1000 results for “Economic Crisis”.
Economic Crisis
The revelation of the financial crisis that unfolded in United States in 2008 is considered to be the worst economic crisis since the Great Depression, 1929. The distinctive causative factors that have contributed to the U.S. economic crisis 2008- 2009 are differentiated by aggravated financial control, higher risks in capital investment, the housing bubble phenomena in relation to the brisk credit expansion. The aggregation of these factors in the U.S. economy directed the economy towards the de- leverage and credit crunches as the bubble burst. The following paper shall be discussing about the degree of correlation between the tax implications policies with respect to the financial crisis in U.S.. The precise review of strong linkages between the taxation and economic crises is the explicit explanation of the crisis that shook America. The paper also highlights the key factors that demonstrated their abilities and rescued U.S. In the economic…
Reference
Carr, D.A. (2011). Responses to Local Fiscal Shocks: Path Dependency Effects of the Clean Air Act. Public Finance and Management, 11(2), 160+. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5050180027
Hendrickson, J.M., & Nichols, M.W. (2010). Did Commercial Banks Close Branches in Low-income Neighborhoods in Response to the Cra? Implications for Understanding the 2007-2008 Financial Crisis. Journal of Legal, Ethical and Regulatory Issues, 13(1), 17+. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5044499375
Johnson, E.M. (2010, April). Mr. Trust Buster. In These Times, 34, 7+. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5041402599
Robinson, S.N., & Nantz, D.P. (2009). Lessons to Be Learned from the Financial Crisis. Journal of Private Enterprise, 25(1), 5+. Retrieved March 9, 2012, from Questia database: http://www.questia.com/PM.qst?a=o&d=5037768696
Economic Crisis Policies
US current economic crisis is considered to be started from real estate sector. The real sector started to decline in 2006 and it accelerated in 2007 and 2008. Housing prices have fallen from the peak from about 25% so far. The decline in prices left homeowners with no option and they were unable to refinance their mortgages and causes default of mortgages. This default of mortgages and loans swallowed the banks and financial markets such as falling of Lehman's brothers and other anks and blow to rest of economy happened as the whole economy was relying on banks and ultimately it slows down investment in the country and capital flows to other parts of the world like China and India. ank losses cause reduction of bank capital which in turn requires capital reduction thus saving bank from lending. It is estimated that every $100 loss and reduction…
Bibliography
ISR international socialist review. (2009, april). Retrieved from The U.S. economic crisis:causes and solutions: http://www.isreview.org/issues/64/feat-moseley.shtml
Journal of accountancy. (2009, october). Retrieved from The U.S. economic crisis: root causes and road to recovery: www.journalofaccountancy.com/Issues/2009/Oct/20091781
Eyes on wall street. (2011, april). Retrieved from Levin coburn investigates casues of financial crisis: http://www.eyesonwallstreet.com/2011/04/articles/financial-crisis/levincoburn-report-investigates-causes-of-the-financial-crisis/
Rude, C. (2009). World Economic Crisis and Fed Reserve Response to it. Studies in Political Economy.
The U.S. is a property owning civilization and a number of the people wanted land and housing. Americans however scarcely ever create savings. "The country itself lives on other countries' savings by issuing bonds to finance its excessive consumption. The current crisis began with cheap housing loans offered by banks. Banks provided loans but instead of holding the loan in their books, they packaged them into collateralized debt obligations (CDOs) and sold them to other agencies. These agencies passed them on to others and spread them globally as assets" (the Current Economic Crisis, its causes, its impact and possible alternatives, 2009).
Interest rates were lowered and housing loans went up with construction activities leading to land prices increasing. The real estate was booming, generating employment and incomes. But as the rate of interest on housing loans came down, banks started to compete to get more business. Because of low interest…
References
Avizius, R. 2009. Financial Crisis Big Picture: What has the Government Response Been? [ONLINE] Available at: http://www.marketoracle.co.uk/Article9229.html . [Accessed 22 May 2012].
Centeno, M.A. & Cohen, J.N. 2012. The Arc of Neoliberalism. [ONLINE] Available at: http://www.yale.edu/macmillan/transitionstomodernity/papers/CentenoCohen.pdf . [Accessed 22 May 2012].
Crotty, J. 2009. Structural causes of the global financial crisis: a critical assessment of the 'new financial architecture' . [ONLINE] Available at: http://cje.oxfordjournals.org/content/33/4/563.full . [Accessed 22 May 2012].
Esteva, G. (n.d.). The Meaning of the Global Crisis and "Recovery" for Study Abroad: What are we Preparing Students for? [ONLINE] Available at: http://digitalcollections.sit.edu/cgi/viewcontent.cgi?article=1110&context=faculty_symposium . [Accessed 22 May 2012].
This program is focused onto the following directions:
Generating stability with exchange rates
ebuilding confidence in the monetary policy
Better managing and restricting public debt
eforming and restructuring the banking sector to insure more transparency and the implementation of internationally recognized policies (The Icelandic Government Information Center, 2008).
4. Short-term forecast for the economy
The 2008 has severely impacted the Icelandic economy. In light of the dramatic effects as well as the efforts put into the reconstruction and reconsolidation of the Islanding economy, major growths are not expected. In other words, it is generally assumed that the country will regain its stability through small and gradual victories, which will, for the time being, only manage to stabilize the economy. Growth rates are expected to remain low and for 2010 for instance, the growth rate of the gross domestic product is expected to be close to zero (Central Intelligence Agency, 2010).…
References:
2008, Economic programme in cooperation with IMF, The Icelandic Government Information Center, http://www.iceland.org/info/iceland-imf-program / last accessed on August 2, 2010
2008, Economic outlook 2008-2012, Landsbanki, http://www.landsbanki.is/Uploads/Maillist/Docs/economicoutlook2008-2012.pdf last accessed on August 2, 2010
2008, Glitnir releases economic forecast for Iceland, IceNews, http://www.icenews.is/index.php/2008/06/02/glitnir-releases-economic-forecast-for-iceland / last accessed on August 2, 2010
2010, Iceland economic statistics and indicators, Economy Watch, http://www.economywatch.com/economic-statistics/country/Iceland / last accessed on August 2, 2010
Economic Crisis 2008-2009
This report focuses on the events that took place in the Great crash of 2008-2009. It aims to highlight the events that took place and what the basic factors and events were that eventually led to the economy crashing. It is also a point of focus to determine what effects came about and how different parties were to be blamed for the deregulation that led to the catastrophic events of the crash. It is linked with the policies present at that time i.e. The Monetary Policies outlining the control of money supply and interest rates as well as the Fiscal Policy that focus on the government spending and taxation policies.
The financial crisis refers to a situation whereby there is a contraction of money supply and the amount of wealth in the economy. This is also known as a "credit crunch" whereby participants of the economy lose…
References:
Minkiw, Mc Gregory. (2009). The Financial Crisis and the Economic Downturn of 2008 and
2009. Macro Economics (7th Edition).
Ryan (2008). The 2008-2009 Financial Crisis-Causes and Effects. Cash, Money, Life.
http://cashmoneylife.com/economic-financial-crisis-2008-causes/
As Taibbi shows, it is not easy: "I'm going to say something radical about the Tea Partiers. They're not all crazy. They're not even always wrong. hat they are, and they don't realize it, is an anachronism. They're fighting a 1960s battle in a world run by twenty-first-century crooks" (Griftopia 16-17). Taibbi makes clear that the Tea Party is not even homogenous: it is made up of a broad spectrum of individuals (some of whom do not even want to be called Tea Partiers) who are angry and looking for someway to focus their anger.
In conclusion, recouping the losses is not an easy thing to do. hen a company like Lehman Brothers can be allowed to collapse while their competition (Goldman Sachs) can be bailed out by tax payer dollars, citizens are going to start wondering how their country got to such a point in the first place. Taibbi…
Works Cited
AP/HuffPost. Charles Ferguson's Oscar Speech Rips Wall Street: 'Inside Job' Director
Levels Criticism During Acceptance. HuffPost Business. Web. 8 Apr 2011.
Campbell, Andrea Louise. "Is the Economic Crisis Driving Wedges Between Young and Old? Rich and Poor?" Generations 33.3, Fall 2009: 47-53. Print.
Espo, David. "Deadline nears: Shutdown looms without agreement." Yahoo! News, 8
Economic Crisis
The recession of 2008-2009 and the subsequent government responses provides a good test for economic theories. There are no controlled experiments in economics, so we can only work with case studies in order to understand how economies work. A good starting point is to consider the issue through multiple different lenses, so that we can understand how the crisis occurred and what prescriptions might be best suited for response either to address the root problems or to engage in prevention. This paper will consider the works of Marx, Schumpeter and Keynes in analyzing the financial crisis. All three of these men would have been able to understand its causes, but likely would have taken very different approaches to solving the problem.
The second issue at hand is the question of the future of capitalism. We have a pretty good sense at this point of what the response of…
References
Cox, W. & Alm, R. (2013). Creative destruction. Library of Economics and Liberty. Retrieved December 7, 2013 from http://www.econlib.org/library/Enc/CreativeDestruction.html
Eichengreen, B. (2010). The crisis of financial innovation. University of California at Berkeley. Retrieved December 7, 2013 from http://emlab.berkeley.edu/~eichengr/crisis_finan_innov.pdf
Isfeld, G. (2012). Canada's banks shake off global sector crisis. Financial Post. Retrieved December 7, 2013 from http://business.financialpost.com/2012/10/10/canadas-banks-shake-off-global-sector-crisis/
Liu, H. (2008). Too big to fail moral hazard. Asia Times. Retrieved December 7, 2013 from http://www.atimes.com/atimes/Global_Economy/JI23Dj12.html
Ergo, the role of the EU seems to be that of implementing protectionist policies. These would be developed onto three simultaneous directions.
A first set of policies would revolve around the creation of a new market architecture at the EU level. This would strengthen the EU's position in the face of future challenges by:
ensuring a sustained and strong support from central banks allowing banks to rapidly implement the rescue plans, and allowing the Union to rapidly implement decisive methods that would prevent the expansion of the crisis to other countries (Commission of the European Communities, 2008).
A second set of strategies revolves around the necessity to really analyze the impacts the crisis has had upon the real economy and find ways in which to improve the real economy. These policies would combine short-term solutions to issues in need of rapid response as well as long-term projects. The short-term solutions…
References
Budowsky, B., January 22, 2008, the Economic Crisis, the Hill
Kilmister, a., December 2008, the Economic Crisis and Its Effects, World Economy, No. 407
Miller, J., Jackson, B., Who Cause the Economic Crisis? The Annenberg Public Policy Center of the University of Pennsylvania
http://www.factcheck.org/elections-2008/who_caused_the_economic_crisis.html , last accessed on January 7, 2009
Thus if the taxation policy is shifted, it is possible to create a better situation. Taxes that are now current can be abolished if their contributions are minor. On the other hand taxes can be levied on things that are considered harmful like tobacco and drugs. This will be discussed when the remedies are sought to be established. (Edwards, 292)
"What should be done to resolve it most effectively?"
Tax cuts and abolishing some taxes can be effective with increased government spending. John Meynard Keynes advocated government spending as a method of getting over recession. Therefore a deep consideration of the federal government budget is in order. The budget uses the taxes, and spending by government to reach the desired equilibrium and thus the taxes, and spending are often beyond the general equilibrium and hence budgets are always unbalanced. To control inflation taxes are raised and spending reduced. Like wise…
References
Brue, E. Essentials Of Economics.
Tata McGraw-Hill, 2006.
Carbaugh, Robert J. Contemporary Economics: An Applications Approach.
M.E. Sharpe, 2010.
This mindset was made possible by their intensive investments in new technologies that made transactions inherently unauditable and untraceable by the Securities and Exchange Commission and other governance entities. Given the automation of these complex trading workflows and the inability of governance bodies to keep pace with technological advances, coupled with banker's unwillingness to assist governments in tracking increasingly intricate transactions, the bankers could literally make their own rules up as they went along. What has differentiated this global economic downturn from others is how pervasive this attitude has become of offloading risk by aggregating toxic and bad loans together, using technologies to increase speed of transactions while alleviating accountability (Corden, 2009).
An aversion to risk has been replaced by a consolidating, aggregating and re-selling of completely worthless and often called "toxic" loans, with accountability of the performance of investments left by the wayside. Bankers had the most to gain…
References
John C. Bogle. (2009, April 21). A Crisis of Ethic Proportions. Wall Street Journal (Eastern Edition), p. A.19.
Corden, W. (2009). The World Credit Crisis: Understanding It, and What to Do. The World Economy, 32(3), 385.
John Dobson. (2003). Why Ethics Codes Don't Work. Financial Analysts Journal, 59(6), 29-34.
Jeffrey C. Gerrish. (2002). Ten new commandments for corporate governance. American Bankers Association. ABA Banking Journal, 94(11), 16-20.
Subprime mortgages were not by any means a major component of the total market, yet when they crashed, the high degree of market interdependency led to sharp declines in the value of many companies, not just banks that happened to be burdened with toxic assets. The methodology will therefore begin by comparing the interdependence of different markets over time. This will reveal whether or not sectors and global markets have become increasingly correlated over time. It is hypothesized that they have, which in turn has contributed to an increase in systemic risk as such interdependence reduces the value of diversification.
The second component of the paper will examine what is being done with respect to reducing systemic risk. This component will include an overview of the traditional theory and a review of the current literature on systemic risk. The crisis has spurred new work on systemic risk, including work specific…
References:
Weisman, J. & Paletta, D. (2009). Summers says more regulators could join Fed to police risk. Wall Street Journal. Vol. 254, 62, A3.
Huang, X; Zhou, H. & Zhu, H. (2009). A framework for assessing the systemic risk of major financial institutions. Journal of Banking and Finance. Vol. 33, 11, 2036-2049.
The second recommendation I would make with respect to external communications is that Liddy adopt more stringent measures than the government has insisted upon with respect to spending controls. The government has set out some measures, but AIG should be tougher than that. This would demonstrate a sense of culpability on the part of the company for the fact that the situation it is in is of its own making. A major component of the public's offense is that it feels cheated in the deal. Taxpayers, many of whom are feeling the sting of economic hardship themselves, are insulted that they have been called upon to bailout a company that then pays six and seven-figure bonuses to its executives. Most of the people contributing tax dollars to those bonuses will never see money like that in their lives. Liddy has the luxurious advantage of not being directly responsible for the…
Works Cited:
Karnitschnig, Matthew; Solomon, Deborah; Pleven, Liam & Hilsenrath, Jon E. (2008). U.S. To Take over AIG in $85 Billion Bailout. Wall Street Journal. Retrieved April 25, 2009 from http://online.wsj.com/article/SB122156561931242905.html
No author. (2008). Cheque Mate. The Economist. Retrieved April 25, 2009 from http://www.economist.com/finance/displaystory.cfm?story_id=12607251
Tuggle, Elizabeth. (2009). AIG's Bonus Payout Just the Latest Source of Outrage. Fox News. Retrieved April 25, 2009 from http://www.foxbusiness.com/story/markets/industries/government/aig-hearing -- million-bonuses-employees/
Kuykendall, Lavonne & Murti, Bhattiprolu. (2009). AIG Gets Aid, Minus Bonus Pay. Wall Street Journal. Retrieved April 25, 2009 from http://online.wsj.com/article/SB124022481818534555.html
Economics and Global Capitalism
The problem with the kind of thinking that postulates that human nature is based on self-interest is that underlying this supposition is the assumption that human nature is completely rational and logical and would never do anything to harm itself. This is not the case and economic booms and busts indicate as much. Self-interest is not always aimed towards a positive end. Sometimes, for instance, short-term self-interest is detrimental to long-term self-interest and vice versa. Sometimes people are motivated not by self-interest (at least in a temporal sense) but by charity, kindness, selflessness, self-sacrifice, or altruism. It could be argued that people sometimes believe they will be rewarded in a spiritual sense for these actions, but the basic idea is that they are essentially unselfish acts. Thus, to assert that self-interest is the rational motivating force behind human behavior is to really not understand humanity: humans…
As banks faltered and default rates rose, rates of consumption and demand plummeted. Unemployment began to increase, and in a predictable Keynesian fashion, as individuals grew more insecure about their job prospects they began to spend less money. The United States has a particularly consumer-driven economy -- Americans are known for having historically low rates of savings and to engage in high rates of spending -- so this was particularly disruptive to the usual rhythms of the economy.
Young people graduating from college suffered some of the worst effects of the recession. "Unemployment rates for individuals younger than 25 are currently 21% in the euro area and 19% in the U.S." (Branchflower 2010). They were competing with older, more experienced workers who had recently lost their jobs. The fear is that today's low starting salaries create a class of permanently low-earning graduates, many of whom have high levels of college…
Works Cited
Branchflower, David G. "Credit crisis creates Lost Generation." Bloomberg Business.
January 21, 2010. August 28, 2001.
Ferguson, Niall. "Where did all the money go?" From the Great Hangover. Edited by Graydon
WTO
As the worldwide economic crisis of 2008 demonstrated, the economies of governments the world over are highly interdependent. Within this context, the World Trade Organization is coming under closer scrutiny. Negotiations are repeatedly failing and governments continue to violate commitments under WTO agreements with a dispute resolution process many countries find unsatisfactory. This paper reviews both the theoretical and practical economic and political implications of the faltering -yet ongoing -DOHA Round trade liberalization negotiations.
Recent WTO Negotiations: Seattle, Cancun, and Doha
Difficulties during WTO negotiations over the last decade can be attributed to three primary factors: the sheer numbers of member countries who all want to actively participate, the divergent interests between developed and developing nations, and finally the bureaucratic and management complications which arise from the increasing scope of WTO regulations. The most recent round of trade negotiations in the WTO began in the winter of 2001 in…
Bibliography
Clapp, J., 2006. WTO Agriculture Negotiations: Implications for the Global South. Third World Quarterly, 27(4), pp. 563-577.
Couglin, C.C., 2010. Measuring international trade policy: A primer on trade restrictiveness indices. Review, 92(5), pp. 381-394.
Cuyvers, L., Dumont, M., Rayp, G., and Stevens, Katrien, 2003. Wage and Employment Effects in the EU of International Trade with the emerging economies. Review of World Economics, 139(2), pp. 248-275.
Devadoss, S., Sridharan, P., aAnd Wahl, T., 2009. Effects of trade barriers on U.S. And would apple markets. Canadian Journal of Agricultural Economics. 57(1), pp. 55-73.
The meeting of the Group of 20 also decided to tighten these regulations and tax havens, recognizing that businesses must accept their share of the responsibility for the current crisis not just with lip service but also with the money they've earned from the system the way it used to work (Fidler et al., 2009). This has also affected international investment in large publicly held companies, and some of the regulations discussed in last week's meetings include the use of an international currency and international investment regulations, including the way taxes are charged and allocated (Fidler et al., 2009).
In the past, the construction of global economic regulations and tax laws -- or the lack thereof, in many cases -- was a major part of many international businesses' plans -- it had to be, to ensure maximum growth and success. The changes that the Group of 20 are proposing and…
References
Fidler, S., Davis, B. And Mollenkamp, C. "World leaders agree on global response." The wall street journal, 3 April, 2009.
All these were achieved with immense marketing budgets.
In the current situation when the United States and the world are threatened by an economic crisis, the giant shoemaker continues to sustain an increased marketing budget. A specification that must be made however is that changes in the structure of the budget have occurred. In this order of ideas, the marketing specialists at Nike are more centred on interactive and innovative marketing, rather than traditional marketing operations. In a time of financial difficulties then, the number one shoemaker of the globe is trying to approach the audience using less conventional means. Nike officials argued that they were not in the business of keeping the media companies alive, but that their primary interest was that of best communicating with the audience. In this order of ideas then, the multinational organization drastically reduced marketing budgets for television advertisements and other traditional means and…
Works Cited
Chandler, T., Nike Gets Engaged, Shrinks Traditional Ad Spending. Here's How Copywriters Can Benefit, the Copywriter Underground, 2007, http://copywriterunderground.com/2007/10/22/nike-gets-engaged-shrinks-traditional-ad-spending-heres-how-copywriters-can-benefit/last accessed on October 16, 2008
Lovell, C., Marketing Budgets Cut at Record Rate as Economic Crisis Deepends, Brand Republic, 2008, http://www.brandrepublic.com/Campaign/News/852748/Marketing-budgets-cut-record-rate-economic-crisis-deepens/last accessed on October 16, 2008
McNamara, C., All About Marketing, Free Management Library, 2008, http://www.managementhelp.org/mrktng/mrktng.html . Ast accessed on October 16, 2008
Ford's Product Facing a Deepening Financial Crisis, Daily Times, 2006, http://www.dailytimes.com.pk/default.asp?page=2006 57story_7-5-2006_pg5_30last accessed on October 16, 2008
usiness
US has faced acute economic crisis since 2008. Present economic crisis started from the downfall of housing sector which lead to the financial crisis such as bankruptcy of Lehman rothers (at that time fourth largest investment bank in the U.S.A.) and bankruptcy of largest insurance in world, the AIG (which were later saved by introducing bailout packages by U.S. government) which further collapsed production and unemployment plummeted. It is usually termed that it is the worst economic crisis since the Great Depression. (Moseley, 2009)
Even though Fed Reserve claims, the crisis has averted to some extent but the problems of unemployment, recession and inflation still prevails in U.S. economy.
According to U.S. ureau of Labor Statistics, the unemployment rate staggers to an amount of 8.3% in February 2012. Similarly, U.S. ureau of Labor Statistics also shows that consumer price index is on upward swing in 2012. Recent wave of…
Bibliography
Council on Foreign Relations . (2011, July 25). IMF Report on U.S. Fiscal Policy. Retrieved from Council on Foreign Relations: http://www.cfr.org/financial-crises/imf-report-us-fiscal-policy-july-2011/p25537
Economic Crisis. (2012, March 27). Bernanke says U.S. job market weak despite gains. Retrieved April 2, 2012, from EconomicCrisis.U.S.: http://economiccrisis.us/2012/03/bernanke-job-market-weak-gains/
Moseley, F. (2009, April). The U.S. economic crisis: Causes and Solutions. Retrieved from ISR: http://www.isreview.org/issues/64/feat-moseley.shtml
News Sources. (2011, October 13). Roubini: Occupy Wall Street is a symptom of the economic malaise facing the world. Retrieved from War in Context: http://warincontext.org/2011/10/13/roubini-occupy-wall-street-is-a-symptom-of-the-economic-malaise-facing-the-world/
2007 Economic Crisis on American Car market
Effect of the 2008 global economic crisis on automotive industries
Crisis in the United States
Crisis in Canada
Crisis in ussia
Crisis in European markets
Crisis in Asian markets
Effects by other related crisis events
In this paper, we will review the effects of 2008 global automotive crisis. Our main focus will be on the American car manufacturers and the negative impact they suffered due to the crisis. We will also have a look at how this crisis had affected car manufacturers in other major markets around the world notably Europe, Canada and the prominent Asian markets such as China and India. Finally, we will look at some of the other factors which were important to this event namely the energy crisis since the cost of fuel is directly related to the car industry.
Introduction
The automobile industry is a very important part…
References
Lee, C. (2003). Financial Liberalization and Economic Crisis in Asia. New York: Routledge.
Pempel, T.J. (1999). The Politics of Asian Economic Crisis. New York: Cornell University Press.
Arestis, P. (2001). What Global Economic Crisis? New York: Palgrave.
Liou, K.T. (2002). Managing Economic Development in Asia. Westport, CT: Praeger.
Global Economic Crisis
Throughout the history of the U.S. and the world at large, financial crises and the resultant economic recessions have occurred unerringly recurrently. In fact, the phenomenon has become so common that some think of such crises as parts of economic systems of the major world powers. The most recent one is the 2008 financial crisis that brought about the world economic recession. The recession resulted in over 4.1 trillion dollars in losses, increased poverty, unemployment numbers climbing to over 10% in the U.S. and quite higher in major European economies, major banks collapsed and several stock markets crashed. In fact, American investors alone lost over forty percent of their savings value. Housing prices dropped sharply from the high recorded previously in 2006. The 2008 crisis also resulted in decline in manufacturing, reduction of world trade, decrease in consumer spending, and many negative effects. Because of the importance…
References
Aguiar, M., Hurst, E. & Karabarbounis, L. (2013). Time Use during the Great Recession, American Economic Review, 103, 1664-96.
Aluko SA (2008). The Global Economic Crisis and the Nigeria Financial System: The way forward; A paper delivered at the 14th seminar for Finance Correspondents held at Benue hotel, Markurdi, July 16th.
Arestis, P., Charles, A. & Fontana, G. (2013). Financialization, the Great Recession, and the Stratification of the U.S. Labor Market, Feminist Economics, DOI:10.1080/13545701.2013.795654
Claessens, S. & Kose, M.A. (2013). Financial Crises: Explanations, Types, and Implications. IMF Working Paper
Though the director claimed to have no knowledge of the accounting fraud, analysts wonder what other than his silence could possibly warrant such a high compensation package (English 2002). This is yet another company where slews of jobs were lost, pensions and benefits disappeared, and yet many top executives received lucrative compensation and severance packages, five years before any TAP funds were available to provide them.
There is some hope that the situation might change, however. In the wake of the financial scandal, and even in the years leading up to it, many CEOs signed deals agreeing to limit their own pay should their companies hit troubled waters (Penttila 2009). Congress has also been considering legislation that would either directly limit executive compensation in public companies, or allow for direct shareholder say in the compensation of company officers, but often this type of "consideration" is really political double-speak for seeming…
References
English, Simon. "WorldCom Chief was Aware of Fraud." The Telegraph. Feb 27, 2009
Kopecki, Dawn & Goldman, Julianna. "Obama Calls Bonuses Shameful and as Dodd Vows to Reclaim Money." Bloomberg. Feb 27, 2009 .
Oliphant, James. "Stimulus' Cap on Executive Bonuses is Too Sweeping, Experts Warn." Los Angeles Times. Feb 27, 2009
Pentilla, Chris. "Rethinking CEO Salaries." Entrepreneur Magazine. Feb 27,2009
Economic Depression of Europe
An economic depression is more severe than a recession due to the fact that a depression involves drastic decline in a national or international economy, characterized by decreasing business activity, falling prices, and high levels of unemployment.
There were economic depressions in Europe that were experienced before and after the 1870 but with a remarkable difference, being that those that were experienced before the 1870s were less costly in terms of life and resources and took relatively lesser period. Indeed it was a commonplace that every part of Europe experienced one sort of economic depression or the other.
One such economic situation before 1870 was the "little ice age" which began in the late 16th century till around 1950s as indicated by Big Site of History (2011). This was a time when a severe cold that could not be withstood by most crops set in most…
References
Big Site of History (2011). Social Trends in 17th Century Europe: The Problem of Divine-Right
Monarchy. Retrieved July 18, 2011 from http://bigsiteofhistory.com/social-trends-in-17th-century-europe-the-problem-of-divine-right-monarchy
Historic UK, (2011). The Great Plague 1665. Retrieved July 18, 2011 from http://www.historic-
uk.com/HistoryUK/England-History/GreatPlague.htm
S. The societal system practiced in France serves as a model towards which the U.S. aspire.
President Barack Obama's healthcare reform plan is considered by many as being a socialist experiment that will significantly hurt the economy (CBS, 2009). In opposition, the President has stated that he does not intend to implement a healthcare system that depends on the government. Instead, he would prefer a system in which the government competes with private insurance companies for selling coverage.
The Invisible Hand Principle
The invisible hand principle was developed as an opposition to the protectionist system. This principle is actually a metaphor describing the self-regulating characteristic of the market. In other words, such a system can be implemented due to a combination of factors, like self-interest, competition, supply and demand. Adam Smith, who developed this theory, considered that the action of these forces and their effects are able to allocate resources…
Reference list:
1. Eddlem, T.R. (2009). Obama needs to learn "opportunity cost." The New American. Retrieved February 26, 2010 from http://findarticles.com/p/articles/mi_m0JZS/is_15_25/ai_n32369481/?tag=content;col1 .
2. Dorrien, G. (2009). Is the Economic Crisis a Sin? Newsweek. Retrieved February 26, 2010 from http://www.newsweek.com/id/206095.
3. Steele Calls Obama Health Plan "Socialism" (2009). CBS News. Retrieved February 26, 2010 from http://www.cbsnews.com/stories/2009/07/20/politics/main5174417.shtml .
4. Remarks by the President on Financial Rescue and Reform. The White House. Retrieved February 26, 2010 from http://www.whitehouse.gov/the_press_office/Remarks-by-the-President-on-Financial-Rescue-and-Reform-at-Federal-Hall .
Economic crash can be viewed from a number of perspectives ranging from causes and effects to the 2008 Crash's resemblance to the Crash of 1929, which began the Great Depression. This paper will consider the 2008 recession from the standpoint of the financial banking industry, which, according to economic journalists like Matt Taibbi (2010), played a major and significant role in the crumbling of the nation's economy -- just like it did in the Lawless Decade also known as the oaring Twenties.
Big Banking Meets Big Government
What has now become known as the Era of De-egulation actually had its beginnings in the 80s decade known just as much for its rampant excess as the early 20s were known for their unbridled lawlessness. Yet, while the latter enjoyed the snubs-to-the-law bootlegging speakeasies, the former enjoyed the merging of the financial sector with the political -- which began during eagan's tenure…
Reference List
AP/HuffPost. (2011). Charles Ferguson's Oscar Speech Rips Wall Street: 'Inside Job'
Director Levels Criticism During Acceptance. HuffPost Business. Retrieved from http://www.huffingtonpost.com/2011/02/28/charles-ferguson-oscar-speech-inside-job_n_828963.html
Sann, P. (n.d.). The Lawless Decade: A Pictorial History of the Roaring Twenties.
Retrieved from http://lawlessdecade.net/
Economics
hile the U.S. is only showing the first signs of recovery from the global economic crisis, other nations such as Australia and China have recovered much more quickly. There are a number of factors that have contributed to the disparity in economic performance in the past three years in these different nations. In particular, three factors will be considered. The first is the situation in each country at the outset of the crisis. As the crisis was largely precipitated by a credit crunch, the differences between the structure and regulation of the banking sectors in each country will be given particular attention. The second factor will be the response on the part of each federal government to the crisis. The third factor will be the nature of the different economies -- the degree to which different structures have impacted the recovery process. Lastly, policy implications will be drawn for…
Works Cited:
BEA. (2011). National income and product accounts table. Bureau of Economic Analysis. Retrieved March 4, 2011 from http://www.bea.gov/national/nipaweb/TableView.asp?SelectedTable=1&ViewSeries=NO&Java=no&Request3Place=N&3Place=N&FromView=YES&Freq=Year&FirstYear=2007&LastYear=2010&3Place=N&Update=Update&JavaBox=no#Mid
Chinability.com. (2010). GDP growth in China 1952-2009. Chinability.com. Retrieved March 4, 2011 from http://www.chinability.com/GDP.htm
Jones, F. (2011). Krugman: Stimulus didn't fail because it never happened. Moneynews.com. Retrieved March 4, 2011 from http://www.moneynews.com/StreetTalk/paul-Krugman-Stimulus-Didnt/2011/02/16/id/386333
Maiden, M. (2009). Australia's banking sector is as strong as a brick outhouse. The Age. Retrieved March 4, 2011 from http://www.theage.com.au/business/australias-banking-sector-is-as-strong-as-a-brick-outhouse-20090506-avdj.html
Two alternative solutions are available. The first sees that the U.S. federal authority uses the budget allocated to support the development of the national industries, without raising barriers to imports. The second possible solution is for the United States to strive to increase its exports by focusing more on international operations.
Criteria / goals
The evaluation criteria for the proposed solutions revolve around the benefits they generate, as well as the costs they imply. Otherwise put, the decision will be made in accordance with the arguments in favour and against each of the two alternatives, and by the solution's ability to meet the established goals. These goals include the insurance of economic stability within the United States (for all population, corporations and the entire system), the maintenance or even development of international relations, as well as the sustained development of the domestic industries.
Evaluation of alternatives
Alternative 1:
Pro: does…
References
January 29, 2009, Buying American, the Economist, last accessed on February 5, 2009
Steps in the P.A.C.E.D. Model, the Gus a. Stavros Center for Free Enterprise and Economic Education
http://stavros.coedu.usf.edu/EconomicLiteracy/sld019.html. Ast accessed on February 5, 2009
Source: The Financial Forecast Center, 2009
Increases in unemployment rate mean that the gambling industry will be faced with fewer customers. This in turn will materialize in reduced sales and profits. If the situation continues to aggravate in the years to come, several players in the gambling industry might have to close their casinos. One must also notice the exceptional situations in which out of job individuals will gamble in the hope of winning some money. However, these instances are reduced and not able to modify the indirect relationship between the evolution of unemployment rate and demand for gambling services. Vice versa, when the unemployment rate decreases and the population enjoys more sources of revenues, the demand for the services of casino clubs increases.
2.3 Inflation rate (consumer price index)
The inflation rate represents the "percentage increase in the price of goods and services, usually annually" (Investor Words, 2009). Within…
References:
Ameristar Casinos Inc., Hoovers, 2009, http://hoovers.com/ameristar-casinos/--ID__16260,FRIC__ -- /free-co-competition.xhtml last accessed on May 8, 2009
Personal Income and Savings, iCharts, 2009, http://www.icharts.net/portal/app?service=external&sp=Y37ayiM=&page=Chartdetail last accessed on May 8, 2009
Investor Words, 2009, http://investorwords.com last accessed on May 8, 2009
The Financial Forecast Center, 2009, http://forecasts.org last accessed on May 8, 2009
00). This is below the EU, where they have a rating of 42 or a PPP of $32,500.00. (Czech epublic 2010) 1 When you compare the two numbers, the purchasing power is lower in the Czech epublic in comparison with the EU. This means, that labor costs are much lower in relation to the rest of Europe. When you put this together with the increases in the GDP over the last two quarters and the fact that the banking sector, was undamaged from the financial crisis; means the Czech epublic has outstanding opportunities for addressing the needs of the company. As the country's costs, the business friendly atmosphere and prudent practices of government policies are creating the ideal environment for a European call center to flourish.
isks
Despite the obvious advantages, there are risks of relocating to the Czech epublic the most notable would include: the underlying cost structure. While…
Reference List
1. Czech Republic, 2010, CIA World Factbooks. Available from
Economic Challenges Canada Faces
In recent years, the challenging economic condition in Canada has emerged as a concern for citizens, policy makers and the government alike. Canada faces challenges in terms of creating a more innovative society, as the country continues to experience a significant productivity gap compared to other advanced industrial economies. The Canadian industry appears to be slower in successfully developing, applying and marketing innovative products, processes and services than a majority of other nations. This lack of innovation is the cause of Canada's low productivity growth and competitiveness, and therefore must be addressed in order to increase employment growth, a higher standard of living and an improved quality of life for all Canadians.
Current research predicts that although Canada's economic performance will gradually strengthen out of the recent mild slowdown into a better pattern of growth in 2004, Canada's economy still faces the longer-term challenge of increasing…
Bibliography
Department of Finance Canada. (2004). The Economy in Brief. Retrieved March 8,
2005, from the Department of Finance Web site: http://www.fin.gc.ca/ECONBR/ecbr04- 12e.html
Economic Survey Canada. (2004). Building Partnerships for Progress. Retrieved March 8, 2005, from the Economic Survey Canada Web site: http://www.oecd.org/document/24/0.02340.en_2649
Environment Canada, Informing Canadians on Pollution. (2002) Highlights of the 2002 National Pollutant Release Inventory, Environment Canada.
If asset bubbles can be leading indicators of recession, that begs the question what assets are the most important? Several studies have shown that housing prices are critical. They were important in Japan and in 2008 in the United States. Babecky (2012) showed that housing prices consistently predict asset bubbles, minus the occasional false positive. Intuitively this makes sense since any sort of bubble will result in more investment in real estate.
There is a further question that is raised in light of the contagion of the 2008-2009 crisis. Prior to that, as Evanoff (2013) notes, several asset bubbles were effectively contained by monetary policy and did little damage. Most bubbles that cause damage do so in the developing world -- Southeast Asia and Russia in the late 1990s for example -- but in the developed world the damage is usually contained. Frankel and Saravelos (2011) examined the indicators that…
Works Cited:
Babecky, J., Havranek, T., Mateju, J., Rusnak, M.,Smidkova, K. & Vasicek, B. (2012). Leading indicators of crisis incidence. European Central Bank Working Papers Series No. 1486.
Chinn, M. & Kucko, K. (2010). The predictive power of the yield curve across time. NBER Working Paper, No. 16398.
Evanoff, D., Kaufman, G. & Malliaris, a. (2013). Asset price bubbles: Lessons from the recent financial crisis. World Financial Review. Retrieved May 1, 2013 from http://www.worldfinancialreview.com/?p=2200
Frankel, J., Saravelos, G. (2011). Can leading indicators assess country vulnerability? NBER Working Paper No. 16047.
There is no distinction between products that are exchanged to fill actual needs and those created to fulfill desires. This disregard for the true dynamic of capitalism creates the false perception that no crises can result. Marx however holds that the apologetics are vocal only in times of prosperity, while they are conspicuously silent during times when crises do ensue.
The most prominent related debate around globalization today revolves around the benefits (or lack thereof) of free market principles. Many hold that the free market system is beneficial for all participants, while others believe that the system perpetuates the poverty of third-world countries attempting to participate in the world market. At the same time, the richest countries become ever richer as a result.
The type of denial of the possibility of increasing poverty is reminiscent of the apologetic denial of crisis. Poverty is increased in poor countries by denying them…
Both Keynes and Kalecki use Marx's theories as a starting point but quickly moved into new ways of thinking, particularly with regard to effective demand being oriented toward the demand-side. Marx had remained rooted in supply-side demand function, rejecting Say's Law only to note that demand did not necessarily meet supply.
orks Cited:
Marx, K. (1867). Das kapital: A critique of political economy.
Mandel, E. (1995). Marx's theory of crises. International Viewpoint. Retrieved April 24, 2010 from http://www.internationalviewpoint.org/spip.php?article289
Argitis, G. (2003). Finance, instability and economic crisis: The Marx, Keynes and Minsky problems in contemporary capitalism. University of Crete working paper no. 0307.
Green, F. (1991). Marx, Malthus and wages: A comment on Cotrell and Darity. History of Political Economy. Vol. 23 (1) 95-100.
Magdoff, F. & Magdoff, H. (2004). Disposable workers: Todays' reserve army of labor. CBS Marketwatch. Retrieved April 24, 2010 from http://findarticles.com/p/articles/mi_m1132/is_11_55/ai_n6137106/
Sebastiani, M. (1989). Kalecki and Marx…
Works Cited:
Marx, K. (1867). Das kapital: A critique of political economy.
Mandel, E. (1995). Marx's theory of crises. International Viewpoint. Retrieved April 24, 2010 from http://www.internationalviewpoint.org/spip.php?article289
Argitis, G. (2003). Finance, instability and economic crisis: The Marx, Keynes and Minsky problems in contemporary capitalism. University of Crete working paper no. 0307.
Green, F. (1991). Marx, Malthus and wages: A comment on Cotrell and Darity. History of Political Economy. Vol. 23 (1) 95-100.
Economics - Country Analysis
Country Overview and Current Events (News)
Ethiopia, traditionally known as Abyssinia, is a landlocked Sub-Saharan country located at the Horn of Africa in East Africa, bordering Somalia, Kenya, Eritrea, Djibouti, Sudan, and the newly-created South Sudan. It covers approximately 1,126,829km2 of land; about the size of the state of Texas, and was, until the split of Sudan, the second-largest country in Africa. Being landlocked, Ethiopia largely relies on the port of Djibouti, to which it is connected by both rail and road. Economic elements such as this, together with the country's history, population, geography and economic performance have been explored in the subsequent sections of this text.
Population: the U.S. Census Bureau, in June 2013, estimated Ethiopia's population to be 93,877,025; a figure that makes the country the second-most populous in Africa, after Nigeria (orld Bank, Index Mundi). Ethiopia's population has been on a steady increase…
Works Cited
AFDB. "Inflation Dynamics in Selected East African Countries: Ethiopia, Kenya, Tanzania and Uganda." AFDB Brief, 2012. Web. 18 March 2014 http://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/07022012Inflatin%20East%20Africa%20-%20ENG%20-%20Internal.pdf
This article analyses the trend in Ethiopia's inflation rates vis-a-vis those of other countries in the Sub-Saharan region and was a valuable source of regional statistics, which formed the main basis for comparison.
Broussar, Nzinga, and Tekleselassie Tsegay. "Youth Unemployment: Ethiopia; Country Study." International Growth Center, 2012. Web. 18 March 2014 http://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/07022012Inflation%20East%20Africa%20-%20ENG%20-%20Internal.pdf
This article analyzes the trend in Ethiopia's employment patterns. It reinforced my arguments that unemployment is more prevalent in urban Ethiopia, and that the country's informal sector contributes more to GDP than the formal sector.
Ultimately, these issues results in hunger and famine, where these inhabitants become deprived of the basic facilities that they are entitled to, as being a citizen of the country (World Hunger Education Service, 2012).
3. Impacts of Hunger and Famine in U.S.
The standard of living means to have a healthy, vigorous and active life. Keeping in mind, the standard of living, the hunger crisis in the U.S. is calculated and determined when its residents are not able to meet the nutritional needs to live a dynamic life. This indicates the fact that the people have lack of access to the nutritious, healthy and safe food. As a consequence, the inhabitants (especially of the low-income groups) tend to opt for foods that are less expensive with usually low nutrients, so that they can meet up to the financial components. Moreover, it has also been observed that meals are also dropped…
Bibliography
Anonymous. "Hunger in the U.S. -- Families in Crisis." The Hunger Site, 2012. Web. 29 Dec 2012
This website has discussed how hunger has become one of the harsh realities of the United States, even though it is a land of abundant resources. The impact of hunger upon the individuals, society and eventually on the nation has been argued by the author. Solving the hunger problem has also been articulated in the study. I have used this website with the prime motive to surface the impact of this enormity upon various bodies.
Austin, Michael. Reading the World Ideas That Matter. 2nd Edition. New York, USA: W.W. Norton & Company, 2012. Print.
This book is about the contemporary readings and classic texts that are particularly based on the diversity of views on ideas. This diversity helps an individual in exploring the development of ideas in different cultures and at various occasions.
Toward the end of the decade, Wall Street investment firms began hiring PhDs in mathematics and physics to create incredibly complex algorithms capable of modeling elements of the stock and futures markets. In most cases, the creators of these algorithms knew next to nothing about the financial industry, and the executives who employed them knew (literally) nothing about the mechanisms their firms had begun to rely on for their trading strategy. Destabilization of the Home Mortgage Industry:
In the early 1970s, stock analysts at Salomon Brothers, another Wall Street investment firm, developed a new kind of security based on home mortgages, called mortgage-backed securities. In principle, this allowed the conversion of illiquid (i.e. non- tradable) assets like the debt represented by home mortgages to be converted into a tradable commodity for profit. This new form of commercial transaction evolved into incredible levels of complexity after the widespread incorporation of mathematical…
References
Phillips, Kevin. "Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism" New York: Viking (2008).
Many businesses could no longer operate in this fashion and likely closed their doors leading to a rise in unemployment. This is an example of the rule that Hitler had on the Pre-World War II German economy. The people of the nation were completely subject to his policies and because the economy was in such a vulnerable position as a result of the First World War, that Hitler's policies were looked upon as providing assistance to the nation. The research indicates that Hitler's rule over Germany managed to counter the rise in unemployment with institution of the German Labor Service and other workforce and labor programs.
Pre-World War II Unemployment in Germany
etween January 1933 and July 1935 the number of employed Germans rose by a half, from 11.7 million to 16.9 million.
. Under the rule of Hitler, more than 5 million new jobs paying living wages were created.…
Bibliography
Academic Dictionaries and Encyclopedias. "Expulsion of Germans after World War II." Last
updated in 2010. http://en.academic.ru/dic.nsf/enwiki/38667 .
Brezina, Corona. The Treaty of Versailles, 1919: A Primary Source Examination of the Treaty
That Ended World War I. New York: Rosen Publishing Group, Inc., 2006.
Leaders who are fluent in crisis management are not afraid of crises because they have engaged in the necessary planning and preparation, have a number of coping skills to deal with a variety of scenarios, and are skilled at turning potential negatives into positives. They are adaptable, and can quickly readjust strategies to suit present needs, rather than remain stuck in one specific plan for the future.
Another critical aspect of effective crisis leadership that also has applications in day-to-day leadership is the need for participatory strategies, to get all members of the organization 'on board' with the leader's plan. Participatory leadership requires soliciting input from different members of the organization to create a holistic plan of attack, and draws upon a variety of perspectives, avoiding tunnel vision. Using participatory strategies increase organizational members' sense of investment and 'buy-in' with a crisis prevention or management plan. It might be protested…
References
Crisis leadership competency model. (2009). Retrieved March 1, 2011 at http://www.asph.org/userfiles/Competencies-Resources/08_CDC_CrisisLeadership.ppt
James, Erika Hayes. (2008). Linking crisis management and leadership competencies: The role of human resource development. Advances in Developing Human Resources
10(3): 352. Retrieved March 1, 2011 at http://adh.sagepub.com/content/10/3/352.short
Shift from Central Planning to Market Economy
The Turkish economy is in what might be termed semi-precarious health. It could certainly be worse, but also certainly be better. Since its birth as a nation-state into its current shape in 1923 in the wake of World War I, Turkey has operated a mixed economy, in which both state and private enterprise have contributed to economic development. (Indeed, it is arguable that all country's in the world today have a mixed economy; the United States may be a bastion for private enterprise but many workers also benefit from government money, such as the money awarded by the federal government to private companies in the form of defense industry contracts.) Since the end of World War II, the economy has been transformed from a predominantly agricultural one to one in which industry and services are the most productive and rapidly expanding sectors even…
References
Abramowitz, M. (ed.) (2001). Turkey's transformation and American policy. New York: Century Foundation.
Hershlag, Z.Y. (1998). The contemporary Turkish economy. New York: Routledge Kegan & Paul.
Howe, M. (2001). The Kurdish conflict in Turkey: Obstacles and chances for peace and democracy. London: Palgrave. http://apps.nccd.cdc.gov http://www.imf.org http://www.immigration-usa.com/wfb/turkey_economy.html http://www.rt66.com/~korteng/tudemog.htm
Ibrahim, F. (ed.) (2000). Turkey today: A nation divided over Islam's revival.
Economic Inequalities: Deep-ceded Problems in America
New York is a city that is synonymous with America to many people and societies around the world. New York city is a land of freedom and opportunity, symbolized by Lady Liberty in New York harbor. This is a place that does not discriminate based on background, but allows people to chart their own destinies. Or does it? The New York of the 1960s or even the 1990s does not exist anymore. Economic inequality has run rampant in New York as it has in many metropolitan cities. Bill Moyers, economist reported that “Among our largest, richest 20 metro areas, less than 50 percent of the homes are affordable.’ In New York City, he said, ‘Inequality in housing has reached Dickensian dimensions’” (Winship). This paper will explore how the economic inequality is undermining the very democratic principles that shaped this country. When there’s too much…
Many subprime mortgages were made with little documentation of income or ability to repay, or other elements that typically safeguard loans of all types and mortgages especially. There have even been cases of widespread fraud, where documents were falsified in order to approve loans. The reason many lenders were so eager to make these bad loans is that they weren't ultimately going to be responsible for them -- the loans were bundled into groups and sold as "mortgage backed securities," so instead of dealing with many individual loans worth an average of a few hundred thousand dollars, banks and other institutions were dealing with bundled groups of these bad loans worth millions of dollars apiece. Companies like AIG made money in the short-term by providing insurance policies for these mortgage backed securities, as well. Eventually, however, people with loans they couldn't really afford began to default, either because they simply…
economic and financial crisis (2008-2009), the Federal Reserve took exceptional measures in order to combat the effects of the crisis on the American economy. These measures translated into an expansionary policy that included pumping money in the economy and purchasing assets that were in trouble. Through its expansionary work, the government was able to balance some of the effects of the crisis.
The question that seems to be on everybody's mind (and lips) today is where does it all end? One thing everyone can agree on is that this type of expansionary policy cannot last forever. The United States economy functions as a free market economy where the laws of supply and demand govern the realities of the market. A continuous and permanent intervention of the Federal Reserve is neither possible, nor healthy. What nobody can agree on, however, is when the expansionary approach should stop: now, in the near…
Bibliography
1. Krugman, Paul. The Conscience of a Liberal. The New York Times. November 2013. On the Internet at http://krugman.blogs.nytimes.com/2013/11/25/nowhere-near-the-exit/ . Last retrieved on December 13, 2013
2. Mankiw, Gregory. In Fed Policy, the Exit Music May Be Hard to Hear. The New York Times. November 2013. On the Internet at http://www.nytimes.com/2013/11/24/business/in-fed-policy-the-exit-music-may-be-hard-to-hear.html?_r=0 . Last retrieved on December 13, 2013
3. Spicer, Jonathan, Lange, Jason. Fed officials signal next policy battle: rate guidance. Global Post. On the Internet at http://www.globalpost.com/dispatch/news/thomson-reuters/131121/fed-officials-signal-next-policy-battle-rate-guidance . Last retrieved on December 13, 2013
4. Expansionary Policy. Investopedia. On the Internet at http://www.investopedia.com/terms/e/expansionary_policy.asp . Last retrieved on December 13, 2013
Economies of the UAE
Economics of the UAE
Current analysis of UAE Economy
Historical economic aspects
Discussion of basic economic indicators
GDP: per capita GDP; growth rate of GDP
Inflation rate
Budget
Trade balance
Natural / Human resources & Infrastructure
Exchange ate Behavior and Forecasting
Demographics (age distribution)
Short-term and long-term prospects/forecasts for UAE Economy
Current analysis of UAE Economy:
The Persian Gulf states including Abu Dhabi, 'Ajman, Al Fujayrah, Ash Shariqah, Dubayy, Umm al Qaywayn, and a's al Qaywan are represented as UAE. The states follow an open economic and moderate political policy. The states are rich in oil reserves providing a structured support for their economic and social progress. The strong economic position of the states has enabled them to earn a competing position with the developed western countries. The continuous growth in economy has also enabled the businesses to invest in UAE. The governments of UAE are…
References:
Al-Kaabi, M.K. (2012). The Strategic Alternatives of the Gulf Cooperation Council (GCC) Disruption of Maritime Traffic in the Arabian Gulf as a result of Iranian Threats to Close the Strait of Hormuz (Doctoral dissertation, Monterey, California. Naval Postgraduate School).
CIA. (2013). The world Fact Book. Central Intelligence Agency. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/geos/ae.html
Elbadawi, I.A. (2012). The State of Open Government Data in GCC Countries. In Proceedings of the 12th European Conference on e-Government (Vol. 36, No. 41, p. 193). Academic Conferences Limited.
Ramamurti, R., & Singh, J.V. (Eds.). (2009). Emerging multinationals in emerging markets. Cambridge University Press.
These can include the stimulus package, though, because the Obama Administration is still offering stimulus dollars to banks and other companies that need help and cannot take care of their customers in the way that they used to and preferred to.
Figure 1: How Severe is the Subprime Mess?
Obviously, the subprime mess is a serious concern for everyone. The stimulus package was designed to help the banks and the people who borrowed from them with the fact that they could not pay for the debts that they had created for themselves. That was true for the people who had mortgages, and also true for the banks that loaned money to these people. The stimulus package was designed to help them both out so that they could take care of their debts and move forward again. However, the economic stimulus package has not fixed everything that was hoped. There are…
References
Anderson, Mark (2009-06-30). "Down in flames: Why Money Store was a bust." Sacramento Business Journal. American City Business Journals, Inc.
"Bank vows $20 billion for green projects." msnbc. 2008-02-06. http://www.msnbc.msn.com/id/17500301/ .
"Credit Cards' Latest Pitch: Green Benefits." Wall Street Journal. 2007-11-30. http://online.wsj.com/article/SB120225763311445823.html .
Freer, Jim (2007-03-09). "BofA donates $1M to Camillus House." South Florida Business
Aside these impacts however, more salient effects are observable, such as a necessity to change internal practices of business. A relevant example in this sense is given by Wal-Mart, in its quality of America's largest retailer, which decided, unlike within the U.S., to allow Chinese employees to unionize (Dessler, 2006). The official approach of the Chinese leaders was that of implementing reforms which further capitalize on the low cost labor force advantage in order to continually attract investors.
5. The Market of Exchange ates
The final step of this analysis is constituted by the look at China's currency policies, in an attempt to reveal if the policies implemented have played any part in the country's competitiveness within the global market. China's currency, the yuan, was pegged to the United States Dollar in 1997, but the link only lasted until 2005. Since then, the mechanism of resetting the value of the…
References:
Brasher, K., 2005, China's Opaque Currency Policy, the New York Times, http://www.nytimes.com/2005/07/22/business/worldbusiness/22assess.html last accessed on October 21, 2009
Bruton, G.D., Ahlstrom, D., Chan, E.S., 2000, Foreign Firms in China: Facing Human Resources Challenges in a Transnational Economy, SAM Advanced Management Journal, Vol. 65
Buckley, P.J., Clegg, J., Wang, C., 2002, the Impact of Inward FDI on the Performance of Chinese Manufacturing Firms, Journal of International Business Studies, Vol. 33
Cavanaugh, J., Mander, J., 2004, Alternatives to Economic Globalization: A Better World Is Possible, 2nd Edition, Berrett-Koehler Publishers, ISBN 1576753034
In fact, Brierly and Costello bring into the argument the three variables commonly associated with industry growth -- labor, Capital, and Technology. Brierly and Costello used time series regression to test each of these variables in order to determine which made the largest impact on state economic growth, while holding the caveat that states should be careful when considering these variables as they do not have much control over them. Brierly and Costello's results suggested that increasing labor had larger impacts on state economic development than increases in the other two variables. This conclusion is correct only for the short-term, however. In fact, Brierly and Costello's reasoning for their findings that neither increases in labor or technology result in economic growth for states because their investments are typically more "long-term" (Brierly and Costello).
Instead of simply relying on capital, however, ichard C. Feiock argues that non-traditional methods can be beneficial…
References
1. Trogen, Paul. Which Economic Development Policies Work? Determinants of State Per Capita Income.
2. Feiock, Richard. Development Policy Competition and Positive Sum Growth: Incentive Competition and it's Alternatives.
3. Bronson, Allen and Robert Costelb. Accounting for State Economic Performance: A Time Series Cross-Sectional Analysis of the Limits of State Economic Policy.
4. Wilson, James: An Institutionalist Take on State Activism in Economic Development: A Theoretical System.
Once again however, Shengxia and Baije do not explain their arguments nor do they show exactly how the Chinese GDP evened out the trade balance with the U.S., nor how it supported the economy of its regional neighbors.
In terms of the elements threatening the future stability of the country and its economy, the authors point out that the Chinese authorities have been quick to identify these threats; they will as such address them in an efficient manner. They will for instance instate regulations capping the levels of loans to be granted to the population with the specific aim of reducing inflation and over-consumption. Examples of such measures include the limitation of the bank loans to a 7.5 million Yuan for the year, and a rumored 0.27% increase in the interest rates. At this stage, it is however unclear what exact measures the officials will take, and if these are…
References:
1. Shengxia, S., Baijie, A., January 23, 2010, Still Rolling: China's GDP Hits 8.7%, Alibaba, http://news.alibaba.com/article/detail/business-in-china/100237200-1-still-rolling%253A-china%2527s-gdp-hits.html last accessed on January 25, 2010
2. Chinability, 2009, http://www.chinability.com/GDP.htm last accessed on January 25, 2010
(Major Schools of Economic Thought) This theory was born from the crucible of a Great Depression and a orld ar. Chicago theorists vehemently disagreed. They made the argument that the wealth of nation's increase when the market is allowed to naturally price goods and services. Spending would unnaturally change the prices of these goods, thus changing the reaction of the market to the goods, causing a misallocation of wealth or goods.
According to the Chicago theorists, the role of a government was to make sure individual rights were not trodden upon during market interactions and to mitigate the damage of neighborhood effects. Neighborhood effects are defined by Milton Friedman, the godfather of Chicago Economists, as when, "the action of one individual imposes significant costs on other individuals for which it is not feasible to make him compensate them or yields significant gains to them for which it is not feasible…
Works Cited
Friedman, M. (1955). School Choices. Retrieved June 25, 2010 from the ROLE of GOVERNMENT in EDUCATION: http://www.schoolchoices.org/?roo/?fried1.htm.
The Federal Reserve Bank of San Fransisco. (2010). Retrieved June 25, 2010 from Major Schools of Economic Theory: http://www.frbsf.org/?publications/?education/?greateconomists/ ? grtschls.html#a8.
In the future, the politicians could support an agenda promoting the national manufacturers in an attempt to reduce imports and increase exports. The direct impact for the mechanic could be that he might have more work in the future.
Another example of how the book is useful is given by the need or desire to understand the features of the contemporaneous economic crisis. Despite the fact that the media present apocalyptic stories of today's financial challenges, a reading of Clayton and Giesbrecht's book would reveal that the economy has often been confronted with challenging times and that times of economic boom and recession are normal. Otherwise put, a Guide to Everyday Economic Statistics would help the reader understand the cyclic character of an economy and he would as such be less pessimistic. Listening only to the media coverage of one bankruptcy following another would definitely take a negative toll on…
These include: the European Union, China, India, and Japan. Clearly, what many Americans perceive to be simply an economic problem in the United States, has far reaching effects around the globe.
orks Cited
Barba, R. "Centra Returns TARP Money." American Banker 173(65) 6 Apr 2009: p. 4. Business Source Complete. EBSCOHost. University of Phoenix, Phoenix, AZ. 27 Apr 2009 .
Crain, K. "It's All About Saving an Industry." Automotive News. 83(6348) 23 Feb 2009: p. 12. Business Source Complete. EBSCOHost. University of Phoenix, Phoenix, AZ. 27 Apr 2009 .
Fajt, M. "Iberiabank to Give TARP Infusion Back." American Banker 174(39) 27 Feb 2009: p. 20. Business Source Complete. EBSCOHost. University of Phoenix, Phoenix, AZ. 27 Apr 2009 .
Marino, J. "Red Planet." The Dealmaker's Journal. 44(4) Apr 2009: p. 38-65. Business Source Complete. EBSCOHost. University of Phoenix, Phoenix, AZ. 27 Apr 2009 .
McGreer, B. & Barba, R. "Here's Your…
Works Cited
Barba, R. "Centra Returns TARP Money." American Banker 173(65) 6 Apr 2009: p. 4. Business Source Complete. EBSCOHost. University of Phoenix, Phoenix, AZ. 27 Apr 2009 .
Crain, K. "It's All About Saving an Industry." Automotive News. 83(6348) 23 Feb 2009: p. 12. Business Source Complete. EBSCOHost. University of Phoenix, Phoenix, AZ. 27 Apr 2009 .
Fajt, M. "Iberiabank to Give TARP Infusion Back." American Banker 174(39) 27 Feb 2009: p. 20. Business Source Complete. EBSCOHost. University of Phoenix, Phoenix, AZ. 27 Apr 2009 .
Marino, J. "Red Planet." The Dealmaker's Journal. 44(4) Apr 2009: p. 38-65. Business Source Complete. EBSCOHost. University of Phoenix, Phoenix, AZ. 27 Apr 2009 .
This could indicate that the latter two countries seek to join the EU in hopes of more prosperous futures.
e) State of education in the country
From the standpoint of education, this is best ranked in Belgium, with a score of 8.8 on a scale from 1 to ten, and it is closely followed by France, with a score of 8.5, on the same scale. The Germans ranked their educational system with an 8, and the Dutch ranked their educational system with a 7. Turkey reveals a similar perception of its educational system as the Dutch, but the Croatians and the Turks have less positive perceptions over their educational systems.
From this standpoint then, it could be argued that all three non-EU member states would benefit from the accession to the EU as this would serve as grounds for improvement of their educational sectors.
f) State of health services in…
References:
Ozturc, Y., 2007, Negotiating modernity: early childhood education policy in Turkey in the context of seeking European Union membership -- a case study of the General Directorate of Preschool Education,
Tunah, I., Bashevent, C., Female labor supply in Turkey, in The Turkish economy: the real economy, corporate governance and reform, Routledge
Round 4 of the European Social Survey, http://www.europeansocialsurvey.org / last accessed on January 12, 2012
World War II -- Economic Means of War
re-War America was ill-prepared for the logistics of War. Upon entering the War, the United States was faced with a complex situation in which it had to coordinate the logistics of global war among its own forces and in conjunction with Allied forces. Through the efforts of notable military leaders, the United States capably mastered logistics for success in both the European and acific Theaters.
World War II - Economic Means of War for the United States
rior to the United States' entry into World War II, the "window to the west" was closed due to American isolationism and economic crisis during the Depression.[footnoteRef:1] There were two competing forces in pre-war America: those who believed America should intervene in the European war vs. The "America First Committee" that believed America's best pre-War interests were served by doing precisely nothing and that Germany's…
Prior to the United States' entry into World War II, the "window to the west" was closed due to American isolationism and economic crisis during the Depression.[footnoteRef:1] There were two competing forces in pre-war America: those who believed America should intervene in the European war vs. The "America First Committee" that believed America's best pre-War interests were served by doing precisely nothing and that Germany's victory would be advantageous or, at worst, have little effect on the United States.[footnoteRef:2] Despite America's pre-war isolationism, President Roosevelt attempted a nonpartisan reversal of America's neutrality and engagement in meaningful logistics.[footnoteRef:3] By Roosevelt's promise in December 1940, America became the "arsenal of democracy" for Allied forces through uncoordinated, temporary contracts, eventually leading to the "Lend Lease Act," devoting a large portion of America's industry to Great Britain's war effort.[footnoteRef:4] Meanwhile, America itself was woefully unprepared for War: in 1941, the country's entire military expenditure totaled only 4% of the amount spent from 1942 -- 1945.[footnoteRef:5] In addition, at the start of the War, America had essentially no air force and only 190,000 men in the army, with no armies, corps or divisions.[footnoteRef:6] [1: Richard Overy, Why the Allies Won (New York, NY W.W. Norton & Company, Inc., 1997), p. 329.] [2: Gerhard L. Weinberg, A World at Arms: A Global History of World War II (New York, NY: Cambridge University Press, 1995), p.85.] [3: Ibid., pp. 84-5.] [4: John Keegan, The Battle for History: Re-Fighting World War II (New York, NY: First Vintage Books Edition, 1996), p. 54.] [5: Overy, p. 191.] [6: Weinberg, p. 87.]
America's War Department handled logistics[footnoteRef:7] and President Roosevelt's Army Chief-of-Staff, General George Marshall, devoted a great deal of his energy to logistics, both before and during the War.[footnoteRef:8] Excelling at quiet and precise logistics, Marshall was determined to avoid the logistical failures of World War I, became "indispensable" to Roosevelt and was deemed a "manager in uniform."[footnoteRef:9] This proved to be the optimal appointment, as World War II was essentially a global war of logistics for the United States, requiring complex, painstaking preparation and coordination with allied forces in both the Pacific and European Theaters to supply and otherwise support American and Allied forces. In addition, at times there were competing demands for landing craft, shipping and support in both Theaters. Entering the War at a relatively late date, America conducted logistics in coordination with Allies rather than by a lone committee.[footnoteRef:10] [7: Ibid., p. 925.] [8: Overy, p. 273.] [9: Ibid., pp. 273-4.] [10: Overy, p. 273.]
In the Pacific Theater, the United States had to manufacture and effectively transfer supplies for naval warfare, air warfare and amphibious warfare.[footnoteRef:11] Admiral Chester Nimitz was appointed Commander-in-Chief of the Pacific Ocean Area[footnoteRef:12] and General Douglas MacArthur was appointed Commander-in-Chief of the Southwest Pacific.[footnoteRef:13] America did possess an "Orange Plan" prior to WWII for a Pacific Ocean war with the Japanese[footnoteRef:14]; however, actual war in Pacific Theater war was complicated by initial ignorance about logistics
Staffing Approaches
ABC Company
My first strategy will endeavor to address the mean income of the country concerning marketing front load washers and dryers. To penetrate the market, I believe price reduction should ensure inevitably to capture a wider customer base. The gas-powered dryers are the main target for ABC in venturing into the Czech epublic. Currently, front load washers and dryers retail at about $2,000, depending on the manufacturer. The machines of ABC Company will depict high efficiency attributed to wastage of less power. Additionally, the machines would be star rated, observing minimum energy performance standards and ratings. As the CEO, I will ensure that the machines introduced to the Czech epublic market will conform to electrical ratings of the nation based on factors like volts, watts, and amperes.
Economic Concerns
ecently, Czech consumers have remained careful in their choices of purchasing home laundry appliances. The economic crisis has…
References
Euromonitor International (2015). Consumer Appliances. Retrieved from http://www.euromonitor.com/home-laundry-appliances-in-the-czech-republic/report
The World Bank (2015). The Czech Republic. Retrieved from http://data.worldbank.org/country/czech-republic
Vance, C. & Paik, Y. (2015). Managing a Global Workforce. New York: Routledge.
Sorkin's book does a good job of giving the details on what happened among Lehman Brothers, Barclays, JP Morgan, Goldman Sachs, the Fed, and Big Gov following the collapse. Essentially, everyone had egg on his face -- but some of the bigger powers had the muscle to save face -- and sink competitors at the same time: which is exactly what Goldman Sachs did to Lehman. Goldman had been placing its cronies in the hite House for years -- and it would now go through the hite House to see who got bailed out and who did not. AIG got one -- because it owed a large chunk to Goldman (who had figured out the game ahead of time and started betting against itself by buying insurance through AIG). Sorkin's work is a work full of the kind of details that other writer's like Taibbi and Lewis do not take…
Works Cited
Lewis, Michael M. The Big Short: Inside the Doomsday Machine. New York, NY: W.
W. Norton & Company, 2010. Print.
Sorkin, Andrew. Too Big to Fail: the inside story of how Wall Street and Washington
fought save the financial system -- and themselves. New York, NY: Penguin, 2010. Print.
These funds are now removed from the banking system. Keep in mind that banks use every dollar on deposit to create many more dollars worth of loans, the hit to the banking system and by extension, to the money supply is something approaching 25 to 30 billion dollars. This was a global phenomenon, as the crisis arises interest rates are slashed. So hence, by 2008-2009 the Federal Reserve, Bank of England to many others have pushed interest rates close to zero. He also explains how major players like Mr. Bernake and the Treasury Secretary Henry Paulson affected the crisis and how the steps and how they have left their mark on this financial crisis. He also contends that all crisis have an ebb and flow in their severity and rarely hit once and subside. He vilifies our toxic waste method of having recourse to non-recourse government loans and in the…
e. An amount that is about 1% of GDP) to ensure that the current PAYGO system is solvent for the next 75 years. Thus, 10 trillion dollars problem is not as large and scary if we start acting today to fix the current system).
It is totally manageable."
ut the official plan is somewhat different. ush's administration is trying to introduce private account systems where a fraction of payroll tax will be transferred to private accounts and managed by the future retirees themselves, thus, giving them chance to invest this money into stocks, which have proven to give on average higher rates of return than the Treasury ills which generate rather moderate income.
The opponents of this idea state that this is just a shell-game, where no capital is accumulated and investments are not increased. The overall national capital is not increased, but this plan will cause enormous transactions costs…
Bibliography
1) Kinnan, Chris Trustees Report: Social Security Collapse Quickening, 2004 available on web: http://www.cse.org/processor/printer_press.php?press_id=780
2) Allen, Mike Semantics shape social security debate, Article the Washington Post. Washington, D.C. Jan 23, 2005.pg. a. 04
3) Roubini, Nouriel Social Security Privatization as the Mother of All Con-Man Smoke-and-Mirrors Shell-Games, available on web: http://www.roubiniglobal.com/archives/2004/11/social_security_1.html
A negative consequence, however, would be increased volatility in the value of the dollar. Imports would become more expensive as well, increasing inflation and potentially compelling the restructuring of the economy. Increased currency risk -- transaction and translation -- would also create difficulties for U.S. companies operating abroad. I do not support such a proposal. Attempts to jury-rig a global currency are as impractical as enforcing Esperanto as a global language. Such a currency would be inherently unstable, as the Euro example has shown us. The constituent communities would be committed to enforcing controls on each other in order to maintain the integrity of the currency. If at some point the currency of another economy overtakes that of the U.S., it will be because that economy is stronger, larger and more stable -- fundamental market forces -- rather than as the result of a political decision.
3. a) The Fed…
Works Cited:
Google.com. (2010). Unemployment rate. U.S. Bureau of Labor Statistics. Retrieved April 23, 2010 from http://www.google.com/publicdata?ds=usunemployment&met=unemployment_rate&tdim=true&dl=en&hl=en&q=U.S.+unemployment+rate
Economics
If I was in Congress, I would not vote for such a tax. From an ethical perspective, such a tax is simply punitive. The oil companies are not strictly to blame if the price elasticity of demand for oil is low and they take advantage of that. Consumers have no inherent right to dirt cheap oil. The argument could be made that there are benefits to monopolistic profits such as further exploration, but that argument is actually a bit soft. First, drilling is already included on the income statement -- these are profits above and beyond what the companies need to sustain their business. And that is why they drill -- to sustain their business, so they're going to do it anyway. The reason you don't vote for such a bill has nothing to do with finding ways to make oil companies more profitable or less profitable; it is…
Energy costs increased substantially and the yen's exchange rate was shifted to a floating rate. The eventual recession reduced expectations of future growth and reduced private investment. Economic growth went down from 10% to 3.6% during the period 1974-79 and to 4.4% in the decade of the 80s. ut despite the oil crisis and its consequences, Japan's major export industries stayed competitive through its cost-cutting policy and increasing efficiency. It reduced industrial energy demands and allowed the automobile industry, along with other industries, to improve. y the late 70s, the computer, semiconductor and other technology and information-intensive industries entered a period of rapid growth. During this high-growth era, exports continued to support Japan's robust economic growth in the 70s and in the 80s. However, the problems encountered on account of its growing balance of payments surplus urged for the opening of domestic markets and a stronger focus on domestic demands…
Bibliography
Answers.com. (2007). Shigeru Yoshida. 4 pages. Encyclopedia Britannica: Answers Corporation
Bernier, B. (1980). The Japanese peasantry and economic growth since the land reform of 1946-47. 40 pages. Vol 12 issue 1. Bulletin of Concerned Asian Scholars: Questia Media America, Inc.
Luu, L.T. et al. (1996). Summary report on Japan. Team # 6. Chinman: University of Hawaii..
Retrieved March 14, 2007 at http://www2/hawai.edu/~chiman/file2,htm
Economics
UK Economy
An analysis of the latest figures for key economic indicators and the factors which have affected these indicators. This should include the figures for unemployment, inflation and economic growth.
Unemployment
The unemployment rate is a very important indicator of the overall health of the economy. Currently the unemployment rate is at 7.8% (Office for National Statistics, 2012). However, this figure does not affect the population equally. Different segments of the population have different employment rates. Furthermore, the unemployment rate does not include people that are not actively seeking employment. In the chart these people are considered to be "inactive." Another interesting item listed in the report is that the unemployment rate for the youth demographic was falling due to a record number of 16 to 24-year-olds being enrolled in some type of educational program.
Employment in the UK has suffered from recession. In 2008 there was a…
Works Cited
Financial Times, 2013. Question 3: Fiscal Policy. [Online]
Available at: http://www.ft.com/cms/s/0/1115c770-545a-11e2-9d25-00144feab49a.html#axzz2IAShLpER
[Accessed 1 January 2013].
Kirka, D., 2011. UK recession fears grow as manufacturing drops. [Online]
(Buchanan, 72)
The economic policy tools that were employed just after the war subsequently underwent some changes. From 1947 to 1950 direct controls on wages and distribution were eliminated followed by removal of trade controls in 1958. However, the government continued to maintain its hold over prices and credit distribution which made it different from many of its neighboring states in the postwar period. The French Ministry of Finance exerted greater control over the economy than the Bank of France. This led to a greater predilection to resort to devaluation when external equilibrium resulted due to the state failure to control incomes. In France, the period between 1945 and 1975 was known as the "thirty glorious years" because of the phenomenal economic performance. During this period, the average growth rate of GDP was around 6.8% which was quite remarkable considering that Britain's average GDP growth rate was 2.4% and Germany's…
References
Bathelt, Harald; Wiseman, Clare; Zakrzewski, Guido. Unit 1: Post-war development and structure of the German economy.
Buchanan, Tom. Europe's troubled peace, 1945-2000.
Wiley-Blackwell, 2006.
DeLong, J. Bradford. Grasping reality with both hands: A Fair, Balanced, Reality-Based,
Economics
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Staffing Approaches ABC Company My first strategy will endeavor to address the mean income of the country concerning marketing front load washers and dryers. To penetrate the market, I…
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