Essays on Economic Policy

Candidate Number:

Part A: Plan of Investigation How did Lenin’s war communism policy compare and contrast with his new economic policy? (1921-1928). It is imperative to know the history of the current communism present in Russia and thoroughly understand its roots that started to take roots after the First World War. This paper investigates the similarities and differences that existed in the economic policies during Lenin's reign in Russia. Understanding the War Communism that set the foundation for the New Economic Policy is of importance so at to review the progressive nature of the country's economy. In as much as ...

Delivery date

Policies are principles put in place by the government to help guide them in making decisions so as to achieve desired outcomes. The States employ many strategies to help them bring about economic growth and development, as well as, increase the productivity levels of the country. This paper will focus on strategies employed by the United States government to influence economic progress and productivity. It will also assess whether each of the policies has improved or weakened the people’s quality of life. Approvals that might advance these policies will also be made. The most pressing challenge currently in ...

Question 1

The Great Depression which was experienced between 1929 and 1933 was the most severe economic downturn in the modern times. The depression enhanced economic changes such in macroeconomic policy, economic theory, and economic institutions. Millions of workers lost their jobs while businessmen and farmers across the world went bankrupt. The economic slump affected the industrialized nations and those nation producing primary products, such as raw materials and food, in one way or another (Smiley, p.34). For instance, in both United States and Germany, the industrial output fell by approximately 50%, and the unemployment level in the industrial labor force ...

Organizations are mandated as part of their objectified goals to formulate policies that are unbiased and geared toward the entire benefit of the society. There are numerous organizations that operate in line with this principle. Different documentaries and studies have recorded analyses and evaluations as to the viability of these organizations as far as the benefit to the state is concerned. Essentially, the state can be regarded as a large organization that seeks to protect and serve its citizens through its agents, state based organizations that are its subset. Fundamentally, a standard number of these policy research organizations seem (as depicted ...

Introduction

This summary was created for the purpose of identifying real-life examples of “Technology Strategy”. Based on the reference book Strategic Management of Technology and Innovation by Burgelman, Christensen and Wheelwright, technology strategy is defined as an overall plan that relates to the use of technology for an organization. The plan will consist of objectives, guiding principles, long-term action plans and other tactical elements. Technology strategy focuses on the process and the people involved in the deployment of technology.

Real life examples presented herein are derived from web resources and are analysed by answering the following questions:

- Similarity of the definition described in the article to the definition presented in the reference material; - Description of ...

Alesina, Alberto, James Mirrlees and Manfred JM Neumann. "Politics and business cycles in industrial democracies." Economic Policy, (1989): 57--98. Online.

This particular article, while somewhat out-of-date for the current time period, compiles evidence to suggest that business cycles have a tendency to follow political cycles closely. Economic fluctuations are commonly consistent with political instability or perceived political instability, as postulated by the researchers. Alesina, Mirrlees and Neumann suggest that political cycles with economically-undesirable outcomes will have a negative effect on the economy in most sectors, while other political events will have a bolstering effect on an economy.

This article in reality, a discussion piece between the authors in which they accumulated, analyzed, and discussed the data regarding macroeconomic implications of political cycles in ...

Introduction

Adam Smith is one of the most revered economists that influenced the development of modern economic thought. Adam Smith is famous for coining the term “the invisible hand of the market” which is the perfect metaphor for market movements driven by supply and demand. However what makes Adam Smith’s thinking unique is how it ties is yet contradicts the teachings of great thinkers ahead of him such Aristotle and Saint Thomas Aquinas on their ideas of wealth accumulation and self-motivation. He also thought similarly but contrasted with his contemporaries such as Bernard Mandeville.

Adam Smith was a Scottish ...

- Find an outline an example of one economic policy/practice from any country that fits into the realist perspective of IPE. Don’t all choose the same country

The great example of the economic policy in realist context is Russian gas policy. Currently Russia uses its neighbor Ukraine to deliver gas to Europe, however the emergence of new projects for Russian gas exports to Europe provoked the gas conflict between Russia and Ukraine, which began at the turn of 2005-2006. Then Ukraine created obstacles to the free transit of Russian gas to Europe. Particularly acute gas war was at the turn of 2008-2009. The absence of the Russian-Ukrainian agreements on gas supplies and its conditions of transit interrupted the supply of hydrocarbons from Russia to Europe through ...

The most important economic policy today is one that will spur economic growth. The economy has to emerge from the serious problems it is currently engulfed in which include: high unemployment, reduced consumer demand, a shrinking middle class, a large national deficit and the mishaps of the housing estate. Unemployment is a major issue of concern to date. It is critical that a policy that will spur economic growth be implemented because the other variables are largely dependent on the level of economic growth (Von Mises, 2006). A fiscal policy that will increase incomes of household will raise aggregate demand, and then firms ...

Thomas Hungerford, Senior Economist and Director of Tax and Budget Policy at Economic Policy Institute, claims that taxing capital income will decrease the income inequality. According to him, the income gap between the different income groups is increasing because the capital owners are getting a relatively higher share from the generated income in the economy. Therefore, increasing the taxes on the capital incomes can decline the capital income. I strongly disagree with Hungerford.

Graph 1: Global Labor Share

It is true that the labor share in the income is decreasing all around the world. Karabarbounis and Neiman (2013) indicate this reality in their NBER research ...

Economics

The European countries are facing lower growth rates, just as they faced in history. The austerity measures have brought pain to the euro zone, and these measures provided no relief. The euro zone countries are reducing their spending by the double digits. Such reduction is increasing unemployment in Europe. The eurozone countries are trying to find the possible ways that are suitable for countries that are stagnant economically for the prosperity of the countries. In order to achieve the better growth for the economies, the countries are adopting austerity. Austerity is the intentional deflation of the domestic prices and ...

What can the first and second theorems of welfare economics teach us about economic policy?

What is economic policy? Economic policy refers to those actions that a government undertakes in order to influence its economy. These Economic actions include regulation of interest rates through Federal Reserve, regulation of the government expenditure, implementing rights of private property, and laving tax rates. Welfare Economics is the method of systematically evaluating economic implications in the alternative resource allocated. Welfare economics deals with weather the sources allocated are efficient and who is going to lose or gain by how much in various allocations (Mark Blaug, 2007).

Fundamental theorems of Welfare Economics

Welfare economics has two fundamental theorems which are as follows: First ...

Business

European socio-economic model is an amalgamation of the wide-ranging welfare systems and powerfully politicized and institutionalized forms of the industrial relations (Grahl and Teague). It comprises of the social security, economic life, educational system and the methods for driving the formation of human capital and for creating and diffusing knowledge. There are several advantages as well as disadvantages of the European socio-economic model. Considering the advantages, the European model is not merely a social model; rather it influences employment, production, growth, objectives and goals of economic policy and the competitiveness (Aiginger and Guger). The European socio-economic model is a representation of ...

Impact of Globalization in the United States Economy.

Globalization is perceived to be an international integration process emanating from world views, ideas, products and transformation of cultures. It has greatly been influenced by infrastructure in areas such as communication and transportation. There are four aspects of globalization that must always be considered. Globalization must have investment and capital flow within the economy, transactions and trade records, spreading of knowledge and easy movement of people within the world. The impact of globalization in the American state is widely discussed in Washington. The major part of the debate is about the macroeconomic effects of gross domestic product deficit ...

The development of Russia had many historical turning points. These changes were mainly connected with such political figures as Lenin, Stalin, Khrushchev, Brezhnev, Gorbachev, Yeltsin, and Putin. The Soviet economy depended on mostly political decisions but not economic programs. Although the basic economic system in Stalin, Khrushchev, Brezhnev eras remained unchanged, there were some peculiarities in these periods. The effect of Stalin’s policy had a profound impact on people and the state. In 1928, the Communists instituted the first Five-Year Plan. It dealt with such aspects of development as an industry, consumer goods, agriculture, transportation, communications, health, education, and ...

Part I

The theory of hegemonic stability is a theoretical modification of the common observation in post-world war II international relations. United States control was the key player in the successful world capitalist economy after 1945. Us in the late 1940s possessed not only prestige and unrivaled power, but also it had a purpose. America in three decades had intervened in two destructive wars after which it decide to remodel the formation of international economic and political relations in such a consistent way with its interest and liberal ideals. GATT-based multilateral trade and Bretton Woods international monetary regimes were the main legacies of the ...

Introduction

Economic consequences are extremely essential for the sake of an economy, as it is the only thing through which the power of economics of a country will get appreciation and upper hand in the market (Angermuller, Maingueneau & Wodak, 2014). Escalating stock market recognition, increasing economic power, Gross Domestic Product and Per Capita Income are some of the important aspects that found interactive and effective in the entire field of economics and management (Angermuller, Maingueneau & Wodak, 2014). In terms of significance, the subject of economics has its diversification in different themes that will be considered accordingly in the picture. The ...

Introduction

Malaysia is a nation positioned in the South East of Asia. The country practices a federal constitutional monarchical system, with control of 13 states. The nation lies in a space of 127, 350km2 with Kuala Lumbar as the capital city. The country shares land and maritime on both ends with the neighboring nations such as Thailand to the East and Singapore to the West. This essay seeks to examine the political, economic, social structure in relation to doing of business in Malaysia.

Political system, governance and Religion

As a point of departure, the political milieu of this nation has been relatively stable and this is immensely attributed to ...

Question 1: Please describe your short-term (3 year) career goals.

My short-term career goal is to gain a position as an economic policy consultant in the provincial government in China. Mainly, I hope would secure an opportunity to work in the poorer such as the West of China. Through extensive knowledge of economic policies, I have acquired adequate skills to help in the analysis of the poverty status in the region. The skills will enable me to identify the problems causing the high level of poverty and suggest necessary economic step the government should take as a remedy to the problem. I also look forward to an opportunity to help the ...

The role of special interest groups in American politics has been highly contentious. The national interest is a amalgam of varying private interests all vying for attention on the national stage. Instead of encouraging citizen involvement, special interest groups have magnified the fissures of the American political system. In this paper, I will discuss the role that special interest group play in public policy, examine the campaign reform movement and the pro’s and con’s. Interest groups were a concern that the Founding Fathers had since the founding of our nation. Modern day citizens hold the sentiment that democracy ...

What is the structural adjustment?

Structural Adjustment Programs were instituted to offer countries in need, the opportunity to avail loans from the International Monetary Fund or the World Bank. In place since the first half of the 1980s as an economic policy as such developing countries affiliated with World Bank and International Monetary Fund (IMF) can benefit from it, by the provision of loans qualified on the espousal of such policies(W.H.O, 2014). Elaborating, the loans are associated with circumstances akin to substantial policy reforms, the framework of which must be complied prior to availing the loan (Abugre, 2000).It was intended atevolving the ...

Introduction

Inevitably, the topic of economics is the most astounding and effective one for the economies, as the main crux of an economy and economic factors are always be effective for their future growth and effectiveness. Economics is a core subject that associated with almost every walk of life, and it can be used for different purpose all over the world. Economics is a subject that specifically associated with the earning and consuming the money accordingly and effectively at the same time. The two broad types of economics, on which the entire broad definition and outlook would be depending, are effective for ...

Political Economy of Social Welfare

I. Introduction Popular opinion refers to the sentiment, belief or view shared or held by the majority of the public about a particular issue of interest. On the other hand, socialization process refers to the way through which people interact to discuss an issue that affect their daily lives. When it comes to media, it has a wide influence on public opinion and can sway the views held by people about a particular topic of interest (Shamir & Shamir, 2000). In short, media help in shaping the popular opinion, especially so when people respond to their priorities and needs. Moreover, media also ...

THE AMERICAN ECONOMY IN 2014

Introduction 2 Why the Inflation Rate is increasing? 3 Economic Policy Suggestions 5

References 7

The American Economy in 2014 Introduction The American Economy has started recovering from the financial crisis began in 2008. The GDP is increasing at the average rate of 3% annually. Even though, the American Economy did not confirm a full recovery, it looks like that a new balance in the economy is developed. Graph 1: GDP Growth In the nominal numbers, the American Economy is producing again; however, the real values of the GDP indicate us that the Economy is not fully ...

Introduction

Economic development stands for sustained and effective actions of communities and policy makers that promote good standards of living and quality economic health of a specific region. Quantitative and qualitative changes in the economy also define economic development of a place. Any nation aiming at achieving an effective economic development must come up with a strategic plan that caters for the economical and social well-being of the citizens. Development forms one of the fundamental pillars that promote the economy of the nation. Development takes place in many aspects and various factors influence the development of the country. The location, types of economic ...

Classical model of the economy has weaknesses that Keynes took advantage of to come up with the Keynesian model. In the classical view of the economy, the belief is that the market will always tend towards providing full employment and that people were satisfied with what the real world is described to be (Caporaso, 1992). However, this belief could not hold any water when the Great Depression started in the economy. It was at this time when economists wanted a more rational way of formulating economic policies. The operations of the market in the view classical theorists failed to sustain ...

‘Instructor’s Name’

‘Subject’ Federal Government Vs State Government “The powers delegated by the proposed Constitution to the federal government are few and defined. Those which are to remain in the State governments are numerous and indefinite”. - James Madison, in 1787 The above words were uttered by Madison, which reflects that the founders of this nation had planned for minimal federal government and stronger state Governments. But gradually during the past 227 years, the federal government has become more powerful than the States. The role of the federal government expanded dramatically in the twentieth century, and today ...

INTRODUCTION

Economies these days face the challenges and combat with the rising inflation continuously. The structure of the macroeconomic policy encourages the economic growth. The tools used for the stability of the economy are in some of the cases referred to as the expansionary economic policy. The fiscal and the monetary decisions of the economy determine the policies which end recession. These policies are usually formed by the central banks which determine the increasing or the decreasing money supply. The expansionary policy is considered as an effective tool for managing the low growth periods which arise in the business cycle. ...

Microeconomic policies have an objective of improving the level of efficiency in the economy. Economic activities aim at the production of goods and services. The goods and services reach the consumer who is at the lowest end of the chain of production. Consumers use the goods and services to satisfy their unlimited wants (Mandler 1). In this case, the current event focuses on Abington House, which is a luxurious residential building affected by the inclusionary zoning program in New York. It offers residential services to the surrounding population. However, the apartments are expensive such that the rental rate per month ...

Different social groups have engaged in the debate about foreign workforce in America. Some groups support the issuing of visas to job seekers while other groups do not support. Groups that support the issuing of visas claim that foreign workforce contributes to economic growth by increasing the productivity of local enterprises. Groups that oppose the issuing of visas to foreigners who seek employment claim that the foreigners pose a threat to the workforce in America. Truly, some of the individuals who receive visas to work in America come to replicate the already available skills. However, some of them come with ...

Introduction

A woman in Palestine has a major role in her society, which is being part of the formation of the family. The formation of the family has different units, nuclear, transitional, or hamula or the extended family. Hamula or the extended family is the most common family formation in the Palestinian community. The tradition and teachings of the Quran have significant influences for the rights of women in Palestine. Hanan Riyan Bakri, a counselor of Women’s Social and Legal Center based in East Jerusalem traveled throughout the Occupied Territories to lecture Palestinian women about their rights . Generally, parents who are ...

In the wake of the 1920s, emerging industries and other new methods of production led to prosperity and economic boom in America. An increased number people invested in the stock market than before leading to the hiking of average prices of stocks by 40%. Buying on credit was rather disastrous at this was a season of great economic boom. On average, people’s salaries and wages stayed the same level even as prices for other commodities. Many U.S citizens invested on the stock market, anticipating to make huge and quick profit. This great prosperity came to a sudden halt in ...

About South Africa

South Africa is located in the southern part of continental Africa. It is the 25th largest country worldwide. It is surrounded by neighboring countries (e.g., Namibia, Botswana, Mozambique, Zimbabwe, Swaziland, and Lesotho). On its sides and southernmost tip are the Indian and Atlantic oceans. South Africa has three government capitals: Pretoria (executive); Cape Town (legislative); and, Bloemfontein (judicial). Its largest city is Johannesburg. It has nine (9) provinces, eight (8) metropolitans, and 44 district and 226 local municipalities. As of 2011, South Africa is home to more than 50 million natives and immigrants. It also has 11 officially ...

In recent years, there has been an intensive discussion about the United States budget deficit. The economists and various observers have argued that the budget deficit has dire consequences on the United States and other economies around the world. The effects include high interest rates, low rates of economic growth and low savings. This provides the platform for economists and policy makers to find a possible lasting solution to the budget deficit. Deficit is the difference between receipts, the money the government receives, and the outlays, the money the government spends, per year. The receipts are generated through excise, ...

Business Cycles have a tendency to follow political cycles closely

Introduction A business can be defined as an activity one undertakes with a view of making profits. A business may also refer to an enterprise that is involved in trading of goods and services for commercial purposes. A business may be privately owned or owned by a group of individual thus making it a company or even stat owned. There are different types of business in existence nowadays and they include; sole proprietorship, partnership, corporations and cooperative. There are also different classes of business for example; agriculture, mining, financial, informational, real estate, service, retailers and transportation among many others (Willett 3). ...

Introduction.

Born in 1912 by Jewish immigrants in New York, Milton Friedman was a renowned statistician and economist best known for his contributions in the free-market capitalism. Throughout his distinguished career, Friedman made major contributions to the analysis and conducts of economics and economic policies. His significant work encompassed money, economic history, economic methodology, micro and macro-economics, international economics and economic policy (Friedman, Savage, and Becker, 2007). His work towards the development of economics as a subject remains a key mark in the literature of development of economics. Most of his theories and concepts are still in use, in most economies; however, to a ...

Agriculture has always been an important part of Indian Economic Development. With, almost half of the Indian Population dependent on Agriculture for their livelihood, this primary sector employment arena contributed 50% to India’s National Income. However, since the time of Independence, the contribution of agriculture and its allied activities to the National Income has reduced to 18%. Indian Sub Continent has seen a drastic shift, both in Agricultural Technology and Policies related to it since independence. Since, development of other industries and sectors is dependent on agricultural development; it continues to be dominant sector in Indian Economy. Prior ...

Import substitution industrialization (ISI) refers to trade and economic policy which supports the replacement of foreign imports with domestic production. It is based on the fact that a country should attempt to reduce its foreign dependency by the local production of industrialized products. The ISI managed to bring in growth for several decades through the protection of nascent industries from strong competitors in the global market until they were able to compete. Though it was successful for some time, it brought in decline in economic growth as it had run out of steam in the Latin America. As such, there were ...

The Largest Actor in the Economy: Government

Government is an organization founded by the collaboration of all people in a country which is assigned to organize country management, protect its citizens’ rights, provide public services to its citizens and develop country economy and welfare level. Governments are mostly elected organizations for a certain time period and they need citizen votes for being on power. They make economic, social and political development plans and present it to citizens; and if people gives them power, government can implement its plan strategies. Government is the largest organization in all countries. To do its duties spends a lot of resource and ...

Following the American Psychological Association’s Guidelines

Milton Friedman expresses his ideas about government interference to free market economy and he claims that it has a negative effect on economy. At the time this video recorded, there was an inflation problem. The Government and the producers at this time indicated the very high personal expenditures as the main reason for the inflation and they expressed that the consumption at this time had to be decreased as an economic policy recommendation. Friedman rejects this idea and contrary to this idea he claims that the government’s economic policy and the suppliers’ price policy are the main reasons behind ...

Abstract

This paper is based on an article from The Economist published on June 1st, 2013. In this paper, I will analyze the economic policy against the credit markets fluctuations in the US and try to follow the traces of the failures in this policies due to the reactions of the martkets to this policies. The Fed and the Government implement some macro policies to stable the markets to ensure the growth rate in the US while keeping other macroeconomic variables such as unemployment, inflation, stock exchange markets, foreign exchange rates. However, people’s reaction to these macro policies sometimes ...

Introduction

The Golden Age (Long Boom) was an absolutely unique period in West European economic history. During this time period of about 25 years that followed the end of the Second World War, countries of the West Europe expanded their economies at the unseen before rates of at least 5 % GNP increase per annum, which nearly doubled the previously recorded rates of growth. What is more significant, is that this economic growth was also accompanied by the equally strong increase in employment, which made possible for the European countries to experience a state of practically full employment and thus almost the maximum ...

The phrase, sustainable development has its genesis in the international Union for the Conservation of Nature’s which took place in 1980 World Conservation Strategy report. The phrase gained wide-ranging prevalence in 1987 where it was entitled, Our Common Future by the World Commission on Environment (Metz, 2010). The commission defined sustainable development as growth that meets the wants of the current without compromising the capability of upcoming generations to meet up their individual wants (Yuen, 2011). The initial attempts to make the notion extra accurate were imaginary rather than realistic. They mainly put their focus on the ...

After the 1905 Revolution, trade unions sprung up in Russia. The Moscow’ Printers Union was the first illegal trade union set up in Russia in 1903. Between the years 1906 and 1907, there was the flourishing of trade unions. However, they were persecuted during the “Years of Reaction.” From the years 1914-17, they were seen to revive again only to be suppressed another time due to the war outbreak. Thus, the March of 1917 saw leaders construct a trade union movement, building it from the very basics1. Although skilled and artisanal workers were mainly joining the trade unions in ...

In recent news, the Greek Debt Crisis continues to escalate further given Greece’s continues debt despite the bailout funds provided by the EU, IMF, and the World Bank. Considered as one of the primary reasons for the on-going Eurozone crisis, the Greek Debt Crisis showcases not just the Greek government’s incapacities to improve its economic status but also the impact of an unstable economy to the remaining members of the Eurozone. Prior to the announcement of the Greek debt crisis, experts had already seen Greece’s economic instability that would prove fatal in the long-run and led ...

International Economic Policy-Making of the EU and the US

Foreign economic policy-making varies between regions given the size of their economy and the nature of their foreign policy mechanism in the international arena. Policies would take into consideration political interests and economic competence in the globe, while it can easily blend with domestic policy. In the case of the European Union, the Union represents its member countries in creating foreign policies that would not just cover their international policies but also their domestic policies: may it be for political or economic reasons. Unlike the United States, which only has to represent one state in the international market, the ...

The arguments about the author that the IMF’s single-minded concerns about the inflation and the fiscal rectitude are believed to have been inappropriate for many countries. This according to the author has created a situation of unemployment. However, the author also give out some solutions to these problems such as the changing the bad economic habits within the IMF by increasing transparency and accountability within the organization. He also says that the IMF should reduce the influence of special interests by giving the least developed countries more ownership over the conditions that have been imposed by the international monetary ...

George E. Curry reported in The Scanner on November 12, 2012, in his article entitled “No Surprise – Income Inequality Growing” about the divide between the have and the have-nots in the United States, and how the rift is just getting larger. Curry analyzed a government report which was issued by the Center on Budget and Policy Priorities and the Economic Policy Institute, entitled, “Pulling Apart: A State-by-State Analysis of Income Trends,” studied the incomes of all levels of households in the United States. The report divided the income levels into three categories: high-income, middle-income, and lower-income households. Much of ...

Introduction

The National Development Policy (NDP) policy is a Malaysian development blue print that was introduced into the country in 1990 by Dr. Mahathir Mohamad who was the Prime Minister then. The NDP was meant to replace the NEP. NDP was meant to continue upholding the basic strategies that were held by NEP. In addition, NDP was to look into the following issues; focus on antipoverty strategy, place emphasis on human resource development, change the focus from over reliance on private sector for economic growth and finally focus on development of Bumiputera Community of Industry and Commerce (BCIC). In this paper ...

Global stratification is an integrated economical network, established by globalization of work and labor, hugely influencing the economical growth of all countries. Countries classified as High income or First World Countries, like US, New Zealand, Australia, Japan, and Western European countries considered as core countries, dominate the world economy by defining their own rules, regulations and culture. Mostly Second world or Mid Income countries, and low income or Third World countries like China, Soviet Union, Korea, and other Asian countries, which are considered peripheral countries, financially and politically depend upon these economically advanced countries, abiding the rules and regulations ...

Fiscal Cliff basically refers to the economic effects that are likely to arise from the tax increases, reduction in the budget deficit, and underlying spending cuts when the Budget Control Act of 2011 goes into effect at the end of 2012. The changes expected include a 2% tax increase for workers as a result of the stop of the temporary payroll tax cuts, the stop of some tax breaks for businesses, and the beginning of Obama’s health care law taxes, among others. In addition, the spending cuts shall become effective. The main reasons why the tax rates shall rise include ...

Introduction

The racial riots took place in Malaysia in the year 1969 and this was followed by the New Economic Policy which was announced by the Malaysian Government in the year 1970. The plan was brought into effect in the year 1971 and set certain objectives to deplete poverty regardless of ethnicity and race and society restructuring n order to attain inter-ethnic economic equality between the predominantly Chinese non – Bhumiputera and the predominantly Malay Bhumipetera. The implementation of the New Economic Plan in Malaysia leads to partially abandoning the laissez faire policy in this country. State intervention was encouraged ...

John Maynard Keynes founded the dominant school of economic policy in the Western world from the 1930s to the 1970s, and argued that an expansionary fiscal policy through deficit spending was essential to stimulate the economy in a recession or depression. During this period, social welfare spending, strong labor unions and regulation of capitalism were part of the social democratic consensus, but all of this came unraveled in the stagflation and oil shocks of the 1970s. Stagnation and decline in Eastern Europe and the Soviet Union of the planned economies were evident and began to crumble under the pressures of inflation, ...

On Tuesday, 6 November 2012, the United States of America will vote for their preferred presidential candidate. Contesting this election will be Republican Party’s Mitt Romney and the Democrat’s Barrack Obama. After following the campaigns of the two candidates and comparing their manifestos, it is eminent that Mitt Romney’s policies are quite vague, and he seems to be changing the goal posts every so often. This has been witnessed from the promises he utters; his words are so minced up that he has been referred to as the two-headed chameleon. This article serves to highlight reasons ...

Chinese and Japanese Foreign Policy Interests: The Similarities and Differences

Throughout Asian history, China and Japan have consistently dominated several fields such as military, economics, politics and development. Both nations are separated by the East China Sea and can be considered similar in terms of its history, culture, and position in the Asian and World economy. However, despite these similarities, both nations have not seen eye to eye with regards to several issues, affecting their foreign relations with each other. Despite the fact both countries belong to different political spheres and hold different beliefs over the issue of territory, sovereignty and economy; the People’s Republic of China and ...

The global financial crisis of 2007-to-date is cited as being among the worst ever to affect the world since the credit crunch of the 1930s popularly known as the Great Depression. Coupled with the financial crises, a massive sovereign debt crisis advanced among leading national investors all over the globe and the most affected were the majority of European governments. The Eurozone crisis made it difficult for most nations to re-finance their debts leading to the creation of rescue packages and bailouts to prevent the collapse of economies that were in between the depth crises. Member states within the European ...

Introduction

Various instruments of macro-economic policy affect a country’s economy and the global economy at large. They include monetary policy, fiscal policy, and the supply side policy. Monetary policy is when the government decides to use the interest rates and the money in the economy to control the economy (Griffiths & Wall, 2012). This can be applied during recession to expand the economy, or during boom to restrict the economy. Fiscal Policy is used to direct the economy by deciding the expenditure of the government, the resources, and the taxation. The supply side policy is used to change the economic ...

Why was the New Economic Policy introduced?

The early 20th century was a time of tumult for Russia. Tsar Nicholas attempted to expand the Russian Empire and ended up fighting the Japanese in the east, resistance in Finland, and internal rebellion. When the Russian Navy was soundly defeated in the war against Japan, the internal protest and rebellion escalated. On a Bloody Sunday in January of 1905, the Imperial Guard fired demonstrators lead by the priest Georgi Gapon launched revolution of 1905. In May the first Soviet, or council was formed in a textile strike in Ivanove-Voznesenk and the sailors on the battleship Potemkin defected to Romania. Matters calmed ...

The United States is a federal country that has a large economy as a result of the fast-economic resources found in it’s over fifty states. In order to achieve continued economic stability, the United States has put in place well structured systems and programs that guide its policy on revenue collection, government expenditure and other monetary policies. This has been done carefully to grant the semi-autonomy status of its sates a clean bill of health. It is a fact that the monetary policy enshrined in the United States constitution and the mandate given to various constitutional officers play a great role in influencing and ...

Chapter Four

Apart from other migration variables, economic variables do affect the migration patterns in a region. Economic factors deals majorly with production, distribution, and consumption of goods and services, hence, factors influencing the rate of migration in China also depend on the economic factors. This is because as evident in the last two decades of Chinas boom in economic growth resulted from the labor migration. Evaluating the major provinces in China and their respective regions, the migration of people in China is categorized into two that is the migration of people from rural to urban areas and the migration of people ...