Young Diplomats Conference

adam — Tue, 09 Mar 2010 20:38:16 +0000

This past weekend students took part in the London Summit 2010 at the Debate Chamber Young Diplomats Conference. They represented all corners of the globe, and spent the weekend attempting to come to solutions to some of the world’s most pressing problems. On Saturday morning, students took on the roles of delegates of several countries and regional organisations, including the USA, China, the African Union and the Gulf Arab States. They attended briefings and discussion on four issues of global importance – the fight against climate change, the international regulation of labour standards, the problems of a fictional failed state in Africa (Equatorial Kundu) and the Tobin Tax – a proposed tax on currency and financial transactions which could raise money to help alleviate poverty. The delegates to the London Summit then had to consult the top secret briefings from their foreign ministry, confer with others in their delegation, and take part in the informal negotiations to try and get their point of view across and to try and get their interests represented.

On Sunday, the delegates came to the more formal part of the Summit, where competing resolutions were presented on the different issues, and delegates had to try and convince others to back their version of the resolution and their amendments, using whatever diplomatic means they had at their disposal – be it persuasion, appeals to justice, the promises of aid or cheap oil prices or even the threat of economic sanctions! They also had to respond to breaking news and events occurring during the Summit, which had dramatic consequences for their countries. The students did an excellent job of overcoming their competing interests to find compromise and consensus on several issues, including the environment, the regulation of labour standards and the situation in Equatorial Kundu, although in the end the USA and Gulf States held out to the last against the imposition of a Tobin Tax.

Read the resolutions passed by the young diplomats!

The Young Diplomats Conference will be taking place again on 20th and 21st March, see here for more details or to book a place.

Economics Masterclass

adam — Mon, 25 Jan 2010 21:28:10 +0000

Sunday’s Economics Masterclass aimed to equip students to uncover and explore the economic forces which lie behind so much of the activity that governs their daily lives. Through a mixture of teaching, discussion and structured debate, the quick-to-learn students came away with a nuanced appreciation of economic policy-making and its effect on the incentives that structure the decision-making of a range of actors from government to firms to consumers.

We began by looking at how market mechanisms function in allocating resources, and how they fail to do so in a socially optimal fashion in certain conditions or in markets for particular kinds of good. For me, a particularly interesting discussion centred on unpacking the numerous reasons why healthcare would be underdemanded under purely free market conditions. We explored policy solutions for market failure and their drawbacks, before concluding the morning with an interactive, group-based exercise whereby students had to consider the privatisation of various industries and how government and firms should interact in providing them so as to maximise welfare.

In the afternoon we broadened our focus beyond individual markets, beginning with an examination of the causes of absolute and relative poverty and potential policy solutions. We then turned to the macro-economy, and students gained the theoretical tools to understand the dynamics of the current recession. The whole day was rounded off with three debates on key macro policy issues: the structure of the tax system, central bank independence and, especially topically, deficit financing. The students showed a capacity to reason their way to distinctive and imaginative conclusions and to defend and criticise these conclusions. By moving beyond the standard arguments of exam-oriented school courses, and examining the value judgments lying behind economic proposals, students got closer to the real world logic of economic practice.

Find more information about our Economics and Finance events here.

Alex Worsnip, Economics Tutor

Understanding the credit crunch

Debate Chamber » Uncategorized

Young Diplomats Conference

Economics Masterclass