This genre of essay requires you to analyze problems, suggest solutions, and evaluate the proposed solutions. In this assignment, you will be asked to apply your knowledge and analytical skills to a real-world problem. The goal is that you can see the usefulness of what you have learned and how it helps you think about real-world problems. Also, you may be the one who actually finds a solution!!
Background
The process of writing problem-solution essays includes the following steps (Marshall, 2017):
Provide background or contextual information related to the problem in question
Describe the problem in details
Suggest possible solutions and justify your suggestions by reviewing how the problem has been addressed in the literature and analyzing how the problem may be solved.
Evaluate the proposed solutions by means of considering factors that may negatively or positively affect the implementation of the solutions.
Context
Poor countries of the world are now facing the Coronavirus pandemic. Low-income countries have health systems with less resources and are also economically more vulnerable to the negative economic impact of lockdown. Citizens in LIC countries living in extreme poverty may not find it easy to quarantine as they may be living in overcrowded environments or may need to work in order to find enough resources to eat.
In addition, the government in low-income countries face limited access to financial markets and may not be able to borrow enough resources to implement economic stimulus measures like the ones applied in the developed world (suspension of foreclosures on rent, increase unemployment insurance coverage, loan programs to small business, rescue funds to affected industries, etc…).
For these reasons, dealing with the Coronavirus outbreak is a lot more challenging in low-income countries.
Task
Write an Essay of no more than 600 words where you discuss the problem that low income countries are facing due to the coronavirus outbreak. Offer 3 policy recommendations (or “solutions”) on how to deal with this crisis. What should be the role of developed countries?
Sample Solution
rexit vote, high-profile members of the Conservative Party have argued for the scrapping of the bankers’ bonus cap, in addition to other EU ‘red tape’, a sentiment which has been recently echoed by Mark Carney, Governor of the Bank of England, who has rightly previously criticised the EU’s bankers’ bonus cap. It can be said that this divergence epitomises the UK’s uneasy relationship with the EU in recent years. Brexit, therefore, presents the opportunity to reverse this mis-guided policy and continue to gradually introduce regulations that are more flexible and suited to the UK’s dynamic financial services industry. This was intimated by Mark Carney who has suggested that there are areas in which the UK can make regulatory changes, caveated by a desire to continue to maintain the highest possible levels of resilience and robust regulatory standards. This is an eminently sensible position to adopt and provides a clear avenue for the UK to take advantage of leaving the EU to implement a more flexible regulatory regime, that strives to eliminate unnecessary ‘red-tape’ and better serves the interests of UK financial institutions. A further clear example of the UK’s difficult relationship with the EU, with respect to aspects of financial services regulation, is clearly illustrated by the rancour aroused by the disagreement over the EU’s Short Selling Regulation (SSR). This provision granted powers to the European Securities and Market Authority (ESMA) to limit or ban the practice of short-selling. The SSR aims to increase the transparency of short positions held by investors in certain EU securities and reduce the risk involved with short selling. Ultimately, the UK’s opposition to this measure was defeated, losing their challenge at the European Court of Justice. In concurrence with the opportunity to reverse the EU imposed bankers’ bonus cap, a further impact of Brexit on the legal financial services regime in the UK is the ability to reverse this regulation and, if the prerogative of government, replace it with a more suitable, flexible and tailored regulation, in order to meet the needs of finance in the UK.
