I. Directions: Please complete a 5-10 essay response for any one of the following topics. Do use lecture notes, scholarly books and articles as well as documents for supportive data(100 points each).An additional response may be completed for 20 points additional credit for the semester grade.

1. What is Socialism? Has it proved itself a feasible economic and political system in both the past and present? Argue and explain. Are present day Social Democratic countries success stories regarding a commendable quality of life as well as strong economic input and output? Explain and give examples.

2. What is Marxism? How is it similar as well as different from Socialism? Illustrate and explain the effects of Marxism worldwide in both the past and present.

3. How and why is California important to both the U.S. and global economies? Explain the strengths and weaknesses of the said American state’s economic, political, and social systems.

4. Who was Joseph Schumpeter? What did he believe? How has his philosophy influenced modern day political economy? Explain.

5. What is Globalisation? Is it positive, negative or a bit of both for the world economy? Argue and defend your point.