...world trade growing substantially, we are all uniquely interconnected. International trade, and policies surrounding it are a key discussion point for politicians and citizens of nations worldwide, with poverty and development often mentioned when discussing these subjects. As the World Bank puts it, “Trade is a key means to fight poverty and achieve the Millennium Development Goals. It allows countries to import ideas and technologies, realize comparative advantage and economy of scale, and foster competition and innovation to increase productivity and achieve higher sustainable employment and economic growth.” (World Bank, 2013) Many economists have attributed much of the global economic growth down to free trade agreements, with the relaxing of tariffs, duties and quotas seen worldwide. Despite the widespread adoption of free trade agreements, fair trade is still relatively minimal. Some proponents of fair trade have compared it to the Code of Hammurabi, the earliest known legal code which claims the law is to ‘promote the welfare of the people and to cause justice to prevail in the land, to destroy the wicked and the evil that the strong might not oppress the weak’ with the opinion that fair trade can be used to prevent incredibly rich people and organisations from using trading relationships in the oppression of the vulnerable and weak and impoverished which is what occurs in free trade. (Northcott, 2006) Influenced by theorists such as Foucault and Gramsci, free trade is seen...
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...GEO 3106 Producing Africa: Take – Home Exam 1) The ‘real Africa’ is presumed to be filthy and miserable (Wainaina, 2005). Discuss. Representations of Africa in a global context have been largely negative, often presumed to be one country the continent is stigmatised as backwards, disease ridden, violent and in need of Western assistance. Although some positive imagery does emerge from Africa including that associated with Comic Relief, corporate campaigns such as Guinness’s stylish philosophy and in music videos like ‘Am I wrong’ by Nico and Vinz, Africa is subject to the use and re-use of negative imagery resulting in prominent stereotypes shaping our geographical imaginations of the continent. This is a similar concept to that of orientalism explored by Edward Said (1987). This essay will argue that presumptions of the ‘real Africa’ are largely negative, discussing how ‘Africanism’ and stereotypes of the continent are heavily influenced by colonial representations of people and place arguing that these assumptions are highly compatible with Western domination and power rooted in imperial attitudes. Jan Pieterse (1992:75) recognises that Africa has been depicted as the ‘Dark Continent’ plagued by stereotypes ‘which colonialism would build on and elaborate’. Imaginaries of childlike, savage, inhumane distant others who are dependent upon Western help dominate the way in which Africa is perceived. Campbell and Power (2010) suggest that a dominant scopic regime shapes...
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...Manager. The article I found that supports my essay is called Free Trade vs. Fair Trade. established in 2011. This article supports my essay because it gives the definition of free trade and fair trade and explains the two. The article also explains the difference between fair trade and free trade, using coffee as an example. I provided an example in my essay with providing lemons to run a lemonade stand to ell drinks. I will now explain how relationship to globalization and its relevance for global managers. Globalization refers to the increasingly global relationships of culture, people and economic activity. Mainly, it refers to economics: the global distribution of the production of goods and services, through reduction of barriers to international trade such as tariffs, export fees, and import quotas. Globalization contributes to economic growth in urban and developing countries through improved specialization and the principle of comparative advantage (Wikipedia). After reading the article, I believe that free trade and open markets are becoming under much criticism. Global managers have a wide range of options to deal with globalization. For global competition, managers also need to make decisions regarding the internationalization process. In my essay Ashley and Beth was their own managers who made their own decisions. Ashley, supported free trade by taking five lemons to her neighbor to trade for ten cups and one bag of sugar. She did this without the interference...
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...International Trade Advantages: Expanding businesses and increasing market shares: Canada for gas Improvising relations with other countries Selling surplus of natural resources: Canada has absolute advantage in lumber Job opportunities: Canada jobs rely on exports and when trading jobs are needed Disadvantages: Exploitation of natural resources Spread of viruses Ruining local businesses Decreases domestic production Canada’s competitive advatanges: People advantage: Hard working and intelligent workers, OECD higher education award Transportation Advantage: Boasts a sophisticated transportation network Importing & Exporting Indirect vs. Direct: Direct: a company exporting its own product / pros are control over negotiation and costs are shipping Indirect: Hiring another company to export goods into a country where there are export commission agents and export merchants Pros are volume and simplicity cons are company has less control over export process Trade balances Surplus: when exports are greater than imports Increasing Exports: 1. Businesses may receive subsidies to start up company 2. Give money as grants that do not have to be repaid to potential export products 3. Trade junkets are promotional programs from government Decreasing Imports: 1. Tariffs – putting a tax on imported goods 2. Quotas – Putting a limit on items 3. Embargoes – Putting complete ban on goods & services Trade Alliances 1. Free Trade – Countries`agreement...
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...Cross-National Cooperation and Agreements GATT The General Agreement on Tariffs and Trade (GATT), begun in 1947, created a continuing means for countries to negotiate the reduction and elimination of trade barriers and to agree on simplified mechanisms for the conduct of international trade WTO The World Trade Organization (WTO) replaced GATT in 1995 as a continuing means of trade negotiations that aspires to foster the principle of trade without discrimination and to provide a better means of mediating trade disputes and of enforcing agreements The Effects of Integration Once protection is eliminated among member countries, trade creation allows MNEs to specialize and trade based on comparative advantage Trade diversion occurs when the supply of products shifts from countries that are not members of an economic bloc to those that are International financial market Foreign Exchange Foreign exchange is money denominated in the currency of another nation or group of nations. The market in which these transactions take place is the foreign-exchange market. The exchange rate is the price of a currency. The price of foreign exchange is set by D & S in the marketplace Rationale for trade intervention * Should the national government intervene to protect the country’s domestic firms by taxing foreign goods entering the domestic market or constructing other barriers against imports * Should the national government directly help the country's domestic firms...
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...Morein BA 446 November 27, 2013 Mr. Drell Intellectual Property Since the beginning of time people have put their knowledge and creative to use to design all sorts of products. Since then, the creators have worked to protect their creations and ideas from others who want to take them. Creators have gone to great measures to protect their works. One famous, extreme case of this is of Shah Jahan, the emperor who built the Taj Mahal. Folklore has it that the emperor had the hands of his craftsmen cut off so that they could never create another monument such as that one. In today’s world we have laws to protect all types of intellectual property. Intellectual property is divided into four parts: patents, copyrights, trademarks, and trade secrets. A patent is defined as a government authority to an individual or organization conferring right or title, especially the sole right to make, use, or sell some invention. It grants property rights on inventions and excludes those other than the patent holder from making, selling, or using the invention. There are three types of patents: utility, design, and plant. A utility paten is the most common type and covers any process, machine, article of manufacture, or composition of matter. A design patent covers any new, original, and ornamental design for an article of manufacture. A plant patent covers any new variety of asexually produced plant. A design patent lasts 14 years while a utility or plant patent lasts 20 years. To obtain...
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...of Last Week “People of the same trade seldom meet together, even for merriment and division, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” -- Adam Smith “Perfectly Competitive Market” Consumers well-served. Receive goods at lowest price possible. Society able to choose among competing good with maximum efficiency. Firms that do not produce what consumers want at a fair price are quickly eliminated. Highly restrictive model applying stringent standards. Antitrust Perfect competition model is essentially static. Real world markets are extremely dynamic. Perfect competition model is unsuitable as a benchmark. Antitrust Laws Promote a competitive economy by prohibiting actions that restrain, or are likely to restrain, competition and by restricting the forms of market structure that are allowable. Limit the activities of firms that have legally obtained monopoly power. Intended to provide a general statutory framework to give the Justice Department, the FTC, and the courts wide discretion in interpreting and applying them. The Development of Antitrust Laws Trust was a device for pyramiding control over several operating companies. The Sherman Antitrust Act (1890) -- Enforced by the Department of Justice. Trust busting Mainstay of US policy on competition Federal Trade Commission Act (1914) Clayton Act (1914) ...
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...Global Business Assignment 2 Recently the U.S. and South Korea came to have reached agreement on a landmark trade deal. According to an article by Martha Grevatt the “landmark deal” makes modification to a previous trade agreement, KORUS, negotiated by George W. Bush and former South Korean President Roh-Moo Hyun. The preceding points in this paper will explore the differentiating views of two articles on the trade agreement, which disagree on whether the agreement is beneficial or not. A. The long awaited revision of a free trade agreement met by the U.S. and South Korea is one of the largest trade pacts “by value of traded goods” the U.S. has completed since the North American Free Trade Agreement with Canada and Mexico. According to Evan Ramstad the trade agreement with have many effects on South Korea than the U.S. as they become will continue to play a greater role in the South Korea economy and import tariffs that have been kept high to protect its climb from poverty will be rapidly eliminated. According to the text, tariffs are a tax levied on imports (or exports) (Hill, 2010). This elimination of tariffs may reduce South Korea’s surplus in trade with the U.S., but this pact is expected to contribute to an increase in trade and U.S. firms can immediately set up shop in South Korea to work on international contracts and disputes (Ramstad, 2012). The free trade area between the U.S. and South Korea aims to drop all tariffs and increase the United States exporting of...
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...2/27/2016 Tata Engineering & Locomotive Co. ... vs The Registrar Of The Restrictive ... on 21 January, 1977 Main Search Advanced Search Disclaimer Citedby 17 docs [View All] Mahindra & Mahindra Ltd vs Union Of India & Anr on 24 January, 1979 Hindustan Lever Ltd., Bombay vs The Monopolies & Restrictive ... on 17 April, 1977 Rajasthan Housing Board vs Smt. Parvati Devi on 3 May, 2000 State Of Uttar Pradesh vs Gir Prasad And Ors on 25 February, 2004 State Of Uttar Pradesh vs Gir Prasad And Ors on 25 February, 2004 Mobile View Get this document in PDF Print it on a file/printer View the actual judgment from court Supreme Court of India User Queries Tata Engineering & Locomotive Co. ... vs The Registrar Of The Restrictive ... on 21 January, 1977 trade practices Equivalent citations: 1977 AIR 973, 1977 SCR (2) 685 Author: A Ray Bench: Ray, A.N. (Cj) telco restrictive trade restrictive trade practices dealership exclusive dealership section 38 PETITIONER: dealership agreement TATA ENGINEERING & LOCOMOTIVE CO. LTD., BOMBAY tata urban area Vs. ashok leyland ltd ansari RESPONDENT: monopolies THE REGISTRAR OF THE RESTRICTIVE TRADEAGREEMENT, NEW DELHI apprentices agreement act DATE OF JUDGMENT21/01/1977 exclusive dealing restricted definition BENCH: RAY, A.N. (CJ) the monopolies and restrictive trade practices BENCH: ashok leyland RAY, A.N. (CJ) service provider ...
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...Flaws with Black Scholes & Exotic Greeks Treasury Perspectives Flaws with Black Scholes & Exotic Greeks 1 Flaws with Black Scholes & Exotic Greeks 2 Flaws with Black Scholes & Exotic Greeks Dear Readers:It’s been a difficult and volatile year for companies across the Globe. We have seen numerous risk management policies failures. To name a few... UBS, JPM Morgan, Libor manipulations by European, US and Japanese banks and prominent accounting scandals like Lehman… As rightly said by Albert Einstein “We can't solve problems by using the same kind of thinking we used when we created them.” and when you can't solve the problem, then manage it and don’t be dependent upon science as Science is always wrong, it never solves a problem without creating ten more. The same is the case with Foreign Exchange Risk Management Policies (FXRM) which if can’t be managed properly then would lead to either systematic shocks or negative implications at the bottom line of the corporate, banks, FI and trading houses P&L A/cs. That is something risk management struggles with, say the experts. In Richard Meyers’ estimation, risk managers or traders do not socialize enough. “It’s all about visibility,” he said. Meyers, chairman and CEO of Richard Meyers & Associates, a talent acquisition and management firm in New Jersey, relates the story of a firm that decided to adopt an Enterprise Risk Management (ERM) strategy. Instead of appointing its risk manager to head...
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...LO1 Understand the organizational purposes of businesses. ACs 1.1 identifies the purposes of different types of organization. Tasks 01 Legal Structure of Business Organization: A business Organization may have three legal option or structure, they are: Sole Trader: A person who runs unincorporated business on his or her own. Sometimes it is known as "sole proprietor" or "sole practitioner". Partnership: A partnership is an association of two or more people formed for the purpose of carrying on a business. Partnerships are governed by the Partnership Act (1890). Incorporated Company: Incorporating business actions into a company confers life on the business as a "separate legal person", Profits and losses are the company's and it has its own debts and obligations. Types of the Business Organization: Private Company: A company whose ownership is private. Private companies may issue stock and have shareholders. Public Company: Public Company may be defined as, A company that has issued securities through an initial public offering (IPO) and is traded on at least one stock exchange or in the over the counter market. Government Company: Government Company may be defined by, it is a legal entity created by a government to start money-making activities on behalf of a proprietor government. Voluntary Organization: Voluntary organizations may be defined as, organizations are non-profit ambitious, self-directed and non-statutory, that are run by persons...
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...full understanding of trade, one must first divorce politicians’ and the media’s descriptions of trade from economists’ understanding, especially as it relates to the ‘benefits of trade.’ Politicians traditionally say they favor trade, but only as long as their constituencies are not adversely affected. Economists favor voluntary, or free trade, without that political caveat, because it leads to resources being used in their most highly valued ways and thereby to general, widespread increases in standards of living. Many students see the win-win model of voluntary exchange as abstract, a textbook construct and simulation artificiality that doesn’t fit the real world where trade affects jobs, the environment, and relationships between nations. The economic consensus on the importance of voluntary trade is an extension of their recognition of the benefits of voluntary exchange among individuals and businesses. Teachers can best build students’ understanding of how trade creates wealth by taking the time to establish a firm grounding in the key economic reasoning tools – specialization, division of labor, productivity, and comparative advantage – and by applying them to trade within a nation before leaping into trade among nations. The basics, as always, come back to scarcity and opportunity cost. Natural and human resources are not equally distributed throughout the world, or even, indeed, throughout a nation. One of the most important functions of trade is to redistribute...
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...Antitrust Laws & Their Effects Jamar Averyhart Dr. Law Trine University In order to have a free economy you must have a competitive market place. A market that is open and stimulates the economy. This gives consumers whether they are organizations or just regular citizens the opportunity to purchase consumer goods at a relatively low price. As opposed to other economies that are not open markets, and that have one firm dominating the market place. Which drives up the price of consumer goods and make them unreasonably high. This is where antitrust laws come into play ("The Antitrust Laws," 2015). What are antitrust laws? Antitrust laws keep organizations from creating monopolies in industries, or colluding to drive up the price of items. If two major firms i.e. Apple and Microsoft were to merge. They control a large majority of the marketplace in the computer industry. This merger would lead to a shift in the price of computer and computer technology. It would create unequal competition and drive many other firms out of business. With the resources and consumer base that both companies have they would be able to dictate the prices in the industry and not have to rely on consumer demand and market trends. The first ever antitrust law was passed in 1890 which was the Sherman Act ("The Antitrust Laws," 2015). The Sherman Act made it illegal to try to form a monopoly, have a monopoly, or plan to have one. ("The Antitrust Laws," 2015) With the Sherman Act violating any...
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...possible, dominant positions might persist, due to: • sunk costs industries • lock-in effects and switching costs • network effects 2 What is competition policy, II We need competition policy also because: Un-monitored, firms may resort to actions that increase their profits, but harm society, such as: • • • • Collusion Mergers which lessen competition Predatory behaviour Exclusionary behaviour 3 Competition policy vs. regulation Both justified by market failures, but they differ by: Procedures and control rights • Regulation: more extensive powers (price, investments, products…), intervenes on market structure Timing of oversight • C.P.: ex-post; regulation: ex-ante • C.P.: usually more time • Occasional vs. continuous intervention Information intensiveness • Industry-specific for regulation 4 Demarcation lines become fuzzier Despite these differences, the distinction between competition and regulation is less clearcut: Merger control: preventive authorization system Merger remedies (Structural vs. behavioral remedies) Exploitative abuses (EU: article 82; not US) Also: overlapping competence in several areas 5 History of competition laws: the US End of XIX Century in the US: • Revolution in transportation and communication, which lead to a single US market • Technological innovations, stock market, new managerial methods...
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...effective and good for the people. Without the Sherman, Clayton, and Federal Trade Commission Act, there would be a monopoly of every industry, trade, marketing, and services. This would in-turn lead to higher prices for the consumer, lower quality products, less innovation, and poor service. As I mentioned in my opening sentence, I will bring up two individual cases that the DOJ (Department of Justice) is pursuing when it comes to Antitrust Laws. I would like to begin by quoting the DOJ’s mission statement. Mission “The mission of the Antitrust Division is to promote economic competition through enforcing and providing guidance on antitrust laws and principles. Antitrust Laws The goal of the antitrust laws is to protect economic freedom and opportunity by promoting free and fair competition in the marketplace. Competition in a free market benefits American consumers through lower prices, better quality and greater choice. Competition provides businesses the opportunity to compete on price and quality, in an open market and on a level playing field, unhampered by anticompetitive restraints. Competition also tests and hardens American companies at home, the better to succeed abroad. Federal antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing. They prohibit a variety of practices that restrain trade, such as price-fixing conspiracies, corporate mergers likely to reduce the...
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