Essays on Economic Freedom

Data Exercise

Part 1 As the table above shows, the Nominal GDP is always higher than real GDP (Bureau of Economic Analysis, 2016, Table 1.1.5). The difference is attributed to the inflation that is accounted by real GDP. Thus, in other words, real GDP is a nominal GDP adjusted for the inflation. This adjustment is measured by GDP deflator that reflects the price change in the current year comparing to the base or previous year. The percentage change of the nominal GDP in the last quarter analyzed compared to the previous period was 1.2 %, while the percentage change of the nominal ...

Pervin Goker

Introduction Man has created various concepts for his convenience, one of which is institutions, and these are essential for maintaining order in that they streamline the activities to achieve a particular objective. There is a formal organisation to institutions which lay out rules and regulations for the conduct of the operations earmarked for them. This essay deals with the issue of mind and culture over institutions in nurturing social capital in four selected nations of the world. The essay has basically two parts viz. the theoretical basis and the implementation. The theoretical basis consists of resource, bare necessities and ...

Jay Kiley

Dr. Lorrie McGovern Literature Review Abstract Innovations are inevitable in the business nowadays as they lead to the increased efficiency. The more efficient the company is, the higher the profit it gains. This is equally fair for the product innovation and management improvement. Moreover, financial innovations are now even more desired. All these changes are beneficial for all parties, as development of the entrepreneurship leads to the social and political improvements. Therefore, within this paper, a literature review will be performed to reveal main discussions on the innovations in the financial management, especially in the commercial lending. Both advantages ...

Part 1: Expenditures Approach to Calculating GDP

2. The process of inflation significantly influences the value of nominal GDP. The real GDP is calculated with a view to present real economic situation on the basis of GDP and other financial indicators of particular year. The real GDP presented in the table is calculated on the basis of chain-type quantity index as well as 2009 current-dollar value of the corresponding series. Therefore this index weights more than one period simultaneously being more reliable determinant of economic development. The nominal GDP of all the periods is greater than the real GDP that proves the phenomenon of inflation comparing ...

Singapore

Detail Economic Facet. From the point of view of a country’s economy, certain freedoms are essential to attract immigrants. Singapore is one of the best countries to emigrate as the country ranks among the best in terms of labor freedom, fiscal freedom and investment freedom. In terms of labor freedom, Singapore match the standards set by the United States of America (both score 80-100 in the 2016 Index of Economic Freedom) (Index of Economic Freedom). But, Singapore provides much better fiscal freedom (Singapore scores 80-100 and US scores 60-69.9 in the 2016 Index of Economic Freedom) and investment ...

External environment (PESTEL analysis)

The political situation in Canada is stable, and not concerned with any significant risks for business. Open markets and regulatory efficiencies are major notable successes of Canada (Index of Economic Freedom, 2016). The development of ‘consumer culture’ is an important socio-cultural advantage for running any kind of business in Canada. Given the low density of population in New Brunswick, the company can use technologies to trade Canada- and region-wide. Environmental regulations do not exert significant impact on a company’s activities. Possible changes in legislation (e.g., company laws, taxation) may lead to the adaptation-related needs and require additional investments.

Internal environment (shared values, systems, structure, staff, skills, style)

...

Goals of a well-functioning economy

A well-functioning economic system should ensure price stability. It should be able to control the rate of inflation such that the interests of both consumers and traders are met. High inflation rates negatively affect the consumer welfare while very low prices are detrimental to businesses. Besides, an economic system should ensure full employment. It must reduce unemployment rates to the levels at which all factors of production are engaged. The economy should also ensure equitable distribution of resources and production. The tax system should fair and equitable. A well-functioning economy should also enhance economic freedom (Colander 17). The economy ...

Income Inequality

Abstract The purpose of this research paper is to establish income inequality as a serious socio-economic issue. The views of various social and economic writers have been explored to prove that the unfairly effects the low income class. A critical examination is made regarding inequality of opportunities available to low income class, as compared to the higher ones. Several studies conducted by prestigious institutions are cited to back the claim that income inequality hinders economic growth by increasing poverty and unemployment. Other aspects, such as the effects on the affordability of education and healthcare, are uncovered. An evaluation of ...

Two of the most important components for a good governance are the establishment of an effective education and health care programs that would benefit the majority. Seemingly, there are a lot of factors to be considered on how every nation can improve the overall value of these programs. This paper will provide distinct comparisons of how education and health care programs both Africa and the United States affect its governance and socio-economic status. Let us first focus on the status of health care for both Africa and the United States. It is a fact that the United States is ...

While financial crises have been present for many years such as the Great Depression in and the 2008 financial crisis surprised many. The difficulties and struggle in the mortgage market in the United States had moved up to larger financial markets and later the economy. This financial crisis in 2008 that ensued the global recession until 2012 had changed the way the economy is viewed globally. The crisis had made global economy spiral down. The prices of commodities were constantly changing in an unpredictable ways which had frozen consumers. Secondly, due to the uncertainty in prices of commodities, there ...

The statue of liberty has for a long time been a symbol of national independence, a fable of freedom and prosperity that American’s have been admired while at the same time been hated for the freedom that most countries desire. The song that most American’s have been chanting has been revolving around how much effort they need to put in protecting and fighting for their freedom, a common voice that has yielded fruit as demonstrated by the first amendment. In the road to freedom, a lot has been achieved, but all the achievements are on the verge ...

Introduction

This paper illustrates in detail on the economy of Saudi Arabia in the ministry of finance and National economy. It shows the current situation of its economy and also details its weaknesses and strengths in the global market. In addition, it illustrates the states GDP state, inflation, unemployment, growth in the international trade, and the composition of their exports and imports (Chai, 2009). It goes to the extent of including recommendations that are entailed to draw a path that can be used to strengthen their current state in the global market. Thus, the recommendations are a guide as to what needs ...

Over the last several decades, members of the investment community at large have shifted attentions to the emerging markets of the east. As centers of growth blossomed in Asia, major businesses with traditional centers in London and New York began to gravitate eastward, establishing monetary as well as physical presences in the Asia. This development has led to the emergence of Singapore as a business center from which Asian and Western operators have begun to center their business interests.

The status of Singapore as a hub of Asian and international business is not surprising. Singapore was long a British Crown Colony ...

One word that sums up succinctly the American ideal of our country is “Freedom.” American citizens and politicians routinely refer to the United States as “the land of the free.” As such one of the most important aspects of American democracy are that the freedoms of life, liberty and the pursuit of happiness continue to be protected. Democracy is a system of government in which people have a say in policies. A “good” democracy is one in which government decision are in sync with the will of the people. A “good” democracy also allow for the will ...

One word that sums up succinctly the American ideal of our country is “Freedom.” American citizens and politicians routinely refer to the United States as “the land of the free.” As such one of the most important aspects of American democracy are that the freedoms of life, liberty and the pursuit of happiness continue to be protected. Yet freedom exists in different forms and there are different ways that it plays out in people’s life depending on the perspective from where you are looking at and how you are choosing to understand freedom. In my view, ...

In April of 2013, the Savar garment factory in Bangladesh collapsed, killing over a thousand workers and leaving many others injured (Manik and Yardley, 2013). The effects and aftermath of this disaster were widespread, from people arguing over safety regulations to the merits of conspicuous consumerism. The garment workers were making clothing for stores such as Sears and Walmart, and government investigations revealed violations of fire safety that could have contributed to the collapse (Manik and Yardley, 2013). In today’s capitalist economy, many large companies have to cut down on overhead by outsourcing labor and paying less to produce ...

- The Circular Flow Diagram

The circular flow diagram captures the relationship of money and resources between households and firms in the economy. The inner loop represents the flows of inputs for production and goods and services: households sell their labor to firms, and the firms sell the goods and services they produce to households. The outer loop in the diagram represents the corresponding flows of money: households pay the firms for the goods and services, and the firms pay wages and profit to the households.

Households increase savings. The presence of increase in household saving implies that there ...

Xerox in Kenya

Xerox Corporation conducts business in more than 160 countries and employs about 140,000 employees. Furthermore, Xerox is a member of the Electronic industry Citizenship Coalition (EICC) that helps promotes standards in areas such as social responsibility, health and safety and environmental activity. They are also supporters of human rights throughout the globe. They are also big on the promotion of women throughout their corporation. Their CEO, Ursula M. Burns, is a women. They participate in human right throughout the globe (www.xerox.com). Kenya is a country in East Africa. It covers approximately 58,000 square kilometers of land and has the ...

Its impact on the businesses of New Zealand in 2014

(Name of your Institution)

External organisational environment of New Zealand and its impact on the businesses of New Zealand in 2014

Introduction Since the past few years, increasing emphasize have been cast “on the importance of analyzing the relationship between the organization and its environment (Pfeffer, 1972).” Several researches have been made in order to understand how the external organizational environment, general environment and task environment affect business in a country. “Also known as the operating environment, external organizational environment refers to market conditions, economic and political issues on the local and national levels, demographic factors, and other forces outside of a business that affect the overall success of that business (‘External Environment’, n.d.).” On the other ...

Introduction

The United Arab Emirates’ became independent in 1971; it records an economic freedom score of above 70. This has made the economy of UAE appear in 28th position among the freest in the 2014 index. It has increased its rating and this year it has reordered a 0.3 point higher than last year. This has been made possible by improvements in labor freedom, business freedom, and monetary freedom which have outweighed the control of government spending. The first assessment of UAE was made in 1996 index and since then it has been a regional leader in economic freedom, this is the ...

Milton Friedman was a renowned American economist, writer and statistician who was awarded the 1976 Nobel Prize in Economics sciences for his exemplary efforts in research on consumption analysis, complexity of stabilisation policy, and the economics of monetary history and theory. He was born in 1921 to Jewish immigrants. Friedman earned his B.A degree at the Rutgers University at the age of twenty; he later did his M.A in the University of Chicago and completed his Ph.D. from the Columbia University in the year 1946. Apart from being a lead researcher in the field of free market economics, Milton Friedman has ...

Located in the North America, Canada has the world’s largest land border in its common border with the United States. The country runs a parliamentary democracy. The system of governing in the country holds the law as the supreme authority where the law stipulates that the country runs under one parliament (See 45).The parliament consists of the crown, the senate as well as the House of Commons. Although the three bodies are distinct, law-making responsibility falls under one federal government, ten provincial governments and three territorial governments. Selected individuals that represent the Canadian people hold the responsibility of ...

South Korea and Hungary are two different yet identical countries in a number of perspectives. The paper provides a primer on the comparison between these two countries and describes the baseline data upon which the analysis is based. The background information establishes a framework for the findings and current country position in relation to each other and the world. With a population of about 9,919,000 people, Hungary is the world’s 84th largest country. In terms of area, it is ranked 109th with an approximate area of 93,028 square kilometers. Historical data reveals that Hungary became a Christian dominion in ...

The Hualapai tribe, or nation of American Indians are a sovereign people located in the southwestern section of the United States. More specifically, their lands lie within the northwestern part of Arizona. The name of this tribe is pronounced “Wah-lah-pie” and according to the information on their official website, the significance of its meaning translates to “People of the Tall Pines” (“About Hualapai Tribe”). The total acreage of the Hualapai reservations lands covers approximately one million acres. The geographical elevation and features span the gamut from grassy lands, hillsides, canyons, and bushy forested terrain. The total number of the Hualapai members ...

Engineering and Profession 06-85-118

Economic Freedom Economic freedom is very crucial because it affects all aspects of an individual’s life. A society with a high level economic freedom leads to lower poverty, higher income, longer life expectancies, less unemployment, and cleaner environments. Economic freedom also leads to higher quality life and improves well-being. Economic freedom key ingredients are voluntary exchange, personal choice, protections of property and persons, and freedom to compete. When economic freedom is present in a society, individual’s choices will decide how and what services and goods are produced. People often find it attractive engaging in exchange activities that are ...

Today, the overall behavior and action of business to make money and ambitious progress related to the matters of economics is changed. It is transferred to the behavior that includes matters or aspects that include functioning of environment (social agent). Donaldson and Prestion (1995) observed this change due to the involvement of such relations that connected business matters and matters related to the environment. These environmental matters greatly effected company’s working capability. Nowadays, every kind of business includes Corporate Social Responsibility (CSR) that could be observed in large organizations mainly known as multinational companies. They are consistently performing ...

Introduction

The Freedman’s bureau is otherwise known as the United States bureau of Refugees, Freedmen and Abandoned lands (Freedman's Bureau Act of 1865, 2009). This bureau was formed between 1861 and 1865 with the sole purpose of taking care of the black slaves and the poor whites that lived in the south after the war. Over four million blacks gained their freedom after the Union won the war (Dickerson, 1877). As a result, they were poor and suffered great distress. The reason for this poverty is that most of the economies in the south were entirely dependent of plantation farming. ...

Obstacles of Spanish Monarchs during Colonization

The current state of Spain was established by the unification of separate and distinct kingdoms that prospered in the Iberian Peninsula during the 15th century. It emerged through the marriage of Queen Isabelle from the Castile Kingdom and King Ferdinand from Aragon. They initiated the development of the Catholic Monarch and the unification of various territories from the Iberian Peninsula although they separate their institutional identities such as political, social and economic powers. During their expansion and colonization, the Crown of Spain has been one of the most powerful and influential government in the Early Europe. However, it becomes ...

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The frame work for export Strategy

This Board paper is aimed mainly at addressing the need for the development of a recommended export policy. The major target for this export stratagem is to bring it to the attention of the Board of Directors of EMAA flower Company in Mexico and ensures that it’s adopted and implemented as an export strategy with Great Britain.

Why and how firms engage in international trade

Firms are attracted to participate in trade on an international level on the basis of the viewed market potential that the products as well as services that they produce command demand across border countries. The other very crucial factor hinges around ...

Introduction. Values are the guiding principles that people use to give direction to their daily lives and behaviors. It varies from culture to culture as it is the distinguishing factor, which gives judgment and perspective to between what is good or bad, what is considered beautiful or not, and all other spectrums in life. Values, shaped by one’s culture is what influences varying personalities, and helps people to function in accordance with the unwritten principles of society. Issues that tend to be guided mostly by one’s values are relationships, both sexual and personal, gender identity, social class ...

Introduction

Sociology is useful for travel planning or migrating to other countries outside the United States because applying sociological concepts will help acquaint an individual with the social behavior and way of life of people in a particular destination or country (Korgen, 228). When traveling or migrating to another country, an individual is expected to make adjustments because of cultural and social features in these countries or destinations. Hence, applying sociological concepts to study behavior and way of life in a particular country will help an individual know what to expect and anticipate changes or adjustments that he or she would need ...

This report was elaborated to evaluate the incentives for private sector growth and business opportunities in Colombia. The country has been chosen not only because is one of the best positioned economies in the region, but also has lots of underdeveloped areas where a solid international company could have a great impact on the communities located there. Nonetheless, given that Colombia is still on its way to full economic development, this report will evaluate demographic, cultural, political and institutional factors to determine the main elements that could constrain business growth in order to help the company make informed decisions to maximize ...

Introduction

Bahamas, officially termed as the Commonwealth of the Bahamas, is a Caribbean country comprising of over 700 islands, cays, and islets. This country is located in the Atlantic Ocean. When it comes to the economy of the Bahamas, it is one of the most prosperous countries in the West Indies. Bahamian dollar is the currency of Bahamas. Referring to various economic indicators, it is identified that Bahamas is a fast developing country with a stable economy. The country’s economic development is almost entirely depended on tourism and offshore banking sectors as these sectors help the country generate huge volume of foreign ...

Abstract

This paper aims at establishing communism in China and its effects on the government, economy, and lifestyle. Introduction In world history, communism is often associated with negative points. When communism is brought up, cruel regimes in the former Germany, U.S.S.R, and Yugoslavia and also current regimes in nations such as, North Korea, China and Cuba are time and again thought of depressingly. In addition to that, communism is associated with government control, limited personal freedoms, and a police state. Seemingly, all these curtail civil liberties. Ideally, some nations have tried communism and failed because of the methods they ...

Does market Democracy offer an attractive reconciliation between Classical Liberalism and High Liberalism?

A market democracy is also known as democratic capitalism or capitalist democracy. This is defined as a social, political and economic system that is a tripartite kind of arrangement. It is an economy that is market and democratically based. Here, the government gives economic incentives through fiscal policies and free markets. On the other hand, classical liberalism is defined as an ideology and philosophy that belongs to the liberalism school of thought. It emphasizes secure freedom of individuals that has a limited kind of government. In this kind of liberalism, the government does not have much power or control. The power is ...

Although China has seen massive growth in the economy over the last decade and it is usually thought that economic growth and job creation go hand in hand, it is not always the case, and it is not the case in China. This is because economic growth is bettered with increasing labour productivity and as labour productivity rises (Wolf,) the rise in employment that comes with GDP growth is lowered, thus causing less employment in the economy. This has happened in China. While China has 1.3 billion people which means that they have a huge supple of low cost labour ...

- Introduction Estonia is a lowland country that borders with Russia and Latvia and is washed by the Baltic Sea ("Official Gateway to Estonia" n.p.). According to BBC (2013), Estonia is the most northerly of the other former Baltic republics. The country is surrounded by forests and is rich for water sources like lakes and rivers draining into the Gulf of Finland. The official name of the country – Republic of Estonia ("Official Gateway to Estonia" n.p.). The country is small having area 45,228 square kilometers of population of 1,340,415 as of 1 January 2012. Its ...

Collective Bargaining Rights and how they Impact Employment Law in the U.S. (Name of your Course) (Name of your Tutor) (Date of Submission

Abstract

In the United States, collective bargaining rights have provided a stable voice to the millions of employees against their employers who represent the industrial organizations and companies. Collective bargaining plays a strong role in defining the terms of employment in the U.S. and thus, it has had significant impact on the various employment laws that have emerged in the nation. They dictate the overall cost of employing and firing new members of staff in the company ...

The War on Drugs has been fought for the past several decades in the United States – billions of dollars have been spent fighting the flow of illegal drugs into America, seemingly to no avail. Millions of Americans use illegal drugs (marijuana, cocaine, heroin) regularly, and even the most well-organized and efficient anti-drug efforts seem to do little against this. With that in mind, it is time to reevaluate the moral and philosophical objections to drugs in the US; philosophers such as Milton Friedman would argue that it is best to decriminalize drugs and make them legal. On the other ...

Company Report

HTC Corporation is a well-known maker of Smart phones, window smart phones, android smart phones, touch phones, tablets, personal digital assistant phones, and panel computers. HTC also works for the research and development for their own products and sell its manufactured goods under company’s brand name i.e. this paper intends to discuss HTC Corporation, its financial reports and other related aspects. HTC, headquartered in New Taipei, Taiwan, was founded in year 1997 by Cher Wang and Peter Chou. Company built a good market reputation in a short span of time due to its innovative and good quality products. Company always keeps ...

The concept of ''liberalism'' emerged in the early 19th century in European political literature. For the first time this term was used in Cadiz Constitution in Spain in 1811, when a group of politicians defined the constitution drawn up by them as liberal. Later this concept was included in the English, French, and then in all the European languages. The term ''liberalism’' comes from the Latin ''liberalis'' which means freedom (Merriam-Webster Dictionary). Today, liberalism is a complex system that characterizes the economic and political relations in the country. Initially, liberalism was a purely political notion; economic sphere, although emphasized, was not ...

Economic freedom according to Nobel laureate Milton Friedman through his TV series is denoted by equal benefit of both parties involved in a society`s economy. The existence of this freedom is characterized by the creation of great opportunities which enable an economy to produce and market its resources while respecting the rights of other parties involved in exercising their own freedom. This is one of the major benchmarks of a successful one economy and the failure of the other. The free market is responsible for bringing people together for them to collectively contribute to individual freedom which in turn develops ...

‘Name’

‘Instructor’s name’ The Scientific American printed in its edition published on September 22, 1860, that sewing machine is the third most important invention of mankind next only to the plough and spinning Jenny. (Perkin, 2002).Though there is no proper data as to who exactly invented the first sewing machine, Thomas Saint of Britain who filed a patent in the year 1790, is generally considered to be the first to discover a working model. But mass marketing of these sewing machines were first done by Isaac Merritt Singer, who made it a household product across the globe. (Forsdyke, 2013)

Economic impact

Though ...

Economic Freedom

Economic freedom is similar to free trade, and it is the liberty of the markets of a country from government control (Wadhwa, 2004). According to Stossel, economic freedom is attained when the market is free from many government regulations; businesses are free to produce the goods and services that they want, and consumers have the freedom to choose what to consume. Until the early twentieth century, democratic countries like the United States of America were viewed as the most prosperous in the world because they had prospered economically, with high levels of Gross Domestic Product and high per capita income ( ...

Business infrastructure

The business infrastructure in Spain is fairly developed. There are direct services by air to most cities in the United States from Barcelona and Madrid. The travel network between both Barcelona and Madrid is well developed as there are bus services that operate between the airport and Madrid and Barcelona. There is availability of taxis in most cities of Spain. The transport network is also reliable as there is good network of highway in the country that makes transport easy. To the North-West part of the country, in Asturias and Galicia, secondary road network is poor. There is an ...

Until the early twentieth century, countries that were democratic were viewed as the most prosperous in the world; democracy is the freedom of the people to choose leaders by way of voting. Democratic countries like the United States of America had prospered economically, with high levels of Gross Domestic Product and high per capita income; Apart from democracy, the United States also prospered as a result of its abundant resources. In the early nineteenth century however, researchers came up with different reasons that lead to success of nations. John Stossel a researcher and a psychologist studied and wrote reports about the reasons ...

Introduction

The republic of Poland is a country that in Central Europe. This country is a member of the World Trade Organization, the United Nations, the European Union, NATO, European Economic Area, G6, and The Organization for Economic co-operation and Development, among other organizations. Thus, Poland being a member of all these organizations clearly shows that it is a country that is fully committed to its economic development and because of this there is a favourable environment for business activities. The business climate in this country is friendly as it is open to enterprises and people from the other nations whose aim is to conduct ...

Angola’s economy is ranked at number 160 as the freest economy as per the current index. The economic freedom of this African country has a score of 46.7. Currently, this score has improved by a point of 0.5 which is attributed to improved government performance in terms of spending, business and human workforce. Even throughout of the 46 sub-Saharan African countries, Angola comes number 38, its score is still low compared to other world and African economies. Angola’s economic freedom is being undermined by corruption political interference especially on judicial affairs. Oil and diamond dependency for revenue by the ...

In Milton Friedman's Capitalism and Freedom, Friedman argues that political freedom cannot come about without economic freedom, and argues for the perpetuation of the free market as a philosophical and practical solution to many of society's problems. Friedman's perspective is decidedly liberal, though this is framed through the European definition of the word (i.e. limited role of government), instead of the American one (expansion and increase in size of the social safety net).. In this way, he seems to be the quintessential libertarian, believing that the private sector can and should provide for the needs of a free society. This ...

A business is any activity that provides good and services in an effort to earn profit. Profit is the financial reward that comes from starting and running a business. When a business brings in less money than it needs to cover expenses it incurs a loss (McGowan, 2012, p.1). The economy of the country depends upon the employment provided by big and small businesses. The supply of goods and the services is what we rely in our daily lives. Business drives up the standard of living for people worldwide, which contributes to a higher quality of life. Businesses also help raise the standard ...

Abstract 2 1. Introduction 5 1.1 Introduction 5 2. Problem /Opportunity 7 2.1 Business problem (opportunity) 7 2.2 Research Question 8 2.3 Research Purpose 8 2.4 Research Objectives 8 2.5 Research Scope 8 3. Literature Review 10 4. Proposed Methodology 13 4.1 Research Methodology 13 4.2 Ethical Considerations 17 5. Project Work Plan and Deliverables 18

The Western constitutional philosophy is based on the concepts of free choice, free markets, and free enterprises. Yet early societies did not enjoy unlimited freedom since both nature and society impose constraints on minority societies. According to the social contract theory, the rational is to provide for the existence of society as the business increases the freedom of individuals. Freedom and its limits as a concept have traditionally played a significant role in the history of Western thought, drawing attention from thinkers such as Hobbes, Locke, Aristotle, Rousseau, and Rawls. American psychologist, Alexis DeTocqueville regarded personal freedom as the overriding value ...

The article by Robert Zoellick emphasizes on the importance of the World Bank as an instrument to “use finance to tackle global problems” and develop third world countries. Since its foundation the aim of the World Bank Group was to combat consequences of war and to provide assistance to the developing countries. Zoellick looks back at the history of the World Bank, mentioning challenges on the way of this institution. During the course of establishing of a free enterprise economy and the diffusion of private capital, the World Bank had not been only issuing loans, but fostering growth and overcoming ...

Economic Freedom & Free Health Care

Economic freedom is the situation where by the property of individuals that has been acquired legally is protected by government or the authorities from any kind of invasions by any individuals. The owners of this kind of property are free to utilize, exchange or give out their property so long as whatever they do does not infringe on the same rights that belong to other individuals. Economic freedom measures the extent to which the legally obtained property is protected and that citizens are involved in transactions that are voluntary. It helps in carrying out economic activities freely in harmony ...

Introduction

An economic indicator refers is statistics which in most cases is issued by the government and indicates the growth and stability of the economy. Some of economic indicators include the gross domestic product (GDP), inflation rates, employment rates, consumer price index and changes in money supply among others. They apply in analyzing business conditions in a country.

Gross domestic product is the sum of all good and services produced within a country in a given fiscal year valued at the prevailing market prices. It can be measured using either income or expenditure approaches. Many governments use the GDP in estimating the economic ...

1. Adam Smith and Karl Marx were perhaps the most well-known economists of their time, however, their viewpoints on economics and economic development differed to a great extent. Adam Smith is most famous as a founder of the Classical Economics and a strong supporter of economic freedom and trade. Unlike mercantilists, Adam Smith tried to establish principles, which could benefit the whole nation, rather than some individuals. In his book “Inquiry into the Nature and Causes of the Wealth of Nations” he introduces the term “system of natural liberty”, which is equivalent to the current definition of capitalism. According to Smith economic freedom ...

WALTER RODNEY (1975), LIMITATIONS of the African petty bourgeoisie, Toronto: Afro-carrib publishers

For a long time now since the so called independence which was attained from the imperial powers, the African, Asian and Latin America working and the majority masses have continually experienced deprivation and untold suffering. This is rather ironical considering that it is the same masses under the ‘guidance’ of some indigenous political leaders who struggled to attain this independence. It was expected that the working classes who form the majority of the population would after gaining independence enjoy both political, social and economic freedom. That every person ...