Abstract This paper introduces the book, "Free to Choose: A Personal Statement", by Milton and Rose Friedman and, in particular, indicates which school of thought the authors are from and gives a short critique of the book. It looks at how "Free to Choose" is probably one of the most famous books written on economic theory, how PBS created a 10-part documentary in concert with the book, and how the book remains a textbook on economic and political thought today. It also shows how it is a fascinating look into economic theory and a must-read for anyone who would like to learn more about the free-market economy we live in today.
From the Paper "The Friedman's are clearly of the monetary school of thought, but they advocate a "less is more" form of government, thereby utilizing money more effectively. They advocate a free-market economy, and take care to explain just why planned or controlled economies fail. The Friedman's are definitely capitalists, and do not adhere to the socialist economic theory. Ultimately, the book equates economic freedom with political freedom, and the authors go on to explain their theories that "less is more" in all forms of government, and the people should be free to choose whatever they want, despite whether it is good or bad for them, they should still have the right to choose for themselves."
Abstract This paper begins with a brief description of the country of South Korea, including area size, population, culture, economy and neighbouring regions. The paper then continues with a discussion of the impact of globalisation on South Korea and the part South Korea plays in the global economy. The writer comments on the overall effects of South Korea's relationship with its northern adversary, North Korea and how this impacts on the globalisation of its economy.
From the Paper "South Korea is found on the southern tip of the Korean peninsula, sharing its only border with North Korea. Other neighbours are Japan, 200 kilometres across Korea Strait, as well as China and Russia only a few hundred kilometres to its north. South Korea's total land area is 98,190 sq km and total population of 48,289,037. Its natural resources include coal, tungsten, graphite, molybdenum, lead, hydropower potential, and Korea makes $172.6 Billion from exports and spends $160.5 Billion on Imports."
Abstract When the Thai Baht was floated in July 1997, the Thai economy was overheated, along with extremely shaky balance sheets of many of its financial institutions. Inevitably, this led to currency devaluation and a run on the baht. This paper examines the reasons for the baht's collapse and the repercussions on domestic and regional economy.
Paper Outline
Factors that Led to the Collapse of the Thai Baht
The Purchasing Power Parity Theorem and the Collapse of the Thai Baht
Role of Speculators in the Baht Crisis
Steps the Government could have Taken to Preempt the Crisis
The Effect on Domestic Businesses
Similarities with the Collapse of the Korean Won
From the Paper "However, the Thai case was influenced by several factors beyond the logic of the purchasing power parity theorem: depletion of foreign exchange reserves by the government purchasing its own currency in an effort to prop up the exchange rate; raising of interest rates to make holding the baht more attractive; a high debt-equity ratio among Thai corporates which was further aggravated with the devaluation of the baht; and the degree of non-performing assets with financial institutions."
Abstract The conditions for children who are made to work do not provide the stimulation for proper physical and mental development. These children are deprived of the simple joys of childhood, relegated instead to a life of manual labor. This paper shows, however, that there are problems with the obvious solution of abolishing child labor. First, there is no international agreement defining child labor. Countries not only have different minimum age work restrictions, but also have varying regulations based on the type of labor. This makes the limits of child labor very unclear. The paper argues that until there is global agreement that can isolate cases of child labor, it will be very hard to abolish. Therefore, the problem is not child labor itself, but the conditions under which it operates. The paper includes tables.
From the Paper "In many countries (Costa Rica, Thailand, Sri Lanka), the minimum working age is lower than the required age of compulsory education, giving children access to employment before they have even completed the minimum amount of schooling (Bequele & Boyden, 1995). When indigent children are allowed to work legally, they will often abandon school to better their family's condition. In the reverse situation, if the minimum age requirement for work is greater than the compulsory schooling age, children who have completed the required schooling must stay inactive for a period of time before they can legally work."
This paper discusses that "globalization" has been defined as a social, economic, and political process, but this concept is changing into a method employed by businesses to produce goods and services more efficiently.
Abstract This paper relates that economic globalization is a system in which businesses move around the globe to take advantage of cheaper production and greater consumption of their product, called trans-nationalization and de-territorilization. The author stresses that a lot of companies will be affected by changes in their traditional settings, but each of the companies will have to react differently, depending on the circumstances. The paper concludes that businesses? primary importance must be the globalization of capitalism.
From the Paper "Even the market here specializes in different types of production for the global market according to their own strengths. There are countries that capitalize on their location strengths like Singapore. Singapore survives on a free trading centre for all the countries in that region and the world. It has a big port which has been suitably developed for that purpose. The goods coming in from the international market are then sent on to the individual countries in smaller vessels according to their requirement or port capacities. Similar is the situation for outgoing cargo. China produces in low cost manufacturing as it has a lot of low cost manpower and probably less awareness about the effects of pollution. It also prepares low cost items for the West to consume which the West cannot economically manufacture. The labor in the West has to live in a certain level of life, which makes it very difficult to employ them for the production of low profit items."
Tags: steel, transnationalisation, deterritorilisation, labor, traditional
Abstract This paper examines how few policies have received as much domestic and international reproach as the United States? embargo against Cuba. It looks at how instituted over the last four decades, the blockade was originally established due to a perceived threat on U.S. national security and how reasons for this included Cuba's expropriation of U.S. property following the 1959 revolution led by Fidel Castro, their alliance with the Soviet Union and their support for armed revolutionary forces in Latin America and Africa. It explores business opportunities in Cuba, the effect of the embargo on U.S. firms and detailed arguments in favour of both maintaining and dissolving the embargo.
Outline
Background
Business Opportunities in Cuba
Biotechnology
Small Businesses
Effect of the Embargo on U.S. Firms
Issues for U.S. Firms upon Lifting the Embargo
Arguments for Maintaining the Embargo
Arguments for Dissolving the Embargo
Economic Tribulations
Social Tribulations
Opinion
Appendix A - Cuba Country Report
Selected Historical Facts
From the Paper "American action in the form of the embargo against Cuba has not been effective since its inception, and there is no rationale other than saving face by maintaining the long-term grudge against the island nation. Americans will not admit that the embargo has been ineffective in controlling Castro; they will certainly deny the fact that the embargo has given Castro an "excuse" for Cuba's high poverty rate. It would be in the U.S.'s best interest to remove the embargo and allow free trade with Cuba. The laissez faire principle of economics dictates that free markets will ultimately take over, ensuring that any inherent corruption will ultimately be eliminated. Furthermore, Castro is not immune to the forces of ageing."
Abstract The United States economy has experienced several changes in the past few years. This paper explains that it is important to look at five economic indicators in order to speculate the direction the current economy is moving in. The indicators examined are the CPI, housing and unemployment, producer price index, retails sales, and the movements in the dollar.
From the Paper "The United States economy has been showing signs of growing stronger in the past several months. Housing starts and retail sales are up, while unemployment is down. The consumer price index has dropped, and while the producer price index dropped slightly, this was not a major concern for economists. Reports in December showed a slight decline in consumer confidence; however all of the economic indictors strongly suggest that the economy will continue on a strong growth path over the next year."
Abstract This paper examines the phenomenon in the United States of people who hold down two or three jobs and still are unable to afford basic living requirements. Based on Ehrenreich's book, the paper discusses this problem, but explains that there are no simple solutions.
From the Paper "When she wrote Nickel and Dimed: On (Not) Getting by in America., Barbara Ehrenreich did not set out with the intention of making her readers feel sorry for the subjects of the book, who are workers who scrub floors and hand up clothes in discount stores and help care for older citizens in nursing homes and for all of this hard work receive extremely low wages and often no benefits. She wouldn"t mind if you felt compassion for such workers, who often hold down two or three jobs, working sixty or seventy or eighty hours a week, and yet still can"t afford to pay medical bills or for decent housing. Most of these workers are women, and many of them are racial minorities, and so in addition to asking you to remember the problems that being poor brings with it she is reminding her readers that women and minorities pay a steeper price for being poor than do white men."
Abstract Environmentalists argue that trade liberalization harms the environment. The decisions of the World Trade Organization (WTO), in particular, have been the subject of much criticism. This paper looks at the assertions of many environmentalists, using the work of Robert J. Carbaugh, among others, as a source. Three of the main assertions discussed are whether trade liberalization leads to a "race to the bottom" in environmental standards; trade liberalization conflicts with morally-conscious environmental policies; and, finally, trade liberalization encourages trade in products that create global pollution or "pollution havens".
From the Paper "Factory farming brings with it more pollution in every respect, for example, than sustainable agriculture. Factory farming uses toxic components to protect crops from pests and applies inorganic compounds to help the plants grow. In addition, the product of factory farms cannot be sold locally, so there is additional environmental pollution because of the long-distance hauling required. And that would be true for any product: if one is producing large amounts in one locale and moving smaller amounts to hundreds or even thousands of disparate points, then the opportunity"even the necessity"for creating environmental damage is greatly enhanced. Liberalizing trade agreements, by their very nature, impel production increases in far-flung locations."
Abstract This paper explains that the most important factor that causes a shift in the demand curve is the customers? preference or taste. Other factors that influence shifts in the demand curve are the customers? income or the prices for substitute and complementary goods. The author stresses that a change in price never shifts the demand curve for a particular good. The paper relates that a shift to the left in the aggregate demand curve will lower the equilibrium price, and a shift to the right will increase it; conversely, a shift to the left in the aggregate supply curve will increase the equilibrium price, and a shift to the right will lower it.
From the Paper "If we chose to examine how the theoretical concepts of demand and supply apply in a private club for magicians, where dinner and drinks are served, there are several different aspects to be taken into consideration. First of all, examine the owner's position and how changes and shifts in the supply and demand curves affect his decision making. Let's take a look, in the beginning, at the workforce. Basically, this is formed of freelance magicians, that are employed on a one show basis (although there may be the case that they are hired for a certain number of shows), and the waiters and waitresses, here including bartenders and auxiliary workforce."
Abstract Many countries in the Asian market have shown remarkably rapid economic growth with the expansion of business methods and companies across national boundaries. India, however, although it presents the world market with a population that is second only to China, offers a more complicated picture in which threats are assessed as well as opportunities. This paper examines India from a global perspective to see what are perceived as the positive and negative effects of globalization on the country's fiscal and trade sectors. The perceived gulf between India's potential and reality are explained. Those who have been observing the nation's Gross Domestic Product for many years have seen India lag behind other Asian countries that have shown comparatively phenomenal economic growth. Changing economic policies that lifted many Indian trade restrictions in the early 1990s are assayed in terms of both the increased opportunities they present for many individuals in the nation as well as, internally, the increased weaknesses that are represented by political interference and what is seen by many to be an increasing gap between rich and poor in the nation.
From the Paper "The Indian market, the second largest national market in the world, was essentially closed off from the outside world by the strictures of a quasi-socialist control system. Imports were limited and foreign firms were not encouraged to enter the domestic sphere at all, as if they did so, the bureaucratic repercussions were often seen to be extremely prohibitive. At the same time, this bureaucratic government structure incurred its own costs and labor issues, which were not alleviated by the flow of multi-national capital. The public sector became a sort of economic monolith within the country, and increases in bureaucracy made this structure increasingly inscrutable, even to those within its sphere of operation. At the same time, the private sector was being virtually ignored in terms of economic opportunity."
Abstract When NAFTA was first introduced, it was expected to increase jobs and reduce tariffs, thus improving the economies of the North American countries of Canada, Mexico, and the United States. However, this paper explains that, since its inception, NAFTA has failed at a number of its goals, prompting revisions and a new act currently being presented to Congress, which is meant to expand on NAFTA and aid the economies of all North American countries, with the exception of Cuba.
From the Paper "There have been a number of changes in the global economy of the world over the past decade. It is important to examine the North American Free Trade Agreement (NAFTA) and determine if it has helped and/or hindered the economies of all three countries, if it has accomplished what it was established to do, and if over the past ten years it has resulted in additional trade agreements within the Americas."
Abstract This paper examines how both dependency theory and Marxist theory suggest reasons why Latin America and similar areas in the world have not achieved the same level of economic development as the developed world and how each theory has then been used as a reason for making changes to effect greater levels of development. It considers the history and political and social structures in Latin America and looks at how the way these theories have affected Latin American economies and their citizens.
From the Paper "Development and underdevelopment are seen in terms of dependency theory as part of the same process and not as separate entities. Dependency theory was fashioned to explain the patterns of development in Latin America and held that this development had been conditioned by the incorporation of the region into the capitalist mode of production. The dependency of the Third World on the developed capitalist nations involves an interaction that explains the economic and social-class formations that have emerged in places like Latin America and also the structure of trade, technology, and investment between the developed and the developing world (Topik, 1987, pp. 554-555)."
Abstract This paper first describes some of the historical events leading up to the Great Depression that followed WWI. The paper then takes a look at President Hoover's response to the Great Depression, its impact on the world, and some of the theories put forth that try to explain the causes of the Depression.
From the Paper "The Great Depression began when the stock market crashed in October, 1929, creating "such a shock to most Americans that some early attempts to explain their causes blamed sunspot activity or medieval prophecy. A few held it to be a divine retribution on a people who had indulged themselves in a decade of hedonism after World War I and were due for a sobering experience. Others recognized that the 1920s that brought hints of an agricultural recession, amid uninhibited business speculation (Unknown).""
Abstract This paper examines how the post-World War II era was definitely a prosperous time, and the economy grew very strong because of many variables. It looks at how the purchasing frenzy, return of veterans, and general confidence of Americans created a strong economy after World War II. It also discusses how, because of this spurt of economic growth and the economic devastation of the rest of the world, America became the superpower in the world.
From the Paper "Americans emerged from World War II thrilled, proud of their military strength and industrial might. As the editors of Fortune magazine said in 1946, "This is a dream era, this is what everyone was waiting throughout the blackouts for. The Great American Boom is on." Therefore, it was and an American public that had known deprivation and sacrifice for the last decade and a half began to enjoy record prosperity. The postwar era enjoyed wonderful economic growth and social satisfaction. The nation's gross national product rose from about $200,000 million in 1940 to $300,000 million in 1950 and to more than $500,000 million in 1960 (Tindall, 1049). At the same time, the jump in postwar births, known as the "baby boom," increased the number of consumers. More and more Americans joined the middle class."
