Changes In Global Trade And Financial Flows Economics Essay

Changes In Global Trade And Financial Flows Economics Essay Globalisation is the increasing level of economic integration between countries leading to the surfacing of a new market place. Globalisation has resulted in a reduction in trade protection. This is because of the increased interaction between countries has led to the possibility to purchase goods with similar quality to those developed locally, but for a cheaper price. Financial flows throughout the global economy have immensely increased due to more interaction. In the early 1970s industrial development took place in developing countries, so companies moved production oversees, allowing for lower production costs mainly due to cheap labour. In 1983 the financial system was de-regulated and the exchange rate was floated. This means that the value of the Australian dollar is determined by the supply and demand of the currency. This led to greater accessibility of Australian firms to world capital markets and reduced exporting costs. But this increased the instability of the exchange rate. In the late 1980s Australian manufacturers were persuaded to export to the international market through tariffs, subsidies, local content schemes and quotas. This was in order for them to survive in the large international market. There have been major changes in trade patterns that reflect changes in the global economy. An example is the growth of China being directly related to the demand of raw materials. The increased volume of trade between countries can also be attributed to advances in technologies and new trade agreements such as the Australia United States Free Trade Agreement (AUSFTA). Trade growth is also due to the increase in demand of the resources that Australia has high amounts of. The constantly growing Asian economies demand raw materials that Australian companies extract from the land support growth in certain industries. An example of this is the trade between Australia and China. China is in demand of resource commodities in order to expand their infrastructure and support the 8% growth rate. Explain why globalisation has resulted in a reduction of trade protection Trade protection is a form of regulation that is imposed by a government in order to protect certain industries from cheaper oversees alternatives. Globalisation has resulted in a reduction of trade protection. This is because of increased production possibilities in developing countries that have lower wage rates than developing countries, leading to lower costs and greater profits. The removal of trade barriers can occur because a certain country can: Produce a good not available in another country Produce a good for a cheaper price than goods produced locally Produce a good more efficiently, allowing another country to focus on goods that they can produce efficiently Produce a good that is of better quality because of development of technical skills. However, there are trade protection rules in place in order to protect certain industries and to reduce effects of off shoring on domestic markets. Reasons for protection include: Infant Industries: These are industries that are at the beginning of the product lifecycle and have yet to establish themselves in the market. Therefore they have not yet experienced economies of scale (have not produced enough so that the cost of producing is lower in bulk). Because of this it is very difficult for them to compete with large foreign competitors, who take advantage of economies of scale and offer their products at lower prices, domestically. Although this is a reason for protection, if it is not removed at the correct time the industry may become reliant on government protection and never mature. Therefore a balance must be found between protection and allowing domestic industries to mature. Dumping: This refers to the selling of goods in export markets for a cheaper price than the cost of production. This creates revenue for the exporters that are dumping, but destroys the market for the importing company as they cannot compete with the cheap prices. Dumping is prohibited because of its potential to destroy industries quickly. Dumping may occur because a company wishes to: Gain market share, to reduce excess stock or to deliberately destroy competitive, domestic producers. Dumping also affects employment levels, because consumers will purchase the cheaper good, as the law of demand states the lower the price, the more demand there will be. Domestic Employment: Cheap imports reduce the market share of producers because of consumers purchasing cheaper products. As a result of this unemployment may occur in a certain industry because they may not compete. There may be structural change in the domestic economy because of this inability to compete. An example of this is in the United States in the 1980s where consumers preferred cheaper Japanese alternatives, therefore employment in the car industry decreased rapidly and the structure of the domestic economy changed to specialisation in the computer industry. Explain how trading blocs have impacted on protection levels Trading blocs are intergovernmental, multilateral agreements between countries within an area that decrease regulation on each others exports. Trading blocs have impacted on levels of protection. Since trading blocs are intergovernmental agreements, there must be deregulation in order to achieve maximum trade efficiency. An increase in the amounts of trading blocs internationally has led to a decrease in protection levels between countries in the trading blocs. An example of a trading bloc that has eliminated all trade barriers between the members is the European Union. This was established in 1993 and, although there is minimum regulation, there remains a common tariff between the members. The reasons that countries would want to join a trading bloc are: Improved growth, increased efficiency through importing cheaper goods and services, increased competition, economies of scale (larger markets due to free trade, investment in production due to increased trade and increased technolog y. Explain the consequences of deregulation on financial markets Deregulation of financial markets is where the banks have regulations removed from them. Between the years of 1983 and 1985 the financial system was deregulated by: The cessation of interest rate constraints on banks. This allowed banks to, more efficiently, fight for business (in the form of deposits and loans). Floating the Australian dollar: This is where the value of the currency is determined by the supply and demand of that certain currency. This changes the cost to import from or export to Australia, because the value of the dollar fluctuates. There is an inverse relation between the value of the dollar and the cost to import/export from/to Australia. Granting 40 foreign exchange licenses: This allowed foreign banks to enter the Australian financial system, and was done in order to boost competitiveness in the financial sector. In order to make the Australian banks more competitive, the procedure to set up domestic institutions was made more simple. The consequences of de-regulation are to do with the effects of speculation on appreciation and depreciation of the currency. When there is speculation that the value of the Australian dollar will rise, more people will purchase when it is still low. This increased demand will then cause the dollar to rise because of the floating exchange rate (as shown above). This in turn will have a negative effect on exports from Australia because the currency is worth more in comparison to others. An example is if the USA are importing goods from Australia with the Australian dollar buying 40 US cents. There will be more exports from Australia at this exchange rate in comparison to when 1 Australian dollar will by 1 US Dollar. Outline the role of the WTO, IMF and the World Bank in the global Economy The World Trade Organisation is a global establishment that supervises and implements rules controlling global trade. It is at the middle of decreasing trade protection and barriers. The trade policies that are determined by the WTO and multilateral agreements have expanded world trade; therefore it is seen as a symbol of globalisation. The accomplishment of the WTO in decreasing obstructions to trade and encouraging globalisation can be attributed to a reduction in mainly tariffs and quotas. This is done by: Enforcing international agreements and trade rules: Controlling trade disputes Observing trade policies Supervise trade negotiations While many countries have based their development on export and support globalisation entirely, there are many opponents to globalisation that have hindered the WTOs protection reduction scheme through protesting. This is known as the anti-globalisation process and is undertaken by numerous individuals/organisations because they are opposed to transnational corporations having un-regulated power and specifically because of profit maximisation leading to reducing costs which may lead to a more dangerous work place. The success of the WTO is measured by world trade figures. The amount of merchandise trade exports in 1990 was 14 times bigger than in 1950. The International Monetary fund is an establishment that has been set up with the intention to help countries finance trade and assist with balance of payments. Its prime intention is to guarantee steadiness of the worldwide financial structure, the system of exchange rates and worldwide payments that allows countries and its people to purchase goods and services from each other. In short it promotes globalisation. This is completed by loaning funds to nations in crisis to aid them in paying debts, imports and stabilising currencies. Examples of nations needing financial aid are Russia in 1998, many countries in Asia in 1998 and Argentina in 2003. The countries that obtain help from the IMF usually have conditions imposed on them. The types of conditions that the IMF imposes include: An increase in taxes Decreasing financial assistance on food and fuel Requiring members to disclose monetary and fiscal policies Since these reduce the living conditions of the impoverished, the IMF is frequently perceived as supporting global capital at the expense of the poor. It is, in addition, criticised for pushing nations at the beginning of the economic life cycle to open their economies, float their currencies, and reduce manufacturing and trade barriers. Since there are lags, it takes a while for the income levels to rise and demonstrate the benefits of these actions undertaken by the IMF. The World Bank is built as an organisation for financially supporting long standing expansion scheme for developing nations. The loans that are made towards these developing nations have a very low interest rate and are commonly referred to as soft loans. It not only lends money cheaply to developing nations, but also enforces procedures in order to endorse trade, boost exports and deregulation. An example of this is where some farmers in certain impoverished nations are persuaded to harvest produce for global demand, rather than for neighbouring areas. This may be done in order to boost profits from exports for the entire country. Although this may have a negative impact on local areas because rather than having those supplies used for the locals, they are used, instead for use in exports. Analyse how the global credit crisis has changed global trade and financial flows The global credit crisis has affected global trade and financial flows within the economy greatly. The following trade statistics show the trade numbers between the years 2005-08. Year Imports Exports 2004 9.5 10.5 2005 6 6.5 2006 6.5 8.5 2007 2 6 2008 -12 1.5 The trend of the data can be analysed in the following graph. Results taken from World Trade Organisation website: http://www.wto.org/english/res_e/statis_e/its2010_e/its10_toc_e.htm From the results above it can be seen that between the years 2004 and 2008 there was a drastic decrease in the export and import numbers internationally from 10.5% to -12%. This was due to the effects of the Global Credit Crisis. This will be shown below The global credit crisis began having major impacts in 2007, and still has major impacts on most economies in 2010. The global credit crisis began in the 1980s, where gigantic companies produced mechanical goods. At the end of the decade these firms identified that much more money could be made by investing into the financial industry. An example of a company that took part in this exercise was GE, who by the 90s, was making 10 times more money in investment, than in the production of goods. Due to the amount of cheap loans available, they borrowed much and became in debt. This money was then used to invest in financial bubbles. At first hefty profits were made, and many companies followed suit and by 2005 there was 14 so much money invested in speculation, that in value it equalled 14 times the value of the American economy. Debt began being offered to low income earners to in order to make more money and they could not pay it off. This had an incredible impact on the rest of the wo rld, showing the theory that when America sneezes, everybody catches a cold. Australia was one of the less affected countries due to its link with China. The global credit crisis had a large effect on global trade and financial flows. They include: Less demand for goods and services: Since there was far less demand, the price of elastic goods and service will go down, translating into less production, leading to greater unemployment. From this unemployment, there will be less household income therefore less goods and services will be bought. It was like a never ending circle. Less availability of credit: After the banks had gone bankrupt, there was no body to lend money to consumers, meaning spending was minimal. Rapidly decreasing Gross Domestic Product -Australia has developed a foreign debt of almost $A500 billion from borrowing money in order to fix the extended account deficit. There have been major changes in trade patterns that reflect the changes in the global economy. The rapid growth of China and the export of their manufactured goods, have led to a massive increase of raw materials demanded of certain countries like Australia. Results show that in 2003 the exports from Australia to China were triple what they were in 1990. This ever growing link between Asia and Australia has such a large importance that one of the objectives of ASEAN (Association of South East Asian Nations) is to have Australia join so that free trade can occur between them. In conclusion it can be said that the structure and target of Australian trade is greatly affected by the trends of the global economy.

Short-Term Memory: The Second Stage in Memory Processing

Introduction to Psychology Psychology 101, Section 8 October 26, 2010 Short-Term Memory The short-term memory is the lead to our long lasting remembers. Short-term memory is the second stage in the memory processing (Huffman). The short-term memory is the part of the memory that temporarily stores and processes information from the sensory memory and holds it until it decides if the information will be sent to the third stage or long-term memory (Huffman). The short-term memory stores a mixture of perceptual analyses information (Huffman).The short-term memory works in different ways to increase its small capacity; it uses rehearsal and chunking to be able to remember more things at once (Huffman). Rehearsal is when a person repeats information over and over again to maintain it fresh in the memory and chunking is grouping separate pieces of information into a single group (Huffman). The short-term memory is also known as the â€Å"working memory† because it’s always re ceiving information from the sensory memory and sending to the long-term memory (Huffman).I will be discussing the difference between short-term memory and long-term memory, the theory of decay, and the working memory. Difference The main difference between short-term memory and long-term memory is the capacity that each one has. According to Michael E. Martinez the two memories work together a cognitive architecture or the mind’s basic structure. In the short-term memory a person can only think of a few ideas at a time (Martinez). One of the characteristics of the short-term memory is that is small compare to the long-term memory which has a larger capacity (Martinez).Information flows between the short-term memory to the long-term memory, depending on the direction and different kinds of thinking results (Martinez). Short-term memory is the route entry to long-term memory or the holding template until the long-term memory processes are complete (Lewis). One example the Mart inez gives is when information flows from short-term memory into long-term memory it produces learning. When information leaves flows from long-term memory back to short-term memory is called recognition or recall, which happens whenever we think about a previously known fact, person, or event (Martinez).Each memory has it’s owe limitations; the short-term memory has a small capacity making it hard to think about many things at once, while the long-term memory does not record experience completely and accurately (Martinez). Unlike the long-term memory the short-term memory has chunking, which allows the short-term memory to hold more and more information. The capacity does not change but chunk grows in complexity which allows the short-term memory to handle more data (Martinez). DecayDecay is a theory that has a long history in accounting for forgetting (Berman, Jonides, and Lewis). This is said to happen because as time passes, information in the memory erodes and is less av ailable for retrieval (Berman, Jonides, and Lewis). Berman, Jonides, and Lewis present different experiment to examine if decay is a cause of forgetting. One study that they present is the classic study of Peterson and Peterson (1959): â€Å"Consider the classic study of Peterson and Peterson (1959), originally thought to provide strong evidence for decay.In this experiment, participants were given a letter trigram to store, followed by a retention interval that varied from 3 to 18 s. During the retention interval, participants were required to count backward by threes to prevent rehearsal of the memorandum. Following the retention interval, participants recalled the item in memory. Peterson and Peterson found that performance declined as retention intervals increased, and the authors attributed this decline to increasing decay of the memory trace with increasing time.The attribution of this effects to decay mechanism is, however, suspect. † The arguments that counting backwa rd could not be a source of interference because their secondary task differed from the item to be stored in memory (Berman, Jonides, and Lewis). But the case is that counting task requires short-term memory retention, which is the main memory task (Berman, Jonides, and Lewis). Another problem in assessing the role of decay on short-term memory is the habitual tendency of rehearse materials that are to retain (Berman, Jonides, and Lewis).An example that Berman, Jonides, Lewis give is when we look up a phone number in the directory and then walk to the phone, we rehearse the number in our head until it is dialed. They are trying to come up with different techniques to prevent rehearsal, to get an accurate gauge of whether decay has an effect on memory (Berman, Jonides, and Lewis). Working Memory Theory based research has revealed that working memory is a system that allows a person to maintain task goals, update memory to meet current demands, and to separate memory to form relations hips (Shelton, Matthews, Hill, and Gouvier).The working memory is also referred to a general purpose system that is responsible for the active task or goal relevant information while simultaneously processing other information (Unsworth, Spillers, and Brewer). The general purpose system includes: problem solving, reading, coordination and planning, and the basic intellectual functions, which leads to research on the capacity of the working memory (Unsworth, Spillers, and Brewer). â€Å"Beginning with Daneman and Carpenter (1980), most researchers have utilized complex working memory span tasks in which to-be-remembered items are interspersed with some processing activity. For nstance, in the reading span task participants attempt to remember words or letters while reading and comprehending sentences. These tasks can be contrasted with simple memory span tasks in which TBR items are presented without any additional processing activities.The complex span tasks nicely capture the idea that the of processing and storage are needed to fully understand the essence of working memory and tap its capacity. Furthermore, these tasks can be used to estimate an individual’s working memory capacity and examine the correlation between this capacity and other important cognitive abilities (Unsworth, Spillers, and Brewer). The possible that the complex span tasks do not file overall resources abilities but rather that the processing task displaces items from the working memory (Unsworth, Spillers, and Brewer). Also according to the task-switching view, a person may place an item in the working memory, and a rapid switching mechanism is needed to refresh the item before it is lost due to decay (Unsworth, Spillers, and Brewer). The faster the information can be complete and switch back to decaying representations, the better the overall performance will be (Unsworth, Spillers, and Brewer).There is also a difference in the amount of capacity from individual to individual (Unsworth, Spillers, and Brewer). There are two components that individuals may differ on: first component is the need to actively maintain information over the short term and the second is the need to retrieve information that could not be actively maintain due to a large number of incoming items (Unsworth, Spillers, and Brewer). The short-term memory has it’s mysteries due to the amount of information that one can keep and pass on.One thing is for sure is that without it we will not know what information are relevant for one to keep or decay. Now one can understand the relationship and difference between short-term and long-term memory, the theory of decay, and why the short-term memory is the working memory.References Berman, M. , Jonides, J. , & Lewis, R. (2009). In search of decay in verbal short-term memory. Journal of Experimental Psychology: Learning, Memory, and Cognition,35(2), 317-333. doi:10. 1037/a0014873. Retrieved from Academic Search Premier database. Huffman, K. (2010). Memory,(9th ed. Psychology in action. (242-275) Hoboken, NJ: John Wiley & Sons, Inc. Lewis, D. (1979). Psychobiology of active and inactive memory. Psychological Bulletin,  86(5), 1054-1083. doi:10. 1037/0033-2909. 86. 5. 1054. Retrieved from Academic Search Premier database. Martinez, M. (2010). Human Memory The Basics. Phi Delta Kappan,  91(8), 62-65. Retrieved from Academic Search Premier database. Shelton, J. , Elliott, E. , Matthews, R. , Hill, B. , & Gouvier, W. (2010). The relationships of working memory, secondary memory, and general fluid intelligence:  Working memory is special. Journal of Experimental Psychology:  Learning, Memory, and Cognition,  36(3), 813-820. doi:10. 1037/a0019046. Retrieved from Academic Search Premier database. Unsworth, N. , Spillers, G. , & Brewer, G. (2010). The contributions of primary and secondary memory to working memory capacity: An individual differences analysis of immediate free recall. Journal of Experimental Psycho logy: Learning, Memory, and Cognition,  36(1), 240-247. doi:10. 1037/a0017739. Retrieved from Academic Search Premier database.

Creative Writing Essay Samples - Is it a Scam?

Creative Writing Essay Samples - Is it a Scam? Creative writing's aim is to captivate an audience and make an emotional or thoughtful appeal, even though the kind of writing will determine the way that it will do so. Your focus is to obtain a well-done paper worthy of praise. If your child doesn't excel at fiction writing and you know for sure they will have a selection of factual or fiction topics, you could concentrate on developing their capacity to compose a persuasive factual essay instead of battling uphill with creative writing. Through a creative writing piece, students are needed to demonstrate the notion of Discovery. It's also required to remember that such assignment is quite difficult for many of students as it requires not only an ability to acquire a custom made paper written with no mistakes but also being eager to constantly discover new things and gather information from several sources all on your own. 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China s Culture During The 20th Century - 1364 Words

China’s culture saw some drastic changes during the 19th and 20th centuries, from the influx of new influences from the West to the more culturally sterile regime of Mao Zedong. In the early 20th century, Shanghai was a top cultural center in the East, and its achievements, although almost lost due to decades of conflict and political struggle, were preserved and built upon in Hong Kong and Taiwan. Following the social reforms, post-Mao China was ripe for reintroduction of culture, and Taiwan’s close proximity and similar origins helped smooth the transition and pave the way for China’s return from the cultural dark ages. With the establishment of the treaty ports, Western culture poured into Shanghai and mixed with local Chinese culture. One main expression of this cultural fusion was in jazz music, which was renowned throughout Asia. Although jazz music first popularized in clubs, the invention of the gramophone helped create the record industry and push this music into the homes of citizens outside the cities (Moskowitz 18). In the 1920s, Shanghai saw the beginning of mass-produced pop music by large music companies, mostly funded by foreign capital. Each year these companies produced 2.7 million records, and by 1932 they reached 5.4 million records a year and began exporting to other Asian countries (Moskowitz 18). Music, however, was not the only form of media to explode in popularity. In the 1930s, the publishing houses in Shanghai produced more print media in one yearShow MoreRelatedChina, Japan, and the U.S. in the 20th Century1491 Words   |  6 Pagesï » ¿China, Japan, and the U.S. in the 20th Century During the later half of the 20th century, China and Japan underwent both economic and non-economic reforms that were aided by the influence of the United States. 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