Consider whether protection should be based on an economic basis only or whether other aspects of our society should be considered to be more important.Use suitable graphs and statistics to explain and support your arguments.
Economics Essay: Protectionism vs. Free Trade "Most arguments for protection are based on political, defence, sectional and social consideration rather than on an economic basis." Consider whether protection should be based on an economic basis only or whether other aspects of our society should be considered to be more important. Use suitable graphs and statistics to explain and support your arguments. The argument for and against the protection of domestic industrial sectors, known as protectionism, the restriction of international trade by governments, namely to protect incomes of national/domestic producers, but many other reasons such as the protection of infant industry or military conflict, through the implementation of trade barriers such as quotas, tariffs, embargos, subsidies and VER's (Voluntary Export Restraints); has become extremely pertinent to the Australian economy over the past year, mostly as a result of the proposed "Free Trade Agreement" with the United States. "Free Trade" is the practice of trade between countries where there are very few trade limitations and there is little government intervention. This is the ideal situation for consumers, but as a result of domestic producer pressure and paranoid treasuries, it is rare to find situations of totally free trade between countries. It is expected that Australia will do very well out of the FTA as
A2 Macroeconomics - Globalisation Essay
"For its supporters, globalisation describes a dream of opportunity and prosperity. For its opponents, it denotes a nightmare of greed and inequality" Explain the term globalisation and the factors that may have contributed to the process. Globalisation can be defined as the integration of the world's economies into a single international market, as local and national markets become incorporated into the global capitalist system of production with increasing interdependence. It promotes the free movement of labour, capital, goods, services, technology and management in response to markets around the world. The growth of markets in this manner is not a new, but a process that has seen the markets grow from a local scale to a national one during the Industrial Revolution and to an international scale by the end of the 20th century. The growth of international trade has been significant in furthering globalisation. During the Industrial Revolution, Britain had a significant comparative advantage as its advanced manufacturing technology allowed hugely improved transport through steamships and railway networks across its Empire. This opened up huge potential markets around the globe for British exports, at the same time making a huge range of goods from these new trading partners accessible to British consumers. Although comparative advantages have changed, this is a trend that
After 1500 there were many signs that a new age of world history was beginning, for example the discovery of America and the first European enterprises in Asia. This "new age" was dominated by
The New Age After the 1500s After 1500 there were many signs that a new age of world history was beginning, for example the discovery of America and the first European enterprises in Asia. This "new age" was dominated by the astonishing success of one civilization among many, that of Europe. There was more and more continuous interconnection between events in all countries, but it is to be explained by European efforts. Europeans eventually became "masters of the globe" and they used their mastery to make the world one. That resulted in a unity of world history that can be detected until today. Politics, empire-building, and military expansion were only a tiny part of what was going on. Besides the economic integration of the globe there was a much more important process going on: The spreading of assumptions and ideas. The result was to be "One World." The age of independent civilizations has come to a close. The history of the centuries since 1500 can be described as a series of wars and violent struggles. Obviously men in different countries did not like another much more than their predecessors did. However, they were much more alike than their ancestors were, which was an outcome of what we now call modernization. One could also say that the world was Europeanized, for modernization was a matter of ideas and techniques which have an
Economic Development of India. The CSO provides us the data of the economic growth of the states where a clear evidence of the emergence of the chronically poor states to the development is eminent. In the past the richest states often grew fastest and t
ECONOMICS ASSIGNMENT-1 ON ECONOMIC DEVELOPMENT OF INDIA Submitted To: Submitted By: Prof. Mansi Gore Gunjan Banerjee PGDM- D Roll No.- 2803448 Introduction The 12th largest economy in the world in terms of the market exchange rate, the Indian economy has come a long way to become one of the fastest growing economies. India has achieved an annual growth in GDP in the five years 2004-05 to 2008-09. India records a growth rate in terms of Gross Domestic Product of 8.49% per year since 2004-2009. The growth rate increased due to the improved productivity and growth in states. The CSO provides us the data of the economic growth of the states where a clear evidence of the emergence of the chronically poor states to the development is eminent. In the past the richest states often grew fastest and the poor ones the slowest. But it is not the case anymore. The accompanying table shows that poor states are no longer clustered at the bottom of the growth of the growth league; they occupy several positions high up. Some of the poorest states; Bihar, Orissa, Jharkhand, Chhattisgarh and Uttar Pradesh are now in the verge of growth with Gross State Domestic Product of 11.03%, 8.74%, 8.45%, 7.35% and 6.29% respectively on an annual basis. The states are now at par with the international
Critically assess the impact of the Internet and E-commerce on Tax Regimes in the Commonweath Caribbean.
Critically assess the impact of the Internet and E-commerce on Tax Regimes in the Commonweath Caribbean. Introduction Most, if not all, of the member states of the Commonwealth Caribbean derive their right to tax from their Constitutions.1 Section 48(1) of the Jamaican Constitution, for example, provides that '...Parliament may make laws for the peace, order and good government of Jamaica.' The Courts have continuously interpreted this right as one that is not unbridled and therefore, the governments of the region have to take every step to ensure that enactments do not contravene the provision of the Constitution.2 The stance of the Court was aptly put by Jackson JA in Inland Revenue Commisioners v. Lilleyman3 "...the courts need to be watchful for the constitutional rights of the citizens and against any stealthy encroachments thereon..." The power to tax, therefore, rests upon necessity and is inherent in any sovereign legislature under its general legislative power.4 The necessity being to provide the government with revenue necessary to meet its expenditure, thus satisfying the social, political and economic needs of its people. An erosion of the region's tax base will therefore be an issue of major concern. Globalization has impacted upon the region and as a result there has been a concerted thrust by most of the member states, to come together to attain a
The Blessings and Challenges of Globalization.
. The Blessings and Challenges of Globalization. by Daniel T. Griswold The evidence of globalization can be seen everywhere: in the home, in the workplace, in the discount stores, in the newspapers and business journals, in the flow of monthly government statistics, and in academic literature. The backlash was on display in Seattle in November 1999, when thousands of protesters took to the streets to demonstrate against the ministerial meeting of the World Trade Organization (WTO). A short definition of globalization is "the growing liberalization of international trade and investment, and the resulting increase in the integration of national economies." Economist David Henderson of the Melbourne Business School expands the definition into five related but distinct parts: * the increasing tendency for firms to think, plan, operate, and invest for the future with reference to markets and opportunities across the world as a whole; * the growing ease and cheapness of international communications, with the Internet the leading aspect; * the trend toward closer international economic integration, resulting in the diminished importance of political boundaries. This trend is fueled partly by the first two trends, but even more powerfully by official policies aimed at trade and investment liberalization; * the apparently growing significance of issues and problems
Globalisation is the way forward for both rich and poor. To what extent do you agree with this statement? Explain your reasoning.
MANAGEMENT ASSIGNMENT: Question 1: "Globalisation is the way forward for both rich and poor." To what extent do you agree with this statement? Explain your reasoning. Word Count: 1498 Introduction What is globalisation? Definitions vary from one source to an other, and are usually too narrow, i.e., they consider just one aspect of globalisation, and most often, the economic side solely. A comprehensive definition of "globalisation" could be the following: "Globalisation refers to increasing global connectivity, integration and interdependence in the economic, social, technological, cultural, political, and ecological spheres." (Wikipedia) Is this a new phenomenon? No, is it not. Evidence of this was found in old writings, some of them dating back to 60 AD ! In fact, the roman stoic philosopher Seneca was already criticising an early type of "globalisation" (even though this word didn't exist yet) : "Our ancestors have known the time of innocence, they were without malice, they were staying at home peacefully, they were growing old on the fields of their ancestors (...) Back then the world was multiple (...) Barriers have been moved, on the virgin lands towns have been edified, the world is etched with pathways, everything moves, nothing stayed the same." (Edee, Seneca) The word "globalisation" appeared when globalisation expanded rapidly due to the creation of new
A critical assessment of Dunning's eclectic paradigm of international business
A critical assessment of Dunning's eclectic paradigm of international business John Dunning's eclectic theory developed in 1977 mainly attempts to explain economic issues involved in various countries, especially for the questions of international business and international production. He began his work by analyzing two different types of business activities. One is related with the domestic productions that have a purpose for the foreign markets and the other is related with foreign direct investment. Dunning indicated that the two activities have the same nature and he attempted to explain them both. The questions Dunning trying to answer are that why the enterprises decide to invest and produce in foreign countries then how to achieve this aim and where to be chosen as the locations. The result of Dunning's research is that there are three different types of advantages can be included to answer the questions. The advantages include ownership, location and internalization advantages. Ownership advantages mainly refer to the peculiar advantages, such as technological advantage, managerial advantage and brand advantage, that hence can reinforce the enterprise's power and then enable it to engage in occupying the world markets. Internalization advantages may answer the question how to operate FDI and international production. By transferring the asset and the ownership
How important was the development of the Zollverein to the unification of Germany?
How important was the development of the Zollverein to the unification of Germany? Economic theory tells us that if internal and external barriers to entry are removed and a state of free trade is allowed then that economy or economies within the free trade market will benefit from this. In the history of German unification there are key points that were essential to the unification process, the importance of a good strong economy was vital. Therefore it can be argued that the development and even establishment of the zollverein was very important in the development of Germany. The Zollverein was established in 1834, it replaced a system of barriers and obstacles to trade. In the 1820's Prussian success was obvious to many of the bordering countries with Prussia and so an agreement to form a German Customs Union was reached. Although not all countries joined at this point it was still a significant move. The formation of this union meant that the internal barriers were removed and a common system of foreign protective duties was applied. However the major step was that the members of the union all used the same methods. Currency and the system of weights were the standard. This created a bond between the countries but also bound them to a certain extent to the union, however it was benefiting the countries immensely, in the space of 3 years the Bavaria customs revenue had
What were the major changes in the international economy after 1914? Why did the gold standard work well before 1914 but not in the interwar period?
What were the major changes in the international economy after 1914? Why did the gold standard work well before 1914 but not in the interwar period? "Trade is the language which prevents people from cutting each other's throat" -- Bruce Chatwin "War is hell" -- William Tecumseh Sherman Conventional wisdom in economic history suggests that conflict between countries can be extremely disruptive of economic activity, especially international trade The world war changed the course of the international economy. The damage of life and physical resources all over the world were unprecedented in history. The economic and political boundaries all over the world were altered. The years before 1914 are often described as the Golden Age which the war had destroyed. They war had an immediate impact on the world economy. The gold standard, which had been the backbone of the world economy for many years, had to be suspended as huge amounts of money had to be printed to finance the war. From 1871 to 1914, the gold standard was at its pinnacle1. During this period near-ideal political conditions existed in the world. Governments worked very well together to make the system work, but this all changed forever with the outbreak of the Great War in 1914. Also to finance the war, there was a major shift of resources from consumer to military goods for all the countries that were involved
