Economics
Stages of Economic Integration
According to Carbaugh (2009), the process of eliminating restrictions on international trade, payments and factor mobility, is known as economic integration. The stages of economic integration can be categorized into the following stages:
1) Preferential trading area
A preferential trading area gives a preferential access to certain products from the participating countries. Tariffs are reduced, but are not abolished for this first stage of economic integration. Although the difference between preferential trading area and free-trade area may be unclear, preferential trading area has a main goal of becoming a free-trade area in accordance with the General Agreement on Tariffs and Trade. An example of a preferential trading area is the European Agreement: a treaty between the European Union and a non-European Union country that creates a framework for co-operation between them.
2) Free-trade Area
A free-trade area is established by eliminating all tariffs and non-tariff barriers among the members’ agreement in the trading nations, with each member maintaining a set of trade restrictions. The agreement can be limited to a few sectors or cover all aspects of international trade. It can also include formal mechanisms to resolve trade disputes. The North American Free Trade Agreement (NAFTA) which consists of Canada, Mexico, and the United States is an example of such an agreement.
3) Customs Union
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Most Important Influence On Economic Growth
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Economic Issues
Economic Growt
Economic Growth is a country’s productive capacity and can be defined as an increase in the volume of goods and services that an economy can produce over a period of time.
Aggregate Demand and Supply :
John Maynard Keynes Theory:
? Aggregate demand (spending), according to Keynes theory, is the most important influence on economic growth. Read the rest of this entry »
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Japan’s Economic Problems
Robert Samuelson had an interesting article in the latest issue of Newsweek magazine, “Why Japan Fell And What It teaches Us.” Mr. Samuelson reviews how Japan got into its current and long running economic slump, highlights of which include the following:
- Japan’s economic problems started after several economic bubbles arose in the late 1980s including a tripling of their stock market’s value from 1985 to 1989 and the tripling of its real estate values by 1991. However, by the end of 1992, the stock market had lost 57% of its peak value and land prices fell so low that they are still at early 1980s level. Banks weakened as the bubbles burst and they did not have enough collateral, with some banks going bankrupt.
- Economic growth stalled and grew only about 1% a year for the entire decade of the 1990s. This was a fraction of the annual 4% average growth in the 1980s in Japan. Read the rest of this entry »
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Economics, Sociology and Culture
It has been said on more than one occasion that Cash is King. The current American culture would agree almost immediately. A momentary glance at the current economic situation in the United States lends more support to the statement. A brief look back at history shows that from the origin of human life, economic status has directly affected sociology and culture as a whole.
Before one can understand how economics affects sociology and culture, one must have a basic understanding of sociology, culture, and economics. Sociology, in its simplest form, is the application of the scientific method to the social world. Sociology is used to analyze society (pure sociology), and based on this analysis, attempt to reform society (applied sociology). Sociologists observe cultures and events as objectively as possible and record their findings. If the sociologist is practicing applied sociology, then they will draft a report identifying social issues and behaviors and offering explanations and solutions for the issues noted .
Culture can be easily understood as patterns of human activity. Underlying this elementary definition are symbolic structures and traditions which give culture its foundation. Based on this definition, it stands to reason that humans do shape their culture, rather than the popular belief that culture shapes humans. However, it also stands to reason that when confronted with thousands of years of culture a human cannot help but be influenced by culture through the patterns of their parents and through the patterns and traditions relative to their geographic locale .
