Economics And History Assignment Report

Running head: ECONOMICS AND HISTORY
Economics and History
Name of the Student
Name of the University
Student ID

1ECONOMICS AND HISTORY
Table of Contents
Answer 1..........................................................................................................................................2
Answer 2..........................................................................................................................................2
Answer 3..........................................................................................................................................3
Answer 4..........................................................................................................................................4
Answer 5..........................................................................................................................................5
Reference.........................................................................................................................................6

2ECONOMICS AND HISTORY
Answer 1
The economy of the US experienced low interest rate, contracting budget deficit and
globalization. During this period, the fiscal and monetary policies implemented in the US by the
then President Bill Clinton is known as Clintonomics.
The economy of the US faced sluggish growth until 1990. There was economic
slowdown in the economy of the country during the initial period of 1990s. With passage of time
and implementation of fiscal and monetary policies, popularly known as Clintonomics and
globalization the economy of the country experienced boom (Pollin , 2016). However, until 1995
the economic slowdown was existent in the country. From the mid-1990s, the economy of the
US started to pick up and entered in to boom phase during this period the changes that occurred
in the country were low inflation, spike in productivity, job creation and technological progress.
Globalism played a significant role in this economic changes that occurred in the US
during 1990s. The financial market has expanded greatly in comparison to the earlier decades.
There had been huge technological changes in the form of mobile and internet (Saul, 2018). The
increased connectivity due to globalization new opportunities were formed. The globalization
improved the trade relations of the US with the other countries that impact the economy of the
country.
Answer 2
The significance of the 1994 mid-term elections in the US was that in the election the
Republican Party succeeded under the leadership of Newt Gingrich who is the key person of the
Republican Revolution (King, 2020). In this election, the Republican Party gained 54 seats. This
had led to the “Contract with America”.

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The Contract with America is the agenda of the Republican Party used in the 1994
elections in the US. This was written by Newt Gingrich. It is argued that the contract is the
reason behind increases in seats of the Republican Party in 1994 mid-term elections. In the
contract, the party expressed eight reforms they would bring if they got majority (Kunde, 2016).
The agenda includes uniform law for all, audit of the Congress by independent auditing firm,
lower the number of committees in the house, limited number of committee chairs, ban over
proxy vote casting, public can witness or join all committee meetings, voting system would be
used to increase taxes, zero base line budgeting for Federal Budget to increase its transparency.
Thus, according to the experts the “Contract with America” helped the Republicans to win the
election in 1994. The majority of the Republic Party forced the Democratic Party to come in
terms with the republicans that led to bipartisan legislation.
Answer 3
The Balkan Wars mainly refers to the war of states of Yugoslavia in order to become
independent states. The states of Yugoslavia were Slovenia, Bosnia Herzegovina, Croatia,
Serbia, Kosovo, Republic of Macedonia and Montenegro. The war had occurred due to the
seeking of independence and ethnic conflicts. The Balkan war continued throughout the decade
of 1990 and resulted in the breakup of the states of Yugoslavia (Mirilovic, 2019). It had been
estimated that as a result of the turmoil occurred in the war had caused death to near 150, 000.
The Balkan wars that occurred during the decade were Ten Day War, Croatian War of
Independence, Bosnian War, Kosovo War and Insurgency in Macedonia and Presevo Valley.
Initially the US did not intervened in the Balkan wars but in 1995 the US the take active
step to end the war that had been occurring in Bosnia. The US however had not directly

4ECONOMICS AND HISTORY
intervened in the war. Under the agreement of NATO, the US along with other North American
and European countries intervened in the war of Bosnia and put an end to it.
The intervention of the US in Bosnia war might have put an end to it but the
consequences was not well under the humanitarian ground. Bosnian Serbs oppressed
innumerable Muslims after the war ended (Friedman, 2019). Thus, it may seem that the
oppression had not happened if the US did not intervene but it further should be noted if the war
had continued the cost could had been more. Therefore, intervention of the US was justified.
Answer 4
The impeachment of President Bill Clinton was started in October 1998. It was the 8th day
of the month. The origin of the impeachment of President Clinton consists of two issues one was
the legal case filed by Paula Jones and the second was the testimony of President Clinton in
which he denied of the fact of having sexual relationship with Monica Lewinsky, a White House
intern. The charges that were filed against him was obstruction of justice and lying under oath.
However, the due to founding not guilty of one of the charges Bill Clinton was allowed to remain
in his position until his tenure comes to end (Morris, 2018). However, under the charges for
which President Clinton was impeached a common person is imprisoned if found guilty but in
case of President, removal from position is the penalty. Therefore, it is evident that famous
people and politicians the judgment is different rather the penalty is less severe than in the case
of common person. This discrimination should not exist in the case of law and order. Law should
be same for all be it President or common person. Rather, it can be said that a person belonging
to a higher position should be penalized more because that person is misusing the powers given.

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Answer 5
Operation Iraqi Freedom is the military operation that the US initiated on 20th March,
20003. The main objective of the operation was to put an end to the regime of the Saddam
Hussain by removing him from his position of power. In doing so the US aimed to cut Saddam
Hussain’s access to all weapon meant for mass destruction such that those cannot be used against
the US or those are made availabe to any terrorist groups (Bremner et al., 2017). During the
entire operation, the US gradually changed its motive of removing Saddam Hussein to help the
government of Iraq to improve the governance of the country, improve the security system and
encourage development of economy of the country. The US deployed over 150, 000 troops in
Iraq under this operation. In addition to that, the importance of the operation was to achieve
improved bilateral relationship with Iraq.
The operation had both positive and negative consequences to the US. The positive
consequences that the safety of the country would be increased as chances of getting attacked by
mass destruction weapons got mitigated. The bilateral relationship between Iraq and the US
improved. Iraq is huge source of oil and improved relationship with Iraq would allow the US to
get cheap oil. On the negative side, such an operation had brought significant economic pressure
on the country. The political status of the government of the US was demeaned due to violation
of human rights, violation of preemptive warfare as international law does not allow any country
completely overthrow the government of country.

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Reference
Bremner, J. D., Mishra, S., Campanella, C., Shah, M., Kasher, N., Evans, S., ... & Vaccarino, V.
(2017). A pilot study of the effects of mindfulness-based stress reduction on post-
traumatic stress disorder symptoms and brain response to traumatic reminders of combat
in operation enduring Freedom/Operation Iraqi freedom combat veterans with post-
traumatic stress disorder. Frontiers in psychiatry, 8, 157.
Friedman, F. (2019). Re-Inventing Yugoslavia: Lessons from Bosnia and
Herzegovia. Globalization and Regime Change: Lessons from the New Russia and the
New Europe, 227.
King, J. D. (2020). Bill Clinton, Republican Strategy, and the 1994 Elections: How Midterms
Become Referenda on the President. American Review of Politics, 37(1), 76-99.
Kunde, M. H. (2016). The Contract with America: A Legal, Social, and Rhetorical Contractual
Obligation. Propaganda and Rhetoric in Democracy: History, Theory, Analysis, 223.
Mirilovic, N. (2019). War and Religion: The Yugoslav Wars of the 1990s. In Oxford Research
Encyclopedia of Politics.
Morris, I. (2018). Votes, money, and the Clinton impeachment. Routledge.
Pollin, R. (2016). Clintonomics Failed Why is Hillary running on Bill's bad
record?. NATION, 302(7), 5-6.
Saul, J. R. (2018). The collapse of globalism. Atlantic Books Ltd.