In recent decades, nations have become more interdependent in term of the economy through the increase of international trade and intercontinental investments. Thanks to globalization, the international transactions in markets for goods, services and some factor of production and much more has increased. The number of exports had exponentially increased to be more than 40 times larger than in 1913. One of the many effects of globalization is trade liberalization or free trade. This term describes the process through which...
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A cashless society is a society in which purchases of goods or services are made by credit card or electronic funds transferal rather than with cash or checks. The economic concept of a cashless society appeared as early as the 17th century, but it was presented as a check at that time. Then it slowly evolved to credit card and debit card, and then into today's e-wallet (LightNet, 2018). Today, a cashless society has become a controversial hot topic when...
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Aptly described by WHO as an ‘escalating global epidemic’ (WHO, 2002), the burden of obesity on communities is self-evident: an estimated 3 million deaths and 2 trillion dollars in medical costs (Dobbs et al., 2014). To address the challenge member nations have introduced tax policies to regulate people’s nutrition. The phraseology ‘junk food’ is attributed to sugar sweetened beverages and energy dense processed foods and may apply to foods of higher than needed caloric value (Donald et al., 2015). The...
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Remember when like a year ago when ‘Toms’ were a must-have wardrobe staple? Well, where is that pair now? Where is that flared purse charm you wore just once to that music festival? We live in a world where fast fashion is momentary, and consumer behavior and trends change faster than manufacturers can keep up. Let’s traceback that one funny t-shirt you bought to wear just once to that office Christmas party. Why do you think it costs only 5...
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The market is something that we face every day we are either consumers or producers it’s something you can’t avoid. For example, you run out of apples and you decided to go to the market and get some more apples that automatically make you a consumer. It is everywhere supply and demand. But it all depends on how one perceives it. One quote I can relate in this essay about philosopher Adam Smith is his quote: “It is not from...
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In this essay I'm going to be discussing the following: why the government has introduced a sugar tax and the results of this initiative, future plans to increase this scheme as well as potential alternate methods to improving the nation’s health without punishing the consumer. The government last year joined the ranks of many other nations around the world in introducing what has been dubbed the 'sugar tax', joining the 'sin taxes' that are already currently in place. This new...
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In the United States, citizens take their credit scores seriously since they can affect how they live their lives. They show the creditworthiness of people to lenders who then decide if these banks or credit card companies should provide people with loans if needed for purchases. In China, the government takes these scores more vigorously and instead of taking out loans, these scores are decided based on the honesty and integrity of their citizens. If a citizen is behaving correctly...
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Tourism is a critical source of income for many countries but for Scotland in particular, it is a major source of revenue. Yet a substantial part of the money made from tourism does not go to the local council or benefit the whole population. Instead, the money is going into the hands of accommodation providers, cafes, restaurants and retail outlets. The government has to pay to repair and build new roads and bridges, maintain schools and hospitals and keep free...
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The North American Free Trade Agreement (NAFTA) is a treaty among Canada, the United States and Mexico that eliminated most of the barriers to free trade among the 3 countries. The agreement means purchasing certain items from NAFTA countries is often cheaper than buying similar goods from non-NAFTA countries. Thanks to NAFTA, enjoying Mexican avocados year-round is easy. Similarly, Canadians can save big by buying an American-manufactured car versus a model from Europe. Goods from NAFTA nations are imported tariff-free,...
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The federal government collects revenue from income taxes, capital gains taxes, and payroll taxes. Tax rates depend on income types. Income taxes are progressive – that is, initial dollar amounts are taxed at a lower rate and additional dollars are taxed at higher rates. Income from investments (capital gain) is taxed at a flat 15%. Payroll taxes are charged at a flat rate only on the first $113,700 an individual earns. Let’s look at the tax rates for 2012 and...
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Today’s most discussed topic all over the world is the fact that UK will possibly leave the EU. On Thursday 23 June 2016 a referendum was held in order to come to a decision if the UK should remain a member of EU and more than 30 million people have voted. Brexit was originally planned to happen on 29 March 2019. That took place two years later when Prime Minister, Theresa May, set off Article 50 and started with the...
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Nowadays one of the most highlighted topics for Bangladesh is blue economy. Blue economy refers to the economic activity based on maritime resources. The blue economy is the sustainable use of ocean resources for economic growth, improve livelihoods, and jobs while preserving the health of ocean ecosystem (WB). Blue Economy was considered at the RIO+20 UNITED NATION conference on sustainable development, held in Rio de Janeiro, Brazil in June 2012. The sea is the best sources of energy utilization. Now...
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Implementing tax on sugar-sweetened beverages was correlated with substantial increase in soda rates and decrease significant consumption of aerated drinks, sweet teas, flavored water, and sport drinks. In Australia people are getting fat since childhood caused by eating too much unhealthy processed food which address complex disease called obesity. World Health Organization (WHO) suggests that obesity is a risk factor for most of non-communicable disease such as type 2 diabetes, cardiovascular disease (heart attack, stroke, hypertension), cancer etc. To improve...
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Cryptocurrencies are digital currencies that work under blockchain which secures and controls the transaction that occurs through the network. This was created to send online payment directly without the interface of the banks. This decentralized network was created by Satoshi Nakamoto so that anyone could use it but no one can own it. The first most popular type of cryptocurrency is bitcoin. Other examples of cryptocurrencies are Namecoin, Ethereum, Litecoin, Ripple, Dogecoin or Zcash. The total number of cryptocurrencies sums...
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Democracy is a highly contest term and is constantly redefined by modern contexts. However, the success of a democracy always relied on its ability to ensure political equality and liberty. Yet the struggles in modern democracies such as US and UK highlight the difficulties in achieving these goals. Ronald Reagan (1982) once proposed that to foster the infrastructure of a democracy, there must be a system of a free press, unions, political parties, universities, which allows a people to choose...
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Greece currently stands as the 51st largest economy in the world and are well known for their rocky economic history. Since joining the European Union (EU) in 1981, Greece had a steadily rising GDP, reaching its peak in 2008 at 354.5 billion USD (World Bank, 2019). However, in 2009 the country’s economy took a turn for the worst; declaring that 13.9 percent of its GDP would be deficit which is well over the EU’s maximum of 3%. From then onwards...
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Globalization is the higher integration, cooperation, togetherness of various nations in numerous fields like defense, trade, business, politics etc. It is the strong interconnection between nations all over the world. Globalization also works in other various essential elements like competitively priced, social and environmental etc. If we speak about economic globalization, it deals with the increasing drift of products and offerings cooperation between economies. It added rapid and unbelievable changes to the life of people. Globalization has affected life styles...
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Coronavirus disease 2019 (COVID-19) is an infectious disease caused by severe acute respiratory syndrome (SARS-CoV-2). It was first identified in December 2019 in Wuhan, China, and has since spread globally, resulting in an ongoing pandemic. As of 25th may 2020 around 5.4 million people are infected around 2.17 million people have recovered and the disease had caused around 3,45,000 deaths. Common symptoms include fever, cough, fatigue, shortness of breath, and loss of smell and taste. The time from exposure to...
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Economic growth should be a positive force for the whole planet. This is why we must make sure that financial progress creates decent and fulfilling jobs while not harming the environment. We must protect labor rights and once and for all put a stop to modern slavery and child labor. If we promote job creation with expanded access to banking and financial services, we can make sure that everybody gets the benefits of entrepreneurship and innovation. Productivity is a measure...
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Over the past generations, there has always been three classes of wealth: the upper class, middle class, and the lower class. And not to mention, high Income earners likely are substantially educated, have high-status occupations, and maintain powerful social networks. The upper class, however, only makes up to 3% of the population of the United States, with 2% earning millions per year and 1% percent earning hundreds of millions to billions per year. There are pros and cons of being...
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Automation is a process through which technology and applications are used to carry out the work efficiently and reliably instead of being carried out by humans manually ('What is Automation?', ISA, 2020). Automation helps to efficiently carry out repetitive task which otherwise needed to be done by human manually and by doing so automation helps to save time and cuts down the cost of production or project. The use of automation is diverse in today’s world from defense and information...
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Colombia has been a country of turmoil and unrest for most of its existence. Due to the fact that there are so many regions and each region being in control of itself and not having much to do with the other region, the unrest has been difficult to manage. From a business standpoint, there has not been much going on with the outside world until the early to mid-20th century. It was during this time period that there was a...
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Adam Smith believed that, “Government should limit its activities to administer justice, enforcing private property rights, and defending the nation against aggression” (Mark Skousen, 2016). Smith advocated for free markets and believed that government intervention was not necessary to control the economy as the forces of market competition would allow the economy to function in the most efficient way; this is the notion of the invisible hand. He agreed with ‘laissez-faire’ believing that a pursuit of self-interest would ultimately benefit...
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The issue of liquidity is going to be my main focus point when looking at the 2008 financial crisis and it will constantly crop up. Liquidity refers to the ease with which an asset, or security can be turned into cash without affecting its market price. In the period leading up to the Great Recession there was a massive increase in the availability of credit for banks and loan providers which in addition lead to an increase for consumers, in...
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Before the havoc wreaked the markets in the United States and across the globe in 2007, the world’s economy was booming and expanding, growth rates of output significantly increased. Surprisingly, this expansion started to stop when the housing prices which has seen an increase over the years began to fall. Some economists were of the view that the fall in the pricing of houses would not result to a credit crunch, although it can decrease the spending of customers. Their...
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Abstract Today’s rapidly changing world is able to totally restructure the workforce, and employers face severe challenges in workforce management. Diversity management has been a key issue among employers in reaching sustainable growth, employee satisfaction, and retention, talent acquisition. The importance of diversity management can be linked to long-term organizational strategies that will enhance positive corporate reputation and development. However, the term ‘diversity’ can be conceptualized differently and top executives today understand that an organization has to adapt. The current...
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Capitalism is described as an economic and political system in which a country’s a trade and industry are controlled by private owners for profit, rather than by the state. This form of government was dominant in the west and took off after the fall of feudalism, which was wiped out by the French Revolution and the Napoleonic Wars. Capitalism, sometimes called free market economy or free enterprise economy, dates back all the way to the 16th century in European Middle...
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Concept of Compensation Compensation is one way of managing to improve job performance, motivate and improve employee performance. Compensation is important for employees as individuals because the amount of compensation between the employees themselves, their families, and society reflects the size of their work. Compensation is also often referred to as an incentive and can be defined as any form of reward given to employees as a reward for their contribution to the organization. Employee compensation according to Dessler (2006)...
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Happiness is something essential in our everyday lives. It is a part of the building blocks of living a good life. I find joy in wrestling, family, friends, my phone, and fun activities. I find happiness and joy in these because I am usually spending time with the ones I love and care about. Other people can find happiness in many things whether it’s their car, house, family, and many others. This leads us to the question… can money buy...
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International Political Economy The international political economy is the convergence of political and economic powers to produce a particular set of forces and dynamics in the world. The contemporary global system can be explained through three theoretical paradigms of Liberalism, Mercantilism, and Marxism. They are essential in understanding the characteristics of the economic system and the challenges it faces. This essay will explore the fundamental political and economic ideas or assumptions that underpin each of the key theoretical perspectives as...
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