Egypt Revolution of 1919 Essay Example | Topics and Well Written Essays - 1250 words

Egypt Revolution of 1919 - Essay Example British promised to evacuate Egypt but it did not materialize. Therefore, big chapter in Egypt’s foreign occupation and Britain’s global empire (Daly, 1988). Saad Zaghul formed the Egyptian delegation party known as â€Å"wafd†. This party started pressing nationalist cause. Tactics of civil disobedience was used by people to begin a huge movement of independence. Zaghlul and Wafd had gathered massive public support. Petition for full independence of Egypt was lodged. British could sense the rising support for Wafd leaders. British arrested Zaghlul and other main leaders of movement and exiled them to Malta. The ultimate outcome of all this was revolution in Egypt (Daly, 1988). The Egyptian revolution of 1919 compelled British government to recognize Egypt as independent state in 1922 and then ultimately implementation to new constitution took place in 1923. Causes Egypt came under British rule on December 14 1914. People were agitated against the British rule an d they got united in their discontent. During the war about 1.5 million Egyptians were recruited in the labor corps by British army. Main infrastructure of the country was seized for the army. Saad Zaghlul was founder of the Wafd party during World War 1. The party got fame just after the war setting the goal of ending British occupation. 14 points of Woodrow got fame and inspired nationalists. On November 11 1918, Zaghlul requested high commissioner Sir Reginald Wingate to permit Wafd activists for presenting Egypt’s demand for independence in London. Wafd party members were not allowed to visit London (Bisgaard-Church, 2011). Party kept sending messages to House of Commons but no response shown by British government. In March 1919, Zaghlul was arrested by the British with two other part leaders and then exiled them to Malta. This resulted in countrywide protests incorporating people from all walks of life against the British Occupation. Cairo and Alexandria witnessed the ma in strikes against British held by men, women, shop owners and tradesmen. Milner mission was sent by British to access the real political and diplomatic situation in Egypt but his visit was boycotted (Bisgaard-Church, 2011). Zaghlul returned to Egypt from exile on April 4 1921. Allenby was clear in his mind that Zaghlul is a British puppet and wants to create new independent Egypt as per British desires. Zaghlul was again exiled to Seychelles in December. Exile was responded by Egyptians by countrywide strikes and protests (Bisgaard-Church, 2011). Events Egyptian nationalists demanded independence from British after the World War 1 ended. Wafd was formed which demanded independence at Paris conference. 13 November 1918 was celebrated as day of struggle. Wafd party was formed by Saad Zaghlul. This party wanted to visit London for demanding independence of Egypt but it was denied. Zaghlul and other party members were arrested on 8 March 1918 and further sent to Malta. This resulted in mobilizing people countrywide marking the beginning of revolution. Basic road and railways infrastructure was destroyed (Zunes, 1999). Zaghlul’s wife initiated women participation in movement by protesting against British occupation with 300 ladies. Demonstration held at Abdin palace of about 1000 civil servants and students was peak of the revolution. British took stern action to bring down demonstration by killing 800 Egyptians. British sent Lord Milner in May 1919 for giving self-governance to

Explain the main determinants of exchange rate behavior in the long Essay

Explain the main determinants of exchange rate behavior in the long run and in the short run. In the context of your analysis di - Essay Example The speculation concept in this market has made it hard for achievement of stability. Gains and losses can be made in the same breath in this market. This presents a challenge in both the macro and micro economics world. The factors that influence this behaviour in the foreign exchange market has been a topic of concern to many scholars and economists the world over. The aim of this paper is to evaluate the main determinants of exchange rate behaviour both in the short-run and long-run by illuminating a number of theories and explain why exchange rates tend to be volatile and notoriously hard to predict. To better understand the exchange rates, the paper will first discuss the foreign exchange market and then it will look at the exchange rate regimes. The The Purchasing Power Parity (PPP) and the asset market approach through the Uncovered Interest Rate Parity (UIRP) will also be analyzed here.   Overview of the Foreign Exchange Market As the name suggests, a foreign exchange marke t is a market where currencies are traded. Foreign exchange market is also known as forex market. In this market, money is traded for other money. This is the basic definition of the foreign exchange market but in broader terms, the foreign exchange market is not restricted to the exchange of currencies. ... Gains are made in the same breath as losses in this market. This is so because the price of the currency in the market is determined by forces of demand and supply (Carbaugh, 2011). The financial market like goods market obeys the laws of demand and supply; the demand for currency varies inversely with price (Williamson, 2009). If demand for a currency increases its price increases (appreciates) making it unattractive in the market. Buyers thus switch to buying products where value of currency is low leading to depreciation of the currency until equilibrium is reached. For example, in a market involving dollars and pounds whereby the dollar is the domestic currency and the pound is the foreign currency, an increase in demand for foreign currency (pound) results in depreciation of the domestic currency (dollar) while an increase in supply of foreign currency leads to appreciation of the dollar until equilibrium is reached (Sercu and Uppal, 1995). The demand and supply concept As shown in figure 1, Do represents the demand curve for pounds while So represents the supply curve. Equilibrium exchange rate is obtained at the point where demand curve intersects with supply curve (point E). At this point, the exchange rate of dollars per pound is stable hence the market is efficient (Carbaugh, 2011 p. 399). The demand curve in this case represents the desire of the Americans to purchase British goods, services and assets and by observing the law of demand; the US demand for pound varies inversely with price. If price increases, the demand for pounds decreases and if price decreases the demand for pound increases. This means that if the dollar price of pound increases, exports from