...condition of the unemployment position is in today’s present economy, The Bureau of Labor Statistics (BLS) calculations shows that as of July 2014, the nation is at a rate of 6.2%. (Economy at a Glance, 2014) The state of Tennessee has a higher unemployment rate than the national average. It is 7.1% (Economy at a Glance, 2014) The BLS define both “unemployed person and unemployment rate as follows: Unemployed persons (Current Population Survey) Persons aged 16 years and older who had no employment during the reference week, were available for work, except for temporary illness, and had made specific efforts to find employment sometime during the 4-week period ending with the reference week. Persons who were waiting to be recalled to a job from which they had been laid off need not have been looking for work to be classified as unemployed. Unemployment rate The unemployment rate represents the number unemployed as a percent of the labor force. (BLS Information, 2014) It was further shown during the course of research that both the unemployment rate (6.2 percent) and the number of unemployed persons (9.7 million) improved slight in July. In the course of the last 12 months, the unemployment rate and the amount of unemployed persons have dropped by 1.1% and 1.7 million, in that order. The unemployment rate ticked up to 6.2 percent in July from 6.1 percent in June. (Ahead of the Bell: US Unemployment Benefits, 2014)...
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...factors, four will be explored through the course of this specific critique and it should be noted, that the specific nation to be observed is the United States of America. The specific factors to be observed in the United States’ economy are their unemployment, their expectations, consumer income, and interest rates. In addition to identifying these four factors and their economic effects, there will be identified what fiscal policies have been put in place by the United States government in order to aid the economy and finally, there will be an evaluation of these fiscal policies regarding their effectiveness from both a Keynesian economic perspective and that of a classical economist. Unemployment A nation’s unemployment rate, as can be expected, is calculated by dividing the total sum unemployed persons by the number of total persons available for within the nation. This formula yields the number that is considered the unemployment rate for whichever nation is in question, in this case though, the nation that is the focus of our investigation is the United States. According to the Bureau of Labor and Statistics website (2015), “the unemployment situation in the United States has been reduced to 5.5 percent. This decrease as reported in February of 2015 signifies an overall decrease of 1.2 percent in the United States unemployment rate just within the last year alone” (Bureau of Labor and Statistics, 2015), but the question is then asked, “What allowed these changes to take...
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...When the head of a household becomes unemployed the entire family is affected. A source of income is vital for fulfilling family needs. Each day in the state, a person loses his or her job. There are a lot of reasons why people are becoming jobless in the state. Causing factor like not having a college education, lack of training, the impact effect on the economy in the state, and how these issues impact on families and individuals. Not having the right education has led to the unemployment rate to climb. Most employers’ minimum requirement is a high school diploma. However, it does not guarantee a person to land a well-paying job. Without a college degree an individual become less marketable. An educational institution teaches an individual the necessary tools to make him or her ready for the workforce when pursuing a desire job. According to Richard Katz (2011), Families and individual without a high school diploma in the United States live in poverty. Workers' bargaining power has been reduced by long spells of high unemployment (over seven...
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...are collapsing; lifestyle trajectories are becoming more varied and less predictable. The restructuring of the labour market, the extension of the maturity gap (the period of dependence of young adults on the family) and, arguably, the more limited opportunities to become an independent adult are all changes influencing relationships with family and friends, educational opportunities and choices, labour market participation, leisure activities and lifestyles. It is not only developed countries that are facing this situation; in developing countries as well there are new pressures on young people undergoing the transition from childhood to independence. Rapid population growth, the unavailability of housing and support services, poverty, unemployment and underemployment among youth, the decline in the...
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...are collapsing; lifestyle trajectories are becoming more varied and less predictable. The restructuring of the labour market, the extension of the maturity gap (the period of dependence of young adults on the family) and, arguably, the more limited opportunities to become an independent adult are all changes influencing relationships with family and friends, educational opportunities and choices, labour market participation, leisure activities and lifestyles. It is not only developed countries that are facing this situation; in developing countries as well there are new pressures on young people undergoing the transition from childhood to independence. Rapid population growth, the unavailability of housing and support services, poverty, unemployment and underemployment among youth, the decline in the authority of...
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...------------------------------------------------- Post–World War II economic expansion From Wikipedia, the free encyclopedia "Golden Age of capitalism" redirects here. Other periods this term may refer to are Gilded Age and Belle Époque. In the United States and several other countries, the boom was manifested insuburban development and urban sprawl, aided by automobile ownership. Many Western governments funded large infrastructure projects during this period. Here the redevelopment of Norrmalm and theStockholm Metro, Sweden. The post–World War II economic expansion, also known as the postwar economic boom, the long boom, and the Golden Age of Capitalism, was a period of economic prosperity in the mid-20th century which occurred, following the end of World War II in 1945, and lasted until the early 1970s. It ended with the collapse of the Bretton Woods system in 1971, the 1973 oil crisis, and the 1973–1974 stock market crash, which led to the 1970s recession. Narrowly defined, the period spanned from 1945 to 1952, with overall growth lasting well until 1971, though there are some debates on dating the period, and booms in individual countries differed, some starting as early as 1945, and overlapping the rise of the East Asian economies into the 1980s or 1990s. During this time there was high worldwide economic growth; Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment. Contrary to early...
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...United States Trade Sanctions Imposed On China Dwight Frazier MG 261 Business Law II Anita Whitby November 27, 2011 The continued increase of United States trade deficit with China in particular has resulted in many US manufacturing companies as well as workers complaining of competition regarding manufacturing companies, many of them suggesting that the US government impose some kind of trade barriers against Chinese products sighting that some of Chinese trade policies are unfair. The weakened Yuan in relation to US dollar has also an economic implication that makes products manufactured and produced in the United States to be more expensive compared than those produced in China (Dianne, 2005). The general outcome of such this situation is that Chinese products have a higher competitive advantage over the American commodities because of their low prices. In addition, most individuals opt for Chinese products: thus the Chinese economy will grow and develop faster as compared to their American counterparts. The US Congress and government are justified to impose economic sanctions against China in the effort of controlling the US economy and addressing the currency manipulation acts undertaken by both developing and developed countries (Wayne, 2008). This research paper is aimed at discussing the legal issues and ethical issues involved in this circumstance, a well defined logical argument supporting such an action and suggestions...
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...Saudi Arabia has maintained a trade surplus since 1967 (when its trade statistics were first compiled in their current form). As the kingdom generates a majority of its revenue from petroleum exports, this surplus tends to rise and fall with the price and production of oil. After the oil embargo of 1973, when oil prices were high, the king-dom's trade surplus rose, increasing steadily until 1978. This trend continued after the Iranian revolution of 1979 when oil prices rose to new levels. Between 1978 and 1981 Saudi Arabia's trade surplus doubled, reaching a peak of US$82.5 billion. Trade (expressed in billions of US$): Saudi Arabia Exports Imports 1975 29.682 4.213 1980 109.083 30.166 1985 27.481 23.622 1990 44.417 24.069 1995 50.040 28.091 1998 N/A N/A SOURCE: International Monetary Fund. International Financial Statistics Yearbook 1999. The surplus declined steadily throughout the 1980s as export volume diminished and oil prices fell. By 1985, the balance of trade had fallen to just US$7 billion. In 1990, Iraq invaded Kuwait, prompting the United Nations to place an embargo on Iraqi oil. The cut in supply sent prices back up, and as Saudi Arabia heightened production to meet world demand (from 5.1 million b/d in 1989 to 8.2 million b/d in 1991), export revenues increased and the trade surplus rose once again. In 1996, export revenues exceeded import expenditures by US$35.3 billion. In 1998, the world economy slowed. At the...
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...necessity of concentrating all energies upon the prosecution of the war, there was no interruption in the normal democratic voting process. Many millions of Americans cast their ballots on Nov. 7. Soldiers' Vote Act. The voting facilities to be afforded to one group of citizens, however, gave rise to considerable controversy. Hundreds of thousands of men and women in the Armed Forces could not be home to vote on Nov. 7. The election might possibly turn on their vote. If democracy had any meaning, it was vital that service men and women should be afforded every opportunity to cast their ballots. Congress attempted to meet this problem by the Soldiers' Vote Act (Pub. Law 277), which urged the states to enact immediate legislation to facilitate the exercise of the right to vote by men and women in the Armed Services. Congress recommended that state legislation waive applications for absentee ballots, or limit such applications to post card requests. The statute also set up a War Ballot Commission, with authority to distribute a short, Federal ballot, permitting a vote for president, vice-president, senator and representatives. This ballot could be used by service men and women where their state laws permitted it. Although the President signed the Soldiers' Vote Bill, it did not meet with his approval. He felt that where men and women in the Armed Services...
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...University August 1, 2013 PROGRESSIVE ERA THROUGH THE GREAT DEPRESSION 2 The progressive era in America describes a broadly based reform movement that reached its height early in the 20th century. In the decades following the Civil War, rapid industrialization transformed the United States. A national rail system was completed; agriculture was mechanized; the factory system spread; and cities grew rapidly in size and number. The progressive movement arose as a response to the vast changes brought about by industrialization. Two major turning points during this period was reform at the state level and of course the national level. At the state level, reformers turned to state politics, where progressivism reached its fullest expression. A model of progressive reform was Robert La Follette’s term as governor of Wisconsin. He won from the legislature an anti-lobbying law directed at large corporations, a state banking control measure, and a direct primary law. Taxes on corporations were raised, a railroad commission was created to set rates, and a conservative commission was set-up. In state after state, progressives advocated a wide range of political, economic, and social reforms. They urged adoption of the secret ballot, direct primaries, the initiative, the referendum, and direct election of senators. They struck at the excessive power of corporate wealth by regulating railroads and utilities, restricting lobbying, limiting...
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...the enactment of the North American Free Trade Agreement (NAFTA), which is an agreement between Canada, Mexico, and the United States for free trade, that would not only eliminate tariffs but also allow an increase in quota from Canada and Mexico to ship textiles to the United States. Compounding the issues, Martin’s Textiles has been experiencing small losses over the past several years and has received threats of losing long-term customers. Nonetheless, John Martin, Martin’s Textiles CEO, has to make the decision whether or not to move his company’s production, currently based in New York where the company has strong family like relations with its employees, to Mexico in order to reduce labor cost or wait for an imminent bankruptcy. Martin’s Textiles was founded in 1910 and has spanned four generations of the Martin family. However, with the implementation of NAFTA, all tariffs between the Canada, Mexico and the United States would be eliminated within the next 10 to 15 years with most tariffs cut in 5 years. For Martin’s Textiles the plan’s provision that all tariffs on trade of textiles amount the tree countries would be removed within 10 years would be the especially impactful. Yet, what was even more overwhelming for the textile industry was that the quota for Canada and Mexico to ship clothing and textiles to the United States each year would rise slightly over the first five years of the agreement. Thus, the reason why many textiles competitors have moved operations...
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...University August 1, 2013 PROGRESSIVE ERA THROUGH THE GREAT DEPRESSION 2 The progressive era in America describes a broadly based reform movement that reached its height early in the 20th century. In the decades following the Civil War, rapid industrialization transformed the United States. A national rail system was completed; agriculture was mechanized; the factory system spread; and cities grew rapidly in size and number. The progressive movement arose as a response to the vast changes brought about by industrialization. Two major turning points during this period was reform at the state level and of course the national level. At the state level, reformers turned to state politics, where progressivism reached its fullest expression. A model of progressive reform was Robert La Follette’s term as governor of Wisconsin. He won from the legislature an anti-lobbying law directed at large corporations, a state banking control measure, and a direct primary law. Taxes on corporations were raised, a railroad commission was created to set rates, and a conservative commission was set-up. In state after state, progressives advocated a wide range of political, economic, and social reforms. They urged adoption of the secret ballot, direct primaries, the initiative, the referendum, and direct election of senators. They struck at the excessive power of corporate wealth by regulating railroads and utilities, restricting lobbying, limiting...
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...The objective of this note is to identify the crisis effects on both the financial system and the economy and to provide implications on further financial regulations. Effects Financial System: Many institutions collapsed in the USA and Europe within the period. Figure 1 directly shows a considerable rise of the number of bank failure particularly from 2008 to 2010 in the U.S. This deteriorated the macro-structure of many developed countries. Firms called for ‘bailouts’ or recapitalization from governments to help stabilize the financial system. Or, others were closed, forcibly merged with stronger counterparts, or recapitalized using taxpayer’s money. More effects are given below: 1. Banks have been hit hardly by deteriorating capital & liquidity problems and worsening market confidence. * Global banking sector lost almost half of the capital base at the beginning of the crisis in 2007 (Lybeck, 2011). * Low central-bank interest rate: concerns over deflation by monetary policy makers resulted in long-term low interest rates. Figure 2 presents that in the U.S., a slump of 4% in Federal Funds Rate to nearly zero in 2010 while Bank of England has held rates as low as 0.5% for more than three years. * It led to a credit crunch in many developed countries, with annual credit growth between 7% and 10% in the US and the UK from 2003 to 2007 (Valdez, and Molyneux, 2010). * It encouraged the desire of financial institutions to take more risks (high leverage...
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...University August 1, 2013 PROGRESSIVE ERA THROUGH THE GREAT DEPRESSION 2 The progressive era in America describes a broadly based reform movement that reached its height early in the 20th century. In the decades following the Civil War, rapid industrialization transformed the United States. A national rail system was completed; agriculture was mechanized; the factory system spread; and cities grew rapidly in size and number. The progressive movement arose as a response to the vast changes brought about by industrialization. Two major turning points during this period was reform at the state level and of course the national level. At the state level, reformers turned to state politics, where progressivism reached its fullest expression. A model of progressive reform was Robert La Follette’s term as governor of Wisconsin. He won from the legislature an anti-lobbying law directed at large corporations, a state banking control measure, and a direct primary law. Taxes on corporations were raised, a railroad commission was created to set rates, and a conservative commission was set-up. In state after state, progressives advocated a wide range of political, economic, and social reforms. They urged adoption of the secret ballot, direct primaries, the initiative, the referendum, and direct election of senators. They struck at the excessive power of corporate wealth by regulating railroads and utilities, restricting lobbying, limiting...
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...Cooperation | | | | This paper seeks to assess the rise of global governance by briefly discussing some pressing issues in the contemporary global economy and assessing issues which prevent deeper multilateral cooperation. | Introduction World War I proved that the governance of international relations was insufficient. The League of Nations was then created in an ambitious attempt to construct a global order. However with the outbreak of World War II instability, debt, and death surged. This created pressure to establish institutions which could facilitate international cooperation. The United Nations, General Agreement on Tariff and Trade, and the Bretton Woods institutions were created in order to bring about stability in the international political economy. “Over a time these developed into a form of global governance.” Charles Kindleberger proposed the hegemonic stability theory. He stated the reason for the Great Depression and for World War I and II was the absence of a strong leader to coordinate macroeconomic policies needed for a stable financial system. Robert Gilpin adds, there must be world hegemony to ensure world order. The leader will advance its status quo by utilizing its power to foster trade liberalization and a stable monetary system, while seeking cooperation of other states and coerce reluctant states to obey the rules of liberal international economic order. Other states will seek the leader’s assistance for economic and security interest...
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