...Positive Impacts Of WTO On Chinese People's Daily Life 【Abstract】Joining the WTO brought many effects to our country, both advantages and disadvantages. These effects embodied in all aspects of economic, political, and People's Daily life was all affected. This paper is to discuss the positive impacts of WTO on Chinese people's daily life. By analyzing the obviously changing in our daily life, this paper will give a conclusion about positive impacts. 【Key Words】 WTO; People’s Daily Life; Chinese 1. China and WTO On December.11, 2001, China has become the WTO's 143th formal member. The Chinese people are very proud to join WTO, because that means our economy has become one part of the world economy and Chinese people could know more about the world form then on. In a world, we become closer to each other. China's market been expanded, but People's employment and daily life is facing new opportunities and challenges. To this, some people think that after joining the WTO there will be more opportunities, some people think that our life might be hampered and we even have to change the way we live. However, think about the good side, China entry into the WTO, brought many benefits to Chinese People's Daily life. 2. Positive impacts of WTO on Chinese People's Daily life 2.1Employment opportunities are increased International unemployment and employment commission and China international development of talent exchange association’s survey shows that there will be...
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...the leading economic power of the South America. Brazil’s president (Cardoso) initiated accession to the World Trade Organization (WTO) in the mid-1990s. Brazil plays an active role within the WTO and a constructive role in the development of economic and trade associations. The accession of Brazil to WTO, its success in the organization and its important leadership position in the Group of Twenty, made it play a major role in the multilateral trade negotiations. Its position in favor of the Doha round brought about the realization of ambitions for development. Brazil’s actions in the World Trade Organization definitely serve the country’s long-term economic goals. The bilateral and regional trade agreements, promoted by Brazil, can complement the multilateral system by reinforcing the integration of the markets and strengthening the role of trade in economic growth. This is why Brazil should work through another round of WTO sponsored agreements. The WTO cotton dispute between Brazil and the United States reveals how some countries may strangle others by their strategic trade policy. It also shows the importance of Brazil’s role is in the WTO sponsored agreements. The U.S government subsidizes the cotton production so that it can be more competitive in the global market. The consequences of the subsidies are harmful to Brazilian’s cotton production (cotton is a big exporter). Brazil responded not by retaliation but by strengthening the rules with the WTO, so that government...
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...accession to the WTO has led to its economy growing rapidly, to the point where it is now the fourth largest on earth, and is expected to be in the top two within the next decade (Business Monitor International, 2006). As a result, China's SMEs are now facing an economy flooded with foreign capital, and with a more open economic climate than in previous years, but also a much more competitive economy, where many of their previous practices are no longer relevant. This piece aims to examine the effect of these changes on the strategies of Chinese SMEs by first examining the role of the SME in the economy, then analysing the strengths and weaknesses of the Chinese SMEs, and the opportunities and threats that have arisen from China's WTO membership. The piece will then examine Chinese SMEs from a strategic perspective, and the impact the the WTO membership has had on said strategies. Finally, the piece will give strategic recommendations for Chinese SMEs that wish to take advantage of the opportunities that WTO membership offers, and also for those SMEs that wish to avoid the challenges it poses. The Role of SMEs in both the International Perspective and the Chinese Perspective Academics have long realised that small and medium enterprises grow to become the major corporations and businesses of the future (Davis et al., 1985). As a result of this view, greater attention has been given to the role of small and medium sized enterprises (SMEs) in contributing to the economic growth of countries...
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...secure gateway for all its members’ and their markets. The rules and decisions made by the WTO are upheld throughout the WTO members’ countries. If a dispute should arise then the WTO will carefully weigh the agreements and commitments to ensure the trade policies are followed completely. This deters off any political or military conflict that may come from an escalation o disagreement. The trade barriers open new relationships between all members’ nations. Each member’s country that belongs to the WTO is asked to sign a contract that spells out all trade agreements and this contract must be accepted and ratified by that member’s government. This contract gives the member certain trade rights that are recognized by all other member countries. The ultimate reason this is done is to guarantee all governments the same trade rights to all produces of goods and services, exports, and importers. The ultimate goal is to improve the welfare of people in the countries of WTO members. There are several trade topics available to read about on the WTO website. The one that stands out to me is the goods section. This section covers anything to do with goods, such as anti-dumping, agriculture, tariffs, and technical barriers. The most important thing that I have learned from this website was what the WTO is and what it does. DEFINE absolute and comparative advantage. Absolute advantage- In economics, the principle of absolute advantage is the ability of a party (an individual, or firm...
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...support for the industry. This led to a skewed when domestic food in relation to the subsidized import was uncompetitive. It has become more expensive imported and widely displaced from the Russian market. Production of high-quality and productive agricultural machinery is also not well developed in Russia. Farmers choose the best and buy the imported tractors and seeders. Russia has also developed the production of high quality and productive agricultural machinery; farmers choose the best and buy the imported tractors and seeders. Is it possible to change the situation? It is already changed. Prospects for the development of agriculture in Russia A powerful impetus for renewing the country's economy, its improvement and promotion of economic development have become the priority national projects, including "Development of agriculture (agriculture)", which in a short time had to solve the most pressing problems of the village. In recognition of this country's agro-industrial complex national priority should be seen as a turning point for farmers to labor, agriculture, as a confirmation that it is one of the main sectors of the economy, ensuring the stability of the lives of citizens and the country's food security. It is known that the priority of national project "Development of agriculture" included three areas: "The accelerated development of animal husbandry", "Promotion of small enterprises in agriculture" and "Providing affordable housing for young professionals (or their...
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...To what extent do organizations like the IMF, WTO, and World Bank challenge the nation state’s ability to shape domestic economic and social policy? The World Trade Organization welcomed with open arms Russia in 2012. This would open up trade possibilities for many countries in Asia, Europe and even the US. Some US companies, like Caterpillar, are already exporting a substantial amount to Russia. However, many in Congress do not want to grant Russia permanent normal trade status because of the way Russia has handled many political situations. As Andrew Kramer brought out in his NY Times article, “Congress has balked at the Obama administration’s request to grant Russia permanent normal trade relation status”. This could lead to retaliation by Russia against US companies by applying higher tariffs on their imported goods. According to Mr. Kramer’s article, the US company Caterpillar has sold 2 billion dollars worth of equipment to Russia in the last 5 years. However, President Obama’s administration, as well as his predecessors, has pushed to open up more trade with Russia. The WTO requires that all member nations have applied the same trade rules. Therefore, since the US is the largest financial contributor to the WTO, it would seem to be expected that it would play by the rules. So the WTO certainly has an effect on how the US constructs it trade policy with Russia. The pressure from inside the country, especially from those who think that Congress’ inaction could cost US...
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...brought a dramatic change in economic system, The 3 major causes of the system change. Firstly, it’s the political change. Under the communist system, the transportation and communication networks were always in lingering. And also, at some areas, particularly causeway, were discouragingly polluted and the banking system was very narrow. Secondly, it’s the economic theory, the change was for government to consider the ways to set economic purpose and use their strength to direct the economy to try achieving those objectives. The government also followed the trend of selling off business enterprises to private firms in the anticipation that competition and the profit motive will increase their success achieved in the performance. Lastly, it’s the globalization. The increased of international trade and investment have decreased the gap of cultures, technologies and economic decision making. As the globalization carried on, the economies had also become more very much alike. Body The intention of this essay is test the benefits and failures of Russia's transition. The change of Russia shifting from planned to market system has brought many benefits. The graph below shows that the Russia’s GDP has increased throughoutly since 2000. Source : www.tradingeconomics.com (world bank) On the other hand, the productivity was also increasing. It is also a major factor for economic growth. There were evidence to it since middle of 19th century. The economic growth was mushrooming...
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...close together in terms of pursuing the same goals; yet drift farther apart with regard to achieving progress and development (Akram, Faheem, Dost & Abdullah 2011, p. 293). The increasing irrelevance of national borders, including social, economic, cultural and technological borders, is one of the fundamental characteristics of the incident of globalization. Innovative technologies such as the Internet have facilitated the dismantling of national boundaries. As a consequence, the world is rapidly turning into one massive village; not only in political terms, but economic terms as well (Kemeny 2011, p. 17). At present, global exchanges and interactions continue to be the order of the day. All areas of society, including the economic aspects, are constantly being reshaped by the process of globalization as forces that outweigh and transcend national borders exert their influence. The rate of global change is quite rapid today; consequently, the emergence of global economies makes national economies, as well as strategies geared towards national economic management, irrelevant or entirely obsolete. Economic globalization has resulted in the proliferation of global economies, which surmount the powers held by national economies to influence economic occurrences within their national borders. Fundamentally, national economies are interdependent as they depend on the cross-border movement of capital, technology, and goods and services to facilitate growth and intensification (Giddens...
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...their efforts are working. Those three factors are Results, Reform, and, Open Development. The World Bank believes that by becoming aligned with the countries that they work with create a focus on delivering quantifiable results. The new Reforms that the World Bank has put in place are targeted at improving every aspect of their work with countries in poverty. The World Bank focuses on how new projects can be created and implemented, how information is communicated from one place to another and how the countries are being affected by the World Bank can best make use off the Bank. The two countries that I selected for this assignment are India and Japan. Japan and India are two of the fastest growing populations and showing some economic growth. A...
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...Globalization What Is Globalization? The world is moving away from self-contained national economies toward an interdependent, integrated global economic system. Globalization refers to the shift toward a more integrated and interdependent world economy. Globalization has two facets: 1) the globalization of markets 2) the globalization of production 1) The Globalization Of Markets: The globalization of markets refers to the merging of historically distinct and separate national markets into one huge global marketplace. Ex: In many industries, it is no longer meaningful to talk about the “German market” or the “American market”. Instead, there is only the global market. Falling trade barriers make it easier to sell internationally. The tastes and preferences of consumers are converging on some global norm. Firms help create the global market by offering the same basic products worldwide. 2) The Globalization Of Production: The globalization of production refers to the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production like land, labor, and capital Companies compete more effectively by lowering their overall cost structure or improving the quality or functionality of their product offering. The Emergence Of Global Institutions : Institutions are needed to: * help manage, regulate, and police the global marketplace * promote the establishment...
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...PGDM, PGDM (FS), PGDM (RM) 2011-12, Third Trimester International Economics and Business (Course code: 308) Instructor: Dr. Mahima Sharma (A+B+D), Mr. Mohd. Irfan (C+E) Course Credit: 3 Number of Sessions: 24 Office Ext: 236, 269 Course Overview/objective: There are new realities that are critical for today’s students to embrace with the remarkable changes that are taking place in the cross border flow of products, services, capital, technology and people. Today both the volume of international trade and the level of firms’ internationalization are increasing at a fast pace creating newer opportunities and challenges for business. With this fact in mind, this course has been designed to prepare the future managers to grasp and comprehend the economic forces behind international business operations (as for instance -why does international trade take place? or why do firms invest overseas?) and the economic consequences of such operations( as for instance effect of international trade on production and consumption or effect of international trade on exchange rates. The contents of the course will familiarize the students with various fundamentals of international economics theory and also understand the linkages between these economic concepts and their implications for business. (As for instance the creation of a regional trade block and its implications...
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...Economic and Monetary Policy Auditing and Business Concepts Submitted by: Edmore H. Delaney Perspective of the Economic and Monetary Policy Framework of the Republic of Liberia This paper is intended to capture the framework of the economy and monetary policy of the Republic of Liberia and the effectiveness it pursues in the implementation its institutional framework. The economy continues to be plagued by a multiplicity of social, financial and economic challenges which has seen production level of the sector far below prewar levels (Findlay & O’Rourke, 2007). Consequently, the government’s approach has been directed towards vigorous pursuing money and credit supply to stabilize the economy. In order for Liberia to implement a sound economic and monetary policy, the government needs to ensure that a monetary aggregate is achievable. The Central Bank of Liberia in 2005, initiated a program to ensure stability of money demand functions where interest rate and income will significantly have impact on the money demand function (Matthew, 2009). The real gross domestic product (GDP) growth in 2014, which was initially projected at 5.8%, is estimated to decline to 2.5% or less by the end of the year. According to the Ministry of Finance and Economic Planning due to the absence of EVD, growth projections in 2014 reflected a weaker economic outturn as compared to the previous year (2013). This growth was driven largely by the expansion...
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...Table of Contents ANWER 1 a) What type of market structure does exist in the airline industry? What are the main assumptions and characteristics of this market structure? b) Evaluate the evidence uncovered by the European Commission? c) Which form of collusion have the airlines engaged in? What are the outcomes for market prices and quantities? ANWER 2 a) What are the factors that were mainly responsible for the recovery of the UK economy? b) Examine the prospects for a stable recovery? ANWER 3 a) The benefits of trade and demonstrate the principle of comparative advantage?5 b) Whether countries are justified in protecting their domestic industries by referring to the above examples and/or providing other real-life examples. References ------------------------------------------------- Answer 1 PART 1 To give a definite answer to this question it is important to define all the characteristics of different market structures, however the very first thing to do is to define how the market of the airline sector is shared, by conducting a very small research it is easy to understand that fewer company control 50% or more of the market share, this is particularly the case when looking at isolated domestic markets, however these are not generally enough large to be consider a monopoly. On the other hand, some characteristic of the market structure of this industry falls within the...
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...sources, benefit from global sourcing advantages, or gain flexibility in the sourcing of products • Gain access to lower-cost or better-value factors of production • Develop economies of scale in sourcing, production, marketing, and R&D • Confront international competitors more effectively or thwart the growth of competition in the home market • Invest in a potentially rewarding relationships with foreign partners 2. Describe the five drivers of globalization? Explain in detail with reference to BRIC Countries. • Worldwide reduction of barriers to trade and investment. • Transaction to market-based economies and adoption of free trade in China, former Soviet Union countries, and elsewhere. • Industrialization, economic development, and modernization. • Integration of world financial markets. • Advances in technology. The BRIC countries are made up of Brazil, Russia, India and China - although if we were to categorize them by importance, it would actually be CIRB. The BRIC are both the fastest growing and largest emerging markets economies. They account for almost three billion people, or just under half of the total population of the world. In recent times, the BRIC have also contributed to the majority of world GDP growth. According to various economists projections, it is only a matter of time before China becomes the biggest economy in the world - sometime between 2030 and 2050 seems the consensus. In fact, Goldman Sachs believe that by...
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... 2 Trend in Business in China China joined as a formal member country of World Trade Organization (WTO) in 2001 and the way to join it also had many hardships. Chinese government knows that it is very important to join it for Chinese business to have some brand new opportunities. The only problem is joined as the developed country or as a developing country. China is a developing country has not enough ability to afford the responsibility of the developed country. For fear of too many extra duties, Chinese government decided to join as a developing country. The right decision brings a watershed situation for Chinese business. There was a huge financial crisis was sparked by the US subprime crisis in 2008. China also was influenced a lot and many private enterprises were bankrupt. Chinese government has made some useful adjusting policies to deal with these troubles in national business and in the end of 2008 the economic growth rate of China was also had 9%. We can know that the business in China is going to be more and more global and luxuriant. 3 New Business in China All of counties have its own business around the world. This economic interdependence relationship brings both challenges and opportunities to these countries. Because economic globalization becomes a trend, Chinese business also presents its own energy and characteristics under the global economy. Since China...
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