...The Asian Economic Crisis The Asian Economic Crisis of 1997 was a regional debacle that stirred and involved practically the rest of the world. It was a unique economical situation that no one expected or suggested. The southeastern Asian countries, such as Thailand, South Korea and Indonesia were financially sound and satisfied all the criteria that economists proclaimed necessary to maintain order and progress. However, economists and the rest of the world did not see the breaches in the economy and realize the affect those considerations would have in the exacerbation of an entire region. The purpose of this essay is to explain what the Asian Economic Crisis was, the causes, consequences, and how the world went about resolving the issue to bring this region to where it is today. The 1990s was a decade of enormous growth in Southeast Asia sustained by its exporting (Noble, 1). It was commonly known as the Asian economic miracle. Macroeconomic balances were relatively steady and inflation was under control in these Asian countries, like Thailand, Indonesia and Singapore. Because of the major progress and developments in these countries, it became an attractive location for foreign investment. Technology had reached a new brink, where people could invest internationally without having to leave the country and establish a huge investment abroad. Trading through the internet was easy, efficient and convenient. Capital Inflow into these countries was inundating the...
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...← Essay writing Topic: What pros might Cambodia get from ASEAN? Nowadays, it is well known that Cambodia is going to join with the ASEAN Economic Community in 2015, making every organization of the country are eager to develop and prepare in various ways to a par with international economics, politics, education and culture. It was also featured on the cultures of neighbouring countries. The majority point of ASEAN wants people, business, and many others organization in south East Asia become one. So, at this time, each country in south east Asia have to learn about ASEAN, but what is going to happen when ASEAN has started? , and is it good for people or business in Cambodia? So, they are sure that the prediction of ASEAN will be very great for almost every business in every single countries member. However, Cambodia is not ready for AEC in 2015 given its development status compared to the six older ASEAN members, because there are many constraints that Cambodia needs to address if it wants to have a successful integration into AEC 2015. While the quality of the Kingdom’s agricultural products and garments and textiles is sufficient, the quality of some other products is not so good. So, what pros might Cambodia get from ASEAN? First of all, human Resource in one nation is very important to develop the nation. After Khmer Rouge regime, nearly two million Cambodians including intellectuals, skilled workers, and ordinary people were killed and died of diseases...
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...policy in Thailand and its hiding aim 08 Fall 08 Fall Abstract Thailand has had a great influence on the global rice market for decades due to its huge stock and export. Hence, the Thai government has intervened in the paddy rice market by introducing the mortgage rice price policy. The policy was first implemented in 1980 in order to resolve the low-price problem in the paddy rice market. However, in the 21st century the government attempted to re-issue the policy, even though the paddy rice market price was already high at that time, resulted in a marketing failure to both domestic and international markets. Furthermore, the cost of the policy was excessively high raising concerns that the main reasons for presenting the policy could not be purely economical. Therefore, I argue that there were political reasons behind the aim of amending the policy in 2001. This essay will examine this argument by providing the process of the policy, the effects and problems of the policy, the cost of the policy and the hidden aim of the policy. CONTENT * Introduction * The process of the mortgage rice price policy * The rice distribution system * The effects of the policy * The problems and errors of the policy * The cost of the policy * The hidden aim of the policy * Conclusion * References What was the main reason for presenting the mortgage rice price policy in Thailand? Introduction ...
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...Research Essay 3000 words Globalisation presents significant opportunities and challenges for business around the world. Are the environmental challenges and ethical dilemmas Fisher & Paykel currently face outsourcing manufacturing to a developing country beneficial to Australia? Globalisation can be described as the intertwining processes of the world. It is not only an economic process, which involves rising communication and integration of all countries’ economies through the growth in international trade and investment, but also the rapid cultural, social, technological and industrial exchange between nations (IYP, 2002, p. 11). Globalisation presents significant opportunities, as well as many challenges, for business around the globe. Many companies are currently making the decision to move production offshore to lower expenditure and increase profits. However, there are numerous environmental challenges, as well as ethical dilemmas involved with outsourcing. Throughout this essay I will show how globalisation is connected with the present issue of New Zealand’s ‘Fisher & Paykel’ (F&P) Brisbane plant outsourcing manufacturing of their whitegoods to Thailand. Shown by exploring the reasons and challenges involved both in the business environment and ethical arena. Such ethical issues under scrutiny at present are the loss of Australian jobs and the replacement of low wage employment offshore. After the analysis of various sources of information, it will be clear that the...
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...largest and fastest growing industries at the global level. In fact, the majority of developing countries consider international tourism as a main approach to generate more local economic activities and encouragements of environmental improvement for regional areas. This leading service sector, however, could draw severalproblematic issues for the local environment and even economy of recipient countries due to many reasons. This essay will argue that in developing countries the economic and environmental negative impacts caused by tourism outweigh its benefits for local communities. To understand the influence of tourism on host countries, this essay aims to provide the evaluation about the benefits and costs of tourism on both economy and environment throughout two sections. The first section discusses the outperformance of negative consequences caused by tourism on environment comparing to its positive effects, while the second argues that the impacts ofvulnerable economy arose from tourism outweighs its benefit for the developing countries. Besides, the essay also points out the genuine situations of the tourism industry in South East Asia as the typical case of developing countries. Firstly, tourism has posed several destructive effects on environmental structure of the host regions where tourism activities take place. Undoubtedly, the constructions of facilities and infrastructures constructed for tourism as well as heavy visitation of tourists could partly destroy environmental...
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...Introduction In this essay, we will discuss about Asian financial crisis. This crisis happened in 1997. Thailand, South Korea, and Indonesia are the worst countries that affected. There are two views that created the crisis, one is fundamental view and the other one is panic view. Hot money is money that flows between financial markets to get the highest short-term interest rates possible. Capital inflow is increase in the amount of money available from foreign sources for the purchase of local capital assets such as buildings, lands, and machinery. IMF intervention until now still become controversial, two of well-known economist which are Stiglitz and Sachs said that because of IMF intervention the crisis has become much worse rather than before. Moreover, we will discuss about global crisis, this crisis happened in 2007. This started in US because of housing mortgage, and also credit crunch. The difference between Asia crisis and the Global crisis also will be discussed. Asian Crisis Hot money is “Money that flows regularly between financial markets as investors attempt to ensure they get the highest short-term interest rates possible. Hot money will flow from low interest rate yielding countries into higher interest rates countries by investors looking to make the highest return” (Investopedia, 2011). Capital Inflow is “increase in the amount of money available from foreign sources for the purchase of local capital assets such as buildings, lands, and machinery”...
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.... The country’s 16 provincial governors are appointed centrally, and in turn appoint district chiefs in a chain of administrative positions from the top down. Only the village head is elected, from a list of candidates drawn up by the district chief. The LPRP has influence at all levels of government. It has party cells in each ministry and in all provincial administrations. This characteristic of Lao PDR politics and government often presents a chalenge fortimely and informed decision making. Fairly routine administrative or technical decisions are frequently seen as political and are referred to senior officials who are busy with many responsibilities. Four official mass organizations function under LPRP direction: the Lao Front for National Construction, the Federation of Lao Trade Unions, the Lao Women’s Union and the Revolutionary Youth Union. The government has an official policy of people’s participation, and there have been pilot projects in local participatory planning mechanisms. However, these initiatives are still incipient and there is little significant popular participation in policy issues to date. The government is also predominantly male, with the only exception in the National Assembly, which is 25 percent female—a higher percentage than in a number of industrialized countries. The national average for women’s participation at all levels of government is 1.6 percent. On average, less than 5 percent of LPRP members are women, and there is only 1 woman...
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...Undergraduate Research at Minnesota State University, Mankato The Role of the International Monetary Funds (IMF) in the East Asian Debt Crisis of 1997 By Yaro Sadek Tahirou Minnesota State University, Mankato 2 ABSTRACT During the East Asian Financial crisis in particular, the IMF has been criticized of promoting international cooperation because of the supervised enforcement of its rules. The purpose of this research is to find out how the IMF responded to the East Asian debt crisis and whether or not its responses were the best possible responses to this crisis. Through my research, I talked about the causes of the East Asian financial crisis, the role of the IMF in the international monetary system, and if the IMF responses to Thailand, South Korea and Indonesia were the best responses or not. After analyzing the IMF responses in this crisis, I found that the IMF policies need to be reformed in order to monitor and prevent future financial crises spill-over effects at the global and regional levels. I will analyzed 5 scholarly journals on the financial crisis in East Asia, 3 scholarly articles on the role of IMF in the East Asia financial crisis, and 1 novel called POLITICS IN SOUTHEAST ASIA DEMOCRACY OR LESS by William Case. INTRODUCTION Several financial crises have occurred in the world economy through the last decades. Some examples include the East Asian financial Crisis of 1997, the Latin American debt crisis of 1994-95, the Russian crisis of 1998, and the Brazilian...
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...the Second World War, fights, clashes, and conflicts had not finished around the world. The Soviet Union was communist and supporting other communist states. In the other hand, the United States was anti-communist and always supported countries, regions, and political parties fighting against communism. In Vietnam as other places a long war happened nearly a decade after the World War Two in 1954 between the North Vietnam communist regime with the support of China, Soviet Union, and other communist allies, against South Vietnam and its essential partner, the United States, also supported by other anti-communist allies. The war was long and costly for both sides, and it left many problems and disadvantages on the United States economy. This essay will argue the following three points, how the United States involved in the Vietnam War, the impact of the war especially on the United States with focus on economics, politics, and culture in both negative and positive aspects, and the US withdrawal of the war. Beginning with the involvement of the United States in the Vietnam War. Firstly, there were many different reasons of the American involvement in the war, but the main reason was prevention of communism spread and expansion. The United States felt communism is spreading in the Vietnam and more people were becoming communist probably after France failed and the Vietnam became two parts. In other words, before the United States get involved in the war, they helped France to fight against...
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...website : http://www.skynews.com.au/businessnews/article.aspx?id=738928&vId= The article ‘ Strong jobs figures put rate cut in doubt’ described that there is an increase in employment in the last one month which might help in putting hold to rate cut by Reserve Bank of Australia. There are positive signs in Australian job market with increase in 44000 employed people showing signs of recovery and better production levels. This will also increase private consumption giving rise to increased demand. Q1aii) This news article describes tradeoffs between interest rate cuts, inflation rate and unemployment rate. Q1aiii) First of all, this news article discusses the strong revival in the Australian job market seen in the month of March. More than 44000 jobs were created in the month of March across the nation which showed great signs of growth and production. It also says that unemployment rate is steady at the rate of 5.2 percent. The increase in number of jobs surpassed all the expectations of economists which estimated it to be 5000 in the month due to 15000 lost jobs in the month of February. Economists now estimate that due to strong job market and higher production levels, Reserve Bank of Australia (RBA) may undermine expected interest rate cuts. It had managed to keep cash rate at 4.25 percent but hinted at possible rate cuts in the month of May There are no signs that economy is underperforming but RBA would decide on possible rate cuts only after release of CPI data later...
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...system, but some have created a growing concern in the eyes of many citizens. People like Robert Reich have noticed a growing sense of inequality in America and are worried it will only increase over time. Reich in his essay Why the Rich are Getting Richer and the Poor, Poorer he talks about the problems we are facing in the 21st century and what must be done to prevent them from spiraling out of control. The economy pre-1960 in America use to be a solid unit, what happened to one happened to all but this is simply not true anymore. “We are now in different boats, one sinking rapidly, one sinking more slowly, and the third steadily rising” (Jacobus 516). The worst hit has befallen the routine producers who now have to compete in a world economy where massive amount of people are competing for cheap labor. Reich claims the increase in outsourcing being done by American companies since the late 1970’s is a major factor. A company that shows this exact change in the seventies in AT&T, which prior to 1970’s relied on “routine producers in Shreveport, Louisiana, to assemble standard telephones. It then discovered that routine producers in Singapore would perform the same tasks at a far lower cost” (Jacobus 517). Then in 1989, AT&T switched to factories in Thailand, where workers would work for even less. Constant striving for lower high-volume production costs have left many workers jobless or receiving a decrease in salary, which cannot provide adequate living condition for...
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...management. A good understanding of organizational behavior is very important for everyone. It not only benefits a person individually, the organization as a whole, but also influences organizational events. There are five organizational behavior trends in the workplace: globalization, the changing workforce, evolving employment relationships, virtual work, and workplace values and ethics. In this essay, we will talk about three of them which are globalization, work place diversity and virtual work. At a global level, globalization has many benefits. For some people, it has been seen as an alleviation of poverty. One such example is the use of labor in 3rd world countries. At world level, globalization creates hundreds of millions of jobs, not unemployment. These are mainly in the developing countries, but they are only marginally at the expense of jobs in advanced countries. As a result, the extra income would go to food and an improved lifestyle for some of the people living in 3rd world countries. For an example, the Japanese motor industry, Honda is manufactured in Thailand, and the U.S. Nike sports wear clothing is manufactured in China and South East Asian countries. This can create more jobs in the poorer countries and it also helps the wealthier countries. Due to the lower labor costs, larger quantities can be produced at a lower price. According to the World Bank report, it has said that developing countries have experienced high income growth, longer life expectancy...
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...Introduction The essay will introduce the reader to how the Economic Development Board (EDB) played an important role in Singapore’s economic growth in the Logistics and Supply Chain sector. The essay is divided into three broad sections, namely the contributions, challenges faced and the improvement strategies. Logistics is the management and the process of raw materials becoming the finished product, mainly focusing on the transportation and storage of goods. Supply chain manages the flow which encompasses the supplying of materials to producing the product and the distribution of the finished product to distributors, retailers and finally to a customer. Located in a prime location geographically, 20 of the top 25 logistics players such...
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...The Business Environment 1 The Business Environment Jamellia Harrison Professor Awa Business 100 5/10/13 The Business Environment 2 The Business Environment 1) Describe the role of business in the economy. Because we have a capitalistic economy, business is the main component of it. Business is in every corner of every sector of the market. Most everything you can possible think of that relates to the economy is business. Retail, services, agriculture, manufacturing, health care, even political campaigning all involves business. Even when civilizations were based on an agricultural type of economy, business transactions occurred. For example, in an agricultural society based solely on farming, there would be different types of farming taking place. If one farmer grew coconuts, and his neighbor had cattle, they would probably trade coconuts and milk with each other. This is just a practical business transaction to make. If they did not barter in this way, one would be forced to go without milk and the other would be forced to go without coconuts. This is just an illustration to point out that business takes place even on the smallest scale throughout history. Without business, humans would have to completely fend for themselves for absolutely everything. We would have to find our own food every single day. We would have to gather materials to create shelter because there would be no store to buy...
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...How Do Variations in an Area’s Income Level Affect the Social, Economic and Environmental Impact of a Cyclone? All hurricanes may hold an element of danger, but some have many more catastrophic social, economic and environmental impacts, mainly due to an area’s income level. Hurricane Katrina and Cyclone Nargis were both very powerful tropical storms, but differed greatly in impacts in the two areas, due to economic reasons, as we will explore in this essay. On the morning of 29th August 2005, Hurricane Katrina struck New Orleans, with winds of around 200 km/h and 200-250mm of rainfall in Louisiana and a storm surge of 8.5m in Mississippi. The area of New Orleans holds both affluent and very poor areas within the city, meaning the population were affected differently when the hurricane struck. Before the hurricane hit land, the mayor of New Orleans ordered a mandatory evacuation of the city, with an estimated 80% of people leaving the city before the storm hit. This significantly reduced the number of people killed, as the majority of the population has already left the country. However, 100,000 people didn’t evacuate, either because they wanted to protect their property or they simply could not afford to leave the area. The hurricane ripped through New Orleans, killing 1,836 people, leaving 3 million people without electricity and polluting water supplies with sewage, chemicals and the deceased. The hurricane also destroyed 300,000 people’s homes, meaning emergency...
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