Abstract This paper takes a close look at the concepts of the flat tax and looks at its possible benefits and potential failings. Although there is a basic format of the flat tax, there are multiple flat tax proposals that have been offered by conservatives. Along with critiquing the basic format, this paper compares and contrasts the different flat tax proposals.
From the Paper "The United States tax system is in complete disarray. Republicans and Democrats agree that the current tax code is complex, unfair, and costly. The income tax system is so complex; the IRS publishes 480 tax forms and 280 forms to explain the 480 forms (Armey). The main reason the tax system is so complex is because of the special preferences such as deductions and tax credits. Complexity in the current tax system forces Americans to spend 5.4 billion hours complying with the tax code, which is more time than it takes to manufacture every car, truck and van produced in the United States (Armey). Time is not the only thing that is lost with the current tax system; Americans also lose great deal of money complying with the taxes. Resources that are currently wasted on record keeping, filing forms, learning the tax code, litigation, and tax avoidance. The cost of complying with the current tax code totals about $200 billion annually, or $700 for every man, woman, and child in America (Armey 1). The overwhelming consensus that the current tax system is inadequate has ignited the search for tax reform. There are numerous proposals for tax reform; one particular proposal is the idea of a national flat rate income tax. The idea is to replace the current income tax with a single rate that everyone pays."
Abstract The globalization of production refers to the tendency among firms to source goods from countries around the world to take advantage of national differences in the cost and quality of factors of production. Many companies are choosing to expand business globally. Before companies choose a region for expansion, adequate research needs to be conducted in order to determine the risk involved. This paper discusses the emergence of Vietnam as a market, analyzes the role of regional integration, compares and contrasts the economic development stages of countries within this region, and examines the effect of its economic development for global business. The major drivers of globalization in this region are also explained.
From the Paper "Vietnam is located in Southeast Asia. It borders the Gulf of Thailand, Gulf of Tonkin, and South China Sea, alongside China, Laos, and Cambodia (cia.gov). Its population is just over 81 million, with natural resources of phosphates, coal, manganese, bauxite, chromate, offshore oil and gas deposits, forests, and hydropower (cia.gov). Vietnam has been slowly recovering economically. After the Vietnam War, the country was left in devastation. Vietnam's government is based on communist legal theory and French civil law system."
Abstract This essay analyses the economic reforms carried out during the 1980's and 1990's in Australia. The essay looks at the reasons for the changes as well as the impacts of such reforms. Finally, the essay questions whether such reforms worked to benefit the Australian economy and people. During the 1980's and 1990?s, the institutions of economic governance changed in response to poor economic performance, globalisation, and technological developments. The major change was a shift from Keynesian economic policy to microeconomic policy. The purpose of this essay is to examine the impacts of liberal reforms and to address any continuing questions.
From the Paper "During the 1980's and 1990?s, there were various changes carried out. One such change was a decline in tariff protection. In 1974, the Whitlam Government announced a 25% across the board tariff cut (Quiggin, 1996), followed by the Hawke labour government further reducing tariffs to 5% over a period ending in 1992 (Quiggin, 1996). In 1993, Paul Keating effectively enacted a zero tariff campaign. Apart from several troubled sectors such as textiles and car manufacturing, the zero tariff result was achieved under the Howard government in the last years of the century (Brennan & Pincus, 2002). Following the recommendations of the Campbell and Martin Committees of Inquiry, another microeconomic reform occurred in October 1983, with the floating of the Australian dollar."
Abstract The paper deals with the issues of globalization and its impact on the world economics. The paper also examines the role of the World Trade Organization (WTO), with regards to the liberation of the domestic economy of a country.
Contents:
Introduction
World Trade Organization
The pressures of globalization
International Political Economy
From the Paper "Total world trade in commodities, services, as well as intellectual assets stood at US $5 trillion in 1995, of which services and intellectual assets accounted for over $1 trillion. The WTO's regulations and ideology institute a set of regulations on the subject of the regulatory structure in which this substitute takes place. The WTO constructs upon the managerial formation that subsists under GATT backing as of the early 1990s. Subsequent to its formation in 1947, the GATT increasingly developed into a structure of great complication. Its contact extended progressively in reply to growths in the world economy and the well being of its participants."
Abstract This paper explains what money is and how it works. The paper begins by providing a history of money, from the original barter systems to the cash currency we know and use today. The paper then shows the different uses for money in today's economy and how money has become a complex system of acquisition, investment, and status.
From the Paper "The uses of money is of course as versatile as money itself. The most common use is of course as unit of exchange. Money is used to buy every items such as clothing and food. As a unit of account, money is used to measure the value of goods. Using its monetary value, the value of the good is determined compared to the value of all other goods. This is the same system by which the value of money itself in terms of global currency is determined. Finally, money as store of value means to determine the ability of a good to maintain its value over time."
Abstract This paper discusses how the issue of an Internet sales tax has been at the topic of much debate over the past few years and how the budget crises facing many states have made it a crucial one. It explores the current status of Texas legislation regarding Internet taxation and investigates the federal law regarding Internet taxation. It looks at the National Governors Association's model legislation to streamline and simplify state taxation and also examines the the jurisdiction requirements that allow states to impose sales taxes and the case law that affects a state's ability to tax Internet sales.
From the Paper "In 1999 Texas legislation proposed that the state would join the streamlined sales tax project. In recent years the legislation has adopted the practices of the streamlined sales tax project. Texas has currently has one the most stringent Internet tax systems of any state in the union. The state was concerned that it was loosing valuable tax revenue for sales made over the Internet. The Houston Business Journal explains that a merchant in Rhode Island can sell a product over the Internet to an individual residing in Texas but the state will not have the benefit of charging a sales tax because it is unaware of the purchase. This scenario has made lawmakers in Texas and other states criticizing the current federal legislation governing Internet sales tax."
Abstract This paper examines how America was built on the ideal that those who contribute to the nation's economic growth should reap some of the benefits and how, over the last two decades, however, the benefits of growth have been skewed in favor of the wealthiest people. It looks at how recent changes in the economy have benefited society, bringing greater wealth and lower employment rates to the country. It attempts to analyze whether this economic growth can achieve the necessary social goals of the nation, which aim to reduce poverty and the income gap between people.
From the Paper "In the early 1980s, trade and technology resulted in a "blue-collar disaster" because families struggled to maintain "living standards only by having fewer children, putting more members to work, and running up debt" (Allen, 1999, p. 1). Many people expressed outrage that people got poorer, while the country was obviously growing richer. However, there is a simple explanation for this. Although the country's economy was growing, but the "pieces were very unequally divided. The size of some people's pieces were growing faster than the pie itself is growing, which means other people's pieces had to shrink" (Watkins, 1999)."
Abstract This paper explains the new single European currency being used in 12 countries in Europe, so far. Specifically, the paper explores why the government of England decided not to join the singular currency, showing both the advantages and disadvantages of using one currency. The paper evaluates the Euro, in general, and looks at its impact on the UK's tourism industry.
From the Paper "Because most of the cross-border countries of UK are members of EMU, the tourism industry of UK faces a high risk of price competition with the EMU nations, through comparisons in terms of travel fares and hotel accommodations. Travel cost in UK is likely to be more expensive, than
that of a country within the Euro zone, because of the cost of currency conversion. Single currency within the Euro zone may attract more travelers because of the convenience of not needing to convert currencies. In this view, in contrast to the possible increase in tourism rate among countries within the Euro zone, UK may experience a struggle in their tourism industry because of the inconvenience and cost UK's currency may bring to travelers."
Abstract This paper summarizes a 2003 article found in the "Washington Post" that explains how produce consumers once found exotic becomes common in America's supermarkets. "Ripe Dreams: How Produce-Aisle Exotica Becomes Everyday Fare", by Hamilton Martha McNeil, highlights the key microeconomic concepts of demand, supply, and market equilibrium, as well as household behavior and consumer choice.
From the Paper "As demand rose, others saw opportunities and entered the market place, devoting resources, (farm acreage and labor) to growing kiwis. Importers saw opportunities to increase supply and lower costs, by importing kiwi fruit from Chile and New Zealand where the costs of input, mainly farm labor, are cheaper. As the supply of kiwis increased and more and more companies entered the market, the price to consumers began to be pressured downwards. As consumer demand cooled off, nicely illustrating how household behavior and consumer choice influences demand and supply, market equilibrium seems to have been reached."
This paper reviews Nancy Folbre's "The Invisible Heart: Economics and Family Values", which discusses how families are adversely affected by today's economics.
750 words (approx. 3 pages), 1 source, 2004, $ 26.95
Abstract This paper explains that there is a conflict in our society between the economics of supply and demand and family values. The author points out that Folbre feels the problems of the welfare system are a direct result of the government's lack of providing care for its citizens. The paper relates that, originally, school schedules were established in the days when farm families needed children to help with crops; but, today, this model is nothing more than an example of economic inefficiency.
From the Paper "The economic value of care giving has never been established and remains undervalued. So how do women who are the traditional caregivers move out of that role without feeling guilty because they are not living up to their familial obligations? There must be mutual responsibility when both parties maintain careers or work to enhance the quality of family life and maintain standards of living."
Abstract This paper discusses the introduction of the euro to Western Europe. The global, economic, and political consequences resulting from the introduction of the euro are discussed, as well as other salient aspects of its introduction. These include the reasons for its introduction, its advantages and disadvantages, threats it faces, who will benefit and who will not benefit from its introduction, and how businesses and the individual will be affected by the euro.
From the Paper "January 1999 saw the advent of a new currency to be used in most of Western Europe ? the Euro. Introduced by the European Union to promote trade and commerce, the Euro has replaced the national currencies of over a dozen Western countries (Estrada, Wechsler). Euro was introduced in 1999, but a three year transition period was granted by the European Commission to the countries adopting the euro ? from January 1, 1999 to January 1 2002. In 2002, euro coins and notes came into the use of the common man."
Abstract This paper begins by providing a history of the Federal Reserve System in the United States. It then details some background information and discusses its purpose in the economy. It assesses the Federal Reserve System's effectiveness and looks at its potential outcomes.
From the Paper "The Federal Reserve serves as the central bank of the United States. It was founded by the Congress in 1913 to serve the function of provide the nation with a secure and committed monetary and financial system.
Today the Federal Reserve holds the responsibilities in four areas: (1) conducting the nation's monetary policy; (2) supervising and regulating banking institutions and protecting the credit rights of consumers; (3) maintaining the stability of the financial system; and (4) providing certain financial services to the U.S. government, the public, financial institutions, and foreign official institutions."
Abstract This paper presents an exploration of globalization and imperialism and argues that globalization is actually nothing more than imperialism with a different name. The writer uses several sources to illustrate the definition of imperialism and then holds it against globalization to prove they are one and the same.
From the Paper "A new pedagogy will be in order if the progression of imperialist globalization is to stop. Imperialism is the act of obtaining power by taking over other areas. This may mean a true take over such as was seen recently in Iraq, or it can be more subtle by way of an economic takeover. An economic takeover is what the process of globalization is advocating with its spread of capitalism, led by technological wonder and awe. In the end however it is nothing more than a new way for some nations, primarily America, to gain control over other nations through the use of business clout and dependence."
Abstract This paper discusses how China is considered an emerging market, despite the fact that it has vast resources and a population of more than one billion. It looks at how the country has made many efforts to make its economy strong, more open to international investors, and more competitive in global markets. It examines how, since the 1990s, China has accelerated its integration into the world, particularly in the economic field, and how, today, China has begun pursuing foreign cooperation that extends beyond the economic, social, and cultural fields into the fields of security and politics.
From the Paper "There are many drivers behind China's globalization strategy. One of the major reasons for China's recent success is the country's low manufacturing costs, which have made it an offshore production choice for many types of businesses (Hall, 2002). China has also benefited from a large population of highly skilled workers, including scientists, technologists and engineers, while Chinese scholars educated abroad over the last decade reportedly make up more than half of the top scientific researchers currently involved in major projects around the world."
Abstract The American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), a federation of autonomous labor unions in the United States, Canada, Mexico, Panama, and U.S. dependencies, was formed in 1955 by the merger of the American Federation of Labor (AFL) and the Congress of Industrial Organizations (CIO). This paper traces the history of the AFL-CIO, including the events that led up to the 1955 merger. It also discusses the organization's political leanings, operations, and presidents.
From the Paper "From the start of Kirkland's term, the AFL-CIO was forced to adapt to a number of adverse economic trends. Union membership dropped from 33% of all U.S. workers in 1960 to 14% in the late 1990s. To shore up organized labor's declining influence, the AFL-CIO concentrated on organizing service workers and public employees and improving labor unity. In 1981 the UAW rejoined the union; the Teamsters (1988) and United Mine Workers (1989) later followed."
