the presumption that when the roles were reversed others would happily do the same in the future. Researchers found that as the group size increased, the co-operation decreased. When only two people were in a group 70% of meetings resulted in co-operation, but in a group of 32 it was only in 28.5% of meetings that people were willing to give away their goods, trusting in a future return. So we can see that in large unfamiliar societies, like we have today, co-operation would be low, but does money help to change that?  

Next researchers introduced tokens to the scenario. There were purely symbolic  and couldn't be exchanged for either goods or real life money. Now when pairs met they had the option of giving away their goods, not doing anything or asking for a token in exchange for their goods. When both of the pairs decisions matched a transaction took place. The team found that the introduction of tokens, even though they were only symbolic, increased the number of people willing to co-operate in large groups. In the group of 32, co-operation increased from 28.5% in the control test to 51.7%.

These results imply that money, is an evolutionary stable way of allowing large groups of strangers, like the modern day societies we have today, co-operate and therefore plays a key role in how modern societies function. However it does have a down side. When tokens were introduced, although co-operation stabilised, no-one was willing to offer their goods as a gift anymore.   

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Money Makes The World Go Round Essay

Task: Write a Money makes the world go round essay, addressing the popular topic while using a minimum of 4 articles which talk about the same subject and incorporating them into the essay.

It was in the year 1960 that the phrase Money makes the world go round essay was first used in the Cabaret music album. The Cabaret music album was classified under the genre of melancholy in which the female protagonist displays her intense aspiration for love to which the counterpart replies her plea with rhythmic song. The core concept that is being discussed in the whole content of Money makes the world go round essay is that it is the factor of money that controls the whole world, not the common perception that it is influenced by love and respect towards each other. The central theme that every component in society is dependent on is money which is being conveyed through this piece of art (Evans, 1985). In the novel 'Dombey and Son’  the author Charles Dickens keeps on discussing the same viewpoint like the instance when the character Paul inquires his father about the real significance of money in the present world. The fact that money can do anything in the world is being replied to Paul by his father. In the same conversation, the father is being enquired by Paul why the same money was not able to save the life of his mother. In the literature, the arguments from multiple aspects are delightfully explained by the author, Charles Dickens.

The vital phrase that Money makes the world go round essay generally implies that the whole world would cease to work if there is no money. If referred to the practical aspect of man’s existence as a social being, the argument could be stated as a valid one since the basic requirements to sustain life could only be brought through spending money. Whether the need should be regarding food, shelter, or clothes, everybody requires money to buy them. The argument that the presence of money could bring you success could be stated as true. The factor of money could open various opportunities for success for a person.

The same ideology of acquiring immense wealth to achieve success in life has preoccupied the mind of every person. The thought of acquiring money has so much penetrated the mind of the people that they are avoiding other crucial aspects of life. The major reason behind this destructive perception towards life is because of the distorted outlook over success by society. The modern man just intends to attain material gain by the term ‘success’. The prevailing notion in society is that more a person acquires money, the more he is deemed to be successful. The parameters like luxurious villas, number of vehicles, etc. are considered to be the parameters of success by most of the public.

The real significance of the money could only be realized by the person who is very poor. It is the absence of money that reveals the grave intensity of the challenges to be faced with surviving in modern society. Every person needs to earn to suffice the basic requirements in basic life. The whole world has shifted towards consumption-oriented behaviour. The concept of consumption has now changed, and the new generation wants every product, which comes new in the market. It is the new world of advertisement and marketing campaigns in which humans are attracted to luxurious products. The customer is running behind the gaudy things which have little significance in life.

It is a fact that only money could bring quality and security in the life of every person. The higher amount of money that a person retains the better living amenities could be possessed to make life comfortable. If the person would send his life in paying various expenses and bills, nothing significant could be achieved. It is majorly the money which plays a crucial factor in achieving personal dreams. If considered the case of education, nobody could pursue it in a reputed institution if they lack financial support. In another piece of the novel ‘A Christmas Carol’ written by Charles Dickens, a character is portrayed to be setting aside love to acquire more wealth (Zimmer, 2014). The character is named to be Ebenezer Scrooge who gives assurance to Belle (a girl) that he would look after her. However, the female character avoids the love of Ebenezer Scrooge to marry a wealthy businessman Jacob. Jacob changes her mind by offering sudden wealth and fame.

F.Scott, the author of 'The Great Gatsby', has discussed the significance of money in the existing scenario through various descriptions (Köhler, 2005). The major context which highlights the significance of money is when the character Gatsby gets intimidated by the wealth of female character Daisy Bunchan and is not able to speak in front of her.

The discussion over the context of Money makes the world go round essay has been included in a lot of artworks, and now it has assimilated into the mind and behaviour of every person. In the same novel, we could observe the narration of wealth is portrayed when the character Tom possesses an immense amount of money and the same has empowered him to behave the way he thinks and look down on everybody. The fact that wealth provides the person with immense power is clear in such literature.

If taken the context of politics and other geological exploration, it was the sole motivation of acquiring wealth that has encouraged the people to practice it. However, our readers should not develop the false notion that money is a very evil thing, and everyone should abstain from it. It is the greed towards money in every human mind that should be considered evil. Modern civilization has forgotten other factors which are much important than acquiring health. Whatever money a person could acquire, he or she could not buy sleep, respect, health, time, etc. You could buy a big villa, but the same could not be converted into a home by investing money. Human civilization should also focus on other aspects of life that are aloof from the ideology of acquiring money. If taking the instance of ‘Seven habits of highly effective people’ written by Stephen R. Covey, it is being discussed that most human beings would find themselves secure in the society if a substantial amount of money is earned. Hence their whole thinking revolves around the collection of wealth. Though it is not being understood by human beings that we never get satisfied with anything and the rush towards wealth continues till our death. The same has increased the rate of depression and suicide among human civilization which is affecting the total well-being of the society. It is not mandatory that the person would get satisfied even after getting a huge amount of wealth. The priorities and thought processes of every person should change so that the healthy way of living should be sustained between us.

As mentioned in the previous section of this Money makes the world go round essay, health could be secured by just accumulating wealth. The moral aspect should be focused on every individual to attain mental peace, respect, recognition, love, etc. Following good principles are very crucial to attain mental peace. The person without mental satisfaction will not become happy even if there are billions in his bank account. The money could only bring material and short-living satisfaction to the human being (Erev, 2020).

The notion of equating money with happiness is the most inaccurate approach made by human societies. The state of success could only be ensured if the person has acquired satisfaction in career, health, finance, the personal aspect, spiritual aspect, and societal aspect. The reality of success is far different from that of financial success.

We hope that this Money makes the world go round essay was quite helpful for you. Thank You.

References Erev, I. (2020). Money makes the world go round and research can help. Judgment & Decision Making, 15 (3).

Evans, T. (1985). Money makes the world go round. Capital & Class, 8 (3), 99-123.

Köhler, A. (2005). Money makes the world go round. Commodity sharing, gifting and exchange in the Baka (Pygmy) economy. Property and equality, 2, 32-55.

Zimmer, A. (2014). Money makes the world go round! Ökonomisierung und die Folgen für NPOs. In Forschung zu Zivilgesellschaft, NPOs und Engagement (pp. 163-180). Springer VS, Wiesbaden.

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Money makes the world go round

Money makes the world go round, but there are many things in life that are free. Walking through the countryside, admiring the scenery and enjoying nature. Joy, happiness, falling in love, looking at sunsets, moonrises and the stars in the night sky, even breathing fresh air is free.

But the fact is, you will have realised that most things do cost money . Possibly not your own money, if you still live at home, but certainly someone’s money.

The shelter you live in, be it a flat, terraced house, detached house or apartment, costs money in the form of rates, rent, mortgage and repair bills. The services you use at home also cost money, such as electricity, gas and water, and let’s not forget the council tax you also have to pay, for external services like waste collection and recycling.

And as if that’s not enough, you also have to buy food and drink on an ongoing basis, to keep yourself and everyone else in the household alive. This in itself, is a very expensive and an ever-increasing cost for any household, and especially those with ravenous children, tweens and teens still living at home.

So far, everything noted above is considered an essential need, (we will discuss needs on another page), we haven’t even begun to think about the costs of anything else yet, such as wants and luxury items, and how can we, when so much money has already been spent on just the essentials?

No matter what your outlook is on money and wealth, whether you plan to be a multi-millionaire, or don’t care too much about money, and consider other things in life to be more valuable, it is still important to grasp the meaning of the saying “ money makes the world go round ”, because it is essentially true. Without money, most things in the world would stop, or at least wouldn’t be available to you and your family. 

Money makes the world go round - but take control 

As we know, Money makes the world go round, without money you would have no home, no food, no heat, no ability to travel, no communications devices, no social life, no Netflix, I think you get the idea. I appreciate there may be some Governmental support for certain people with some basic needs, but I would suggest, as a young adult just starting out on life’s journey, you shouldn’t assume financial help will just be given to you. You need to take control of your own financial future, by becoming financially literate, which is, of course, the aim of this website. Money makes the world go round, and you need to make sure you have enough of it!

Become financially literate and financially free

The importance of money becomes very clear when a person doesn’t have any at all. This is why you need to become financially literate as early as possible, so that such a scenario doesn’t happen to you. You know Money makes the world go round, and that's why you what to be financially free. 

Once you have become financially literate, and have been able to generate money and an income stream in excess of your essential needs, then the world's opportunities will open up to you, and you will then have the freedom as well as the knowledge, to make your own choices on how and when to use your money.

Money can enable you to afford a better quality of life. It may mean a bigger house if that’s important to you, or a new car, or better quality products, such as TV’s, phones and other gadgets and home entertainment. You could travel the world enjoying culture and holidays. You will find yourself saying Money makes the world go round!

Another advantage of money is less stress with paying the monthly bills and other household expenses. It can even allow you to follow your dreams of running your own business , or remain in a career you love, but doesn’t pay so well.

All of this can be achieved by money, financial literacy and determination.

Personally, my own thirst for financial knowledge didn’t happen until after I had left school, and whilst I was always interested in making a bit of extra cash in one way or the other, I didn’t care too much about learning the theory behind it. In fact, I absolutely hated Economics in school, and just couldn’t get to grips with all the jargon about supply and demand, equilibrium, and so on, which is quite ironic now, as I read such books regularly by choice. 

This does go to show, that peoples approach to learning about finance, and understanding that Money makes the world go round, can and does change as they get older, and so anybody can grow into the subject, even if they don’t find it particularly exciting, to begin with.

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Money makes the world go round - But money can’t buy you love

It is also important to understand the things that money cannot buy, for example, good health, love, respect, dignity and morality. Some of these can only come from good personal principles.

Without good health, money loses its appeal. Steve Jobs , the inventor of the iPhone and iPad, and co-owner of Apple PLC had a vast fortune of billions, but he unfortunately also had poor health and died in his mid-fifties.

Some people could have millions in the bank, but still feel poor and empty because they are not happy or content with their life, something is still missing.

No matter how rich a person becomes, they can only earn true respect by doing the right thing, and having good principles and morals. There are many wealthy people around who have money but command no respect, because of the way they behave towards other people. Please be nice when you don’t have money, and also be nice when you do.  

Money makes the world go round English Literature Essay

• Post author: Amelia George
• Post published: October 20, 2019
• Post category: Free Essays
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Money makes the world go round meaning

Money is an essential element of society. Money is not just a word or a need to a human being. It is the wheel over which we as humans are living our life. To understand the importance of money, first of all, we need to see what does money stands for in economics. Before that, we need to see what is the purpose of money. Even if we need to buy bread in the car, the house, the foreign trip or if we need to finance our education, everything is done using the money. Money is the most valuable asset which is required in order to buy or even ret any good, commodity, or service (Brewer, J. 2002).

The money is the object which can be exchanged to buy any purpose in the world. In economics, the word money is defined as Money o, money one, and Money 2. This is the range of liquidity. Such as money 1 is the most liquid form of money, which is easiest to use. The money two is least liquid but is the form of money and can be used in the form of money to buy anything in the world (Fisher, I. 2006).

Money makes the world go round proverb

There is a famous quote that says, ‘Money Walks Everyone Talks.’ This quote is an accurate depiction of how powerful money is and what it can do. The money is a powerful tool and element that has a robust demand. This is why anyone is willing to do anything for anyone so that is the reason by which we can say that money is one of the most demanded objects of this world. This is why we can say that with money, we can control any person, any company, or organization, and this is why money has turned into a powerful commodity (Zhou, 2009).

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IMF is one of the most prominent and strongest organizations in the world. This is a government-owned organization that gives a loan to the countries by their needs. This is the organization that gives loans and debt to countries in Asia and Africa and many developing countries so they can sustain and can overcome the poverty and shortage of money in their countries. IMF is controlled and funded by the USA, and this is why the USA has great importance in the world, and it is often preferred by many people  (Meyer, B. 2018). USA id supporting IMF, and the IMF gives the loan to the people. So apparently, the countries that receive the loans from the IMF also favor the USA. So the IMF is the organization that keeps the world go around it and controls all big and small countries and even companies. The emerging countries are often needed money, and for that, they agree to all types of clauses and terms that are stated by the IMF. So, as a result of this, the countries need to accept all sorts of the terms and conditions for the grant for loans. These terms are sometimes very problematic and can destroy the sovereignty of the country that takes the loans accepts the terms and conditions (Lee, 2013).

Poverty and Poor countries are often in need of money, so they always look for loans and debts. These emerging countries get the loan form IMF, and they have to accept the terms. This is why we say that the money talks and everyone walks. And the reasons mentioned above support the claim that money makes the world go around itself. The institute, person, or company that has the money is the one that is the most powerful and has to say and decision making power and even strength (Cagan, P. 2015).

Swiss Banks are another active institute that gives loans to bigger banks and even governments. The other source of wealth and income is wealthy families. According to stories, certain rich families provide loans and wealth to large companies and families. One of the most famous wealthy family amongst this is the Rothschild Family. This family controls billions of dollars in the world. The money happens to be the most essential commodity which has high demand, and this is why money makes people go around themselves (Barber, R. J. 2010).

Money means freedom and power in a million different ways. Sure, there’s the obvious way of being able to structure your days and not work, but there’s so much more to it. Having some money in your bank account gives you a cushion in your life, no matter what dice the universe rolls. Money has such amazing  superpowers , and I will NEVER understand the lure of spending it all on junk and stuff and crap before sewing up your parachute, umbrella, safety net. Having some cash in your bank account lets you react the way you want to respond. It allows you to put your self-interests first (Barber, R. J. 2010).

Money makes the world go round Essay Conclusion

The conclusion is that money is an essential element of society. Money is not just a word or a need for a human being. It is the wheel over which we as humans are living our life. Before that, we need to see what is the purpose of money. In short, money means freedom and power in a million different ways. Sure, there’s the obvious way of being able to structure your days and not work, but there’s so much more to it. T sum up. The money is the object which can be exchanged to buy any purpose in the world. In economics, the word money is defined as Money 0, money one, and Money 2. The money is a powerful tool and element that has a very strong demand.

This is a government-owned organization that gives the loan to the countries by their needs. So the IMF is the organization that keeps the world go around it and controls all big and small states and even companies. Thus, the poor countries are often needed money, and for that, they agree to all types of clauses and terms that are stated by the IMF. This is why we say that the money talks and everyone walks. In short, the reasons mentioned above support the claim that money makes the world go around itself.

Brewer, J. (2002).  The sinews of power: war, money, and the English state 1688-1783 . Routledge.

Fisher, I. (2006).  The purchasing power of money: its’ determination and relation to credit interest and crises : Cosimo, Inc.

Zhou, X., Vohs, K. D., & Baumeister, R. F. (2009). The symbolic power of money: Reminders of money alter social distress and physical pain — Psychological Science ,  20 (6), 700-706.

Lee, K., Ashton, M. C., Wiltshire, J., Bourdage, J. S., Visser, B. A., & Gallucci, A. (2013). Sex, power, and money: Prediction from the Dark Triad and Honesty-Humility.  European Journal of Personality ,  27 (2), 169-184.

Meyer, B. (2018). The power of money: politics, occult forces, and Pentecostalism in Ghana.  African Studies Review ,  41 (3), 15-37.

Cagan, P. (2015). Measuring quality changes and the purchasing power of money: An exploratory study of automobiles.  National Banking Review ,  3 (1), 217-236.

Barber, R. J. (2010). The American Corporation, Its Power, Its Money, Its Politics.  Bus. Law. ,  26 , 587

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The New York Times

The learning network | money makes the world go ‘round.

Money Makes the World Go ‘Round

Note: This lesson was originally published on an older version of The Learning Network; the link to the related Times article will take you to a page on the old site.

Teaching ideas based on New York Times content.

• See all lesson plans »

Overview of Lesson Plan: In this two-day lesson plan, students examine what a basic unit of currency means and how it affects world finances. On the first day, students consider the value of the American dollar in light of its devaluation on the global market and gain a deeper understanding of the terms used to describe this economic situation. On the second day, students consider events that may shape the global economy and create board games utilizing their knowledge of foreign currencies and world economics.

Author(s): Michelle Sale, The New York Times Learning Network Javaid Khan, The Bank Street College of Education in New York City

Suggested Time Allowance: two 1-hour periods

Objectives: Students will: 1. Analyze the value of a base unit of currency, such as the American dollar, and compare currency exchange values. 2. Consider the global concerns of the American dollar’s decline by reading and discussing the article “U.S. Faces More Tensions Abroad as Dollar Slides.” 3. Explore definitions for economics terms relating to the global economy and create a class-compiled glossary. 4. Examine the currencies and economies of an assigned country. 5. Participate in a class discussion about how various events may or may not impact a global economy. 6. Create a board game illustrating their understanding of currency valuation and the workings of a global economy.

Resources / Materials: -student journals -pens/pencils -paper -classroom board -an American dollar (or an image of an American dollar) -copies of the article “U.S. Faces More Tensions Abroad as Dollar Slides” found online at //www.nytimes.com/learning/teachers/featured_articles/20050126wednesday.html (one per student) -resources about economic terms (economics textbooks, computers with Internet access) -large sheets of construction paper or poster board (one per student pair) -markers (enough for students to share) -string (to tie compiled glossary book together) -two large pieces of paper, each with one of the following statements written in large letters: “Greatly Affect,” “No Effect”

Activities / Procedures: DAY ONE 1. WARM-UP/DO NOW: Show the class an American dollar. As a class, briefly discuss the following questions (written on the board prior to class): “What is this? What is it worth? How do you know? What makes it valuable?” With a show of hands, have students give their opinion on the value of the American dollar in each of the following countries: Japan, Argentina, France, and Canada. Then show students a chart ( //www.nytimes.com/imagepages/2005/01/25/learning/26dollar.html ) comparing the American dollar to the currencies of other countries. What makes a country’s unit of currency more valuable in one country than another? How does a country’s economy make a unit of money, such as the American dollar, more or less valuable? What factors in a country contribute to the rise and fall of a base monetary unit? 2. As a class, read and discuss the article “U.S. Faces More Tensions Abroad as Dollar Slides” ( //www.nytimes.com/learning/teachers/featured_articles/20050126wednesday.html ), focusing on the following questions: a. What dominated President Bush’s first term in office? b. What currency is at the center of a potential economic crisis? c. What countries are complaining about the weakness of the American dollar? d. According to Treasury Secretary John W. Snow, what should give foreigners the comfort they seek regarding the American dollar? e. How large is America’s deficit? f. What do officials in Asia and Europe say about the Bush administration’s actions regarding currency in the global market? g. Deficits aside, what does Mr. Snow believe about the state of American economics in the global market? h. What issues does the article mention as concerns Mr. Bush may favor over deficit reduction? i. According to C. Fred Bergsten, what could happen if the deficit grows much larger? j. What are foreign investors continuing to do, despite the weakening of the American dollar? k. According to Daniel J. Ikenson, how do American growth rates compare with Europe and Japan? l. According to the article, how is the U.S. Treasury Department viewed today? How was it viewed ten years ago? m. Why is the United States dependent on China? n. What organization did China join at the end of the Clinton administration? o. According to Hideo Kumano, why can’t China replace the United States (or Europe or Japan) as the leading economic power? p. According to John B. Taylor, why isn’t the Bush administration that worried about global economics? 3. Divide students into pairs. Explain that each group will be designing an oversized page for a class-compiled glossary of economic terms that help to define the value of currency, such as the American dollar. Assign each group a word or phrase, such as recession and economic growth, treasury, economy and global economy, dollar, currency, and currency exchange, currency floating and currency linking, deficit and deficit reduction, surplus, gross national product, gross domestic product, import and export, interest rates, trade gap, revenue, inflation, market, hedge fund, growth rate, etc. For each term or group of words, include some or all of the following (written on the board for easier student access): -basic definition -relationship to other economic terms -current information regarding your own country’s economy (for example, if your assigned word is “deficit,” provide information about your country’s current deficit) -an example illustrating your concept If time allows, each pair should present their assigned term or group of words to the class and answer any clarifying questions. Before leaving class, assign each student a country with an economy tied to the United States’, such as China, Japan, Germany, France, Brazil, Turkey, Canada or Mexico. 4. WRAP-UP/HOMEWORK: Individually, students research general information about economy and currency of the country they were assigned in class. Students should come to the following class prepared with notes including the following information (written on the board or copied into a handout for easier student access): -name of country -name of currency -comparison of currency to American dollar and two other popular currencies, such as the British pound, European Union euro, Japanese yen or Chinese yuan -list of top exported goods -list of top imported goods -list of countries most dependent upon economically and why -gross national product -gross domestic product -current deficit or surplus -recent national or global events that may have impacted the country’s economy DAY TWO (To begin after students finish homework from Day One) NOTE TO TEACHER: Before class, hang the two “statement” posters on opposite sides of the room. Because students will be moving around to stand along a continuum between the two statements with which they most agree for different scenarios related to currency and the global economy, be sure that students have clear paths in the room to reach each extreme along the continuum. 1. WARM-UP/DO-NOW: Explain to students that they will be expressing their views on different scenarios that you will be reading to them regarding events or situations that may or may not affect a global economy. Point out that each side of the room has a sign that states to what degree students agree or disagree with an event or situation. For each of the events and situations below, read the item aloud and allow students to move to the location on the imaginary continuum line between the two extreme statements that best expresses their views on the event or situation. As students take their places, write the item on the board. Then, ask at least one student in each location along the continuum to share his or her choice. Please encourage students to clarify their responses by explaining how they think the scenario would affect the global economy. -civil war -international war -major natural disaster -minor natural disaster -$600 billion dollar national debt -regime change 2. Divide students into groups of four by joining two pairs from yesterday’s class. Explain that each new group will be creating a board game based on the concepts behind a global economy. In addition to the research they conducted on a specific economic term and on a particular country’s currency, encourage students to refer to current events and their other knowledge of economics to value and devalue currency in light of particular events, such as war, natural disasters and changes in political leaders. Students may do further basic research if necessary, and they should consult the class-compiled glossary book as well. Encourage groups to consider various game formats, such as classic board games (Risk or Life) or interactive strategy games (Sid Meier’s Civilization). For example, a game may assign each player a particular country, and the goal may be to keep that country out of debt and to develop a strong national economy while interacting with the global market. 3. WRAP-UP/HOMEWORK: Groups should complete their games and prepare instruction booklets in preparation for a Global Economy Game Day to be held in a future class.

Further Questions for Discussion: -How is money valued? -What value do you place on money? Why? -Should small change, like the penny, be eliminated? Why or why not? -Why do other countries care about currencies from other countries? -Why do nations accrue debt? -What causes nations to go into debt? -Should a nation in debt be allowed to lend money to other countries? Why or why not? -How is economics related to global politics? -How does an American deficit make American goods more competitive in the global market?

Evaluation / Assessment: Students will be evaluated based on participation in class and group discussions, completion of glossary pages, thorough research of assigned country’s currency and economics, collaboration with other students on board games and the thoughtfulness and accuracy of their board games.

Vocabulary: tensions, agenda, allies, confrontation, plunge, friction, reverberate, deficits, sentiments, solace, gradual, contend, marshal, robust, surging, entrepreneur, vastly, envy, scapegoat, tensions, stagnation, inflation, grapple, juncture, transformation, hedge, persistent, trajectory, exceeded, unilateralism, magnitude, preventive, insurgency, metaphor, conflagration, accord, akin, mantle, skepticism, ideological, cope, volatility

Extension Activities: 1. Research the value of the American dollar, the Japanese yen, the Chinese yuan, the British pound, and three more currencies of your choice. On a chart, record the values for each 25 years ago, 15 years ago, ten years ago and five years ago. In an oral report, present your findings, as well as a brief explanation for how the values of each currency has increased or decreased over time. 2. Compile a timeline of China’s economy over the past 25 years. What were the biggest economic developments and pitfalls? What were the most significant imports and exports? 3. Create a chart comparing the wars the United States had engaged in Iraq and Afghanistan. How much was spent on military? How much was spent on rebuilding? Based on your research, do you believe the government has spent enough? Too much? The right amount? Why? How is economic value given to such a war? 4. Design a new paper bill for your country. What images, colors, symbols or words would you use? Create a public service announcement showcasing your design.

Interdisciplinary Connections: American History – Write an essay outlining the role the United States has played in creating and sustaining a global market. Begin your research with information gathered from the article “U.S. Faces More Tensions Abroad as Dollar Slides.” Language Arts – Write a position paper supporting or refuting the statement “Washington has retreated from efforts to marshal the biggest economies of the world into a mutual effort at more robust and balanced growth.” In your own words, what does this mean? Has President Bush taken enough action to strengthen the dollar? What does the administration have to gain or lose with a weakening dollar? What role should the United States have in the global economy? Media Studies -Create an advertisement encouraging fellow citizens to support your country’s economy. What products or goods should they buy? How can they tell if they are authentic? What brands should they look for? Come up with a catchy slogan or recognizable logo to put on your advertisement. -Create a television commercial selling the game you created during class. Teaching with The Times – Read the World Business section for two weeks and then report to the class what countries are making headlines. Specifically, focus on which companies inside of those countries are gaining or losing ground, and other significant economic stories. What will the impact be on the global economy? To order The New York Times for your classroom, click here . Technology – Convert the game created during class into an online game that can be played with people in different regions or countries. Give a demonstration in class.

Other Information on the Web: Currency exchange rates from the Federal Reserve Bank in New York, as well as charts showing the fluctuation in value as compared to the American dollar, can be found at //www.x-rates.com/ .

Academic Content Standards: Grades 6-8 Economics Standard 10- Understands basic concepts about international economics. Benchmarks: Knows that exports are goods and services produced in one nation but sold to buyers in another nation; Knows that imports are goods or services bought from sellers in another nation; Understands that international trade promotes greater specialization, which increases total world output, and increases material standards of living; Understands that extensive international trade requires an organized system for exchanging money between nations; Knows that despite the advantages of international trade, many nations restrict the free flow of goods and services through a variety of devices known as “barriers to trade” for national defense reasons or because some companies and workers are hurt by free trade; Understands that increasing international interdependence causes economic conditions and policies in one nation to affect economic conditions in many other nations Geography Standard 11- Understands the patterns and networks of economic interdependence on Earth’s surface. Benchmarks: Understands the spatial aspects of systems designed to deliver goods and services (e.g., the movement of a product from point of manufacture to point of use; imports, exports, and trading patterns of various countries; interruptions in world trade such as war, crop failures, and labor strikes); Understands issues related to the spatial distribution of economic activities; Understands factors that influence the location of industries in the United States; Understands the primary geographic causes for world trade; Knows primary, secondary, and tertiary activities in a geographic context World History Standard 44- Understands the search for community, stability, and peace in an interdependent world. Benchmarks: Understands influences on economic development around the world; Understands the emergence of a global culture; Understands the role and difficulties of the present day migrant worker Grades 9-12 Economics Standard 10- Understands basic concepts about international economics. Benchmarks: Understands that trade between nations would not occur if nations had the same kinds of productive resources and could produce all goods and services at the same real costs; Knows that a nation has an absolute advantage if it can produce more of a product with the same amount of resources than another nation, and it has a comparative advantage when it can produce a product at a lower opportunity cost than another nation; Knows that comparative advantages change over time because of changes in resource prices and events that occur in other nations; Knows that a nation pays for its imports with its exports; Understands that public policies affecting foreign trade impose costs and benefits on different groups of people Geography Standard 11- Understands the patterns and networks of economic interdependence on Earth’s surface. Benchmarks: Knows the spatial distribution of major economic systems and their relative merits in terms of productivity and the social welfare of workers; Understands the historical movement patterns of people and goods and their relationships to economic activity; Understands the relationships between various settlement patterns, their associated economic activities, and the relative land values; Understands the advantages and disadvantages of international economic patterns World History Standard 44- Understands the search for community, stability, and peace in an interdependent world. Benchmarks: Understands rates of economic development and the emergence of different economic systems around the globe; Understands major reasons for the great disparities between industrialized and developing nations; Understands how global political change has altered the world economy

This lesson plan may be used to address the academic standards listed above. These standards are drawn from Content Knowledge: A Compendium of Standards and Benchmarks for K-12 Education; 3rd and 4th Editions and have been provided courtesy of the Mid-continent Research for Education and Learning in Aurora, Colorado.

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Money Makes the World Go ′round?

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Our economy has developed very linearly, from extracting raw materials from the earth to producing large quantities of problematic waste. But the future must be circular. Any transition requires the involvement of key stakeholders to ensure effective implementation. Within the three major EU institutions, there has been recognition and a recommendation to tackle this by setting up a kind of stakeholder platform. As rapporteur for the EESC opinion on the Action Plan on recycling and related legislation under the Recovery Plan 2015, I recommended that the EESC play a leading role in the establishment of this stakeholder platform. This proposal was adopted by the First Vice-President Timmermans and Vice-President Katainen, and it was offered to work together on a joint project to establish the platform. Therefore, the European Circular Economy Stakeholder Platform was launched. The platform has its own website at circulareconomy.europa.eu/platform.

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Lohan, C. (2020). Money Makes the World Go ′round?. In: Eisenriegler, S. (eds) The Circular Economy in the European Union. Springer, Cham. https://doi.org/10.1007/978-3-030-50239-3_4

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Money Makes the World Go Round Argumentative Essay

The author believes that although money is important in our current world economy, it is not the driving force in their life. They value hard work, dedication, and supporting their family and community. They acknowledge that money is necessary to survive but they will never be dishonest to get it. They believe that success cannot be fully measured by the amount of money one makes but rather by being a valuable contributing part of one’s community and society. Without money, their values and priorities would remain the same, but they would have to dedicate more time and effort to take care of their family and provide basic necessities. They would gladly trade all the money in the world for the joy of spending time with loved ones.

They say that money makes the world go ‘round, but I’d have to disagree.  Although our current world economy thrives off of selling natural resources and other items for currency, if there were no such thing as money, my life would still exist and I would still hold most of the same values dear to my heart as I do now, although I would definitely be a busier person.

The way the world functions now, barter and hard work are limited to certain areas of the world, and have little or no effect on the global economy.  If money did not exist at all, these systems were in place, I still think that there surely would be some form of exchange that would signify class distinctions, as people are naturally greedy.  Something would replace money, be it land or livestock, or even people, as past generations have used.

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Money is not necessarily a driving force in my life; rather, I strive for success.  I believe that success cannot be fully measured by the amount of money that one makes.  Success is being able to take care of oneself and family and being a valuable contributing part of ones community and society.  I am a hard worker, and everything I get, I get on my own.  I work for it.  I am  concerned about the welfare of my family, community, and world, and do my best to reduce my negative impact on anyone or anything in my environment.

Without money, I would still have the same values that I hold dear to my heart because my family has never been financially rich.  We sometimes went without and have seen our share of hardship.  I know that hard work and dedication and support of your family and community is more important than a wallet full of money.  However, having no money also involves a lot of work and ingenuity.

Without money, I would have to dedicate more of my time to taking care of my family by working the land, raising animals, and providing essentials such as heat.  Without money, this is time consuming and extremely hard work.  I would not be able to enjoy some of the things I currently enjoy, unless we were living in a perfect world where everything was free.  Knowing that this world does not exist, I would gladly trade all the money in the world to spend time with my grandmother and hear her stories of her life or listen to my mother sing or read or watch the joy in cousin’s eyes as they learn something new.

There is nothing like humanity.  Not even money.  But we do live in a world of money, and I try hard not to be tainted by the temptations of greed.  I know that in our world, it takes money to survive, and I can make what I need to survive through hard work.  I will never be dishonest to get money, and I will always remember that without it, I’d still have what I hold dear; my family and my values.

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