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The Economic Organization Of A Pow Camp Summary

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After reading the article, "The Economic Organisation of a POW Camp", the author R.A Radford connects a German prison camp with economics by implementing a market of goods and services within the prison that get traded depending on the value that the product or service holds that is determined by the supply and demand curve (which is why a prison can be compared to real world economics). In this prison cigarettes were considered to have the highest amount of value because cigarettes were a bit more hard to come by and everyone wanted them in the market which also included weapons (ex:blade) and food. Just like in the real world of economics products and services hold certain values that are represented by the supply and demand curve, for …show more content…

This is similar to the role that cigarettes played in prison camps, they were harder to get and those who did get them were able to trade them at a high value because the demand for them were high and if one prisoner wasn't willing to pay the price for it many other prisoners would making cigarettes an inelastic product for consumers in the prison, because there weren't any substitutes for that product. The red cross projected what products prisoners needed to the POW making the Red Cross the source of income which later created values for goods in which prisoners would trade …show more content…

The exchange and mart showed what was available in the market. I find this to be extremely important because this is where both buyers and sellers saw what each product was valued at in order to reach a deal making this the heart of the Prisoners economy. In the United States the heart of the economy is depended on the actions that take place in the New York Stock Exchange. The New York Stock Exchange is a marketplace for buyers and sellers to make deals depending on the value of a company, and shows how much people are willing to invest in these companies which is very similar to the, "Exchange and Mart Notice Board". Those who know how to play the game the best end up on top, and those who can't play the game right end up getting burned. Soon enough a monetary policy is implemented where cigarettes are used similar as cash to bribe people in working (running services). Then soon enough paper money was finally apart of the Prison Economy as the value of it was backed by food (Bullymark) . The Pow camp eventually gets bombed and this causes a food shortage which means the value of the Bullymark is decreased. This is the Pow Camps form of a financial crises. Towards the end the Exchange and Mart Notice Board were looked frowned upon because of the financial crises and cigarettes were reinstated as the greatest form of currency in the POW

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