There is an ongoing debate about the two economic systems namely, Socialism and Capitalism. The main difference between these two is the ownership of the assets. In Capitalism, assets are owned by private companies, while in Socialism they're owned by the government (Pettinger, 2017). According to Tejvan Pettinger (2017), capitalist societies' income depends on the market forces of the economy...
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Introduction: This Essay is about Emily who works as a luxury retail manager in the UK and moved to the UAE after getting an attractive offer from a rival company. After coming to the UAE, she realized that the culture in the UAE was different from that of the UK in the way the customers interacted with her. Customers would...
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âMonetary policy by committee: consensus, chairman dominance, or simple majority?â Riboni and Ruge-Murcia (2010) develop a model and study the empirical implications of monetary policy-making by a committee under four different protocols, consensus model, agenda-setting model, dictator model, and simple-majority model. All models are estimated by maximum likelihood and the results show that the consensus model is a better fit...
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Socialism is a leftist political ideology that developed out of the attitudes reflecting the exploitation of workers in capitalist systems. The socialist ideology critiques the idea of capitalism as being held on the basis of competition, and selfishness. It argues rather that humans are societal, and that economic rivalry weakens and threatens âthe cooperative and community-oriented nature of humanityâ (Mintz...
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Abstract: The Covid-19 coronavirus is a new virus. Although there are no specific vaccines or treatments available now, medication and vaccine research are underway. Impact of Covid-19 on employment in various industries, e.g.: media and culture sector, public service, public emergency services, automotive, textile, clothing, civilization, health sector, education, shipping, fishing, tourism, agriculture, food security, etc. in various ways. Due...
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Inflation is the measurement of how much more costly a collection of goods and services has gotten over time, generally a year. It's possible that it's one of the most well-known economic terms. Inflation has thrown countries into a state of insecurity for extended periods of time. Many central bankers aim to be dubbed 'inflation hawks.' Politicians have won elections...
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Unemployment has been an issue and a concern in most counties across the world, including the US, but unemployment is at the lowest it has ever been in 50 years. The factors include demographics, level of education, the introduction of automation/technology, economic conditions, and demographic characteristics. In the United States, employments are frequently utilized as a proportion of the strength...
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Introduction The International Monetary Fund (IMF) and the World Bank are two pivotal institutions in the global economic landscape. Established in the aftermath of World War II with the intention of fostering international monetary cooperation and economic development, both institutions have evolved to address the changing dynamics of the global economy. The IMF primarily focuses on ensuring global monetary stability...
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As a wise person once said, shopping is cheaper than a therapist. Is that statement actually truthful though? Every year thousands, maybe even millions, of Americans fall into the dangerous cycle of materialism due to loneliness. Buying unnecessary and trivial products hoping that they will make their life just a little bit better. Later on, they realize the purchase of...
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Introduction The unemployment rate is a critical indicator of a nation's economic health and societal well-being. It represents the percentage of the labor force that is jobless and actively seeking employment. While a low unemployment rate is often associated with economic prosperity, a high unemployment rate can have detrimental effects on a nation's economy and its citizens' quality of life....
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This report will detail the current trends in three key economic indicators within Australia, and the impacts of these if they are too high, or too low. Economic indicators are a piece of economic data, that is used by analysts to interpret current or future investment possibilities. This report uses three economic indicators: inflation, unemployment and income/wealth distribution. It has...
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Every year, the United States Treasury Department loses over $100 million on minting pennies. There is a heated debate between people who are in favor of the penny and people who believe the penny should be removed from circulation. The penny should be removed from circulation for three main reasons: the penny costs too much to make, citizens lose money...
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This research aims to investigate how the green economy can create new job opportunities, therefore defining some future social scenarios in Italy. The reason for which the green economy can create new employment for future generations is due to the use of new ecological and non-pollutant technologies that have been created and that will be furtherly developed in the near...
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Increase in Food items Prices as per Pakistan Bureau of Statistics: Pulse moong (19.74%), Pulse gram(18.2%), Chicken (17.53%), Eggs (14.28%), Wheat(12.63%), Besan(12.09%), Fresh vegetables(11.7%), Pulse mash(10.29%), Gur(9.49%), Beans(8.09%), Wheat flour (7.42%), Pulse masoor(7.33%), Condiments and Spices(7.15%), Gram whole (6.68%), Sugar(5.07%), Fresh fruits(3.93%), Mustard oil(2.87%), Wheat products(2.64%), Vegetable ghee(2.18%), Rice(1.2%), Fish(1.19%) and Dry fruits(1.09%). Decreased: Onions (18.37%), Tomatoes (8.36%) and Potatoes...
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Immigrants flock to America in search of the American dream; a dream that promises success to everybody who works hard and makes an effort to succeed. In the novel 'The Jungle' Upton Sinclair illustrates that capitalism is flawed as it leads to corruption, exploitation, and power in the hands of the rich. Corruption, 'dishonest or fraudulent conduct by those in...
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The state of âpost-politicsâ, whereby society is characterised by political apathy and a lack of substantial political change, is often portrayed as having transpired concurrently with the trend of rising global consumerism. Indeed, many academics argue that capitalist domination has been irreversibly strengthened through a culture of excessive consumption that intrinsically reinforces hegemonic power (Briggs, 2012; Dean, 2009; Rushkoff and...
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Employment (the number, quality, and security of jobs available) is an important social concept. The fact that income is directly correlated to employment creates the societal notion of class. As such, lack of employment is, consequently, also an important economic aspect that has a direct connotation with the make-up of the society. This literature review aims at effectively analyzing the...
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The aim of this assessment will be to focus on evaluating how the capitalist economic system has impacted the living standards, and whether it has delivered a widespread improvement. Since a capitalist economic system is frequently referred to a system which discusses private property, markets and firms, as well as explaining how a countryâs industries and trades are controlled by...
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SME stands for small or medium sized enterprises. Munro D. (2013) touches upon the distinctive requirements a company needs to be defined as one, for example, a company can only be categorized as an SME in the UK if the amount of staff working for them is below 250, and the total amount received from the Statement of Financial Position...
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This short paper will focus on the studies and the beliefs that intellectuals such as Max Weber and John Maynard Keynes devoted their lives to. Theorists and sociologists alike have played a very important part of our everyday modern lives. There works and achievements have allowed us as a civilization to effectively understand how to properly communicate with our environment...
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In life, each individual has a set of goals that he wants to reach. One of those goals is having a good job. In fact, according to an expert, having an employment is the only thing that helps the person develops his life. In contrast, the act of losing a job impacts negatively on the personâs life. Because of normal...
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Historians in the 1980s hoped that studies of categories of analysis would illuminate subjects that had previously been obscured. Joan Scott foregrounded gender in particular as one of these useful categories. âGenderâ has been widely substituted for âwomenâ in the labelling of this type of history which ultimately makes sense since the same cultural processes produced both âwomenâ and âmenâ....
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Employment law is composed of both federal and state laws to ensure that they provide legal protection to employees and employers. It is set up to ensure that legal guidelines and standards are met by preventing discrimination, promote health and safety, establish a minimum for economic support and to prevent work disputes between labor and management. While I was researching...
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The main international economic institutions are the IMF, the World Bank, and the WTO (Barkin, 2013). Each has an area of specialization and focus and can be complementary to the others. These three institutions are organizations that they, or their principles, were set up after the Second World War in the Bretton-Wood Conference (Ravenhill, 2016). This essay will be focusing...
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Work is an important versatile concept of our daily lives. According to Budd (2011), the definition of work is a âpurposeful human activity involving physical or mental exertion that is not undertaken solely for pleasure and that has economic or symbolic valueâ. There are numerous conceptualizations of work as there is no single âcorrect conceptualizationâ that would be true for...
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Career has two meanings. Career is mostly used to refer to a chosen profession or employment, or an occupation. Career options encompass a wide variety of occupations from those needing rigorous preparation and schooling to those you can perform with just a high school diploma, ability to learn and work ethic. A profession may mean working as a doctor, lawyer,...
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Globalization has changed the employment market into a multi-cultural one which begs for a clear recognition of cultural differences. These differences need to be understood, recognized and considered especially when implementing HR practices such as recruitment and selection and performance management (White, 2015). As Ulrich (Ulrich, 1998) put it: âGlobalization requires organizations to move people, ideas, products and information around...
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The Cold War A hot war has physical fighting. In a cold war, there is not. The Cold War refers to the time after WW2 when there were tensions between the USA and its allies and the USSR and their allies. USA Capitalism vs USSR Communism The Soviet Union and the USA had different ideologies (a system of ideas and...
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Obesity has been a big problem in the UK because the government hasnât taken control over the consumption of sugary goods, especially sugary drinks. Market failure is created when the allocative efficiency is not used in its maximum efficiency. So, when community surplus is not maximized, we have market failure. A certain product is either over or under produced. Merit...
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The situation of employment within the world is fast changing in all aspects. New sectors are emerging daily and the ones previously thought as stable are dying out. Permanent types of employment have become challenging and are now replaced by insecure and uncertain self-employment and contract work. Based on the works of Lewchuk and other authors in the book âThe...
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