Does globalisation produce global inequalities within and between countries? Word Count (excluding bracketed citations): 2,190 Introduction From a Marxist perspective, globalisation produces inequality, through the ‘new imperialism’ of powerful and developed nations. This essay will argue, from a neoclassical perspective, using the work of Adam Smith, that if inequalities do exist, they are as a result of either market distortions, caused by interventions by the politically powerful, or as a result of other, separate, factors. Therefore, purely economic globalisation leading to a global free market, promotes growth and equality, while interventions from firms, governments and institutions based on power and politics distorts the market and creates inequality. Economic globalisation can be defined as the integration of a nation’s markets with those of other nations across the globe.
Research limitations/implications – This research demonstrates that there is a significant difference in the personal and social fairness of price, whether it is a price for goods, wages or rents. Practical implications – Sellers, employers and realtors can benefit from the knowledge that providing a socially acceptable reason for the increase of a product or rental price or the decrease of a wage can increase the likelihood that the recipients will judge the price increase as being fair. Originality/value – Prior research into price fairness has confused the two aspects of a fair price. By isolating the two separate components, we clarify how individuals perceive price fairness in the personal sense and how that perception is altered by a concern for fairness in the social sense. Keywords Pricing, Consumers, Rents, Pay Paper type Research paper Introduction Price fairness is of growing interest to marketing researchers (e.g.
| | | | relative inflation rates. | | Instructor Explanation: | Chapter 37 | | | | Points Received: | 1 of 1 | | Comments: | | | | 2. | Question : | (TCO 8) The organization created to oversee the provisions of multilateral trade agreements, resolve disputes under the international trade rules, and meet periodically to consider further trade liberalization is called the | | | Student Answer: | | International Monetary Fund (IMF). | | | | World Trade Organization
He believed in the concept of comparative advantage, the idea of nations to specialize in specific industries and trade with other nations for products not produced nationally. (David Ricardo) Comparative advantage is the foundation of industrialization as a means for globalisation. Classical economics was very much in fashion till the early 20th century with the advent of the Great Depression. John Maynard Keynes, a British economist, was the founder of Keynesian economics and the concept was first published in Keynes' book The General theory of Employment, Interest, and Money published during the Great Depression. (Keynesian Economics) Keynes attempted to explain the causes of the Great Depression, and how to to deal with the recession.
B) The study of how consumers spend their income. C) The study of how producers decide what inputs to hire and what outputs to produce. D) The study of how individuals, businesses, governments, and entire societies make choices as they cope with scarcity and the incentives that influence and reconcile those choices. E) The study of how consumers and producers meet each other at the market. Answer: D Diff: 1 Topic: Definition of Economics 3) Which of the following is a microeconomic topic?
Week 1 Quiz (Chapters 1 & 2) Return to Assessment List Part 1 of 1 - | 100.0 Points | Question 1 of 10 | 10.0 Points | The branch of economics that examines the impact of choices on aggregates in the economy is: | | A.positive economics. | | | B.normative economics. | | | C.macroeconomics. | | | D.microeconomics. | | Answer Key: C | | | Question 2 of 10 | 10.0 Points | When we are forced to make choices we are facing the concept of: | | A.ceteris paribus.
Discuss surplus-enhancing transactions in markets 6. Explain how elasticity affects the way in which the burden of a per-unit tax is shared between buyers and sellers 7. Explain how elasticity affects the size of the deadweight loss created by a per-unit tax **NOTE: All of chapter 5 of Hubbard, Garnett, Lewis and O’Brien (2011) Microeconomics, 2nd edition, Pearson is required reading. 1. Consumer surplus The difference between the highest price a consumer is willing to pay for a good or service, and the price they actually pay.
Finally, it contests the view that the model surpasses the Ricardian model in its ability to predict patterns of trade between low- and high-income countries by demonstrating that the Ricardian model would additionally forestall similar trade patterns. The Ricardian model then, suggests that labor prices will be the factor of trade: the country with the lower labor price within the production of a good is the exporter of those trade goods. This theory was tested in 1952 by MacDougall who used information on twenty five products from 1937 to check labor productivity and exports for the US and UK. During this approach, MacDougall tested whether or not their relative exports to third countries were connected with their labor productivities. The results that MacDougall found were inconsistent with the Ricardian model.
The question then becomes did the modern state emerge from capitalism or is capitalism the doctrine of modern the state? Or maybe better put to understand the relation ship between capitalism and modern sovereignty it is necessary to look at the development of the two thought the last few centuries. Ellen Wood and many others see the nation state a product of Capitalism. Modern Sovereignty has been development through an international Capitalist state system. This refers to Globalisation of sovereignty, which is the willingness of nation states to give up certain aspects of their sovereignty to international organizations.
Jason DeParle’s article concerning the globalization of labor, “Should We Globalize Labor Too?” discusses the opinions of authorities on the matter of, the solutions to, and the unfortunate truths of the world’s global inequality. Most closely focused upon are the ideas of development economist Lant Pritchett, a man who seems committed to the idea that, yes, poor communities around the world can ameliorate their economic status, and the West, specifically the United States, can help. According to DeParle, solutions generally standard to help bridge the gap of global economic disparity are typically “trade and aid.” Meaning, other more sufficient, wealthy, and economically stable countries should, in order to help less wealthy areas, develop a system of trade with them. This, as exemplified in the article, promotes “community-driven development;” a way for countries to advance themselves by utilizing their human resources. It’s a sort of win-win situation, though often unbalanced.