...Discuss the benefits and drawbacks to both parts of China of the close relationship between Hong Kong and mainland china Hong Kong has enjoyed the benefits of being a capitalist economy and independent from mainland China for over 150 years under British colony without much relationship with China. Even though Hong Kong is now part of China with a strong tie, the Chinese central government valued having a successful capitalist economy in the greater China, consequently they have agreed to preserve the capitalist economy in the Sino-British agreement 1984. In this agreement, China has agreed on preserving the capitalist economy for 50 years after the return of Hong Kong on the 1st July 1997. Hong Kong is now one of the two Special Administrative Regions (SAR) in China having an independent economy with ties to mainland China. This decision had a positive influence on both the Chinese and Hong Kong economy and contributed towards the rapid growth of the Chinese economy and the expansion of Hong Kong as a financial centre in the recent years because now Chinese firms are able to easily reach the international market from Hong Kong. On the other hand, it still has drawbacks and potential threats from China having strong relationship, a free-trade agreement with a capitalist economy such as; large firms with large sums of liquidity and stability moving out of mainland China to preserve its wealth. This paper will discuss the benefit and drawbacks to both parts from an economics...
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...be given to the worker or for land to be owned by any workers because it creates inequality and this must be done to ensure social order. A Lot of the communist ideology is totally opposite and against capitalist views. There is no competition in communism and wages and salaries are equal across all carers and work. In Communist theory, government leaders should only be temporary and used only to gear the population towards true order and then step down and let the work cycle continued. Many of the communist ideology is predominantly theory and is highly criticized by many nations. In today's day and age many countries have decided to opt out of the communist social structure because it is unpractical and does not provide true equality as theorized. Communism was a fairly modern ideology founded only about 120 years ago but has lingered throughout history. The majour man honoured with the creation of communism is Karl Marx who lived between 1818-1883 and was born in Germany but then fled to the United Kingdom. Marx was a major activist during the time period he lived in witch was the boom of capitalism. Marx joined a communist political party and was a newspaper journalist. He also wrote many books on his views most of which were considered communist. Marx's detested the capitalist ideology and saw many flaws...
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...Global South, such as Colombia, it becomes clear that Rostow’s theory is linear, geographical, and pro-capitalist model. The first flawed aspect of the model is the fact that it is linear – it assumes that “all regions go through the same stages in a particular order towards high mass consumption” (Knox et al, 313). In contrast to these assumptions, the economic development of Colombia has been anything but linear, given its position as an underdeveloped nation. Rostow’s theory suggests that “in order for a country to move from a traditional society to a society that is ‘taking off’, it must first establish the preconditions for takeoff” (Knox et al, 314). At this stage, a country should “begin to heavily invest in developing a manufacturing sector” (Knox et al, 314) as it moves away from an agricultural based economy. While this may prove to be true for countries such as the United States and Canada, the same cannot be said for Colombia. In fact, it can be argued that Colombia simply skipped this second stage of Rostow’s model. Columbia is an economy that “currently has 18% of its labour force in agriculture, which continues to be the chief economic activity in the country” (2014 Index of Economic Freedom). This industry is a main reason for its success in growing its famous commodity – coffee, as well as bananas and cotton. The exposure of these commodities to international trade has “led to the country experiencing rapid growth without the need...
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...It tells us to do good things and avoid doing bad things. So, ethics separate, good and bad, right and wrong, fair and unfair, moral and immoral and proper and improper human action. In short, ethics means a code of conduct. So, the businessmen must give a regular supply of good quality goods and services at reasonable prices to their consumers. They must avoid indulging in unfair trade practices like adulteration, promoting misleading advertisements, cheating in weights and measures, black marketing, etc. They must give fair wages and provide good working conditions to their workers. They must not exploit the workers. They must encourage competition in the market. They must protect the interest of small businessmen. They must avoid unfair competition. They must avoid monopolies. They must pay all their taxes regularly to the government. In short, business ethics means to conduct business with a human touch in order to give welfare to the society. Need or Importance of Business Ethics Stop business malpractices : Some unscrupulous businessmen do business malpractices by indulging in unfair trade practices like black-marketing, artificial high pricing, adulteration, cheating in weights and measures, selling of duplicate and harmful products, hoarding, etc. These business malpractices are harmful to the consumers. Business ethics help to stop these business malpractices. Improve customers' confidence : Business ethics are needed to improve the customers' confidence about...
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...corruption, exploitation of poor people and where greed overcomes anything good. However, the majority will agree that capitalist system is best system in the world of economics. It drives people to do better, as the certain amount of effort will bring the same level of result. There are examples in the history where individual’s wealth was affected by the corporate greed, but with the government regulations history will not repeat itself the same way. Capitalism is all about choices and these choices are made based on the amount of economic benefit we receive at the end of the trade. The connection between the right to own property and the individual liberty has always been emphasized by classical liberalism. Whatever man produces through his honest work, through his own efforts, or what he acquires through voluntary trade with others must be considered rightfully his. The idea behind the free markets is to allow each individual to use his own knowledge and his abilities to improve financial freedom, and based on the knowledge and ability some men may generate more wealth then the others. When the founding fathers agreed that all men are created equal, the liberty, they thought, would come before the equality. The capitalism may not deliver equal earnings for everybody; it does provide an equal opportunity to earn higher income (EBeling p.607). In “A Capitalist Conception of Justice”, Irving Kristol wrote that capitalism “delivers many good things but, on the whole, economic equality...
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...capitalism, driven by neoliberal ideologies, which has adapted to the economic and social conditions of the current day. The recent phenomenon of globalization is in essence a modern form of global hegemony and dominance that establishes control through financial domination and capital exploitation. This paper focuses on this process of domination by examining the effects of neoliberal policies and structural reforms using the nation of Brazil as the unit of analysis. As will be discussed later in this report the government of Brazil has undergone significant structural changes over the last few decades that have resulted in an economic shift towards neoliberal policies. Policies promoting free enterprise capitalism, privatization of national assets, deregulation, tax reforms, flexible interest rates, trade liberalization and reductions in public expenditure have resulted in devastating outcomes for poor and marginalized groups within Brazil. These economic reforms have reordered government priorities resulting in cuts in social spending, worsening of wage inequality, displacement of workers, intensification of national debt and the weakening of labor bargaining and the conditions for meaningful work. The argument that this paper seeks to prove is that neoliberal policies in Brazil have altered political and social structures resulting in economic imbalance and economic, social and cultural human rights infringements. In order to fully understand the impacts of globalization in Brazil...
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...[Name of the Writer] [Name of the Institution] Right to be forgotten Introduction The European “right to be forgotten” is the most vital right you've never known about. It's not a right to be cleansed from the memory of individuals who know you, yet rather to control how data about you seems online. On Tuesday, the European Court of Justice clarified what this implies. The court held that Google damaged a Spanish lawyer's right to be forgotten by declining to kill connections to humiliating articles about him in its indexed lists. The conclusion was discredited by press flexibility advocates all over. Actually, its flawlessly sensible. Also it demonstrates that, as opposed to generalization, America is inflexibly ideological about free discourse, while Europe is down to earth and adaptable. Discussion In 1998, the Spanish daily paper La Vanguardia distributed two notices about a closeout of the property of a Spanish lawyer named Mario Costeja, held to pay off his obligations. More than after 10 years, any individual who Googled Costeja would see, in the indexed lists, connections to those notices on the daily paper's site. Costeja asked the Spanish Data Protection Agency, which directs the scattering of individual information, to request La Vanguardia to bring the notices down and to request Google to expel connections to the pages from the query items for Costeja. The office denied the first demand because the daily paper had distributed the notices by court...
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...Neoliberal Globalization Neo-liberalism refers to economic liberalism which has become very important in the international economy (Kotz and David, 1998). Neoliberal globalization is defined as setting up the market free and private enterprises are free from any bonds or regulations imposed by the government of the state (Ong, 2006). Neoliberal globalization mainly promotes the concept of free market economy. The rules of neo-liberal globalization include cutting the public expenditure and reducing the social safety net. It also involves reducing the government regulations or everything that could result in reduction in the overall business profitability of the private enterprises (Harvey, 2005). The state enterprises are sold to the private investors and concepts of ‘public good’ and ‘community’ are eliminated and the individual responsibility is increased. There is a huge criticism that this system usually involves pressing the poorest people within the society which could result in social distress within the society. At the global level, the neoliberal institutions are setting out the rules and regulations for free international trade and financial transactions in order to ensure the global economic growth (Greig and Hulme, 2007). It is a fact that when there is free trades between the countries then it will help to boost the overall economic performance (Ong, 2006). However, there is a common perception that undeveloped countries are...
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...Throughout history, economists have debated over various theories, in an effort to discover the one solution that will achieve the most efficient and beneficial economy. One school of thought titled, Classical Economics, is infamous has been called the “first modern school of economic thought.”[1] Two economist/philosophers who have been placed within this Classical category are Adam Smith and Karl Marx. Though these two men are polar opposites in the political-economic spectrum they share some similarities; and although dated, there are points of value to both Adam Smith’s and Karl Marx’s theories. Adam Smith, the father of economics as a science, combined economics with moral theory in regards to the way societies ought to live. Today’s capitalist economic systems have been shaped by Smith’s explanations of market factors and the role of the state, or lack thereof, in economics. Karl Marx, a fundamental revolutionary, is one of the original minds behind communism. He is renowned as a radical political philosopher. These men have together been placed in the school of classical economics, signaling that there are similarities in their ideology. Politically, however, these men differ greatly. This essay intends to study some of their most poignant theories to compare fundamental differences. Karl Marx became famous for his revolutionary ideas and as one of the originators of communist theories. He is renowned for his book on economic theory, Das Kapital. As members of the Communist...
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...Capitalism as we all know is an economic system of producing wealth in which the wealth is privately owned. in capitalism, the land, labor, and capital are owned and operated by private individuals who are trading for one purpose that is, the generation of more income or profits in a legitimate way without force or fraud, by singly or jointly, and investments, distribution, income, production, pricing and supply of goods, commodities and services are determined by voluntary private decision in a market economy. A distinguishing feature of capitalism is that each person is entitled to his or her own labor and therefore is allowed to sell the use of it to any employee. In a "capitalist state", private rights and property relations are protected by the rule of law of a limited regulatory framework. In the modern capitalist state, legislative action is confined to defining and enforcing the basic rules of the market, though the state may provide some public goods and infrastructure. Some people consider laissez-faire to be "pure capitalism."...
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...Social Consequences of the Industrial Revolution Two significant social consequences of the First Industrial Revolution were working conditions in the factories and urban living conditions from the growth of cities. The Industrial Revolution of the 1700s was a time of drastic change and a major move towards technological and social and economic changes. Socially, this was a transfer from a largely rural population in which a livelihood from agricultural and artisan craftsmanship moved towards urban centers which engaged in factory manufacturing (Fitzgerald, 2000). This was the forefront to a new way of life. The Industrial Revolution grew out of the development of the Industrial Economy with the appearance of factories from the technological inventions in several areas such as mining, iron, chemicals, and steam power. It was steam power that drove a widespread growth of several areas in particular the textile industry. Out of this innovation a new concept of the industrialized factory was introduced to society. The factory would be largely responsible for the growth of urbanization as workers moved to these urban areas in search of employment at the new factories (Fitzgerald, 2000). Due to the urbanization of these cities, the infrastructure could not keep up with the population growth. These urban areas became inundated with people looking for work. Urban areas lacked decent housing, sanitary codes, education, and police protection. The densely packed and poorly constructed...
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...laws and workings of capitalist society: why it results in the polarization of wealth and how it can be overthrown. In the last few years their ideas have been regaining popularity. At the end of 1999 Marx was voted the greatest thinker of the millennium in a BBC online poll. It is the economic crisis of capitalism internationally that has forced many to reassess their view of Marx. Capitalism is a cyclical system: crises can be caused by a number of factors, such as financial crashes or political unrest. Marx recognized that capitalism, despite all its abuses, played an important role in developing the productive forces and the world market. It was an advance from the feudal societies that preceded it. Today, capitalism has developed the world market and the wealth, science and technology have laid the foundations for a socialist society. Under capitalism, wealth and power have always been concentrated in the hands of the capitalists. And the development of technology is driven by the need for profit. The anarchy of the capitalist market always results in increasing wealth and power for a few but poverty for the many. Today the capitalists are a far wealthier and a far smaller class than they were in Marx's time. In the last 50 years the wealth gap between the richest 20% of humanity and the poorest 20% doubled. Individual multinational companies have become richer than entire countries. The world's 100 biggest companies now control 70% of global trade. Any one of them sells...
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...Throughout history, there were many oppressive systems so the elites can keep the masses in check. They include feudalism, which ties and forces peasants to work on a piece of land, slavery which turns people into property, and recently, capitalism. Capitalism is a system where trade and industry is in the hands of private owners and not the state.Although people claim that capitalism gives people more freedom over their wealth, it is one of the many forms of oppression as it is the cause of exploitation of labour and resources. Capitalism leads to the exploitation of human resources. According to David William Pear, Henry Kissinger states that, “Who controls the food supply controls the people; who controls the energy can control whole...
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...had told us that globalization was both inevitable and desirable. The main force that is propelled by globalization is in fact capitalism. Capitalism refers back to Adam Smith’s concepts in Wealth of Nations, which states that competitive advantage creates mutual benefits for each party engaged in the trade. At first, this trade happened on a local level, and as the world opens up through domination of capitalism and technological advances, the platform has enlarged at an alarming speed, creating the global village that we have today. Rewind the clock back a few centuries. In the past, Britain was still largely a class society, where everyone was born into what they do, and what they do determined what they wore, what they ate, what their children will do in the future. (Day, 2012). Imperialism reigned and the kings or queens decided what was good not only for their own country, but also for some faraway places across the globe. Colonialism, in fact, is a form of globalization in an uglier context, defined by unfairness and exploitation. It does, however, begin to link the world together. Out of individual interest, European empires built the very first network of global trade in its African and American colonies. From then on, it is much expected that globalization will continue to grow. As people gained knowledge of the mysteries outside the boundaries of their own land, the colonies realized that they were treated unfairly. There were hints of revolution here and there...
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...and groups. A central question of this neo-Gramscian research is whether an international class of capitalists has emerged. Some authors have answered in the positive. This paper, however, maintains that hegemony in the international realm is still exercised by the American state, though its foreign economic policies have been greatly influenced by internationally-oriented corporations and that these actors have increasingly found allies among economic elites in other countries. The paper explores the relationship between hegemony by the American state and by internationally-oriented capital groups against the backdrop of transatlantic relations in the post-war period and the current debate on labor rights in international trade agreements. 1. Introduction The United States government has been, without doubt, the decisive force in establishing and shaping the main multilateral institutions of the world market since the Second World War. It has consistently pursued the opening of other nations’ markets to gain foreign suppliers. This leadership in liberalizing international trade has been mainly achieved by lowering access barriers to the American market. Given the mercantilist history of US foreign economic policy and the injury inflicted on many American industries by lowering tariffs, this leadership is quite an extraordinary achievement. This is all the more true, as trade deficits and, more...
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