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Synthesis Essay

The document discusses alternative currencies as an option to national currencies. It provides three examples of issues with national currencies that alternative currencies could help address. First, exchange rates between currencies like the US dollar and Mexican peso can result in lost money. Second, varying exchange rates cause prices for items like Big Macs to differ widely between countries. Third, local alternative currencies in places like Philadelphia help promote local businesses and trade without reliance on the national currency. The document argues that alternative currencies could benefit the global economy by lowering costs, reducing exchange rate fluctuations, and facilitating international trade and investment.

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Andrea Peralta
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615 views1 page

Synthesis Essay

The document discusses alternative currencies as an option to national currencies. It provides three examples of issues with national currencies that alternative currencies could help address. First, exchange rates between currencies like the US dollar and Mexican peso can result in lost money. Second, varying exchange rates cause prices for items like Big Macs to differ widely between countries. Third, local alternative currencies in places like Philadelphia help promote local businesses and trade without reliance on the national currency. The document argues that alternative currencies could benefit the global economy by lowering costs, reducing exchange rate fluctuations, and facilitating international trade and investment.

Uploaded by

Andrea Peralta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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In most of the world people use currency to buy, but today's society is increasingly becoming

digitalized which brings good and bad advantages. Although many people have no interest in
using anything other than currency to buy their goods and services, I believe that we should find
alternative currency ways in which we should be able to buy goods, and services. With this topic
one should consider alternatives to national currencies with a lower influx rate, no varying exchange
rates, and facilitating trade and investment among people.

For example, in Source A Charles Wheelen explains the varying exchange rate between the United
States and Mexico. Wheelen explains how most people in the United States would exchange one
hundred dollars to pesos in order to purchase goods, and services from Mexico, but there is an
exchange rate in which you lose money because, you would have to pay exchange currencies places
in order to exchange dollars to pesos,thus losing economic prosperity (Source A). With a new
currency alternative we wouldn’t lose economic prosperity with having no exchange rates. However,
some may find using currency is simpler and easier to use. I believe that using alternative currency
people will save their money with the high cost of exchange rate.

Another example shown in Source B shows the increased cost of the big mac in selected countries.
Around the world the big mac has varying prices with Switzerland, a high taxing country having the
big mac at the cost of 6.76, while Ukraine has the big mac at 1.64 dollars (Source B). Using
alternative currency would decrease the cost of a big mac because the cost to make the big mac in
selected countries varies by price with an alternative currency. We would be able to make the big
mac the same price as other countries. With a lower influx rate we would be able to lower the cost
of a big mac all over the world, by using alternative currency.

Lastly, the example in Source B facilitates the trade and investment among people in Philadelphia. In
Philadelphia a group of volunteers work for a non profit in which they receive Berkshares, an
alternative to national currency in which they could spend at locals shops, and activities such as
going to the batting cages (Source E). WIth berkshares as an alternative to currency it helps promote
local businesses, and helps the people of Philadelphia since there is a distrust in the government.
Although many people disagree with using alternative currency such as Berkshares because it would
be easier to just use national currency instead of volunteering in order to get berkshares,using
alternative currencies help local businesses grow, and helps decrease inflation.

Overall with everyone being able to use alternative currencies, the world would ultimately benefit
from using it.With this many businesses would benefit greatly from using alternative currency with a
lower influx rate, no varying exchange rates, and facilitating trade and investment among people.

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