Premium Essay

Discuss the Importance of Using a National Currency, Its Implications, Similarities and Differences of These Countries, Similar Examples from Around the World, and the Main Idea of the Article in the Light of Our in

In: Business and Management

Submitted By KingstonBwoy
Words 1061
Pages 5
9/8/2015

Other People’s Dollars, and Their Place in Global Economics ­ The New York Times

http://nyti.ms/1N6VF74

The Opinion Pages

|

OP­ED COLUMNI ST

Other People’s Dollars, and Their Place in
Global Economics
SEPT. 4, 2015

Paul Krugman

Sydney, Australia — Soon after arriving here, I stopped at an A.T.M.; I needed some dollars, and all I had were dollars.
O.K., weak joke. What I needed were Australian dollars — Aussies — not
U.S. greenbacks. There are actually four English­speaking countries with dollars of their own; the others are the Canadian loonie and the New Zealand kiwi. And you can learn a lot about the global economy, busting some popular monetary myths, by comparing those currencies and how they serve their economies. All four dollar nations are, if you take the long view, highly successful economies. True, America is still recovering from its worst slump since the
Great Depression, Canada is being hit hard by plunging oil prices and
Australia is feeling nervous as its markets in China wobble. But we’re all wealthy nations that have weathered economic storms better than most of the rest of the world.
While the dollar nations have all done well, however, they occupy very different positions in the world economy. In part, I mean that quite literally:

http://www.nytimes.com/2015/09/04/opinion/paul­krugman­other­peoples­dollars­and­their­place­in­global­economics.html?rref=collection%2Fcolumn%2Fpa…

1/4

9/8/2015

Other People’s Dollars, and Their Place in Global Economics ­ The New York Times

Australia and New Zealand are a long way from everyplace, while Canada, most of whose people live near its southern border, is effectively closer to the
United States than it is to itself. And the U.S. is, of course, an economic giant around whose gravity smaller economies revolve.
These differences in geographic

Similar Documents

Free Essay

International Business

...logic of the book is intuitive—organized around answers to the what, where, why, and how of international business. WHAT? Section one introduces what is international business and who has an interest in it. Students will sift through the globalization debate and understanding the impact of ethics on global businesses. Additionally, students will explore the evolution of international trade from past to present, with a focus on how firms and professionals can better understand today’s complex global business arena by understanding the impact of political and legal factors. The section concludes with a chapter on 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...

Words: 239764 - Pages: 960

Premium Essay

Supply Chain

...of International Business Studies v38 no7 p1187-210 D 2007 COPYRIGHT: The magazine publisher is the copyright holder of this article and it is reproduced with permission. Further reproduction of this article in violation of the copyright is prohibited. To contact the publisher: http://www.jibs.net/ In this paper we examine foreign location choices of the top 100 US multinational corporations (MNCs) in 1980 and 2000. We first ask whether there has been a change in MNC foreign location choice in this two-decade period. Second, we explore the underlying reasons of location change by focusing on country-level factors, accounting for firm-, industry — and regional-level explanations. Our findings suggest, first, that the extent of MNCs’ activities around the globe is more extensive than assumed by regionalists’ arguments and well beyond Ohmae’s TRIAD, but still less widespread than claimed by the globalists — the two main traditions within the globalizationregionalization debate. Second, we uncover an interesting de-location pattern in this period. Third, we develop an integrative framework where both economic and institutional-cultural arguments are shown to influence MNCs’ foreign location choice in different ways. We conclude with a discussion of our findings, and provide suggestions for future research. Keywords: MNC foreign location choice; host country factors; global strategy; regional strategy; globalization INTRODUCTION Multinational corporations (MNCs) have played a central...

Words: 11059 - Pages: 45

Premium Essay

Blah

...Lobschat, L., Zinnbauer, M. A., Pallas, F., & Joachimsthaler, E. (2013). Why Social Currency Becomes a Key Driver of a Firm's Brand Equity – Insights from the Automotive Industry. Long Range Planning, 46(PLS applications in strategic management: Partial Least Squares modeling in strategy research), 125-148. doi:10.1016/j.lrp.2012.11.004 Introduction In the past decade, managers have endeavored to build brands by creating a strong identity and conveying this identity through consistently managing relevant touch points with customers (e.g., Aaker and Joachimsthaler, 2000; Keller and Lehmann, 2003). To this end, managers are striving to better understand consumer behavior and positively influence consumers' brand perceptions through marketing initiatives (e.g., Keller, 1993). However, the direction of influence on a brand's perception and image has become increasingly bilateral. Today, consumers are no longer simply “receivers” of company- and brand-related information. Instead, they operate as “senders” of this information, e.g., by giving brand recommendations, by expressing criticism, or by sharing information with others (Hennig-Thurau et al., 2010). For this reason, managers no longer have exclusive control over information circulating about a company or brand. Consumers therefore play an important role in forming a company's or brand's perception and value in the marketplace (Keller, 2007). Exchange of information about companies and brands between consumers is not...

Words: 36809 - Pages: 148

Premium Essay

Globalization

... 23 Endnotes 24 Bibliography 25 3 Introduction Today it is really difficult to find a more fashionable and a discussion topic as globalization. Dozens of conferences and symposia, hundreds of books and thousands of articles are devoted to it. It is discussed and debated by scientists, politicians, businessmen, religious figures, artists, and journalists. Speaking about the basics of this phenomenon, it may be noted that some of the features of contemporary globalization, have been examined for a long time. The roots of the process had come from time when the establishment of colonial...

Words: 11953 - Pages: 48

Premium Essay

Citizenship

...CURRICULUM REVIEW Search using the ref: 00045-2007DOM-EN Copies of this publication can also be obtained from: DfES Publication PO Box 5050 Sherwood Park Annesley Nottingham NG15 0DJ Tel: 0845 60 222 60 Fax: 0845 60 333 60 Textphone: 0845 555 60 Please quote ref: 00045-2007DOM-EN ISBN: 978-1-84478-883-5 PPSLS/D35/0107/14 © Crown Copyright 2007 Produced by the Department for Education and Skills Extracts from this publication may be reproduced for non commercial education or training purposes on the condition that the source is acknowledged. For any other use please contact HMSOlicensing@cabinet-office.x.gsi.gov.uk DIVERSITY & CITIZENSHIP You can download this publication or order copies online at: www.teachernet.gov.uk/publications Diversity and Citizenship Curriculum Review Review Group members Sir Keith Ajegbo retired in July 2006 as Headteacher of Deptford Green School, a multiethnic school with a strong reputation for Citizenship education. He is currently working as a coach on the Future Leaders Project, as a School Improvement Partner, and as an education consultant for UBS. He is also a Governor of Goldsmiths College and a trustee of the Stephen Lawrence Trust. Dr Dina Kiwan is a Lecturer in Citizenship Education at Birkbeck College, University of London. Previously she was seconded to the Home Office as the Head of Secretariat to the Advisory Board for Naturalisation and Integration (ABNI), carrying forward the implementation...

Words: 37771 - Pages: 152

Premium Essay

International Business Overview

...analyzing the international business environment Summary Review Questions INTRODUCTION One of the most dramatic and significant world trends in the past two decades has been the rapid, sustained growth of international business. Markets have become truly global for most goods, many services, and especially for financial instruments of all types. World product trade has expanded by more than 6 percent a year since 1950, which is more than 50 percent faster than growth of output the most dramatic increase in globalization, has occurred in financial markets. In the global forex markets, billions of dollars are transacted each day, of which more than 90 percent represent financial transactions unrelated to trade or investment. Much of this activity takes place in the so-called Euromarkets, markets outside the country whose currency is used. This pervasive growth in market interpenetration makes it increasingly difficult for any country to avoid substantial external impacts on its economy. In particular massive capital flows can push exchange rates away from levels that accurately reflect competitive relationships among nations if national economic policies or performances diverse in short run. The rapid dissemination rate of new technologies speeds the pace at which countries must adjust to external events. Smaller, more open countries, long ago gave up illusion of domestic policy autonomy. But even the largest and most apparently self-contained economies, including...

Words: 80869 - Pages: 324

Premium Essay

Financial Crisis in the European Union: the Cases of Greece and Ireland

...Ireland Sara Frances Taylor ABSTRACT The 2008 eurozone financial crisis has only worsened as of summer 2011 raising questions about the economic future of the eurozone and sending shock waves through economies around the world. Greece was the first state to receive a bailout from the European Union and the International Monetary Fund, surprisingly followed only six months later by Ireland. The goal of this thesis is to analyze the challenges posed to smaller, weaker economies within the eurozone, specifically Greece and Ireland, since the recent eurozone financial crisis. This study is based on the experiences of both Greece and Ireland as very different members of the single currency. How and why did these states meet the criteria for euro convergence? To what extent was there support for the euro in both countries in the past? To what extent is there support today after the near collapse of both economies and the rescue packages brought about by the EU? As a result of the recent financial crisis, Greece and Ireland are facing difficulties with the terms of European economic and monetary union. Since these smaller economies are, among other reasons, unable to devalue the currency in order to regain economic competitiveness as members of the single currency, they are...

Words: 30568 - Pages: 123

Premium Essay

Analysis of International Marketing

...International Human Resource Management edited by A n n e - Wi l H a r z i n g J o r i s Va n R u y s s e v e l d t SAGE Publications London l Thousand Oaks l New Delhi 3122-prelims.qxd 10/29/03 2:20 PM Page iv © Anne-Wil Harzing and Joris van Ruysseveldt, 2004 First published 2004 Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act, 1988, this publication may be reproduced, stored or transmitted in any form, or by any means, only with the prior permission in writing of the publishers, or in the case of reprographic reproduction, in accordance with the terms of licences issued by the Copyright Licensing Agency. Enquiries concerning reproduction outside those terms should be sent to the publishers. SAGE Publications Ltd 1 Olivers Yard London EC1Y 1SP SAGE Publications Inc 2455 Teller Road Thousand Oaks, California 91320 SAGE Publications India Pvt Ltd B-42, Panchsheel Enclave Post Box 4109 New Delhi 100 017 British Library Cataloguing in Publication data A catalogue record for this book is available from the British Library ISBN 0 7619 4039 1 ISBN 0 7619 4040 5 (pbk) Library of Congress Control Number available Typeset by C&M Digitals (P) Ltd., Chennai, India Printed in Great Britain by The Cromwell Press Ltd, Trowbridge, Wiltshire 3122-prelims.qxd 10/29/03 2:20 PM Page v Contents Acknowledgements ...

Words: 205529 - Pages: 823

Premium Essay

Forces of Change & Accompanying Values

... The Forces for Change is a framework to help you understand today’s radically changing world and synthesize the breadth of complex, fast changing, interdependent factors  Are all changes bad? Change can be uncomfortable and awkward but it can also be positive. FORCES OF CHANGE AND THEIR ACCOMPANYING VALUES FORCES OF CHANGE & ACCOMPANYING VALUES Turbulence Intellectual capital, Intellectual propert, ,information sharing Networking, innovation, R&D INFORMATION AGE K-Economy GLOBALIZATION DEVELOPMENT Autonomy, Pride, Dignity Independence, Indigenization “CultureBound” Customer Focus; Speed, Responsiveness; Continuous Learning; Accurate & Up-To-Date Information Quality; Value Added; Cost Effectiveness; Humanization; Ecological Specialisation; Objectivity; Materialism; SystemsOrientation MODERNIZATION WESTERNIZATION Individualism; Secularism; Freedom Of Expression; Consumerism INDUSTRIALIZATION Mechanization; Rational Thinking; Bureaucracy; Efficiency; Productivity; Mobility; Discipline; Mechanical Time Orientation; Reliability Stable 1800 AGRICULTURAL Revolution Time line Simple division of labor, labor intensive, Collectivism, sharing 2000 FORCES OF CHANGE & ACCOMPANYING VALUES Turbulence Intellectual capital, Intellectual propert, ,information sharing Networking, innovation, R&D INFORMATION AGE K-Economy GLOBALIZATION DEVELOPMENT Autonomy, Pride, Dignity Independence, Indigenization “CultureBound” Customer Focus; Speed...

Words: 23543 - Pages: 95

Premium Essay

Cross Cultural Management

...Cross-Cultural Communication Theory and Practice Barry Tomalin; Brian J. Hurn ISBN: 9780230391147 DOI: 10.1057/9780230391147 Palgrave Macmillan Please respect intellectual property rights This material is copyright and its use is restricted by our standard site license terms and conditions (see palgraveconnect.com/pc/connect/info/terms_conditions.html). If you plan to copy, distribute or share in any format, including, for the avoidance of doubt, posting on websites, you need the express prior permission of Palgrave Macmillan. To request permission please contact rights@palgrave.com. Cross-Cultural Communication 10.1057/9780230391147 - Cross-Cultural Communication, Brian J. Hurn and Barry Tomalin Copyright material from www.palgraveconnect.com - licensed to Griffith University - PalgraveConnect - 2014-04-12 This page intentionally left blank 10.1057/9780230391147 - Cross-Cultural Communication, Brian J. Hurn and Barry Tomalin Copyright material from www.palgraveconnect.com - licensed to Griffith University - PalgraveConnect - 2014-04-12 Cross-Cultural Communication Theory and Practice Brian J. Hurn and Barry Tomalin Copyright material from www.palgraveconnect.com - licensed to Griffith University - PalgraveConnect - 2014-04-12 10.1057/9780230391147 - Cross-Cultural Communication, Brian J. Hurn and Barry Tomalin © Brian J. Hurn and Barry Tomalin 2013 Foreword © Jack Spence 2013 All rights reserved. No reproduction, copy or transmission of this...

Words: 129836 - Pages: 520

Premium Essay

Debating the Merits of Globalization

...permission service Contact: booksandseries@emeraldinsight.com No part of this book may be reproduced, stored in a retrieval system, transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without either the prior written permission of the copyright holder or a license permitting restricted copying issued in the UK by The Copyright Licensing Agency and in the USA by The Copyright Clearance Center. No responsibility is accepted for the accuracy of information contained in the text, illustrations or advertisements. The opinions expressed in these chapters are not necessarily those of the Editor or the publisher. British Library Cataloguing in Publication Data A catalogue record for this book is available from the British Library ISBN: 978-0-85724-941-8 Emerald Group Publishing Limited, Howard House, Environmental Management System has been certified by ISOQAR to ISO 14001:2004 standards Awarded in recognition of Emerald’s production department’s adherence to quality systems and processes when preparing scholarly journals for print...

Words: 133204 - Pages: 533

Free Essay

Business

...Pressure, Dubai Company Drops Port Deal Additional Cases: India: The Employment Black Hole? Mecca Cola Student Stimulation Questions and Exercises Opening Profile: India Becoming a Crucial Cog in Machine at I.B.M. The opening profile reports on the growing importance of India as a source of low-cost services in the IT market. The Indian labor market is attractive not only due to its low wages, but also because of the scientific and managerial talent found in the country. IBM’s Indian facility in Bangalore is now the company’s second largest worldwide operation. While IBM has laid off thousands of workers in the United States, its Indian operation has greatly increased employment. Some of IBM’s competitors have also begun to move their operations to India. The opening profile raises the question of the strategic importance of India to IBM and other companies. Country Information: India. Interesting information on Indian business and culture can be seen at: http://www.stylusinc.com/business/india/business_india.htm I. The Global Business Environment A. Global management is the process of developing strategies, designing and operating systems, and working with people around...

Words: 96329 - Pages: 386

Premium Essay

Understanding Cross-Cultural Management

...an outline of the research in the field of culture and management, which in turn serves as a framework for Part One. The concept of culture Many experts in their fields have wracked their brains to come up with what they consider to be their concept of ‘culture’. Those working in the field of cultural anthropology, alone, for example, have come up with a long list of definitions of the concept, based on their analysis of ethnological, social, psychological and linguistic data. The attempt made by Bodley (1994) to summarize these (Table I.1) gives an idea of all the facets of culture that need to be taken into account from an anthropological perspective. Although acknowledging the multiplicity of cultures, the authors of this book consider that the fundamental aspect of culture is that it is something all humans learn in one way or another. It is not something people inherit, but rather a code of attitudes, norms and values, a way of thinking that is learnt within a social environment. Family, the social environment, school, friends, work – all these help to form this code and determine how people see themselves and the world. The national culture and the particular region which people live in also help to shape a person’s cultural profile. Although culture is reflected in individual behaviour, it is a way of thinking shared by individuals in a particular society that makes culture what it is. Table I.1 Diverse definitions of culture Topical Culture consists of...

Words: 97340 - Pages: 390

Premium Essay

Gooh

...XXX10.1177/1529100612436522Finkel et al.Online Dating 2012 Research Article Online Dating: A Critical Analysis From the Perspective of Psychological Science Psychological Science in the Public Interest 13(1) 3–66 © The Author(s) 2012 Reprints and permission: sagepub.com/journalsPermissions.nav DOI: 10.1177/1529100612436522 http://pspi.sagepub.com Eli J. Finkel1, Paul W. Eastwick2, Benjamin R. Karney3, Harry T. Reis4, and Susan Sprecher5 1 Northwestern University; 2Texas A&M University; 3University of California, Los Angeles; University of Rochester; and 5Illinois State University 4 Summary Online dating sites frequently claim that they have fundamentally altered the dating landscape for the better. This article employs psychological science to examine (a) whether online dating is fundamentally different from conventional offline dating and (b) whether online dating promotes better romantic outcomes than conventional offline dating. The answer to the first question (uniqueness) is yes, and the answer to the second question (superiority) is yes and no. To understand how online dating fundamentally differs from conventional offline dating and the circumstances under which online dating promotes better romantic outcomes than conventional offline dating, we consider the three major services online dating sites offer: access, communication, and matching. Access refers to users’ exposure to and opportunity to evaluate potential romantic...

Words: 59050 - Pages: 237

Premium Essay

Introduction to Reasearch Mathod

...Pg2Pg2 Dr. Sue Greener Business Research Methods ...

Words: 41014 - Pages: 165