...The central bank has been described as "the lender of last resort", which means that it is responsible for providing its economy with funds when commercial banks cannot cover a supply shortage. In other words, the central bank prevents the country's banking system from failing. However, the primary goal of central banks is to provide their countries' currencies with price stability by controlling inflation. A central bank also acts as the regulatory authority of a country's monetary policy and is the sole provider and printer of notes and coins in circulation. Time has proved that the central bank can best function in these capacities by remaining independent from government fiscal policy and therefore uninfluenced by the political concerns of any regime. The central bank should also be completely divested of any commercial banking interests. The Rise of the Central Bank Today the central bank is government owned but separate from the country's ministry of finance. Although the central bank is frequently termed the "government's bank" because it handles the buying and selling of government bonds and other instruments, political decisions should not influence central bank operations. Of course, the nature of the relationship between the central bank and the ruling regime varies from country to country and continues to evolve with time. To ensure the stability of a country's currency, the central bank should be the regulator and authority in the banking and monetary systems...
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...EMEKA OKOYE. NEOREALISM AND THE NIGERIAN CIVIL WAR. The Nigerian civil war, popularly known all over the world as the "Biafra War" was fought from 2 July 1967 to 15 January 1970. The war was the culmination of an uneasy peace and stability that had plagued the Nation from independence in 1960. This situation had its genesis in the geography, history, culture and demography of Nigeria. The war was between the then Eastern Region of Nigeria and the rest of the country. The Eastern Region declared itself an independent state which was regarded as an act of secession by the Federal Military Government of Nigeria. The events leading up to the Nigerian Civil War and the causes are explained by Neorealism through balance of power politics. However Neorealism does not explain the actual purpose and objectives of the war. Evidences backing this are stated below: 1. The political crisis which linked the war could be explained since it was all about a power drive though restoring unity and peace was one of the aims of the war. 2. The secession triggered by the discovery of oil by the easterners and their fear of losing power over it to the northerners(security dilemma) yet another objective of the war was to fight causing limited destruction and little harm so that the economy would not be in a total destruction. 3. Tribal and Regional Tension between the three main tribes in Nigeria as a result of fear of one tribe dominating another...
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...EMEKA OKOYE. NEOREALISM AND THE NIGERIAN CIVIL WAR. The Nigerian civil war, popularly known all over the world as the "Biafra War" was fought from 2 July 1967 to 15 January 1970. The war was the culmination of an uneasy peace and stability that had plagued the Nation from independence in 1960. This situation had its genesis in the geography, history, culture and demography of Nigeria. The war was between the then Eastern Region of Nigeria and the rest of the country. The Eastern Region declared itself an independent state which was regarded as an act of secession by the Federal Military Government of Nigeria. The events leading up to the Nigerian Civil War and the causes are explained by Neorealism through balance of power politics. However Neorealism does not explain the actual purpose and objectives of the war. Evidences backing this are stated below: 1. The political crisis which linked the war could be explained since it was all about a power drive though restoring unity and peace was one of the aims of the war. 2. The secession triggered by the discovery of oil by the easterners and their fear of losing power over it to the northerners(security dilemma) yet another objective of the war was to fight causing limited destruction and little harm so that the economy would not be in a total destruction. 3. Tribal and Regional Tension between the three main tribes in Nigeria as a result of fear of one tribe dominating another...
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...This assignment provides an economic analysis of South African Maize. The objective of the assignment is to find a non –governmental price regulated commodity and examine the determinants of demand and supply, as well as prices, and elasticities of the commodity Table of Contents Introduction: 2 The determinants causing shifts in demand and supply: 3 Price movements: 4 Price and/or income elasticities: 4 Conclusion: 5 References: 5 Introduction: In Africa, South Africa’s economy is one of the largest (one-quarter) contributor’s to the nation’s economic Gross Domestic Product. Even though the manufacturing sector is now a sizeable donor to the South African economy, commodities do still provide an ample section to the economy (Simpson, 2012). A commodity is known as a raw material this is exchanged (bought and sold) by trade partners. It can also be a primary agricultural product (Parkin et al., 2008: ). South Africa’s agricultural sector does not have a large impact on a global scale upon the world’s agricultural trade. Although does export cereal grains in large quantities as well as stocks the country with cereal grains’ seeing as it is one of South Africa’s staple foods (Simpson, 2012). In economics, questions result from people wanting more than they can get. What is available for individual’s consumption is limited by time; incomes received; and by the prices of the goods and services people must pay. The goods and services available are constrained...
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...Abstract Ford Motors used to be a prominent automobile company in the past. The company is on the verge of bankruptcy because of unexpected/unusual expenses incurred in the form of changes in investment and extinguishment of debt liabilities. The company should devise a policy that curtails the cost of sales, particularly, structural cost. Ford needs vast managerial and structural changes. The company needs to revise its price patterns, designs and make new and attractive products for the ultimate user, mainly, middle-class groups. Ford also needs expansion in Europe and Mexico. Keywords: Ford motors, cost analysis, microeconomics, demand, recommendation Introduction Purpose Microeconomics is that the branch of economic science that analyzes the behavior of individual shoppers and corporations to do and perceive the decision-making method of each business and households. Economics is concerned with the interaction between individual consumers and sellers also because the factors that influence the alternatives created by both consumers and retailers. Especially, economics focuses on patterns of providing and demand and, therefore, the determination of worth and output in individual markets. The aim of this paper is to clarify however economics influences the Ford Motor Company. History Henry Ford was born on June 30th, 1863. Ford saw his first car when he was 12 years old. Henry and his father were riding into Detroit during that time span. At...
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...Growing China: Will China Share Superpower Status with United States? After the fall of the Soviet Union in 1991, United States has remained her superpower status and has established her hegemony all around the world. In the 21st century, everybody waits for a country to fill the gap that was left by the Soviet Union to compete with the United States. Now, China is the most potential country that can be a superpower competing with US. China has developed herself since she became a communist state, especially, it is the past 20 years that China has improved from a state once isolated form rest of the world, into a regional superpower as potentially a state having the capacity to change the future direction of world events. By 2020, China hopes to compete with United States, however, that is not so easy for US to share her superpower status with China and US does not want to engage in another Cold War. First of all, what is a superpower? We need to define superpower to understand that China will possess the status of what and whether she benefits from it. During the second half of the twentieth century the concept of superpower status has been unique and without precedent. This is due to the fact that in this period, a superpower by definition possesses nuclear capabilities. While the UK, a superpower in the nineteenth century, now possesses nuclear capabilities, it is lacking in other attributes. Today’s superpower possesses four attributes, which confer upon it this status...
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...International Journal of Advanced System and Social Engineering Research ISSN 2278-6031, Vol 3, Issue 1, 2013, pp18-22 http://www.bipublication.com ADVANTAGES AND DISADVANTAGES OF PRIVATISATION IN INDIA Anant Kousadikar and Trivender Kumar Singh* *Jatan Swaroop PostGraduate College, Kayasthwada,Sikandrabad(U.P.), Distt: Bulandshar [Received-05/12/2012, Published-17/01/2013] ABSTRACT Privatization in generic terms refers to the process of transfer of ownership, can be of both permanent or long term lease in nature, of a once upon a time state-owned or public owned property to individuals or groups that intend to utilize it for private benefits and run the entity with the aim of profit maximization. In other words, it is a route from public or state ownership to private players or a group. From the other point of view, it is a strategy that provides advantages to a few at the price of many. However, this is always subjected to the circumstances involved. In this paper, the aim is to understand the major advantages and disadvantages of privatization in this country. Index Terms: Privatisation, advantages, Public administration. I. INTRODUCTION Privatization is a managerial approach that has attracted the interest of many categories of peopleacademicians, politicians, government employees, players of the private sector, and public on the whole. As per the opinion by the subject experts, privatization can be advantageous in terms of the higher flexibility and scope of innovation...
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...International Journal of Advanced System and Social Engineering Research ISSN 2278-6031, Vol 3, Issue 1, 2013, pp18-22 http://www.bipublication.com ADVANTAGES AND DISADVANTAGES OF PRIVATISATION IN INDIA Anant Kousadikar and Trivender Kumar Singh* *Jatan Swaroop PostGraduate College, Kayasthwada,Sikandrabad(U.P.), Distt: Bulandshar [Received-05/12/2012, Published-17/01/2013] ABSTRACT Privatization in generic terms refers to the process of transfer of ownership, can be of both permanent or long term lease in nature, of a once upon a time state-owned or public owned property to individuals or groups that intend to utilize it for private benefits and run the entity with the aim of profit maximization. In other words, it is a route from public or state ownership to private players or a group. From the other point of view, it is a strategy that provides advantages to a few at the price of many. However, this is always subjected to the circumstances involved. In this paper, the aim is to understand the major advantages and disadvantages of privatization in this country. Index Terms: Privatisation, advantages, Public administration. I. INTRODUCTION Privatization is a managerial approach that has attracted the interest of many categories of peopleacademicians, politicians, government employees, players of the private sector, and public on the whole. As per the opinion by the subject experts, privatization can be advantageous in terms of the higher flexibility and scope of innovation...
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...Licensed to: CengageBrain User Licensed to: CengageBrain User This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest. Copyright 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Licensed to: CengageBrain User Economics for Today © 2012 Cengage Learning Australia Pty Limited 4th Edition Allan Layton Copyright Notice Tim Robinson This Work is copyright. No part of this Work may be reproduced, Irvin B. Tucker stored in a retrieval system, or transmitted in any form or by any means without prior written...
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...Kevin Pierce Dr. James Hedtke POL 275 June 16, 2015 Poland’s Economy After Communism The country of Poland gained their independence in 1918 only to be overrun by Germany and the Soviet Union during the Second World War (CNN.com). Around six million Polish people, including the majority of the country's large Jewish residents, died during the demoralizing six-year war. The shadow of Stalin and his ways continued to loom large over Poland after the war when the Communist-dominated regime ensured that Poland would become a Soviet satellite state for the next four decades. During this period, the people of Poland and all communist countries began to see that a communist government and its economy were not beneficial to them or their families. The following decades were interspersed by revolts against the cruel, dictatorial regime in Warsaw, but none had a greater effect on Poland's political and economic future than events in 1980 at a shipyard in western Poland(CNN.com). With a struggling economy and stories of corruption and negligence within the state causing widespread unhappiness, a series of strikes by workers paralyzed the country. Eventually the government was forced to negotiate and on August 31, 1980, workers at the colossal Lenin Shipyard in Gdansk, led by an electrician named Lech Walesa, signed a contract giving workers the right to strike and form trade unions.(CNN.com). This signaled the creation of the Solidarity movement, which at the end of the day, was instrumental...
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...Evol. Inst. Econ. Rev. 4(1): 143–170 (2007) ARTICLE Econo-physics: A Perspective of Matching Two Sciences Yuri YEGOROV Institute for Advanced Studies, Stumpergasse 56, A-1060, Vienna, Austria, and University of Vienna, Department of Industry and Energy, Brünner Strasse, 72, A-1210, Vienna, Austria. E-mail: yegorov@ihs.ac.at Abstract The present article marks some potentially fruitful dimensions of economic research based on principles of economic theory but using more analogies with physics. Molecular structure of society with its different states, principles generating spontaneous order different from “invisible hand”, social analogies of the concepts of temperature and pressure in physics are investigated. Some analogies between phase transitions in physics and transition between different social regimes can reveal the areas of stability of liberal regimes as well as possibility of spontaneous emergence of different social orders. A possibility to expand neoclassical economics to capture Marxism and nationalism in a formal mathematical framework is also discussed. Keywords: economic structures, origin of order, econo-physics, socio-physics. 1. Introduction This article is methodological. It focuses on economic and social questions that are rarely touched by economic theorists despite their obvious importance for our understanding of economic processes in the world. No fully formalized model will be proposed here. Instead, the focus will be on interaction between...
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...Migration and its impact on the labor market Case Study: Romania "Those who contemplate the beauty of the earth find reserves of strength that will endure as long as life lasts. There is symbolic as well as actual beauty in the migration of the birds...There is something infinitely healing in the repeated refrains of nature - the assurance that dawn comes after night, and spring after the winter..."(Rachel Carson) 1. General theoretical aspects of migration. Historical and social perspective Migration is defined as a "change from a social, economic, political and / or cultural environment to another, in order to develop a project and answer to any individual or group expectations." Migration phenomenon has always existed, resulted through transhumance, invasions, colonization and crusades, generally caused by the attraction of the richest regions on the poorest populations. Labor migration is the supportive factor of globalization,'' a process that allows reducing geographical constraints on social and cultural processes in which individuals are increasingly aware of this." There is currently no state or part of the world that does not import or export workforce. During the 20th Century the migration process developed significantly. In this period, Romania was predominantly a country of emigration and still is. Acording to some sources, by 1914, a large number of people decided to cross the Atlantic Ocean, most focusing on the U.S. and Canada, the rest of them going to...
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...Development of economic thinking has been providing different policy guidance throughout the years formulated to cure problems of developing countries and most often these policy prescriptions have been used developed countries as a reference point. Policies that were offered reflected waves of economic thoughts and problems the world economy was facing. In 1776 Adam Smith’s invisible hand and market liberalism was followed by John Stuart Mill’s political economy problems and utilitarianism in 1848. Then these main ideas have been have been superseded by the theories of ‘the Big Push’, industrialization and structuralist approach in 1940-1960 after which there has been a shift from physical to human capital in 1970. But what is more important is the period since 1980 when the heyday of developmental economics brought shift to market liberalism, structural adjustment, institutional economics and the shift towards Washing Consensus. In the years of transition from command economies to market economies in 1990’s in many countries it was a tendency to implement policies supported by the framework of Washington Consensus and starting this millennium what has mostly been happening is the reaction to failures of Washington Consensus and ongoing experimentations that are targeted to find some answers to the everlasting problem of how to reduce poverty and enhance economic growth. Many of these one-fits-all policy prescriptions failed to prove their efficiency or that they are working...
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...Introduction The current state of the world economy is quite uncertain. Economic statistics that governments and other financial institutions use to project the economy imply that the world economy is shrinking. Since 2008, the state of the American economy has not been attractive. For instance, the United States economy has not registered any significant growth for the last three years. The 2011 second quarter results indicated that gross domestic product improved by 1%. At the same time, there was slight increase in business fixed investment sector. This was mainly attributed to good performance in software and equipment. In general, the economy seems to be headed for recovery (United Nations, 2010). There were increased product and services exports as well as over growth in consumer spending. Overall federal government spending increased. This was as a result of increased government spending in military. The issue of oil and turmoil in oil producing countries especially in North Africa has contributed negatively to the economy. High energy costs mean that most sections of the economy will experience high production costs. Final products will be more costly to the consumer and thus leading to reduced consumer spending. A broader look at the state of the economy reveals that the economy is headed for a recovery. Most core sections of the economy have begun to register growth meaning that soon the economy will bounce back (United Nations, 2010). Macroeconomic Snapshots...
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...From 1949-2012, China has undergone many reforms. It has been a socialist, communist, and a weird combination of market economy/communist. These reforms are essential in explaining how China has become a major world power. China turned to socialism in 1949, because it seemed like the only answer to the numerous problems China had to face after nearly 20 years of fighting. This is the first step down the road to economic prosperity. In October 1949, Mao declared the People’s Republic of China at the Gate of Heavenly Peace in Beijing. He now faced very large problems. China had been fighting a civil war since the 1920’s and a full-scale war with the Japanese since 1937 to 1945. After nearly 20 years of fighting, China (Mao) had many problems to deal with. The country had little industry since what had existed had been destroyed after so many years of war. Money was valueless. The towns had high unemployment. The countryside was experiencing food shortages; and if the countryside was not producing food, then the cities were bound to be short of food as well. China’s population was increasing by millions a year, which would only make all shortages worse. Mao was Chairman of the People’s Republic while Zhou Enlai was the nation’s prime minister. Though Mao claimed to lead a coalition government (there were 14 separate political parties in the government), the country was run by the Communist Party. Officials from the Communist Party were put in charge of society at every different...
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