...E-mail: abrivere@td.lv Abstract: The objective of human actions eventually is prosperity – happiness for all the people. Prosperity is constituted not only by individual wealth but by the environment as well. A typical misunderstanding in the public opinion in Eastern Europe, and particularly Latvia, is overly narrow understanding of the concept of environment – only as the nature environment. This leads to overly narrow understanding of green economics and thereby not sufficient measures of public policy. The paper deals with overview of environmental changes in Latvia during the period of last twenty years, paying attention to social, legal, political, economic and cultural environment herewith the nature environment. The efforts to measure the state of these environments with quantitative measures, usually scalar measure for each aspect of environment (like Gini index for social environment) are not sufficient to make such kind of conclusions like Kuznet’s curve hypothesis. The idea of Kuznet’s curve is discussed, paying attention to structure and pace of economic growth, considering both social and ecological aspects, empirically based on case of Latvia. The possible ways of solution for the problems, which threaten prosperity, are discussed opposing globalization to localization. The main belief is that the problems, which prima facie do not have solutions in globalization, can be solved in small, local economies. The idea of localization, which becomes more popular...
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...On the other hand, the panorama of new and renewable energy today is filled with mostly mega projects, and assumed solutions that are only that, assumed. No matter what happens, the highest values of humanity have to supersede the expediencies of engineering. It is, however, undeniable, that we are compressed by issues that require immediate and all encompassing approaches. We seem to be corralled by the melting of ice caps and the submersion of cities; the rise of temperature and wild climate change, that ranges from desertification in places to shattering floods elsewhere; the scarcity of water and the specter of wars over maddening thirst; the rights to achieved development for some and to develop for others; the cost of economic growth and the supposed unbearable price of eradicating poverty; the blighted ecology of soviet-style systems and the menace to the environment of unbridled capitalism; the urge to increased material comfort and the menace of diminished humanistic cultures. We are, thus, compelled to make sense out of numerous scientific, political, governmental, social, religious, and ideological discourses: many ambiguous, others redolent of self-assumed-certainty, all assuredly infused with the relativity that defines scientific truths. Then, there is the question of sustainable governance and the consequent discussion over what kinds of systems are themselves sustainable. The noise that ensues from this debate reaches, sometimes, the overtones of a revivalist...
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...Executive Summary For the last five decades the pursuit of economic growth has been the single most important policy goal across the world. The global economy is almost five times the size it was half a century ago (Tim Jackson, Published by the Sustainable Development Commission © March 2009, P1). Economic growth is supposed to deliver prosperity. Better investment return could indicate excellent corporation development, and higher incomes should mean better choices, richer lives, and an improved quality of life for us all. However, the banking crisis of 2008 forced us to confront our inability to manage the financial sustainability of the global economy and the ecological sustainability as well. In addition, led the world to the brink of financial disaster and shook the dominant economic model based on economic growth to its foundations. The aim of this report is to define sustainable economy in terms of six themes: ecology and sustainability; population and demographics; science and technology; economy; geopolitics and security; society and culture. Also, analyze the effects of issues of sustainable economy on management’s governance of the Colourful Corporation. Based on these analyses, this report will provides recommendations about future vision and strategy top management could consider for a sustainable Colourful Corporation. Based on these analyses, the following recommended visions and strategis will be given for Management to keep the Colourful Corporation’s sustainability: ...
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...countries like Cuba, North Korea, Venezuela, or China is at the bottom of the list. Did the fall of the Soviet Union teach anyone anything? Just imagine if China does not open to economic reform, how it can survive with over 1.3 billion people. In fact, throughout our long history, including the failure of the Soviet Union, there is no doubt the free economies will outshine the less free ones. The Index shows the overwhelming evidence that countries like the United States, Japan, Canada, or England that have the most economic freedom have better standards of living, while socialist or communist countries have the least economic freedom tend to have the lowest. In fact, country like the United States generated unparalleled ability to produce wealth, raise the general standard of living, and provide goods and services in a society. Careful study of the long list of countries, and analyze each government system, viewer should see a trend that when too much government intrusion hinders the economic progress that occur every day and will ultimately lead to economic slowdown. “If a government limits its involvement in economic activity, so as to maximize opportunities for individuals to reach their full economic potential, then it will be on a path leading to the greatest levels of prosperity and human well-being for society as a whole” (Miller, Holmes, Kim, 2009). With the...
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...Comparing the Economic Development of Sudan and Libya Professor George Hartner March 20, 2014 University of Regina In comparing the economic growth of developing countries, in this case Sudan and Libya, it is important to understand the variables impacting the growth of the two nations. These variables include social conflict, corruption within the institutions, transportation issues and the commodities in which their economies are structured around. Social conflict has had a great impact on both of the nation’s economic prosperity as well as their infrastructure. As well, corruption has greatly impacts the availability of financial resources for the citizens of either nation. In this comparison of nations, I will argue that Libya is more economically developed and has more economic potential than Sudan. The commodities in Libya offer a future of wealth for the nation and the potential for immediate growth economically and socially. Social conflict and civil war has affected and continues to affect many nations around the globe. Sudan is a nation which has been involved in decades of civil war and as a result has left the nation struggling to survive, leaving almost no basic infrastructure to create order within the nation. They were left without schools, a functioning government or financial institutions. From this, many problems have arisen. Groups such as the Lebanese Hezzbollah terrorist sect have set up training grounds...
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...to workers and benefits to the owners of capital. Although this perspective is backed by strong examples in today’s society, such as the decline in skilled labour leading to greater inequality between the proletariat (workers) and the bourgeoisie (capital owners), it spends too much time on blaming the structure of the system for making inequalities worse, without taking into consideration how much worse these inequalities would be today if the system were not structured the way it is. Therefore, when criticizing systems such as government, and its ability to organize and manage society, it is essential to recognize that without a government in place, and if society were to be adhocratic, the world would be chaotic and not nearly as efficient as it would be if a government were established. The government plays key roles in not only the stabilization of society, but also in helping it prosper in the long run. In this paper, I will argue through a functionalist perspective in that the government has a key function in organizing the regulation of both physical and human capital such that society may achieve prosperity, and that current issues within society would only get worse if the established government were to be abolished. A significant role that the government plays in society is to create...
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...Economic freedom is defined as the basic right of all people to act freely in how they work, what they produce, what they consume, and how they invest their time and money. It is “an essential aspect of human liberty, without which a person’s rights to life, liberty, and the pursuit of happiness may be fundamentally compromised” (Miller, Kim, 2013). Economist/philosopher Friedrich A. Hayek stated that economic freedom is the “prerequisite of any other freedom” (Miller, Kim, 2013). Economic freedom, or lack thereof, is experienced in different levels throughout the world, depending on the degree to which governments restrain them in their countries. The Index of Economic Freedom, created 1995 by The Wall Street Journal and The Heritage Foundation, ranks the economic freedom of every country and reports year to year how the levels have changed. This paper will focus on the relationship between economic freedom and variations in wealth among countries, and will describe specifically how one country from the index has changed over the past 5 – 10 years. The Relationship between Economic Freedom and Variations in Wealth: According to the Index of Economic Freedom, researchers have established that economic freedom is directly associated with economic growth and prosperity (Mitchell, 2013). The wealthiest countries in the world, based on per capita GDP, rank among the highest in economic freedom as well. For example the top five countries average an overall economic freedom score...
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...systems structured as hierarchies with centralized and structured chain of communications with collective decision making. One truism that can be drawn from governance is that it is differs from place to place and system to system. Good governance usually is based on some characteristics like it is consensus oriented, transparent, responsive, effective and efficient, allows specialization. It is responsive to the present and future needs of the society. Environmental sustainability involves making decisions and taking actions that are in the interest of protecting the natural world with emphasis on preserving the capability of the environment. Environmental sustainability is not just about reducing the amount of waste or using less energy, but it’s concerned with developing processes that will lead to a sustainable future. Many cities are responsible for polluting the environment in ways that are not sustainable. Environmental sustainability forces people to look beyond short term gains and look at the long term impact they are going to have on the natural world. Good governance of cities in order to control unwanted waste and pollution can help attain a sustainable environment. A city that incorporates economic, ecological and equity dimensions in its development choices would lead towards environmental sustainability. A society can thrive only when all members feel they have a...
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...HBR.ORG THE BIG IDEA Profits Without Prosperity Stock buybacks manipulate the market and leave most Americans worse off. by William Lazonick SEPTEMBER 2014 REPRINT R1409B The Big Idea PHOTOGRAPHY: ELISE FOR ARTICLE REPRINTS CALL 800-988-0886 OR 617-783-7500, OR VISIT HBR.ORG STOCK BUYBACKS Five years after the official end of the Great Recession, corporate profits are high, and stock market MANIPULATE THE booming. Yet most Americans the not sharing inis are the MARKET AND LEAVE recovery. While the top 0.1% of income recipients— MOST AMERICANS which include most of the highest-ranking corporate executives—reap almost all the income gains, good WORSE OFF. BY WILLIAM LAZONICK jobs keep disappearing, and new employment opportunities tend to be insecure and underpaid. COPYRIGHT © 2014 HARVARD BUSINESS SCHOOL PUBLISHING CORPORATION. ALL RIGHTS RESERVED. September 2014 Harvard Business Review 3 THE BIG IDEA PROFITS WITHOUT PROSPERITY Corporate profitability is not translating into widespread economic prosperity. The allocation of corporate profits to stock buybacks deserves much of the blame. Consider the 449 companies in the S&P 500 index that were publicly listed from 2003 through 2012. During that period those companies used 54% of their earnings—a total of $2.4 trillion—to buy back their own stock, almost all through purchases on the open market. Dividends absorbed an additional 37% of their earnings. That left very little...
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...Gabriella Jackson "High saving promotes faster growth. So having more savers in the global economy should be good for our long run prosperity." Long-term economic growth is the expansion of the productive potential of an economy. Therefore, to ensure such growth, aggregate supply must continually shift outwards as shown in the diagram below. AS AS Price Level 1 2 P 1 P 2 AD Figure 1: Long-term economic growth 1 Real Gross Domestic Product Y Y 1 2 The diagram shows aggregate supply shifting outwards from AS to AS and consequently the price level falls from P to P and real gross domestic product rises from Y to Y . 1 1 1 2 2 2 Saving refers to the income of a household, firm or government that is not spent but set aside for future consumption or investment. It is vital to an economy because it provides finance for capital investment. Investment refers to the purchase of capital goods, which are used to aid further production, meaning the productive potential of the economy increases. Without such investment, aggregate supply and the productive potential of the economy would remain static. If this were to be accompanied by aggregate demand increasing at a fast pace, overheating in the economy would be the likely result. AS Price Level 1 P P 2 1 AD 1 Real Gross Domestic...
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...Globalization and the Future Tom Lombardo, Ph.D. Introduction Globalization is perhaps the most significant and pervasive contemporary trend. Humanity is moving from a set of relatively autonomous nation states to an integrated global reality, more ruled by international corporations and organizations, and economic and ecological interdependencies, than national and political ideologies and issues. Fueled by global communication, technological networking, expanding transportation systems, economic exchange and competition, and the growth and spread of a global culture, globalization is seen both as a positive and as a negative trend. What are the main features of globalization, what are the future possibilities, and how will globalization have an effect upon your individual life? Outline “Nothing will be done anymore without the whole world meddling in it.” Paul Valéry The History of Globalization Positive Images of Globalization Imbalance, Diversity, and Conflict: The Problems of Globalization Global Tensions, Challenges, and Evolution for the Future Howard Bloom – The Deep History of Globalization – Reciprocity and Conquest Global Communication and Networking of Life Global Expansion of Humanity Emergence of Cities and Trade Routes Reciprocity and Conquest Robert Wright The Evolution of Win-Win Reciprocities in Human History The Expansion of Economic Interdependencies and Exchange The Expansion of Communication Networks Cumulative...
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...Although cultural barriers exist to the elimination of child labor in India, we believe that with community prosperity, increased infrastructure, and growth, the need for child labor will disappear. We do not feel that Bayer should directly invest in creating schools for children or water treatment facilities, as these activities are clearly outside the bounds of Bayer’s expertise. We feel that there is a natural progression in prosperous societies to move away from child labor, as has been the case for most western nations in the last century. Although Bayer had been in India for over 100 years, its cottonseed business there was quite young. Bayer acquired Proagro Seed Pvt Ltd in 2002. Even though many companies in the country considered child labor “business as usual”, Bayer had a zero-tolerance policy for it, which was underscored by its corporate mission statement. After Bayer was named in a report produced by the India Committee of the Netherlands, which was the result of an investigation on child labor in India, the company found itself in a difficult position. Roughly 6% of Indian children between the ages of 5 and 14 participated in the labor force, accounting for 20% of India’s economy. Bayer could either exit the cultivating industry in India or develop a solution to the problem. Cotton seed production was a profitable activity for both Bayer and the farmers. Eliminating child labor would be an uphill battle in that cheap labor was the only leveraging tool available...
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...have proliferated across. The inter-regional and transnational boundaries have (virtually) shrunk as a consequence of rapid transportation and globalization. Vast copious reserves of natural resources have been unearthed too. All these accomplishments have been made possible by phenomenal massive contributions into the realm of knowledge which one after another led to new theories of economic growth. Each new strand of theories trumpeted about high spirits of development. Despite these achievements for which I don’t belittle human efforts, we unfortunately and sorrowfully witness huge crises of economic and social equality and justice. Unequal distribution of income, concentration of wealth in handful of people, vast differences in consumption patterns, lack of opportunities to multitude of people to prosperity, rising burden of debt for countries, macroeconomic imbalances etc are some of the obnoxious problems that even the economists of noble laureate could not have imagined in the wildest of their fantasies to hover over the mankind consequent upon an application of their models. One can thus say that the “conventional economics” has utterly failed to achieve what it ought to have been. There should be no difference of opinion in “objectives” of a theory to be achieved given that the theory deals with domain of social sciences- the scientific study of human society and social relations. My intention here is not to put a bolt to the human system of acquisition and application...
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...economy is going in, and the possibility of a worldwide depression. They have been warning about the growing global imbalances in the world economy, and the consequences if not corrected. Yet we live in a time where the global economy is booming, especially in the Anglo-Saxon and Asian economies. Consumer spending is up. House prices around the world have risen dramatically. Unemployment remains low. The global economy has experienced the longest period of sustained economic growth in recent history. The US$ continues to remain stable. Why has the global economy experienced such strong growth? Will this growth continue? What does the future hold? Interestingly, some of the stimulus for the growth the global economy has recently experienced is a result of decisions made following Sept 11th. Already, prior to Sept 11th the US Federal Reserve was maintaining a loose fiscal policy in an effort to stimulate economic growth in the US economy, which had slowed down following years of strong growth during the Clinton administration. Then along came Sept 11th, which threatened to destabilize the American banking system. To prevent this happening, the Fed injected billions into the banking system to provide sufficient liquidity to prevent a run on the dollar and the banks. Meanwhile, Japan since the late Eighties had been wrestling with a stagnant economy, deflation, and a rising currency. The Bank of Japan was already printing money prior to Sept 11th to support its...
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...economic environment it is difficult to imagine that every nation has been completely independent at some point in its history. A simple living without import and export, solely relying on the resources occurring in the own country and necessarily going without goods that can’t be produced with existing resources. But being self-sufficient is no longer a desirable ambition, states trying to be self-sufficient quickly get left behind. Reason for this phenomenon is the increasingly occurring competition based on the global exchange of goods and services which was firstly agreed and regulated in 1948 in the “General Agreement on Tariffs and Trade”. As the GATT eliminated trade barriers between at first 23 and later over 120 involved nations (WTO, 2015) it was a decisive event leading to the beginning of the still ongoing revolution called globalization. This technologically driven development opened up new opportunities like economic growth and prosperity. However, despite the wide range of advantages it also brought a strong anti-globalization movement into being which is convinced that it threatens factors like prosperity, political sovereignty, cultural integrity and the environment (Osland, 2003). In the following I will take a closer look at some points dividing the minds. The main advantage of globalization undoubtedly is free trade without barriers and therefore the daily exchange of resources occurring all over the world and the opportunity to produce and manufacture them under...
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