The Korean War was the first major ‘proxy war’ of the Cold War, and was relatively significant to the development of the Cold War due to a number of factors. Overall it can be seen as a clear example of the United States’ policy of containment in action, leading to the vast growth of America’s military capability, as well as the globalisation of the Cold War due to the military alliances constructed by the US.Along with this, the Korean War ended with the emergence of China as the frontrunner of communism in Asia, due to the stalemate reached in the war. The Korean War was significant in terms of the Cold War, as it had long term affects on America’s foreign policy. The expansion of the USSR and the ideology of communism shaped America’s commitment to the policy of the global containment of communism, and dictated its foreign policy for the next twenty years.
In particular, the Korean War was a major factor of the implementation of National Security Council Paper No. 68 (NSC-68), which was said to be ‘a policy of calculated and gradual coercion’ whilst rejecting the ‘concept of isolation’, showing a large shift in America’s foreign policy due to its previous isolationist tendencies, instead letting America reinvent itself as a ‘superpower with a global reach. ’ The Korean War was also important to NSC-68 in particular as it was the direct reason why it was able to go be implemented.In the political circumstances of the time, the policies of U. S Security of State Dean Acheson were deemed too expensive, and that it could ‘bankrupt the country’, due to the remarkably ‘quiet and contained’ Soviet Union at the time. This view is supported by Dobson who states that the Korean War gave NSC-68 the ‘stamp of legitimacy’ and without the Korean War, it was unlikely that the Congress would have financed NSC-68 due to vast expenses involved.Through the implementation and the funding of NSC-68, America developed a vastly militarised way of combatting communism, and this militarised policy of containment was supplemented with the development of a vast military-industrial complex, contributing to the idea of deterrence.
The Korean War had a significant impact on a global scale, as it impacted on America’s relationship with its West European Allies as well as furthering he progress of the North Atlantic Treaty Organisation (NATO), resulting in the revival and strengthening of American military alliances around the world. NATO had been established to protect democratic countries from communist aggression, and the Korean War posed a threat to the democratic, capitalist nations due to the invasion of South Korea by the North. This was mainly due to the misconception of the communist countries as a united force, although Stalin was not willing to become directly involved, and as a result of this, NATO attempted to develop plans for military action.The combination of NATO and America’s policy of containment as earlier stated pushed America into the forefront of capitalism, with the US leading the ‘resistance against the red menace’. This view is supported by Leffler who argues that NATO was a useful way of integrating Western Europe and England under ‘American leadership’. Along with this, America encouraged the formation of alliances with former enemies such as Italy, Germany and Japan.In particular, it has been suggested that a communist South Korea would cause Japan to adapt a neutral position, as seen through the statement made by U.
S. Secretary of State Dean Acheson stating that neutralism was a ‘shortcut to suicide. ’ However, Japan had been seen by the USSR and China as a potential obstacle of communism in the region of Asia, and that if North Korea was successful in unifying Korea, a militarised, Westernised Japan would be less of a threat.Due to the views of the US on Japan, the two countries organised a trading of reparation claims against Japan from a collective of countries in order to attain a Japanese alliance against communism. The US encouraged Japanese rearmament and industrialisation to create stability for the Western World within the confines of East Asia, as well as setting up military bases in the Japanese region of Okinawa, and Japan’s proximity to Korea allowed quick transportation of supplies when needed. Due to these factors, America was able to create more influential capitalist spheres and increase military alliances.The Korean War was also significant in that it challenged the legitimacy of the United Nations fuelled by the idea of it being a tool for US foreign policy.
Whilst the Security Council collectively made a decision about Korea, Russia was not present and thus unable to exercise the power of veto. Along with this, the army personnel, although said to be comprised of sixteen nations, were predominantly those of the US. Because of this unbalance, much of the decisions made were predominantly under the control of the US.This is supported through LaFeber, who states that America planned the ‘reconstruction of Korea’ without the prior consultation of the UN or Syngman Rhee. This evidently shows the power that America had over the UN at the time, and subsequently led to propaganda in the USSR, questioning the credibility of the UN and its idea of ‘collective security’ as a definition controlled by the US. The entrance of China into the Korean War was a shift in the power balance of the Cold War, as seen through the end result of the Korean War.After China intervened on the part of North Korea, the confrontation between American and UN forces against the communist Chinese forces resulted in an eventual stalemate, thus elevating China’s prominence in the global sphere.
It has been stated by LaFeber that Stalin viewed Mao’s success as an encouragement for other communist revolutions to occur throughout Asia, and thus weaken Stalin’s ‘two-camp premise’ and ultimately his control over the ‘world communist bloc’.However, due to Stalin’s non-interventionist attitude in the Korean War, it laid the path for China to take control of and dominate the communist movement in Asia and in turn, diminish the Soviet influence in the East Asian sphere. Whilst being a significant part of the Cold War due to it being the first of a direct conflict between the two ideologies through a proxy war, the Korean War was much more significant to the development of the Cold War due to the issues underpinning the conflict.Whilst the conflict was important due to it potentially being seen as a means for communist expansion due to North Korea invading the South, the Korean War essentially served the means for the advancement of the United States in terms of military capability and global influence through their numerous alliances, cementing the importance of the policy of containment not only on a national scale, but a global one.
Validity and Reliability of Value at Risk
Validity and Reliability of Value at Risk.
Validity and Reliability of Value at Risk
Paper details You already wrote a paper for me on the Evaluation of VaR approximation methods. I want to go further and analyze the reliability of some VaR models by evaluating the VaR forecasts. Kupiec (1995) and conditional coverage backtest namely CC test from Christoffersen (1998) and DQ test from Engle and Manganelli (2004), along with some others if you can find. I will attach 2 documents that I want you to base the paper around.
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