...The attitude to property sets socialism apart from Liberalism and Conservatism, which both regard property ownership as natural. Common ownership for socialist is a key principle because they believe according to Socialists property is unjust: they favour common ownership because wealth is produced by the collective effort of human labour, thus should be owned by the community not by privately by individuals. Another reason why socialists favour common ownership is because they believe property breeds acquisitiveness therefore is morally corrupting. Socialists argue that private property encourages people to be materialistic, leading individuals to believe human happiness can be gained through the pursuit of wealth. Those with their own property want to gain more, whilst those who have little or no wealth can no longer acquire it. Socialists also believe property is divisive: It creates conflict in society, for example, this is most clearly illustrated in the Marxist belief of class conflict. According to Marx, class is linked to economic power, as defined by the individuals relationship to the means of production, Class conflict is therefore between ‘capital’ and ‘labour’, that is between the bourgeoisie; owners of productive wealth, and the proletariat; those who live off the sale of their labour. Those who believe in fundamentalist socialism, which is a form of socialism that seeks to abolish capitalism and replace it with a qualitatively different kind of society, favour...
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...passed a new Mining Law (Law No. 4/2009) with two major aspects, which have caused a dampening effect on foreign investment in the resources sector. • Starting from Jan 2014: Export of raw unprocessed minerals is prohibited, requiring mining companies to process and refine their product in Indonesia before exporting • Before the export ban really comes into force… From 2012 to Jan 2014: High export tax imposed on exported raw ore --- an average additional export tax of 20% on “base price”, on 14 mineral ore exports including copper, gold and nickel. ★ the export tax for certain concentrates will even rise to 60% by the latter half of 2016 Government aims to… React to Increased Resource Nationalization: The global trend of increased resource nationalization is pushing up the costs of mining for international companies and giving governments in emerging market countries more cash and clout. The stated purpose of this mandatory in-country processing requirement is to follow the global trend and nationalize mining and metal processing within Indonesia. The regulation encourages local processing in order to increase the value of the minerals for export and preserve the country’s resource supplies. It is also supposed to be a way to entice miners into processing their ore locally and so that to create more job opportunities for domestic economy growth. Consequences: Hard times for mining companies, domestic economy, and international investors Under the...
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...submarines. Major capital investments were made in the physical facilities in 1976. Production facilities for manufacturing of the Hydraulics components were substantially expanded. Internally designed hydraulic radial piston type motors were put into production. A major expansion took place in 1980 till 1990. The production of centralized grease lubricating systems was substantially expanded. A newly introduced R&D effort resulted in the design, development, and production of lubrication system. During this period, as a legal Czechoslovakia monopoly, the company specialized in producing systems for heavy equipment manufacturing industries, steel making and mining. Nationalization: In 1948 the company was nationalized and its engineering and manufacturing resources were re-focused on railroad applications. During this nationalization company has changed his focus and starts manufacture the new products like new heating system for railroad cars and manufacturing of centralized grease lubrication system was restarted and hydraulic technology became integral part of It remained nationalized till 1990 and major changes made during last 10 years from 1980 to 1990. During this period newly introduced R&D efforts resulted in...
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...the characteristics of a good leader? After asking these questions and analyzing the situations that need leaders, anyone who desires to lead must determine the type of leadership they need and the behavioral characteristics of their followers. This analysis is necessary because followers are a reflection of their leaders. Note: Some questions will be related to the following issues The division of the European continent Marx and human thinking and behavior determination Surplus value of labor Neo-Marxism and “false consciousness” Nationalization Soviet Union and Czechoslovakia Solidarity The Berlin Wall Communism in Europe The Communist party of Italy Ethnic group Treaty of Versailles Slovenia Northern Ireland conflict The Basque independence movement The relationships between immigrants and natives in Europe The concept of national sovereignty The European Coal and Steel Community The European Commission The European Council The 27 commissioners in the EU commission The Treaty of Rome Fostering cohesion Copenhagen criteria The treaty of the EU constitutions Pan-European Globalization Guest...
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...(1760s to 1840s) ➢ Led by Britain, with the United States, France, and Germany following several decades later ➢ Marked by increases in agricultural productivity, the development of new transportation methods such as canals, the rise of urban society, and the growth of the factory system ➢ Typical new products were steam engines and factory-produced items such as cotton textiles and ironware 2)Second Industrial Revolution (1840s to 1940s) ➢ Led by the United States, Britain, and Germany ➢ Marked by communication and transportation revolutions, the development of the telegraph, railroads, and the internal combustion engine, and the development of the modern corporate structure ➢ Typical new products were steel, chemicals, and a wide array of consumer goods such as automobiles and home appliances 3)Third Industrial Revolution (1950s to present) ➢ Led by the United States and Japan ➢ Marked by the rise of the service economy, international financial and trade transactions, and the introduction of the computer ➢ Typical new products were consumer electronics and a wide array of pharmaceuticals The Pre-Market Economy to 1700 1)Economic Society in the European Middle Ages A)The Manorial System ➢ Breakdown of political structures in Europe forced the creation of self-sufficient manorial estates ➢ Serfs and peasants tied to land and owed service to manor lord in return for protection ➢ Feudal...
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...protection from imports leading President George W. Bush to put in place steel import tariffs under Section 201 of the 1974 Free Trade Act by March of 2002 (Robertson 2002). These protectionist measures imposed an average 30 percent tariff on selected foreign steel entering the United States. During negotiations, The International Trade Commission (ITC) recommended imposing a 40 percent commission while some extremists proposed 80 percent (Ho 2003). Although steelmakers were content with the implementation of the tariff as it provided some relief from imports, critics argued against the effects it would have on steel consuming businesses (Carbaugh 2011). The American Institute for International Steel (AIIS) felt that this tariff did not support free trade. The AIIS also believed that the steel tariff did not force companies to work in a price-competitive environment. David Phelps, president of the AIIS, believed in survival of the fittest. Phelps said that without protections such as these, strong companies would survive and weaker players would be eliminated (Robertson, 2002). With the key arguments from the U.S. auto makers, tariffs from some steel were revoked as it would have had more of a negative impact on the end consumer and other companies (Carbaugh 2011). 2 Literature and methods applied to discuss and solve the problem indicated in the case In 2002, President Bush imposed tariffs on imported steel to protect such national industry, contending that it could facilitate...
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...The world’s first industrial power and better developed country was Great Britain. Having the upper hand in the world economy, Britain was the target of other countries to compare themselves with and to hold a grudge against. The US and Germany were the first to surpass Britain when they seemed to start a long period of decline. During the two world wars time Britain workers fought to keep industry unsocialized, but would eventually fail to stop it. Labour government was the term used to describe the new economic shift after WWII due to the Labour Party gaining control. The nationalization of steel, coal, road, rail, air transportation, electricity, and gas were the first big industry changes. Freedom in the industries was thought to be sacrificed for fairness as these industries became under government ownership and control. Next the government enacted new welfare laws to provide education, unemployment compensation, universal healthcare, and support for the elderly. The costs to provide these new programs would be financed through mainly taxes. Finance and banking was left private but highly regulated by the government after WWII as well. These policies were expected to allow for Britain to regain their thrown as the best economy but would ultimately prove to be much less than what was to be expected. The policies of the British government after WWII created problems that were not perceived in the new system. One problem was the inefficiency of work. High taxes and poverty...
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...Welfare Britain 1945-51 The New labour government 1. The most influential were Ernest Bevin, foreign secretary, Herbert Morrison, lord president of the council with considerable powers over home affairs, Hugh Dalton, Chancellor of the Exchequer, and Stafford Cripps, president of the board of trade. The welfare state 2. The purpose of the welfare state is democracies were increasing the powers of the state to improve people’s lives, especially the lives of those living closest to poverty. 3. The money fund the welfare state is come from higher taxation. The national insurance act 1946 4. Every citizen was entitled to sickness and unemployment benefits, old age pensions (women at 60, men at 65) widows and orphans pensions, maternity allowances and death grants. 5. The national insurance act is successful, becusess it provided a safety net for those who dell through the mesh provided by the National Insurance Act. The National Health Service 6. The NHS is provides healthcare for all UK citizens based on their need for healthcare rather than their ability to pay for it. It is funded by taxes. Aneurin Bevan is in charge of it. 7. He agreed that consultants should keep the right to private practice and that GPs should be paid not by an annual salary but according to the number of patients on their lists. 8. The NHS is successful in its first two years, because the need to be met that expenditure in the first two years was 40per cent higher than estimated...
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...Coal India IPO - The Mother of All IPOs Abstract:Coal India Limited (CIL), a Navratna PSU and the largest coal producing company in the world, came up with an Initial Public Offering (IPO) in October 2010, the biggest in the history of the Indian stock market. The IPO sought to raise funds close to INR 1,500,000 million by selling 631.63 million equity shares. Prior to this, the Reliance IPO had been the biggest IPO ever. The price band of the IPO was fixed at INR 225-245. Though the response from various stakeholders to this price band was divided, the issue was highly successful in terms of the response from investors and was oversubscribed by 15.28 times. The highest oversubscription, at 25.4 times, came from non-institutional investors. CIL was listed on November 4, 2010. In keeping with expectations, it was listed at a price of INR 287.75 and closed at a price of 342.35 on the BSE with the huge turnover of INR 63,241 million proving its tremendous success. Introduction:In October 2010, Coal India Limited (CIL), the largest coal producing company in the world, came up with the biggest ever Initial Public Offering (IPO) in the history of the Indian stock market to raise funds close to INR 1,500,000 million. CIL, given an IPO grading of 5/5 , offered 631.63 million equity shares through the IPO. Prior to this, Reliance Power Limited had been the mega IPO in the Indian stock markets, raising INR 115,000 million in 2008 by selling 260 million shares. In June 2007, real...
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...the party in opposition on the other hand have stated that all these statements are baseless. Whatever be the truth a controversy like this is a matter of shame for the country as a whole. One of the biggest beneficiary of the coal allocation is Anil Ambani's Reliance Power Limited (RPL). Un November 2007, Madhya Pradesh Chief Minister Shivraj Singh Chauhan requested Prime Minister to RPL to use the surplus coal of captive blocks of Sasan Plant. The recommendation of Empowered group of Minister was considered and it was granted , the decision resulted in a benefit Rs 29,033 Crores with a net present value (NPV) 11,852 crores to the project developer. The report says 25 firms including Essar Power, Hindalco, Tata Steel, Tata Power and Jindal steel and power gained Rs 1.86 crores from coal allocation. Union Coal Minister Saipradad Jaiswal along with UPA leaders rejected the CAG report. According to Union coal minister the policy which adopted for coal allocation blocks was not faulty. The CAG report is based on few aspect of the coal allocation. The Prime minister of India Dr. Manmohan Singh in his defect made statement regarding First CAG charge to parliament directly instead of discussing with PAC (Public Account committee) addressing the finding of the Final CAG report. Here after Prime Minister's statement. Stretching 32 points paragraph, Singh's main argument makes below main points – -Firstly, computation of extractable reserves based on averages...
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...inhabitants, which makes it the host of the largest market in the world where its population’s purchasing power has exponentially increased throughout the years, but still holds one of the lowest cost of labour compared to Europe or the US. China also has many energy resources such as coal, in which domain it became the world’s largest producer. Its coal production enabled the country to supply sufficiently its electric power needs, and eradicate any worries of electricity shortage (Bose, 2012). In term of investment security, China has made it one of its main concern. The country has implemented many laws and regulations such as the Equity Joint-venture Law and Contract Law. The Joint Venture law for example has been modified to prohibit nationalization, which emphasizes on investment protection, and make investors safe in China. The contract law promotes investors legal rights to find their own solutions when breach of contracts or disputes arise. Since its opening to the world and the implementation of those regulations, no case of expropriation has been noticed in China. Those regulations among others, help investors feel secure about investing their...
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...the end of the century. World War II left the USSR as a world power but in a state of complete disarray, leaving the USSR to rebuild and expand their own government beliefs. During the war, the USSR faced the most civilian and military casualties out of any other nation by far. Through the course of the war, 19 million soldiers were killed, with over 5 million civilian casualties, resulting in a total loss over almost 13% of the USSR's population. An additional 5 million prisoners of war, political enemies, and people that had committed crime were in forced labor camps. They were forced to harvest natural resources such as coal and iron the USSR could not afford to buy. Also left over from World War II was the collectivization and nationalization of businesses and farms. Years before the war, Stalin had collectivized farmland and nationalized business as a form of war communism. War communism gave special rights to the government to help prepare and pay for the cost and social distress of a war....
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...4.1 Geographic Environment Location Myanmar is located in Southeast Asia, bordered by India and Bangladesh in the northwest, China in the northeast, Laos in the east, Thailand in the east and southeast, and the Indian Ocean to the south and the west. Terrain Myanmar is bordered by China, Thailand, India, Laos and Bangladesh, its coastline along the Bay of Bengal and the Andaman Sea. Availability of natural resources Myanmar is rich in natural resources such as petroleum, timber, tin, antimony, zinc, copper, tungsten, lead, coal, some marble, limestone, precious stones, natural gas, and hydropower. Climate Myanmar has a tropical climate with three seasons: a cool winter from November to February, a hot season in March and April, and a rainy season from May through October. The average annual temperature is 28°C (82°F). Target geographic area Infrastructure construction is expected to have the fast growth, especially, in capial town like Yangon ,as the government of Myanmar is now concerning for infrastructure development to support the country’s economic growth. Myanmar is planning one more new hotel zone in Yangon, to cope with growing prospective visitors. It is expected to be constructed along with the project of the Hanthawaddy Airport. Furthermore, 2014 Asian Summit will be held in Myanmar, the demand for hotel and land has started rising in cities such as Yangon in preparation for supporting foreign investors and tourists to the country. These all...
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...THE UNITED STATES The U.S. had emerged as the world's wealthiest and most powerful country- untouched from the horrific destruction of World War 2. The dollar was the strongest currency and foreigners flocked to invest in American companies and to buy U.S. government bonds. They played a leading economic role, as other nations needed American goods and services; transforming life in the United States itself. Many Americans prospered in the world's wealthiest economy, although some segments of the population were left to struggle. As Americans became more affluent, many moved from the cities to the suburbs and also to the states in the Southern and Southwestern parts of the country- where jobs were becoming more plentiful than in the industrialized Northern states. The vast popularity of American culture abroad confirmed the global influence of the U.S., as the world embraced their various art forms. Elvis Presley, musical comedies, Hollywood romances, and action movies were recognized worldwide. The federal government also contributed to this boom, as the congress created programs that helped the veterans, the elderly, and the poor; as well as approving government funding to build a major interstate highway system. After World War 2, conflicting ideologies and mutual distrust caused divisions between the former Allies, leading to the conflict known as the Cold War- a state of tension and hostility between nations aligned with the United States on one side and the Soviet Union...
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...| INDIA AND SUBPRIME CRISIS | | INDIA AND SUB-PRIME CRISIS Sub-prime, as the word suggests, is something that is not prime. In the Sub-prime crisis context it simply means lending money to Sub-prime borrowers i.e. lending to people with low or poor credit worthiness. Sub-prime crisis was caused because the lending norms in the USA were very lax. It is joked about in the academic circles that any man who was not on a respirator was given a loan without any regard to his or her creditworthiness. This was brought about by the “Spend yourself out of the post dot com bust recession” policy of the American government at that time. The end result of the Sub-prime crisis is manifesting itself in myriad ways. There are direct and indirect implications not only for the United States but for the entire world. The Sub-prime that was brought upon by the American financial system upon itself is spreading its tentacles around the world. People who were not even remotely connected with the Sub-prime crisis are being adversely affected. National Bureau of Economic Research (NBER) National Bureau of Economic Research (NBER) is the official agency in charge of declaring that the economy is in a state of recession. They define recession as: “significant decline in economic activity lasting more than a few months, which is normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales”. BUSINESS CYCLE The term business cycle (or economic cycle)...
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