Positive Impacts of Free Trade on Economic Development Essay

Positive Impacts of Free Trade on Economic Development - Essay Example Free trade is particularly vital in aligning a country’s economy with the global partners. It is worth noting that countries which had initially centralized their economy lost many years of enormous benefits due to their politically driven isolation from the market economies. Today, they have aspired to tap into the benefits of joining the trading global system. However, active involvements in international trade present potential or associated risks. This is caused by active participation in global markets that are characterized by stiff competition. For instance, a country risks shutting down upcoming industries - those that are less competitive or adaptable - owing to the stiff competition presented by free trade. This is the greatest risk of free trade and has to be looked into carefully before opening up borders for free commerce (Sen., 2004). In addition to this, free trade encourages overdependence on foreign suppliers. This is unacceptable especially when dealing with sensitive supplies or those that play a crucial role in the country’s economy. A good example is supply of food commodities where many nations prefer stabilizing their food security supply so as to avoid crisis in the event of uncertainties such as war or shortage in the supplying nation. Although many countries have opted to have free trade, economists from developing countries argue that newly developed industries ought to be protected until a stage that they are less vulnerable to global competition. Therefore, some governments do so by opting to reduce the amount of imports or prohibit imports at all through trade barriers such as quotas. Additionally, imposing tariffs on imports makes it expensive hence imported...This paper offers a thorough review of numerous contributions of free trade to the economic development of countries. As it is shown in the essay, free trade contributes positively to economic growth and should be encouraged by all nations. In the last few decades trade has undergone transformation from the ancient traditional trading with goods for goods to modern exchange of goods and services for cash. Free trade can be defined as the cross boundary exchange of goods and services without government restrictions, taxes and tariffs. Every nation can find its own place in international labor division. Therefore, every country need to identify their path of supply based on her viable advantages, intensify it and make it the heart of their economic survival and progress. It is important to note that the cost and benefits of global trade is dependent on the magnitude of a nation’s domestic consumption. It is also dependent on the amount of natural resources at its disposal and the ease to tap such resources. The advantages free trade brings are, as follows. First, free trade encourages the theory of comparative advantage through specialization in goods that can be produced more efficiently. Secondly, reducing tariff barriers encourages development of trade. Thirdly, free trade encourages increased exports which are beneficial for domestic producers. Fourthly, free trade gives countries an opportunity to benefit from economies of scale. Finally, international trade enhances increased completion among nations.

Operation Mangement (forcasting) Research Paper

Operation Mangement (forcasting) - Research Paper Example Due to the fact that many managers are always eager to match the supply of commodities with their demands, it is therefore very important for them to forecast on the amount of space required for the supply to the demands. Chapter three explains several methods of forecasting that helps managers to make future predictions for the purpose of improving the operations of the company. In this context, we are going to focus on six issues that include; managing, finance, strategy, operations statistics and data. Under the topic of operation management, I chose two articles that relates to the main topic. These articles are; ` the Competing analytics` that belong to the Harvard business review and `Supply Chain Management review`. Both articles are very interesting to read as they try to share some common features though some are different. The articles also provide the clients with basic business information in relation to operation management. The competing analytics reflects on various subtopics such as strategies and quantitative forecasts, exemplars of analytics, the analytics and financial performance and finally, the distinctive capability. The article of Supply and Chain Management has the following subtopics: the selection of articles, the inter-rater reliability and review process, the classification framework and the strategy used, research methods and statistics, result and the data, industry sector, definitional issues, framing of SMC and discipline bases. Since there are two mai n forecasting methods; the qualitative and quantitative forecasting method, this paper mainly reflects on the qualitative forecasting method. This method consists of human judgment, subjective, opinions and it is non mathematical. At the end, the similarities and differences between the two articles, lessons learnt and conclusion. Harvard Business Review The main goal that Harvard Business Review intends to achieve is to be the best source of ideas that are very new in the market to enable different personalities to lead, create, lead and transform businesses. Judgmental forecasting method that involves the sales-force opinions, executive opinions and consumer survey was used. The HBR was founded in the year 1992 and has managed to become the world`s preeminent magazine in terms of management, publishing cutting-edge and authoritative thinking on important issues that face the executives. The HBR articles cover several topics that are relevant to different industries, geographical l ocations and management functions. All the HBR articles focus on areas such as management, finance, operations, strategy, negotiation, leadership and organizational change. This enables the HBR articles to relate to the operation management (forecasting) that also deals with management, operations and organizational change. In addition to that, the articles share common characteristics such that all of them are written for senior managers. The writing is done by the experts who have experience in the field of writing and their work has already been studied and analyzed. The ideas that are presented in the article can be put in to action due to the fact that they have already been tested in the business world and have successfully worked. When evaluating a given idea from the article, the editors always focus on the things that might

Industry Analysis, Target Market, and Competition Analysis of Plastic Essay

Industry Analysis, Target Market, and Competition Analysis of Plastic Surgery Center in Morris County, NJ - Essay Example Plastic Surgery Center in Morris County, NJ is one of the most well-known centers in this region. The present marketing activity of Plastic Surgery Center in Morris County profiles as well as overviews industry and situational analysis. A comprehensive overview of the SWOT and industry on the whole give insights on marketing strategy to follow in order to retain existing and attract new customers, who would become regulars. Thus, the analysis identifies marketing problem and offers marketing focus, objectives, program as well as tactics for the marketing plan implementation. The final part provides information on evaluation and control of the marketing implementation. The Plastic Surgery Center provides beauty services to men and women. The main types of services are Breast augmentation, Breast lift, Breast reconstruction, facelift, liposuction, total body lift, Botox, laser skin resurfacing, chemical peels, different types of message, etc. Plastic Surgery Center surgeons pride themselves on superb-quality services with innovative and stunning technology that provide excellent value to the customers. Plastic Surgery Center has positioned itself as a provider of superior service and products to all clients at an affordable price in convenient locations appealing to all family members. The centre has managed to position itself on the high-end of the service providing due to high standards for its customers, who are specially trained for high performance and consulting (Black 44). The strategic focus of all companies in this industry is providing hairdressing services with the superior quality and value for the customers. Efforts are aimed at providing friendly, efficient service from professional surgeons who are well-trained doctors to make the experience memorable and provide for loyal customers. The efforts are incorporated with the Centre's mission and vision as well as with the corporate culture instilled in the team, which according to the company's belief are the things that can bring a big difference (Doyle and Stern 98). The Plastic Surgery Center vision statementis to be a great business that is based on principles of: Profitability Friendliness Creativeness Consistency Great Value Cutting Edge Community mindedness ("Practice Philosophy". 2009). The Plastic Surgery Center puts emphasis on its clients receiving a service of a great value. The goal of marketing campaign, thus, is to retain existing customers and attract new customers, who would become long-term regular loyal customers, by the means of primary services as well as pleasant additional elements, which range from prices to the superior professional and products in terms of provided services. Situation analysis provides an insight on the Centre's position within the industry as well as overview of competitors, customers, industry trends. SWOT analysis outlines Plastic Surgery Center key strengths and weaknesses as well as describes opportunities and threats that its salons may face (Plastic Surgery Center in Morris County NJ 2009). Strengths Established brand equity and name in the industry Strong and business committed franchisees Well-trained medical professionals with high standard skills and creative customer-focused approaches Convenient locations and physical evidence elements in the centres, which are located

Argue against a commonly held belief - Being Vegetarian is a Matter of Essay

Argue against a commonly held belief - Being Vegetarian is a Matter of Free Will - Essay Example Proteins and vitamin B12 are essential for cell growth, tissue building and repair. These essential components are present in meat. Vegans need to plan their diet to make sure that it includes all the important components required for body growth. Some plants are good source of protein such as beans, peas, nuts, seeds, soy products and whole grains. Vegans must eat such plant foods to ensure adequate nutrient intake. Being a vegetarian is a healthy lifestyle choice. It is good to be a vegan for a range of health, environment, religious and economical reasons. For human body functioning all the important nutrients can easily be obtained from plant foods. Green leafy vegetables, cereals, whole grains and legumes contain iron. Fruits and vegetables help the body to absorb the iron. In addition, a regular consumption of fruits and vegetables provides significant protection against cancer at many sites. Nuts and wheat are good source of zinc. Calcium is an important component for bones an d teeth. Dark green leafy vegetables such as Asian greens, almonds and Brazil nuts are good source of calcium. Nuts also contain a number of vitamins, minerals and they are naturally low in saturated fats while most are quite rich in monounsaturated fat. High consumption of nuts and whole grains has been associated with lower rates of diabetes. An increased consumption of fruits and vegetables contribute to the prevention of diabetes. Vitamin B12 is essential for red blood cells production. It helps in proper functioning of nervous system and healthy brain. Mushrooms and sea vegetables are good source of vitamin B12. Vitamin D is good for skin and bones. Vegans can consume vitamin D by taking soymilk and cereals in their diet. In addition, sun is the main source of vitamin D. vegans can expose to direct UV light of the sun to get maximum vitamin D. Vegans can never face nutritional deficiencies because every essential nutrient can be obtained from plant food. Livestock drugs are har mful for human body as consumed when human body takes animal food. Growth hormones, antibiotics and veterinary drugs given to the livestock animals are dangerous for humans, as humans are secondary consumers. Meat eaters may consume hormones, drugs and other chemicals. No one knows precisely what effect these hormones have on human health but the risk is there. Some farmers use tranquillizers to keep the animals clam and antibiotics to protect them from infections. Omnivores are inevitably consumes these harmful chemicals. There are lot of pathogenic microorganisms, such as bacteria and viruses in animal’s meat that are danger to human health. People eating meat (omnivores) have risk of heart diseases. In addition to heart diseases, humans suffer from a wide range of diseases such as diabetes, kidney stone, osteoporosis, arthritis, acne, cancer, obesity, excess protein, fiber deficiency and food-borne illness among omnivores compared with vegetarians. Plant foods help in prev ention of cancer. Vitamin C, B-17 and beta-carotene are natural substances present in most plants that help in preventing cancer. Most animal meats are highly dangerous; as when cooked, produce cancer-containing compounds such as benzenes and other carcinogenic compounds. A powerful anticancer compound, protease is present in plant foods such as soybeans. The World Cancer Reasearch Fund published a major report in 1997 that

The Process of Banking Regulation Essay Example | Topics and Well Written Essays - 2000 words

The Process of Banking Regulation - Essay Example The financial crisis exposed failures of banks to control financial meltdown. The case pointed out that banks directed their interest at the expense of the common good of the financial markets. Regulation in the sector is an issue that is quite complex because the UK has banks which handle domestic and international banking. This paper analyses banking regulation and its effects on the financial market. The argument for and against regulation The argument about the need for bank regulation has divided economists into two groups. The first group feels that the banking sector should institute policies, which regulate the operation of banks while the second group feels that banks are volatile to instability, hence less need for regulation. Economists have observed that unregulated actions lead to greater social marginal costs and less private marginal costs (Slaughter and May. 2011). The effects of social marginal costs influence the overall economy because banks form important units of making public payment. This contrasts to private marginal costs because it belongs to a clique of shareholders of the firm. Turner Review on banking regulation proposed interest policy that should be able to tone down macro stability as well as bubbles in the financial sector. However, during the financial spill, it was evident that central banks were unable to control the macro stability of the banks. Elaborate regulation influence practices, which influence lending, and borrowing. Complexity in the sector crops whenever banks failed to comply with the regulation because they tend to manipulate the markets to gain profit (Hoose, 2010:136). The challenge is to balance the financial market as well as doing business. Serving these interests have often thrown the market into crossroads where financial spiff off is inevitable. However, the mandate of the regulation is to promote common good among the market players in the financial sector (Hardy, 2006:6). Economists for regulation have argued that uninsured depositors would create a financial spill when they acquire information about the poor performance of the banks. For instance, Northern Rock bank was a victim of depositors run during the financial crisis in 2007. Many of its depositors were not certain that bank suffered liquidity problem. It means that a bank run would create an adverse effect on the economy because of loses that banks would incur in its attempt to meet the demands of its depositors. The idea is to equip the banks to handle unstable markets (Independent Commission on Banking. 2011: 23). During the 2008 crisis UK, government shielded the banks from falling because they did not have the capacity to absorb the risks. Early banks had demonstrated their ability to lend without evaluating their capacity to handle the risk. Erosion of bank equity destabilized the financial market because the banks lost the ability to bear loses. Proposal on banking regulation is an issue that committees such as the Basel committee have discussed reviewing macro-prudential methods of regulating operation in the banking sector. The report charged with reviewing stability in the banking sector identified three areas first, the minimum requirement of capital, second, supervisory on internal bank assessment and third, cushioning public from risks. Basel committee recommended that each loan should command its own capital requirement as opposed to portfolio the loan added.

The Violation of Joe Public's Procedural and Substantive Due Process Essay

The Violation of Joe Public's Procedural and Substantive Due Process - Essay Example In addition, it is mainly decided upon through the assessment of deliberation of error and analysis of interests. The substantive due process explains how the justice is depicted in the law and its link to the perception of legality. It offers a source of fairness and justice beyond the Constitution, which is determined through basic rights and persuasive requirement tests. However, an individual, fundamental rights and equal protection may be violated in the course of justice. Selective incorporation involves the explicit protection of essential and fundamental rights of an individual. This is similar to equal protection; however, equal protection clause is not present in the Fifth Amendment. Equal protection concerns discrimination allegations, therefore, from a selective incorporation viewpoint; the case can be filed as a discrimination claim under the Fifth Amendment. Joe Public can file his case in the federal courts. The case is involving the Fifth Amendment and Fourteen Amendm ent of the United States Constitution, and the federal courts handle most cases that may concern or challenge the Constitution. Moreover, the case can challenge and argue that there were some outlawed procedures that were violated, and the entire procedure substantively desecrated the doctrines of essential and fundamental justice. This will prompt a shift in the load of evidence to the State to demonstrate the compelling need. The case can be filed within the jurisdiction of the state courts and specifically in the state in which the health institution is location. The state courts can also handle cases involving the U.S Constitution, the state law and the state constitution. According to the Fourteenth Amendment, as a United State citizen, Public has a right to access all the privileges that belong to the citizens of United States. There is no law in the State in which Public resides, and went to seek medical treatment that was enforced which prevents Public from accessing the nee ded requirement. Therefore, he was denied his right as a United State citizen to quality and efficient medical care without any discrimination. This violated his procedural due process. Under the Fifth Amendment, Public has the right to quality life, which is possible through access to medical care that also provides relevant information regarding the social, health and cultural needs. The medical facility deprived him of this information, thus violating his fundamental rights and substantive due process (Stephens and Scheb, 2007). According to Holt (2010), the Fifth Amendment was only to apply to the federal government initially, thus the federal courts. However, the Fourteenth Amendment makes the Fifth Amendment binding to the states and their jurisdiction, hence the state courts. The violations of Public rights as a patient and a citizen are extensively covered with the Fourteenth Amendment. The case can be filed in both federal and state courts. However, Public is best suited fi ling the case in the State Courts since it is still in its jurisdiction and authority. The equal protection of Public’s rights was also violated. The right to access to emergency services was denied to John Public. This led to deterioration of the symptoms that Public was experiencing at the time. In addition, the hospital did not provide information that was relevant to the disease. This would have provided insight into the management of the disease. Mckenzie et al (2011) argue that without this information, understanding

The Process of Banking Regulation Essay Example | Topics and Well Written Essays - 2000 words

The Process of Banking Regulation - Essay Example The financial crisis exposed failures of banks to control financial meltdown. The case pointed out that banks directed their interest at the expense of the common good of the financial markets. Regulation in the sector is an issue that is quite complex because the UK has banks which handle domestic and international banking. This paper analyses banking regulation and its effects on the financial market. The argument for and against regulation The argument about the need for bank regulation has divided economists into two groups. The first group feels that the banking sector should institute policies, which regulate the operation of banks while the second group feels that banks are volatile to instability, hence less need for regulation. Economists have observed that unregulated actions lead to greater social marginal costs and less private marginal costs (Slaughter and May. 2011). The effects of social marginal costs influence the overall economy because banks form important units of making public payment. This contrasts to private marginal costs because it belongs to a clique of shareholders of the firm. Turner Review on banking regulation proposed interest policy that should be able to tone down macro stability as well as bubbles in the financial sector. However, during the financial spill, it was evident that central banks were unable to control the macro stability of the banks. Elaborate regulation influence practices, which influence lending, and borrowing. Complexity in the sector crops whenever banks failed to comply with the regulation because they tend to manipulate the markets to gain profit (Hoose, 2010:136). The challenge is to balance the financial market as well as doing business. Serving these interests have often thrown the market into crossroads where financial spiff off is inevitable. However, the mandate of the regulation is to promote common good among the market players in the financial sector (Hardy, 2006:6). Economists for regulation have argued that uninsured depositors would create a financial spill when they acquire information about the poor performance of the banks. For instance, Northern Rock bank was a victim of depositors run during the financial crisis in 2007. Many of its depositors were not certain that bank suffered liquidity problem. It means that a bank run would create an adverse effect on the economy because of loses that banks would incur in its attempt to meet the demands of its depositors. The idea is to equip the banks to handle unstable markets (Independent Commission on Banking. 2011: 23). During the 2008 crisis UK, government shielded the banks from falling because they did not have the capacity to absorb the risks. Early banks had demonstrated their ability to lend without evaluating their capacity to handle the risk. Erosion of bank equity destabilized the financial market because the banks lost the ability to bear loses. Proposal on banking regulation is an issue that committees such as the Basel committee have discussed reviewing macro-prudential methods of regulating operation in the banking sector. The report charged with reviewing stability in the banking sector identified three areas first, the minimum requirement of capital, second, supervisory on internal bank assessment and third, cushioning public from risks. Basel committee recommended that each loan should command its own capital requirement as opposed to portfolio the loan added.