Bernard and Austin (2012) argue that traditional theorists believed that financial market in general has no correlation with economic growth, this proposition aroused studies on finding the effect of financial market on growth. Ample of studies have conducted on the traditionalists and established association between stock market and economic growth. In developing economy like Bangladesh and Nigeria, the development and...
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Economic development is a process of promoting and creating a healthy economy. This process requires a change in the different aspects of society, such as living standards, health care, education, etc. Since there are several different domains of economic development, there are several factors that determine economic development. Some of the main factors are culture, institutions, trade, geography, etc. In...
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Job is an important factor, and without work life is impossible as it provides us with money which is essential for life. It not only fetches money for a better living, but also provides everyday learning. If you work a job you love, your life will be very different in everything. And although you spent a lot of time in...
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Karl Marx formed a theory called the conflict theory where he believed that there was a conflict between the ruling class (bourgeois) and the working class (proletariat) in relation to the issuing of wealth and labor in society. In his analysis Karl Marx spoked on capitalism has being the main reason for inequality in society between the two social classes....
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Introduction: The Economic Titans - Adam Smith and Karl Marx Only a few people in our history can be credited to have radically transformed the functioning of societies and systems. Among them are Scottish philosopher, Adam Smith and German revolutionary, Karl Marx. In 1776, Smith published his magnum opus entitled âAn Inquiry into the Nature and Cause of the Wealth...
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First, to understand Karl Marx and Max Weber perspectives on religion. Marx defines religion as a particular mode of production for, both Marx and weber, religion has a functional value. Unlike Marx, Weber assumes and does not attempt to explain the religious instinct; he merely tries to understand how it determines human action [religious action] from the actor's point of...
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Modern society, or modernity, according to Giddens (1990) is defined as modes of social life or organization which emerged in Europe from about the seventeenth century onwards & which subsequently became more or less worldwide in their influence. Karl Marx and Max Weber are two prominent social scientists who had different views on modern society, but it is still important...
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The Cold War A hot war has physical fighting. In a cold war, there is not. The Cold War refers to the time after WW2 when there were tensions between the USA and its allies and the USSR and their allies. USA Capitalism vs USSR Communism The Soviet Union and the USA had different ideologies (a system of ideas and...
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In 1994, the most controversial alliance between nations took its affect. NAFTA (North American Free Trade Agreement) was the agreement to have free trade between Canada, United States and Mexico. It was suppose to drastically increase trade and create jobs but in many ways had a reverse affect. The environment took a backseat to the money. With all the increase...
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Introduction to Max Weber's Bureaucracy Theory Bureaucracy theory was introduced by Max Weber, one of the greatest sociologists in the history of the early twentieth century. According to Max Weber, a bureaucracy is an administrative organization or system that enforces the rules of law in society. Bureaucracy is not only a rational system, but also an effective management system, and...
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Natural disasters have always been one of mankindâs major fears and fascinations, due to their associated human and economic losses. Natural disasters such as the Kobe Earthquake, Hurricane Katrina, the Indian Ocean Tsunami, the Haitian Earthquake, and the Japanese Tsunami have been able to grab the attention of man towards the act of examining the impact and consequences of these...
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Obesity has been a big problem in the UK because the government hasnât taken control over the consumption of sugary goods, especially sugary drinks. Market failure is created when the allocative efficiency is not used in its maximum efficiency. So, when community surplus is not maximized, we have market failure. A certain product is either over or under produced. Merit...
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In order to explain the balanced growth path using a general Solow economy, I have chosen Ukraine as a developing economy as it is a great example of a country in Europe that struggles economically and fits the Solowâs model of economic growth. Solowâs model shows that the rate of savings in the economy determines the size of the capital...
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The conflict within Syria, which started in 2011, has been going on for just over 10 years and has caused major impacts on the country as a whole and its future development. They have many short-term impacts but will also face many long-term impacts such as education and the long-term impact this will have on the younger generation. Hospitals and...
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Marx and Engels expected the progressive overthrow of capitalism more than a century ago. Marx assumed a culture that was tailored to the nation-state and the dynamics of a capitalist economy would eliminate all social distinctions that impede the development; capitalists and workers would become nationwide groups. The analysis of England's emerging working class revealed the power of vast and...
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The objective of this study is to explain the impact that the 1973-1974 oil crisis, stemming from the countries known as OPEC (Organization of Petroleum Exporting Countries), had on oil prices, the American economy and the world economy. This essay discusses the causes of the oil crisis as well as the extent of the impact on the American economy. Some...
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While banks would prefer an limitless potential for creating deposit to make bigger profits, there are many limitations. These limitations make the system of developing deposit non-profitable. The barriers of the deposit advent technique will be discussed in this essay. Amount of Cash Affects the advent of credit with the aid of business banks. Higher the money of business banks...
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Usually, when we make a transaction, the payment is processed by a credit card company or a bank. However, this could lead to risks such as protecting data from hackers, taking longer for international payments and expensive. Therefore, cryptocurrency helps to keep data secure and protected using mathematics as it only exists in computer networks. With digital currency like Bitcoin...
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When the great economist and philosopher Adam Smith wrote âThe Wealth of Nationsâ and âMoral Sentimentsâ he could not have foreseen the profound and enduring impact these works were to have on society. Yet, a quarter of a millennium later, students are exploring his work and examining their impacts on society. How can this be? As these books contained countless...
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A free trade policy is one in which imports and exports are not limited. It can also be described as the application of the free market concept to foreign trade. Government will not discriminate against imports or interfere with exports by imposing tariffs or subsidies on import. Countries, especially those in the developing stage, profit from free trade in a...
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The world, as we know it now, has witnessed a gigantic transformation from the discovery of chemicals and gases to the current situation when the same have become a threat to life on the planet. This transformation has resulted in, perhaps the greatest untackled issue of modern life that is, climate change. Climate change highly owes its existence to the...
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Texas being the second largest state of the United States of America in terms of area and population was once considered as a mediocre, agricultural state after it was granted freedom from Mexico. Fortunes changed for Texas in the 20th century, and a massive increase was recorded in the economy of the state. Firstly, there was a massive increase in...
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Greeceâs international reputation took a battering during the European debt crisis that dominated the first half of the last decade. The country was widely perceived as irresponsible, corrupt and inefficient. The countryâs financial situation was sound when it entered the EU in the early 1980s, but it deteriorated substantially over the following next thirty years. While the economy boomed from...
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Poverty has no root cause. Success is the one that has. Heat is analogically a result of active processes; it has sources. But cold is not a result of such processes; it is just the absence of heat. Simply put, the great cold of economic stagnation is just the absence of economic development. Economic development transforms basic, low-income, national economies...
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The worldâs economy is dependent on the availability of crude oil, which supplies the fuels needed for the transportation of labor, raw material, and most importantly final goods. Not only does oil fuel our economy, but it also yields over six thousand useful products, including fertilizers, plastic, and rubber. The Organization of Arab Petroleum Exporting Countries (OAPEC) supplies 42.4% of...
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Oil is very important because it is used to produce many goods and mostly used in heating and transport. This is why the supply of oil is in the hands of a small number of producers who are based in countries where oil reserves are found. These countries get together and agree on the quantity of oil to produce and...
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In 2008 the worldâs economy had its biggest crisis since the Great Depression in 1930. According to Britannica, this epidemic âbegan in 2007 when sky-high home prices in the United States finally turned decisively downward, spread quickly, first to the entire U.S. financial sector and then to financial markets overseasâ (para. 1). The individuals and firms associated with this were...
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Economic crisis is a circumstance in which the economy of nation encounters an unexpected downturn brought on by a financial crisis. The economy confronting a financial emergency and experiencing a falling GDP, an evaporating of liquidity and rising prices due to deflation. An economic crisis can appear as a recession or a depression. Our planet experienced many crises, such as...
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In this paper, I will discuss the ideas of Adam Smith in his book âAn Inquiry into The Nature and Causes of the Wealth of Nationsâ, specifically, chapter 11 in the first book which is called âOff the Rent of the Landâ. The chapter is divided into four parts: off the produce of land which affords rent, the produce of...
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Financial experts argue that mainly two different factors: one of them is how trade strengthening economy that contributes to get benefits for winners who conqueror to current market, another assumption is occurred by the tremendous results for losers who suffer from losing exchange value in challenge with foreigners. It is crystal clear that the universal exchange and venture have been...
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