Radford article

1) Summarize the article. What is it about? Why is it interesting?
2) Trade is beneficial because of comparative advantages in production. Discuss whether this is the reason people trade in the P.O.W. camps. Is there another reason people would trade? Please explain. Citing examples from the paper in your explanation would be appropriate.
3) Was some type of market equilibrium achieved where the price reaches a level in which quantity demanded equals quantity supplied? How did the organizers help with this?
4) Discuss the special role of cigarettes in the P.O.W. economy in detail.
5) Discuss the differences between cigarettes in the P.O.W. economy and money in the world economy.
6) Discuss how the supply of cigarettes affected the economy as a whole (supply and demand view)
7) Conclude with your thoughts and opinions on the basic formation of a market. Does this seem to arise naturally, or were they influenced by living in societies with markets before they were soldiers? Does this seem like a good way to organize economic activity? Would you have tried to create the same situation, or done something differently? Be sure to explain why you think what you do.



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