...Tariff Barriers. Tariffs or import duties are tax imposed on imported goods primarily for the purpose of raising their selling price in the importing nation’s market to reduce competition for domestic producers or stimulate local production. A few smaller nations apply them to raise revenue on both imports and exports. Imposing of tariffs can result in retaliation that is harmful rather than helpful for a country and its well-being: In 1920, American farmers lobbied congress for tariff protection on its agricultural products. Overtime more domestic producers joined with agricultural interests, seeking their own protection from foreign competitors. The resulting legislative proposal increased tariffs for more than 20,000 items across a broad range of industries. In 1929, the Smoot-Hawley Tariff Act established some of the highest levels of tariffs ever imposed by US. That day stock market crashed, falling 12%. Despite protest from 34 foreign countries, the act was signed in 1930. The result was a retaliatory trade war, characterized by tit-for-tat tariffs and protectionism between trading nations. World trade fell from $5.7 billion to $1.9 billion, industrial efficiency and the effects of comparative advantage were sharply reduced, unemployment increased dramatically and the world was pushed into decade-long economic depression. Ad Valorem, Specific and Compound Duties. Import duties are three types; 1) Ad Valorem, 2) Specific, or 3) a combination of two called compound...
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...COMMENTARY ON CFPB REPORT: DATA POINT: CHECKING ACCOUNT OVERDRAFT G. Michael Flores, Bretton Woods, Inc. Todd J. Zywicki, George Mason University School of Law George Mason University Law and Economics Research Paper Series 14-45 This paper is available on the Social Science Research Network at http://ssrn.com/abstract=2499716 Commentary: CFPB Report Data Point: Checking Account Overdraft September 2014 G. Michael Flores and Todd J. Zywicki About the Authors G. Michael Flores is CEO of Bretton Woods, Inc. (www.bretton-woods.com) and is a researcher and business adviser who has studied financial services companies and consumer credit in general for over 30 years, with a particular focus on “alternative” credit programs for the last 10 years. Since 1995 he has been actively involved in advising banks seeking to establish their overdraft programs. He has written and published research papers on consumer credit in the United States and the United Kingdom, as well as papers on payments, including general-purpose reloadable and payroll prepaid cards. Based on these studies, he has testified before several House and Senate subcommittees and spoken to industry groups. He has also authored articles for industry publications. He is a faculty member with Pacific Coast Banking School at the University of Washington in Seattle. Todd J. Zywicki is George Mason University Foundation Professor of Law and a senior scholar with the Mercatus Center at George Mason...
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...WHAT%IS%GLOBALIZATION?% • Globalization:+ shift% towards% a% more% integrated% and% independent% world% economy% –% away% from% distinct% national% economic%units,%towards%one%huge%global%market% Merging%of%historically%distinct%and%separate%national%markets%into%one%huge%global%marketplace% Argument%–%tastes/preferences%of%consumers%in%different%nations%beginning%to%converge%to%some%global%norm%% Standardized%products%such%as%CocaTCola,%McDonald’s%and%iPods%help%create%a%global%market%% Significant%differences%still%exist%between%national%markets%along%many%dimensions,%i.e.%tastes/preferences,%distribution% channels,%value%and%business%systems,%and%legal%regulation% Most%global%markets%–%markets%for%industrial%goods%and%materials%that%serve%universal%need% Sourcing%of%goods/services%from%locations%around%the%globe%to%take%advantage%of%national%differences%in%cost%and%quality% of%factors%of%production%+ Aim%is%to%lower%overall%cost%structure%of%an%entity%and/or%improve%quality/functionality%of%product%offering%+ Impediments% to% global% production% include% –% formal/informal% barriers% to% trade,% barriers% to% foreign% direct% investment,% transportation%costs,%and%issues%associated%with%economic%+%political%risk+ Regulation,%management,%and%policing%of%global%marketplace%necessary%as%markets%globalize%further% General+Agreement+on+Tariffs+and+Trade+(GATT):+international%treaty%that%committed%signatories%to%lower%barriers% to%the%free%flow%of%goods%across%national%borders%–%led%to%WTO% World...
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...exchange rate systems best promote global economic growth and stability. Page 2 PREV PAGE TOP OF DOC Until very recently, the issue of appropriate currency arrangements was missing in action from the official agenda for global reform. The existence of this gap presumably reflected the substantial divisions on this issue among economists and policymakers. In any regard, these divisions became manifest in the remarkable inconsistency of policy advice provided on exchange rates by the official financial community. As the IMF has acknowledged, the crises in Thailand, Indonesia, Korea, Russia and Brazil were all associated with exchange rate regimes that had been more or less fixed. In Asia in 1997, the fund urged cross-hit countries to devalue or float their currencies rather than squander precious reserves in a fruitless defense of an unsustainable rate. But in...
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...otherwise, without the prior permission of Oxford University Press. Library of Congress Cataloging-in-Publication Data Eichengreen, Barry J. Exorbitant privilege : The Rise and Fall of the Dollar and the Future of the International Monetary System / Barry Eichengreen. p. cm. Includes bibliographical references and index. ISBN 978-0-19-975378-9 1. Money—United States—History—20th century. 2. Devaluation of currency—United States—History—21st century. 3. United States—Economic policy—2009– 4. Financial crises—United States—21st century. I. Title. HG540.E33 2010 332.4′973—dc22 2010018239 135798642 Printed in the United States of America on acid-free paper CONTENTS 1 2 3 4 5 6 7 Introduction Debut Dominance Rivalry Crisis Monopoly No More Dollar Crash Notes References Acknowledgments Index EXORBITANT PRIVILEGE CHAPTER 1 INTRODUCTION The...
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...Chapter 1: Introduction 1.0. Introduction The term “foreign exchange” basically refers to buying the currency of one country while selling the currency of another country. All nations have their own, different kinds of money (currency). This has existed throughout the ages, probably since the time of the Babylonians. As trading developed between nations, the need to convert one kind of money to another also developed. This is how a formal system of foreign exchange arose. As trade between nations developed, Britain, as the nation with the largest and strongest navy, could spread its commercial interests far and wide. It therefore became the most active trading nation, with a vast empire of colonies. As a result, Britain’s currency, the pound sterling, became a benchmark to which other currencies were compared (and exchanged) for most of the seventeenth, eighteenth and nineteenth centuries. Today, most currencies are compared to the U.S. Dollar, currently the most active and commercially strong trading nation; many currencies are still “pegged” to the U.S. Dollar for their exchange rate. Because FX risks can be identified, they can be managed. Foreign exchange management requires that governments, companies, and individuals understand the factors that influence the valuation of currency. By identifying these factors, they can enter into transactions that mitigate the risks to acceptable levels. These transactions, or hedge positions, are designed to maximize the economic...
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...destabilizing and the latter as stabilizing. However, we find this segmentation problematic since it is not possible to divide the market participants into these categories in the foreign exchange market. Many of the short-term investors do not necessarily speculate or disregard fundamentals, but rather try to avoid risk. Accordingly, many of the short term market movements are instead stabilizing. Therefore, the Tobin Tax would not only deter the destabilizing transactions, but also the stabilizing ones. If the foreign exchange market is in fact excessively volatile as Tobin argues then the tax could possibly have a positive effect by throwing sand in the wheels and thereby slowing short-term reactions. Our findings suggest that the foreign exchange market is in fact highly volatile, but we find no convincing evidence concluding this volatility to be excessive. More importantly our findings suggest that imposing this tax would be at least as likely to actually increase volatility as it would, decrease it, since the tax is likely to deter many stabilizing factors and risk driving liquidity out of the market. A special case of volatility and large fluctuations in exchange rates are speculative attacks...
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...ongoing process by which regional economies, societies, and cultures have become integrated through a globe-spanning network of communication and exchange. The term is sometimes used to refer specifically to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. However, globalization is usually recognized as being driven by a combination of economic, technological, sociocultural, political, and biological factors. The term can also refer to the transnational circulation of ideas, languages, or popular culture. Definitions An early description of globalization was penned by the American entrepreneur-turned-minister Charles Taze Russell who coined the term 'corporate giants' in 1897. However, it was not until the 1960s that the term began to be widely used by economists and other social scientists. It had achieved widespread use in the mainstream press by the later half of the 1980s. Since its inception, the concept of globalization has inspired numerous competing definitions and interpretations. The United Nations ESCWA has written that globalization "is a widely-used term that can be defined in a number of different ways. When used in an economic context, it refers to the reduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labour... although considerable barriers remain...
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...UNITED NATIONS EDUCATIONAL, SCIENTIFIC AND CULTURAL ORGANIZATION EDUCATING FOR A SUSTAINABLE FUTURE A TRANSDISCIPLINARY VISION FOR CONCERTED ACTION EPD-97/CONF.401/CLD.1. November 1997. Original: English. Also available in French and Spanish. Other language versions are foreseen. TABLE OF CONTENTS PREFACE BY THE DIRECTOR-GENERAL OF UNESCO EXECUTIVE SUMMARY INTRODUCTION I. WHAT IS ‘SUSTAINABILITY’? * BEHIND THE HEADLINES * Population * Poverty * Environmental degradation * Democracy, human rights and peace * Development * Interdependence * NORTH-SOUTH DIFFERENCES * TOWARDS A DEFINITION OF SUSTAINABILITY * A dynamic balance * An emerging vision * EDUCATION: THE FORCE OF THE FUTURE II. PUBLIC AWARENESS AND UNDERSTANDING: THE FUEL FOR CHANGE * THE NEED FOR EFFECTIVE COMMUNICATION * CONFRONTING VESTED INTERESTS * COMMUNICATION STRATEGIES * COMPLEX MESSAGES * THE MESSENGERS * REASON FOR OPTIMISM III. REORIENTING EDUCATION TO SUPPORT SUSTAINABILITY * IMPORTANCE OF BASIC EDUCATION * WHAT CHANGES DOES SUSTAINABILITY REQUIRE? * Curriculum reform * Structural reform * EDUCATIONAL REFORM: A CASE STUDY * REFORM AT DIFFERENT SCALES * CONTRIBUTION OF ENVIRONMENTAL EDUCATION * INTERDISCIPLINARITY IV. SHIFTING TO SUSTAINABLE LIFESTYLES: CHANGING CONSUMPTION AND PRODUCTION PATTERNS * INDIVIDUAL CHOICES AND LIFESTYLES * COLLECTIVE DECISION-MAKING ...
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...understanding how cultures are defined and the impact on business interactions and practices with tangible tips for negotiating across cultures. WHERE? Section two develops student knowledge about key facets of the global business environment and the key elements of trade and cooperation between nations and global organizations. Today, with increasing numbers of companies of all sizes operating internationally, no business or country can remain an island. Rather, the interconnections between countries, businesses, and institutions are inextricable. Even how we define the world is changing. No longer classified into simple and neat categories, the rapid changes within countries are redefining how global businesses think about developed, developing, and emerging markets. This section addresses the evolving nature of country classifications and helps develop a student’s ability to comprehend the rationale of how to analyze a specific country’s stage of development—rather than just memorize which countries are emerging....
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...THINKING Table of Contents Preface to the Economics Resource .................................................................................. 5 Fundamentals of Economics ............................................................................................ 7 The Basic Economic Problem—Scarcity ............................................................................................ 8 Production of Goods and Services .................................................................................................... 10 Increasing Costs ............................................................................................................................... 12 The Factors of Production ............................................................................................................... 14 Benefit-Cost Analysis – Marginal Decision-Making ......................................................................... 15 Marginal Utility and Waffles ............................................................................................................ 17 More on Marginal Utility and the Effect of Prices ............................................................................ 19 Individual and Social Goals .............................................................................................................. 20 Positive and Normative Economics .................................................................................................. 21 Economic...
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...August 25-27, 2011. I am grateful to Arvind Subramanian for helpful conversations and to UNIDO for making their INDSTAT4 data base available. I also thank Cynthia Balloch for research assistance and the Weatherhead Center for International Affairs at Harvard for financial assistance. I. Introduction Novelists have a better track record than economists at foretelling the future. Consider then Gary Shteyngart‘s timely comic novel ―Super Sad True Love Story‖ (Random House, 2010), which provides a rather graphic vision of what lies in store for the world economy. The novel takes place in the near future and is set against the backdrop of a United States that lies in economic and political ruin. The country‘s bankrupt economy is ruled with a firm hand by the IMF from its new Parthenon-shaped headquarters in Singapore. China and sovereign wealth funds have parceled America‘s most desirable real estate among themselves. Poor people are designated as LNWI (―low net worth individuals‖) and are being pushed into ghettoes. Even skilled Americans are desperate to acquire residency status in foreign lands. (A degree in econometrics helps a lot, as it turns out). Ivy League colleges have adopted the names of their Asian partners and yuan-backed dollars are the only safe currency. This is sheer fantasy of course, but one that seems to resonate well with the collective mood A future in which the U.S and other advanced economies are forced to play second fiddle to the dynamic emerging economies...
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...The London School of Economics and Political Science THE ROLE OF CIVIL SOCIETY IN THE DEMOCRATISATION OF GLOBAL GOVERNANCE INSTITUTIONS: From ‘Soft Power’ to Collective Decision-Making? Saif Al-Islam Alqadhafi A thesis submitted to the Department of Philosophy of the London School of Economics for the degree of Doctor of Philosophy, London, September 2007 Declaration I certify that the thesis I have presented for examination for the MPhil/PhD degree of the London School of Economics and Political Science is solely my own work other than where I have clearly indicated that it is the work of others (in which case the extent of any work carried out jointly by me and any other person is clearly identified in it). The copyright of this thesis rests with the author. Quotation from it is permitted, provided that full acknowledgement is made. This thesis may not be reproduced without the prior written consent of the author. I warrant that this authorisation does not, to the best of my belief, infringe the rights of any third party. 2 Abstract This dissertation analyses the problem of how to create more just and democratic global governing institutions, exploring the approach of a more formal system of collective decision-making by the three main actors in global society: governments, civil society and the business sector. The thesis seeks to make a contribution by presenting for discussion an addition to the system of international governance that is morally...
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...Sixth Edition INTERNATIONAL FINANCIAL MANAGEMENT Cheol S. Eun Bruce G. Resnick International Financial Management Sixth Edition The McGraw-Hill/Irwin Series in Finance, Insurance, and Real Estate Stephen A. Ross Franco Modigliani Professor of Finance and Economics Sloan School of Management Massachusetts Institute of Technology Consulting Editor FINANCIAL MANAGEMENT Adair Excel Applications for Corporate Finance First Edition Block, Hirt, and Danielsen Foundations of Financial Management Fourteenth Edition Brealey, Myers, and Allen Principles of Corporate Finance Tenth Edition Brealey, Myers, and Allen Principles of Corporate Finance, Concise Second Edition Brealey, Myers, and Marcus Fundamentals of Corporate Finance Sixth Edition Brooks FinGame Online 5.0 Bruner Case Studies in Finance: Managing for Corporate Value Creation Sixth Edition Chew The New Corporate Finance: Where Theory Meets Practice Third Edition Cornett, Adair, and Nofsinger Finance: Applications and Theory First Edition Cornett, Adair, and Nofsinger Finance: M Book First Edition DeMello Cases in Finance Second Edition Grinblatt (editor) Stephen A. Ross, Mentor: Influence through Generations Grinblatt and Titman Financial Markets and Corporate Strategy Second Edition Higgins Analysis for Financial Management Ninth Edition Kellison Theory of Interest Third Edition Kester, Ruback, and Tufano Case Problems in Finance Twelfth Edition Ross, Westerfield, and Jaffe Corporate Finance Ninth Edition...
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...Kendriya Vidyalaya Sangathan 18, Institutional Area, Shaheed Jeet Singh Marg, New Delhi - 110 602. SUPPORT MATERIAL YEAR 2012-13 SUPPORT MATERIAL CLASS X – Social Science Chief Patron Shri Avinash Dikshit Commissioner KVS, New Delhi Patron Shri J.M Rawat Deputy Commissioner KVS, Jaipur Region Guidance Sh.K.R Choyal Assistant Commissioner KVS, Jaipur Region Sh. Dr. R.K Agarwal Assistant Commissioner KVS, Jaipur Region Convener Ms. Urmil Meena Principal, K.V. No. 1, Alwar Prepared By Mrs. P. Dixit Principal K. V. No. 4, Jaipur Mr. Anil Kumar Daila TGT (S.ST.) K. V. No. 1, Alwar Mrs. Veena Michael TGT (S.St.) K. V. No. 5, Jaipur Mr. D.C. Garg TGT (S.St.) K. V. Zawar Mines Mr. Manoj Singh TGT (S.St.) K. V. No. 1, Alwar Mrs. Sunila Thapar TGT (S.St.) K. V. Phulera Reviewed by Shri U.R Meghwal Convener Principal K.V Bhilwara Shri M.M. Sharma PGT (History) K.V Nasirabad Shri...
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