...Contrast liberal and mercantilist theories of international political economy and consider which approach is most apparent in the contemporary world. The following seeks to contrast liberal and mercantilist theories that have developed to describe and analyze the international political economy. Once the contrasts have been made conclusions as to which theory is the most apt or apparent in the contemporary world will be drawn. Both liberal and mercantilist theories have advantages and disadvantages when used to understand the international political economy in the present global system. Perhaps it would be more apt to describe the liberal theory as being neo-liberal as it has undergone a recent revival in popularity. It must be remembered that whether a state is most influenced by liberal or mercantilists theories that trade will never be completely free of duty and tariffs, as they are useful sources of revenue for governments. Governments also have to have relationships with other governments and non-state actors that may or may not share their worldview. Liberalism itself can be dated back to the English, American and French revolutions of the seventeenth and eighteenth centuries, when the mercantilist economic system evolved into capitalism. Liberals were originally regarded as being politically centrist or left wing in outlook but favoring little or no state intervention in the economy. In its original form liberal economic theory strongly advocated a free market...
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...ouLabour standards and poverty reduction Labour standards and poverty reduction May 2004 FOREWORD BY THE SECRETARY OF STATE FOR INTERNATIONAL DEVELOPMENT One of the greatest moral and political challenges of our time is the ending of mass poverty. To ensure action on a global scale, and to assess progress, the international community has set itself ambitious targets for the reduction of poverty, embodied in the Millennium Development Goals and affirmed by governments worldwide at the UN Millennium Assembly in 2000. These have been adopted by major development agencies, and are supported by NGOs. They express the conviction that it is possible to improve substantially the living conditions and opportunities of the world’s poor over the coming decade. The MDGs can be achieved only if poor people themselves are involved in the decisions which affect their lives. They should therefore have the freedom to organise themselves in associations which promote their interests in the societies in which they live. They should not be subject to forced labour, or suffer from discrimination in the labour market. They should be able to maintain their livelihoods without having to make their children work rather than go to school. An essential part of poverty elimination is those human rights known as core labour standards: freedom of association and the right to free collective bargaining; elimination of all forms of forced or compulsory labour; effective abolition of child labour;...
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...one of the richest economies in Asia. It is also the second largest of the former Soviet Republics after Russia. The economy has enormous fossil fuel reserves and plentiful supplies of minerals (Francis, 2011). There are different metals available in the economy including uranium, zinc, and copper. Some like uranium are exported to almost all parts of the globe. The economy was ranked 11th out 42 countries in the Asia-pacific region. The overall score of the economy is also above world and regional averages. The GDP of the economy grew from 78,014,200 in 1995 to 147,453,000 in 2005 (Aitzhanova, et al. 2014). The dollar exchange rate has been well managed through a sound monetary policy that has been adopted. The country has been faced with inflation challenges. In 2001, the inflation rate was very high because of strong foreign-currency inflows (Ibrayev, Badjanov & Li, 2014). However, the economy survived the pressure, and surprisingly it is one of the first former soviet republic that has repaid all debts to the international monetary fund in 2000 (Datkhayev, 2013). The country paid $400 million ahead of the schedule. From then, the economy has been able to limit its foreign debt within manageable levels. [pic] Figure 1: Kazakhstan GDP in billion USD retrieved from < http://www.invest.gov.kz/?option=content§ion=4 > From the graph above, it is evident that in the recent years, the GDP of the economy has been growing significantly. The economy grew upwardly from...
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...Many had worked under non-union contracts for years in local productions and the Lord of the Rings trilogy, which was inferior in comparison to many unionised actors overseas. This would be repeated in the Hobbit production whereby actors would work as independent contractors and not employees. Thus, the Hobbit producers would have absolute control over NZ workers who would not have the protection of minimum wage or working conditions that they could under a collective employment contract. To address these issues for the Hobbit project, some NZ actors sought to negotiate better conditions through their union. However, they were shut out as Hobbit producers refused to engage in bargaining and deemed it illegal for them to have a collective agreement with independent contractors (Bridgeman & McLaughlin 2011, p.3). Unions Media Entertainment and Arts Alliance (MEAA) is an Australian union which the NZ Actors Equity joined in 2006. MEAA was no match against a formidable opponent in Warner Brothers in both power and strategy. A global conglomerate such as Warner Brothers had little to fear against a union organisation with a few hundred NZ actors. McAndrew & Risak (2011, p.72) infer that it was a naive strategy for an Australian union to challenge such a powerful organisation with an aggressive yet ineffective boycott of Hobbit contracts. This played into Warner Brother’s hands as they were able to response with a series of assaults casting the unions as villains. The NZ Prime...
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...What role does the IMF play in the European Debt Crisis? Causes and Implications A number of economic misfortunes that started in 2002 created a European fiscal dilemma, including increasing debt experienced by the banks and governments of several European countries. It is believed that the uncontrolled debt led to the fiscal predicament that extended to grave proportions. Currently, at least 16 European countries are in debt. Among the countries most affected are Greece, Spain, Ireland, and Portugal. All of the countries in the Eurozone share a monetary currency called the Euro Dollar and have closely connected economies. Implications that have come about as a result of the Euro debt crisis may include Economic changes in Europe, Government bailouts, Stress to banking systems, and further economic deterioration. Role of the imf The IMF could play a very useful role in any comprehensive solution by providing some of the firepower to reassure the markets, and, more importantly, by supplying discipline to the execution of the rescue plans through enforcing conditionality on loan disbursements. The staff of the International Monetary Fund said in its latest assessment that the crisis in the euro area has reached a critical stage, and urged the 17 countries of the Eurozone to remain strongly committed to a vigorous and complete monetary union, including a unified banking system and more fiscal integration. The IMF has offered solutions for short term support to the Eurozone...
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...Role of International Organization in Trade Contents Role of International Organization in Trade 2 Introduction 3 1- European Union 3 Introduction 3 European Union law 4 Role of European Union in international trade 5 European Union and the Maldives 6 2- Internal Chamber of Commerce (ICC) 6 Introduction 6 • Arbitration: 6 • Pre-arbitral Referee: 7 • Appointing Authority 7 • ICC ADR 7 • ICC Dispute Board Rules 7 • ICC International Centre for Expertise 7 • ICC International Centre for Expertise: 8 Role of International Chamber of Commerce in International Trade 8 Maldives and International Chamber of Commerce 8 3- United Nations Commission on International Trade Law (UNICITRAL) 8 The Role and Mandate of UNCITRAL 9 Legislative and Non-Legislative texts 9 Legislative text 9 Coordinating the work of other similar organizations 10 UNCITRAL role in International Trade 10 UNCITRA and Maldives 10 4- Organization for Economic Corporation and Development (OECD) 11 AIM 11 The work of the OECD 11 OECD and International Trade 11 • OECD Guidelines for Multinational Enterprises 12 OECD and Maldives 12 References 13 Role of International Organization in Trade Introduction Every nation in the world participates in international trade to some extent. And practically every product is either traded or relies on components from international suppliers. Trade is not just about physical goods, though. Knowledge and experience can be bought and sold internationally...
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...The initial idea to form the International Monetary Fund originated in the year 1944, when members of 45 countries gathered for a meeting in the town of Bretton Woods in New Hampshire in the United States. The objective of this meeting was to agree on a structure for economic cooperation between countries after the Second World War in order to avoid the negative impacts caused by the economic policies in the past which resulted in the Great depression of the 1930s.The International Monetary Fund was formally established in December in the year 1945 with 29 countries signing an agreement. Its membership gradually increased during the 1950s and 1960s with most of the African countries joining the International Monetary Fund after gaining independence. Currently, the International Monetary Fund has evolved to become an organization which consists of 188 member countries working with common objectives of promoting worldwide monetary cooperation, providing financial strength to countries, promoting international trade between countries, reducing unemployment and poverty in the world. The new countries who became members of the International Monetary Fund between the years 1945 and 1971 gave their consent to keep their respective exchange rates fixed at rates that can only be changed to revise a significant inequality in the balance of payments, and could only be done so with the consent of the International Monetary Fund. This system was referred to as the par value system or the...
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...2020 Outlook for the Gulf and the Global Economy A report from the Economist Intelligence Unit Sponsored by the Qatar Financial Centre Authority The GCC in 2020: Outlook for the Gulf and the Global Economy About this research T he GCC in 2020: Outlook for the Gulf and the Global Economy is a white paper written by the Economist Intelligence Unit and sponsored by the Qatar Financial Centre (QFC) Authority. The findings and views expressed in this briefing paper do not necessarily reflect the views of the QFC Authority, which has sponsored this publication in the interest of promoting informed debate. The Economist Intelligence Unit bears sole responsibility for the content of the report. The author was Jane Kinninmont and the editor was Rob Mitchell. The findings are based on two main strands of research: l A programme of in-depth analysis, conducted by the Economist Intelligence Unit, which drew on its own long-term forecasts and projections for the six GCC economies, along with other published sources of information. l A series of interviews in which economists, academics, and leading experts in the development of the GCC were invited to give their views. In some cases, interviewees have chosen to remain anonymous. Our sincere thanks go to all the interviewees for sharing their insights on this topic. March 2009 © The Economist Intelligence Unit Limited 2009 The GCC in 2020: Outlook for the Gulf and the Global Economy Executive summary O ver...
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...‘States are the most important actors in the processes of global governance’. Discuss and use three examples to illustrate your argument. In 1944, Keynes threw the first idea about the necessity of a global government in the Bretton Wood conference. But the main historical fact which triggered the development of this notion was the breakdown of Soviet Union in 1991 which marked the end of a bipolar world. Since then, we have seen numerous international organisations multiplying, with the emergence of the notion of globalization, an emerging concern of environmental issues and the management of conflict by specialized international institutions, engaging the process of global governance which is now one of the main issue for the future. This term of « Global governance refers to the complex of formal and informal institutions, mechanisms, relationships, and processes between and among states, markets, citizen and organizations, both inter and non governmental through which collective interest on the global plane are articulated. In conventions, most of the states involved in global governance have seen themselves attributed various kinds of responsibilities and powers through the creation of diverses supranational organisations such as UN, EU or financial instutions like IMF or the World Bank. Nonetheless, global governance implies a participation based on consensus and volunteering the sacrifice is important, the countries involved have to give up some of their supremacy...
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...1. What was the role of labor unions upon their inception in the early 20th century? 1. To properly understand the modern role of labor unions, we must be willing to delve into at least a brief study of their past! While the advent of the industrial revolution brought with it great opportunity for workers, it also brought with it many new challenges and risks for those workers! Perils for these men, women, and children included dangerous equipment, demanding work schedules, abusive managers, and unsafe environments. Obviously, the individual worker lacked any significant influence over their working conditions. Banded together, though, many workers could establish a strong negotiating position with which to demand and obtain healthier working...
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...Impact of Globalization on IR Impact of Globalization on IR IMPACT OF GLOBALIZATION ON INDUSTRIAL RELATIONS The globalization i.e. the changes in the world economy have substantial effects on the industrial relations thereby providing the opportunity to reiterate the significance of the area in understanding the effect of these changes on the people, organizations and the nature of work. The traditional methods of IR are disturbed in several ways through the increasing international economic interdependence. Initially the IR arrangements are confined to the situations created by the national markets but the globalization has expanded the boundaries of the market place. The amount of information flows with the help of the latest technology is constructing the interconnected enterprise networks around the world, thereby doing away with the current IR arrangements. The primary drivers of change are the MNC’s. They are associations that take part in FDI and own or control profitable resources in more than one nation. The MNC’s, as producers of the universal goods and services have an influence extending beyond the urban places in the countries in which they are located. The individualism is growing in the organizations as many local enterprises in addition to the MNC’s are using the information technology to focus on the demands of the international and domestic markets. The globalization has also clearly shown the difference between the “capital” and the “labour”...
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...Problem Solution: Global Communications University of Phoenix Problem Solution: Global Communication While remembering the stakeholders’ rights Global Communication (GC) is facing a myriad of challenges to maintain its competitive edge. A premature attempt to increase the bottom line could result in a worsening of the financial situation due to organization behavior. Global Communication must remember the desired end state while remembering the methodology to achieveing that emd state. Handled improperly, the results could be dramatically different from that intended. Communication is essential among the stakeholders to establish a firm foundation resources Global Communication has at its disposal to work with. Emotional Intelligence and its effect on the all interested stakeholders must be fully explored. In order for a cohesive plan to be effective, a consistent delivery to the stakeholders is required. Absence of consistency among stakholder communication and full understanding of emotions almost certainly ensures a plan is not set up for success. Creative thinking will be required on every level of leadership throughout the company. “This involves generating new ways to view a problem and seeking out novel alternatives to the problem” (DeJanasz, Dowd & Schneider, 2001, pg 404). This paper will explore possible solutions available to the senior management of Global Communication and make a recommendation to get them where they want to go...
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...Brittany Gibbs May 11, 2013 GEO 102 Graded Assignment Russia’s population is now less than 142 million. After the Soviet Union disbanded in 1991, the Chechen terrorists saw their opportunity, killing hundreds. With the country suffering and in doubt, President Putin was then elected to help with a turn-around. He proclaimed his intention to restore Russia to superpower status and to recapture much of the global that the Soviet Union once possessed. President Vladimir Putin of Russia began Russia’s turn-around in 2000. Putin got Russia to join the G-7, making it the Group of Eight (G-8), which was a part of the world’s leading economies, yet they were not qualified to join. The new Putin administration diminished the influence of Regions by making a new geographic layout, which was combined of the 83 Regions, Republics, and others into eight new administrative units. The Internal Periphery remains unstable, even after Vladimir Putin promised victory. In order for the Internal Periphery to reach levels of wealth that Russia carries, they have a way to go in regards to health, income, opportunity, and education. Russia is already a country that is rich in oil and natural gas. The natural resources are vast and varied, including diamonds, gold, platinum, lead, etc. Across the country, you can find iron ore, coal fields, and also a variety of available raw materials. The BRICs is the world’s largest emerging markets. It consists of Brazil, Russia, India, and China. Russia...
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...Predict Trends For The International Monetary Fund Introduction Global prosperity, as we know it, has resulted from the rapid integration of global trade and capital flows springing from the inter-linkage of diverse economies worldwide. However, the evolution of the world economy has occurred so rapidly that it has outpaced its regulators (Schwab, 2012). The International Monetary System, in accordance with its mayor international currencies, has been faced with a myriad of challenges. In this era of free global trade, the present dollar-based system is being forced to change (Schwab, 2012). With much speculation and evolving ideals, the most plausible solution has been the multipolar currency system based on the euro, dollar, and RMB (Schwab, 2012). In order to ensure a crisis-proof economic system, however, some economists believe this tripolar system must be backed by a Central Bank, an improvement in monetary regulations, and perhaps an induction of gold as a hedge and safe-haven asset. Introducing a World Central Bank within a three-currency monetary union: would this lead to greater stabilization and coordination of Macroeconomic Policies among countries? Some countries such as Germany have expressed interest in researching new alternatives to the existing rate regime, considering that neither of the two poles (fixed or flexible) are completely appropriate (Belke, Bernoth and Fichtner, 2011). According to Belke et al, the...
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...course. This journal clarifies the relationship and connection to ongoing issues and case studies within today society on a global context, relating it back to class discussion and the topics covered within the first eight weeks of the semester. This journal contains a physical collection of articles with personal notes and comments, creating a view and response for each article or reference. The articles and points of discussion that have been used within this journal are situated around hot topics within the unit. They are all in reference to International Business Theory such as trade, international investment, financial markets, legal or political systems and international regulatory bodies and relationships. The main point behind this project is to show the connection between the greater global economy and the individual economies that operate within it. The world today is a place where barriers are constantly being broken down, trade and regional agreements are becoming a must, and where countries and organisations really have to think about the greater consequences of their own actions. During class discussion, as a group we have learnt how vital it is to know not only the international identification of a country but its characteristics when operating on an international basis. Such characteristics include countries relevance in the global economy, its political and legal system, its ethics related to business practices, and its financial situation and stability. An understanding...
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