ECON3020 Final exam questions. This assessment task is worth 40% of the overall mark in this
unit.
You are given 6 questions and you must answer 4 of your choice (4 out of 6). Please respect a word
limit of 400 words for each question. A gentle reminder that the Turnitin similarity report must be
below 20%. Failure to comply with this submission rule will constitute a breach of integrity rules.
PLEASE READ THESE INSTRUCTIONS CAREFULLY:
(I) You are given 6 questions and you must answer 4 of your choice (4 out of 6).
(II) Please clearly indicate the questions you are addressing.
(III) Each question’s maximum marks are clearly reported.
(IV) Please respect the word limit as reported.
(V) A gentle reminder that the Turnitin similarity report must be below 20%.
Failure to comply with this submission rule will constitute a breach of integrity
rules.
Question 1 (max 400 words, max 10 marks):
(i) Refer to the reading Howes, S. and P. Wyrwoll (2012) to discuss one key aspect of the
Global Ecological Challenge that China is currently facing. (Max 5 marks)
(ii) Explain in your own words why China’s reliance on economic performance indicators
such as Gross Domestic Product may not help in achieving a solution to the global
ecological challenge China is currently facing. (Max 5 marks)
Question 2 (max 400 words, max 10 marks):
(i) Using the material discussed in class explain in your own words how Adam Smith and
Karl Marx differ in their criticism of capitalism. (Max 5 marks)
(ii) Adam Smith proposes to rely on educated consumers to improve the social outcomes
stemming from capitalist economic organization. Explain. (Max 5 marks)
Question 3 (max 400 words, max 10 marks):
(i) Consider a rapidly developing economy such as Vietnam, with limited investment
opportunities (low aggregate savings) and a large unskilled workforce. Under what
conditions Vietnam’s integration in global modes of production may help reduce poverty
and inequality? (Max 5 marks)
(ii) What are the main obstacles to business innovation Vietnam faces in global modes of
production? (Max 5 marks)
Question 4 (max 400 words, max 10 marks):
(i) Consider the structure of the Indian economy, which comprises a large informal sector.
How can the 4th Industrial Revolution positively impact on governments’ ability to
fiscally sustain their policies? (Max 5 marks)
(ii) How can India’s 4IR lead to a premature de-industrialisation and what labour market
implications would that have? (Max 5 marks)
Question 5 (max 400 words, max 10 marks):
(i) Explain in your own words why Japan currently faces a crisis of reproduction. (Max 5
marks)
(ii) Why does the crisis of reproduction in many Asian countries involve both waged and
non-waged labour? (Max 5 marks)
Question 6 (max 400 words, max 10 marks):
(i) Consider the reading by Narula J (2019) discussed in class. Summarise in your own.
Based on Erik Reinert, How Rich Countries Got Rich ... and Why Poor Countries Stay Poor (2007), London: Constable, Chapter 8: “Get the economic activities right”, or, the Lost Art of Creating Middle-Income Countries. Further discussion on how to make upper-middle income county out of middle-income trap. And how to synchronize different aspect on developmental policy in modern era.
BUS106 wk2 ch2 how economic issues affect business Bhupesh Shah
BUS106 How Economic Issues Affect Business - from UNDERSTANDING CANADIAN BUSINESS, 7th Canadian Edition (custom publication for Seneca) ; published by McGraw-Hill
Based on Erik Reinert, How Rich Countries Got Rich ... and Why Poor Countries Stay Poor (2007), London: Constable, Chapter 8: “Get the economic activities right”, or, the Lost Art of Creating Middle-Income Countries. Further discussion on how to make upper-middle income county out of middle-income trap. And how to synchronize different aspect on developmental policy in modern era.
BUS106 wk2 ch2 how economic issues affect business Bhupesh Shah
BUS106 How Economic Issues Affect Business - from UNDERSTANDING CANADIAN BUSINESS, 7th Canadian Edition (custom publication for Seneca) ; published by McGraw-Hill
International Political Economy Exam IITake Home Essay GuideSeay.docxBHANU281672
International Political Economy Exam II
Take Home Essay Guide
Seay
I.
Basic Terminology:
Be able to incorporate as many of of the following basic political economic terms as possible into each of the two essays of choice from the second category. Class lecture notes may be used for defining the listed terms as well as the Charles Wheelan textutal readings.** Do be certain to incorporate other useful data from lectures notes, the Wheelan text, and various suggested scholarly IPE books and articles as well.**
David Ricardo, "Comparative Advantage," "The Iron Law of Wages," and "Theory of Rents."
Anne-Robert Turgot and Jean-Baptiste Say
Physiocrats
Charles Fourier and Count Sainte-Simon
Utilitarianism
Karl Marx
William Stanley Jevons and Leon Walras
Historical Economics and the Marshallian School
East Asian Model of Developement
Export Oriented Strategy
Rent Seeking
Structural Adjustment Programme
Efficiency Oriented Investment
Foreign Direct Investment
Horizontal Integration
Intangible Asset
Locational Advantages
Market Oriented Investment
Natural Resource Investment
Positive Externalities
Specific Asset
Vertical Integration
Calvo Doctrine
Export Processing Zone
Locational Incentives
Multilateral Agreement on Investment
Obsolescing Bargain Performance Requirement
Trade Related Investment Measures
United Nations on Permanent Sovereignty over Natural Resources
Balance of Payments and Balance of Payments Adjustment
Bretton Woods System
Capital Account
Conditionality
Current Account
Exchange Rate System and Exchange Restrictions
Fixed Exchange Rate System and Fixed but Adjustable Exchange Rate System
Floating Exchange Rate System
Foreign Exchange Market
Foreign Exchange Reserves
Fundamental Disequilibrium
Managed Float
Speculative Attacks
Stabilization Fund
European Monetary System
International Investment Position
Louvre Accord, Monetary Accord, and Plaza Accord
Target Zone
Phillips Curve
II.
Essay Topics: Answer any two of the following essays with
each response tallying 5-8 pages. (50 POINTS EACH).
1. Who was David Ricardo? Illustrate and explain his economic theories? Were they accurate? Might they be useful in the present?
2. In what ways did the French Enlightenment era help create the study of modern economics? Illustrate and explain all key figures
and their philosophies. Are they influences found still in the modern
global economy? If so, in which ways?
3. Who was Jean Baptiste Say? Why is he important in IPE? Explain.
4. Who were Charles Fourier and Count Saint-Simon? What economic philosophies did they create? Are their views prevalent, still?
5. Who was Karl Marx? What was his economic philosophy? How and why has his economic philosophy been so widespread as well as controversial? Explain.
6. What is Import Substitution Industrialisation? What are its's problems? Explain.
7. What is the East Asian Model? Should the West imitate it? What are its's strength and weaknesses?
8. What kind of economic reform is occuring in China? Is it ...
Analyze and describe how social media could influence each stage of .docxgreg1eden90113
Analyze and describe how social media could influence each stage of the Customer Decision Journey for a customer deciding where to go for a special night out (may include dinner, a special activity, etc.). Please be specific and cover each stage. Use the modified customer decision journey not the traditional journey. Note that this is for social media not other forms of internet sites.
Please note: Grading Criteria and textbook notes for reference are attached.
.
Analyze Delta Airlines, Inc public stock exchange NYSE- company’s pr.docxgreg1eden90113
Analyze Delta Airlines, Inc public stock exchange NYSE- company’s profitability, liquidity, leverage and the common stock as an investment. The length of the paper should be 3 to 5 pages in APA format. Prepare a financial analysis on the company using public information such as the company’s annual report, SEC 10-Q and 10-K.
.
Analyze and Evaluate Human Performance TechnologyNow that you ha.docxgreg1eden90113
Analyze and Evaluate Human Performance Technology
Now that you have a good understanding of human performance technology, explain the most frequently used means of gathering data in the field of human performance technology (HPT). Why is this important to an organization? What can go wrong?
Use scholarly research to back up your thoughts in this assignment. Your work should be a minimum of 2 pages following APA format.
.
Analyze a popular culture reference (e.g., song, tv show, movie) o.docxgreg1eden90113
Analyze a popular culture reference (e.g., song, tv show, movie) or a scholarly source outside psychology (e.g., literary novel, philosopher's theory, artistic movement) for its developmental themes. How does it understand development in comparison and in contrast to developmental psychology?
.
More Related Content
Similar to ECON3020 Final exam questions. This assessment task is worth 4.docx
International Political Economy Exam IITake Home Essay GuideSeay.docxBHANU281672
International Political Economy Exam II
Take Home Essay Guide
Seay
I.
Basic Terminology:
Be able to incorporate as many of of the following basic political economic terms as possible into each of the two essays of choice from the second category. Class lecture notes may be used for defining the listed terms as well as the Charles Wheelan textutal readings.** Do be certain to incorporate other useful data from lectures notes, the Wheelan text, and various suggested scholarly IPE books and articles as well.**
David Ricardo, "Comparative Advantage," "The Iron Law of Wages," and "Theory of Rents."
Anne-Robert Turgot and Jean-Baptiste Say
Physiocrats
Charles Fourier and Count Sainte-Simon
Utilitarianism
Karl Marx
William Stanley Jevons and Leon Walras
Historical Economics and the Marshallian School
East Asian Model of Developement
Export Oriented Strategy
Rent Seeking
Structural Adjustment Programme
Efficiency Oriented Investment
Foreign Direct Investment
Horizontal Integration
Intangible Asset
Locational Advantages
Market Oriented Investment
Natural Resource Investment
Positive Externalities
Specific Asset
Vertical Integration
Calvo Doctrine
Export Processing Zone
Locational Incentives
Multilateral Agreement on Investment
Obsolescing Bargain Performance Requirement
Trade Related Investment Measures
United Nations on Permanent Sovereignty over Natural Resources
Balance of Payments and Balance of Payments Adjustment
Bretton Woods System
Capital Account
Conditionality
Current Account
Exchange Rate System and Exchange Restrictions
Fixed Exchange Rate System and Fixed but Adjustable Exchange Rate System
Floating Exchange Rate System
Foreign Exchange Market
Foreign Exchange Reserves
Fundamental Disequilibrium
Managed Float
Speculative Attacks
Stabilization Fund
European Monetary System
International Investment Position
Louvre Accord, Monetary Accord, and Plaza Accord
Target Zone
Phillips Curve
II.
Essay Topics: Answer any two of the following essays with
each response tallying 5-8 pages. (50 POINTS EACH).
1. Who was David Ricardo? Illustrate and explain his economic theories? Were they accurate? Might they be useful in the present?
2. In what ways did the French Enlightenment era help create the study of modern economics? Illustrate and explain all key figures
and their philosophies. Are they influences found still in the modern
global economy? If so, in which ways?
3. Who was Jean Baptiste Say? Why is he important in IPE? Explain.
4. Who were Charles Fourier and Count Saint-Simon? What economic philosophies did they create? Are their views prevalent, still?
5. Who was Karl Marx? What was his economic philosophy? How and why has his economic philosophy been so widespread as well as controversial? Explain.
6. What is Import Substitution Industrialisation? What are its's problems? Explain.
7. What is the East Asian Model? Should the West imitate it? What are its's strength and weaknesses?
8. What kind of economic reform is occuring in China? Is it ...
Analyze and describe how social media could influence each stage of .docxgreg1eden90113
Analyze and describe how social media could influence each stage of the Customer Decision Journey for a customer deciding where to go for a special night out (may include dinner, a special activity, etc.). Please be specific and cover each stage. Use the modified customer decision journey not the traditional journey. Note that this is for social media not other forms of internet sites.
Please note: Grading Criteria and textbook notes for reference are attached.
.
Analyze Delta Airlines, Inc public stock exchange NYSE- company’s pr.docxgreg1eden90113
Analyze Delta Airlines, Inc public stock exchange NYSE- company’s profitability, liquidity, leverage and the common stock as an investment. The length of the paper should be 3 to 5 pages in APA format. Prepare a financial analysis on the company using public information such as the company’s annual report, SEC 10-Q and 10-K.
.
Analyze and Evaluate Human Performance TechnologyNow that you ha.docxgreg1eden90113
Analyze and Evaluate Human Performance Technology
Now that you have a good understanding of human performance technology, explain the most frequently used means of gathering data in the field of human performance technology (HPT). Why is this important to an organization? What can go wrong?
Use scholarly research to back up your thoughts in this assignment. Your work should be a minimum of 2 pages following APA format.
.
Analyze a popular culture reference (e.g., song, tv show, movie) o.docxgreg1eden90113
Analyze a popular culture reference (e.g., song, tv show, movie) or a scholarly source outside psychology (e.g., literary novel, philosopher's theory, artistic movement) for its developmental themes. How does it understand development in comparison and in contrast to developmental psychology?
.
ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS Himabin.docxgreg1eden90113
ANALYTICS PLAN TO REDUCE CUSTOMER CHURN AT YORE BLENDS
Himabindu Aratikatla
University of the Cumberland's
March 22, 2020
Introduction
Yore Blends (YB) is a fictional online company dedicated to selling subscription-based traditional spice blends coupled with additional complementary products.
Yore Blends (YB) aspire to growing through mergers and acquisitions.
To do this, they need a strong customer base and steady revenue.
Yore Blends is concerned with the rate of customer churn.
Company’s Problem
Yore Blends has been in existence for years.
Nonetheless, the company is considering to expand through mergers and acquisition.
However, they are experiencing customer churn.
A considerable percentage of its clients don’t purchase their goods anymore.
As a result, the company needs to reduce customer attrition by at least 16%.
Causes for Customer Churn
Poor customer care service:
The company minimized rather than maximizing client cost
Bad onboarding:
Yore Blends clients failed to get value for the purchased products.
Clients might have lost interest in the company’s products.
Many companies think of customer service as a cost to be minimized, rather than an investment to be maximized. Here’s the issue with that: if you think of support as a cost center, then it will be. That is, if you don’t prioritize support and work to deliver excellent service to your customers, then it’s only going to cost you money…and customers. A disproportionate amount of your customer churn will take place between (1) and (2).
That’s where customers abandon your product because they get lost, don’t understand something, don’t get value from the product, or simply lose interest.
Bad onboarding – the process by which you help a customer go from (1) to (2) – can crush your retention rate, and undo all of that hard work you did to get your customers to convert in the first place.
4
Causes for Customer Churn (Cont.)
Limited customer success:
Lack of updates regarding new products
Extended absence of the company-client communication
Natural Causes:
Customers may have grown out of the products.
May have resulted due to Vendor switches might
While onboarding gets your customer to their initial success, your job isn’t done there. Hundreds of variables – including changing needs, confusion about new features and product updates, extended absences from the product and competitor marketing – could lead your customers away. If your customers stop hearing from you, and you stop helping them get value from your product throughout their entire lifecycle, then you risk making that lifecycle much, much shorter. Furthermore, Not every customer that abandons you does so because you failed. Sometimes, customers go out of business. Sometimes, operational or staff changes lead to vendor switches. Sometimes, they simply outgrow your product or service. (Salloum, 2016)
5
REASONS TO ANALYZE CUSTOMER CHURN
The company will be in a position to understand c.
Analytics, Data Science, and Artificial Intelligence, 11th Editi.docxgreg1eden90113
Analytics, Data Science, and Artificial Intelligence, 11th Edition.pdf
ANALYTICS, DATA SCIENCE, &
ARTIFICIAL INTELLIGENCE
SYSTEMS FOR DECISION SUPPORT
E L E V E N T H E D I T I O N
Ramesh Sharda
Oklahoma State University
Dursun Delen
Oklahoma State University
Efraim Turban
University of Hawaii
Microsoft and/or its respective suppliers make no representations about the suitability of the information
contained in the documents and related graphics published as part of the services for any purpose. All such
documents and related graphics are provided “as is” without warranty of any kind. Microsoft and/or its respective
suppliers hereby disclaim all warranties and conditions with regard to this information, including all warranties
and conditions of merchantability, whether express, implied or statutory, fitness for a particular purpose, title and
non-infringement. In no event shall Microsoft and/or its respective suppliers be liable for any special, indirect
or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an
action of contract, negligence or other tortious action, arising out of or in connection with the use or performance
of information available from the services. The documents and related graphics contained herein could include
technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Microsoft
and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s)
described herein at any time. Partial screen shots may be viewed in full within the software version specified.
Microsoft® Windows® and Microsoft Office® are registered trademarks of Microsoft Corporation in the U.S.A. and
other countries. This book is not sponsored or endorsed by or affiliated with the Microsoft Corporation.
Vice President of Courseware Portfolio
Management: Andrew Gilfillan
Executive Portfolio Manager: Samantha Lewis
Team Lead, Content Production: Laura Burgess
Content Producer: Faraz Sharique Ali
Portfolio Management Assistant: Bridget Daly
Director of Product Marketing: Brad Parkins
Director of Field Marketing: Jonathan Cottrell
Product Marketing Manager: Heather Taylor
Field Marketing Manager: Bob Nisbet
Product Marketing Assistant: Liz Bennett
Field Marketing Assistant: Derrica Moser
Senior Operations Specialist: Diane Peirano
Senior Art Director: Mary Seiner
Interior and Cover Design: Pearson CSC
Cover Photo: Phonlamai Photo/Shutterstock
Senior Product Model Manager: Eric Hakanson
Manager, Digital Studio: Heather Darby
Course Producer, MyLab MIS: Jaimie Noy
Digital Studio Producer: Tanika Henderson
Full-Service Project Manager: Gowthaman
Sadhanandham
Full Service Vendor: Integra Software Service
Pvt. Ltd.
Manufacturing Buyer: LSC Communications,
Maura Zaldivar-Garcia
Text Printer/Bindery: LSC Communications
Cover Printer: Phoenix Color
ISBN 10: 0-13-519201-3
ISBN 13: 97.
Analytical Essay One, due Sunday, February 24th at 1100 pmTopic.docxgreg1eden90113
Analytical Essay One, due Sunday, February 24th at 11:00 pm
Topic A
In Unit 4, we claimed that empire-builders in the ancient world needed to "craft a type of multi-ethnic cohesion" – ways for people from different backgrounds to coexist under the umbrella of the empire – in order for their state to function (Video 4.1). On the other hand, we consider evidence discussed in Units 3 and 4 that the foundation of empire was the willingness of leaders to use violence to overwhelm their enemies.
In an essay of 600 to 1200 words, explore such evidence to make an argument about some of the ways people balanced political solutions to problems with war. In the end, you should persuade your reader, through your thoughtful analysis of the historical evidence, that empire-building in the ancient world transformed the ways that humans understood the role of violence in politics.
When organizing your ideas and drafting your essay, follow these guidelines:
1. Build your analysis using the course materials. The basis of your essay should be the primary source material found at the end of Unit 4 under “Unit 4 Resources.” By all means, take the ideas and evidence offered in the videos (and please note that we have provided transcripts of the videos as well.) This information will provide context for the primary resources.
*DO NOT base your observations on other evidence that you locate on the web or elsewhere. Remember, a big part of this essay is showing your mastery of the course material as assigned.*
2. After reviewing the material from Week 4, choose the two -- four examples from the primary sources that best allow you to make a persuasive case about the role of empire in the ancient world. While you want to show that you understand the larger trends in the material, take the time to explore in depth these specific examples.
3. When you refer to specific historical evidence (which should be something you do frequently throughout the essay), indicate, in parentheses, the location in the course materials of the evidence. An example of this is in the first sentence above.
4. Do not simply copy what we (or anyone else) have said. If you do, use quotation marks to indicate that the words were written by someone else and be sure to indicate your source for the quotation in parentheses. Plagiarism is a serious violation of GSU policy that leads to severe penalties!
5. To qualify for a grade in the C range, your essay must be at least 600 words (which is approximately 2 double-spaced pages, depending on the formatting of your document). B-range essays must be at least 900 words, and A-range essays must be at least 1200 words. However, meeting the word requirement does not mean that you will necessary receive a certain grade.
We will grade the essay out of 100 possible points according to these criteria:
Up to 30 points for the student's grasp of the larger historical context covered in the units
Up to 25 points for the appropriateness of the student's choi.
Analytical Essay Two, due Sunday, March 31st at 1100 pmTopi.docxgreg1eden90113
Analytical Essay Two, due Sunday, March 31st at 11:00 pm
Topic A
In Unit 9, we described some of the ways that the Silk Road facilitated both the spread of religion and the dispersal of commodities.
In an essay of 600 to 1200 words, explore the videos and the primary source evidence to make an argument about some of the ways the Silk Road created a form of (near) globalization. In the end, you should persuade your reader, through your thoughtful analysis of the historical evidence that succeeded in creating aspects of a common culture in throughout Eurasia.
When organizing your ideas and drafting your essay, follow these guidelines:
1. Build your analysis using the course materials. The basis of your essay should be the primary source material found at the end of Unit 9 under “Unit 9 Resources.” By all means, take the ideas and evidence offered in the videos (and please note that we have provided transcripts of the videos as well.) This information will provide context for the primary resources.
*DO NOT base your observations on other evidence that you locate on the web or elsewhere. Remember, a big part of this essay is showing us your mastery of the course material we have assigned.*
2. After reviewing the material from Week 9, use both primary sources to make a persuasive case about the role of the Silk Roads in creating a new form of globalization. While you want to show that you understand the larger trends in the material, take the time to explore in depth these specific sources.
3. When you refer to specific historical evidence (which should be something you do frequently throughout the essay), indicate, in parentheses, the location in the course materials of the evidence.
4. Do not simply copy what we (or anyone else) have said. If you do, use quotation marks to indicate that the words were written by someone else and be sure to indicate your source for the quotation in parentheses. Plagiarism is a serious violation of GSU policy that leads to severe penalties!
5. To qualify for a grade in the C range, your essay must be at least 600 words (which is approximately 2 double-spaced pages, depending on the formatting of your document). B-range essays must be at least 900 words, and A-range essays must be at least 1200 words. However, meeting the word requirement does not mean that you will necessary receive a certain grade.
We will grade the essay out of 100 possible points according to these criteria:
Up to 30 points for the student's grasp of the larger historical context covered in the units
Up to 25 points for the appropriateness of the student's choice of examples to analyze in depth and proper citation of these sources
Up to 25 points for the quality of the student's analysis of those examples
Up to 20 points for appropriate grammar and graceful expression
Topic B
Friar John of Pian de Carpine and William of Rubruck each provide a description of a Mongol court. In an essay of 600 to 1200 words, explore their descriptio.
analytic 1000 word essay about the Matrix 1 Simple english .docxgreg1eden90113
analytic 1000 word essay
about the Matrix 1
Simple english please and easy to understand
the question is :How does
The Matrix
use religious concepts in the unfolding of its narrative?
USE SOURCES THAT I CAN ACCESS EASILY
APAth 6 STYLE REFERENCE
.
ANALYSIS PAPER GUIDELINES and FORMAT What is the problem or is.docxgreg1eden90113
ANALYSIS PAPER: GUIDELINES and FORMAT:
What is the problem or issue to be solved?
ABSTRACT:
State the problem and best course of action (i.e. solution) in the absolute fewest words possible. YOU MUST BEGIN YOUR PAPER WITH A ONE PARAGRAPH SUMMATIVE “ABSTRACT” DEFINING YOUR POSITION/THESIS.
1. INTRODUCTION:
Restate the problem and proposals/solutions CLEARLY. Provide any necessary background information. Explain/Summarize why your proposed course(s) of action are worthwhile/best, etc. Explain key terms needed to understand the problem.
2. BODY (Part One):
What are the causes of the problem?
Why/How did it happen?
For whom is this a problem?
What are the effects of the problem?
Why is it a problem?
The better you, the writer, understands the problem/issue and all its implications, the better solutions you will find.
Properly document/support your arguments/findings, etc.
3. BODY (Part Two):
Discuss and examine each solution, course of action, etc. Why is it feasible. Why is this the best course of action. What are the advantages over other courses of action or solutions.
What resources are available or will be necessary?
Use logic and critical thinking in your discussion.
Apply learned or researched theories and/or principles.
Fully and properly DOCUMENT your work/paper.
Discuss and consider all sides/arguments and look for repercussions. What could go wrong; what might not work; what might not be supported?
4. BODY (Part Three/Conclusion):
Discuss which/why your proposed course of action/solution is the
most feasible and why you chose it, developed it, etc.
Make sure your justification of the “value” of the chosen solution is fully supported/rationalized.
When you done, make sure you did the following:
Are all your arguments/reasoning logical and supported?
Are your transitions and connections clear and do they flow together?.
Are all your ideas, arguments, sources moving the reader further from one idea to the next?
Is there a constant “nexus” between what you are writing and your abstract?
Are you using correct words?
Short sentences?
Short paragraphs?
Complete sentences?
Punctuation, capitalization, spelling, word-choice, word usage?
Length: (7) FULL pages (double-spaced, one inch margins, 11 point type)
NOTE:
**Your paper should be balanced between ( background, general research, and your PERSONAL insight and analysis.)
** Use reliable sources.
DUE : IN April 2nd.
Indirect Trauma in the Field Practicum:
Secondary Traumatic Stress, Vicarious Trauma,
and Compassion Fatigue Among Social Work Students
and Their Field Instructors
Carolyn Knight
A sample of BSW students and their field instructors was assessed for the presence
of indirect trauma, including secondary traumatic stress, vicarious trauma, and
compassion fatigue. Results indicated that students were at greater risk of experi-
encing vicarious trauma than their field instructors and research participants in
previous studies. Risk factors for stud.
Analysis on the Demand of Top Talent Introduction in Big Dat.docxgreg1eden90113
Analysis on the Demand of Top Talent Introduction
in Big Data and Cloud Computing Field in China
Based on 3-F Method
Zhao Linjia, Huang Yuanxi, Wang Yinqiu, Liu Jia
National Academy of Innovation Strategy, China Association for Science and Technology, Beijing, P.R.China
Abstract—Big data and cloud computing, which can help
China to implement innovation-driven development strategy and
promote industrial transformation and upgrading, is a new and
emerging industrial field in China. Educated, productive and
healthy workforces are necessary factor to develop big data and
cloud computing industry, especially top talents are essential.
Therefore, a three-step method named 3-F has been introduced
to help describing the distribution of top talents globally and
making decision whether they are needed in China. The 3-F
method relies on calculating the brain gain index to analysis the
top talent introduction demand of a country. Firstly, Focus on the
high-frequency keywords of a specific field by retrieving the
highly cited papers. Secondly, using those keywords to Find out
the top talents of this specific field in the Web of Science. Finally,
Figure out the brain gain index to estimate whether a country
need to introduce top talents of a specific field abroad. The result
showed that the brain gain index value of China's big data and
cloud computing field was 2.61, which means China need to
introduce top talents abroad. Besides P. R. China, those top
talents mainly distributed in the United States, the United
Kingdom, Germany, Netherlands and France.
I. INTRODUCTION
Big data and cloud computing is a new and emerging
industrial field[1], and increasing widely used in China[2-4].
Talents’ experience is a source of technological mastery[5],
essentially for developing and using big data technologies.
Most European states consider the immigration of foreign
workers as an important factor to decelerate the decline of
national workforces[6]. Lots of universities and research
institutes have set up undergraduate and/or postgraduate
courses on data analytics for cultivating talents[7]. EMC
corporation think that vision, talent, and technology are
necessary elements to providing solutions to big data
management and analysis, insuring the big data success[8].
Bibliometrics research has appeared as early as 1917[9],
and has been proved an effective method for assessing or
identifying talents. Based on analyses of publication volume,
journals and their impact factors, most cited articles and
authors, preferred methods, and represented countries,
Gallardo-Gallardo et. al[10] assess whether talent management
should be approached as an embryonic, growth, or mature
phenomenon.
In this paper, we intend to analysis whether China need to
introduce top talents in the field of big data and cloud
computing by using bibliometrics. In section 2, the 3-F method
for top talent introduction demand analysis will be dis.
AnalysisLet s embrace ourdual identitiesCOMMUNITY COHE.docxgreg1eden90113
Analysis
Let s embrace our
dual identities
COMMUNITY COHESION Absorbing British values does not
mean ignoring our different heritages, says Alan Riddell
Local heritage: many Britons retain distinctive cultural ana reiigious characteristics
Minorities and faith issues stir strong
emotions. The Archbishop of Canter-
bury's mistake in raising the issue of
how the (J K should accommodate the
needs of one of its larger minorities
was to mention Sharia law. with all the
fears it raises about executions, cut-
ting off hands, and lack of rights for
women. It's not surprising that politi-
cians were brisk to condemn him.
Questions involving the Muslim
community are complicated by the
tendency to use "Islam" and "terror-
ism"in thesame breath. An example of
such muddled thinking was the Royal
United Services Institute's warning
last month that "misplaced deference
to multiculturalism has failed to lay
down the line to immigrant communi-
ties", undermining the fight against
extremism (R&R, 29 February. pl6).
But while the treatment, real or per-
ceived, of parts of our Muslim commu-
nity may exacerbate problems in this
country, the origins of violent extrem-
ism are not domestic - and they cannot
be cured by "laying down the line".
Accommodating diverse cultures
and faiths will always be difficult: there
could be no meeting of minds between
the Hindu monks in Hertfordshire
who believed that the natural death of
their sacred eow should not have been
hastened, and the Royal Society for
the Prevention of Cruelty to Animals
who were equally adamant that the
animal should be put down humanely.
When minorities are small, it is easy
forthe majority to ignore iheir customs.
The Orthodox Jewish communities in
north London have been accepted for
years. But their plans to create an 11
mile symbolic boundary.or Eruv.incor-
porating the Jewish community in
Golders Green met a decade of resist-
ance from people who felt that shared
space was beingcolonised.even though
the visible impact was minimal.
But we cannot ignore the increasing
diversity of our population. There has
been a steady increase in immigration
over the last 20 years and recent im-
migrants tend to be younger and so
have more children than the resident
population. Coupled with natural pop-
ulation growth, the proportion of our
population with a relatively recent
overseas heritage will continue to rise.
And the number of ethnically-mixed
neighbourhoods will grow with it.
There are areas where minorities
will soon be majorities, such as Birm-
ingham and several London boroughs.
But the internal migration patterns of
our minority population are similar to
those of the majorityionc in five neigh-
bourhoods in England are projected to
be ethnically mixed by 2011.
Of course, most of our diverse pop-
ulation will absorb the broad values
of British society, and there will be
many more children from mixed race
relationships. But it would be a mis-
take to ignore different heritages. We
cannot choos.
Analysis of the Marketing outlook of Ferrari4MARK001W Mark.docxgreg1eden90113
Analysis of the Marketing outlook of Ferrari
4MARK001W Marketing
Principles: Report
Analysis of the Marketing outlook of Ferrari
Company Coursework 1: Apple Inc.
Company Coursework 2: Ferrari S.p.A.
Module Leader: Norman Peng
Seminar Tutor: Norman Peng
Student: Paolo Savio Foderaro W1616642
Marketing Report �1
Norman
Highlight
Analysis of the Marketing outlook of Ferrari
I. Introduction 3
II. PEST Analysis 4
III. Porter’s Five Forces Analysis 6
IV. SWOT and Positioning Strategy Analysis 8
V. Ansoff Matrix 10
VI. Ferrari’s Social Responsibility 11
VII.Referencing List 12
Marketing Report �2
Analysis of the Marketing outlook of Ferrari
Ferrari S.p.A
(Ferrari Corporate)
“Give a kid a paper sheet and some colours and ask him to
draw a car, for certain the car will be red” (Enzo Ferrari)
I. Introduction
A prancing black horse on a yellow background is not something that could pass unnoticed.
Destined to become an icon of style, luxury and speed, the first Ferrari made its appearance to the
public in 1947, eight years after the foundation by the Italian entrepreneur Enzo Ferrari of Auto
Avio Costruzioni, what would come to be, later on, the well-known brand Ferrari.
Throughout the history the company divided itself into the developing and production of
racing cars, becoming one of the most successful racing team in the world, and of luxury cars
distinguishing itself for the excellence of the Italian manufacture. As a matter of fact Ferrari’s cars
are build following the ideal of perfection in terms of design, power and elegance conveyed by the
Marketing Report �3
Analysis of the Marketing outlook of Ferrari
founder, Enzo Ferrari, who was used to say: “The best Ferrari is the next one” (Enzo Ferrari, no
date).
From its foundation till today Ferrari’s mission statement has been to build unique sport
cars, symbols of Italian excellence both on the road and on track. At the end of 2015 the Italian
sport car manufacturer can praise more than 7500 cars sold with a presence in 62 worldwide
markets and a net revenues of 2,854 millions of euros (Ferrari, Annual Report 2015).
Herein, the purpose of the report will be to analyse in the first part the external factors that
influence the company’s business. Then I will take into account the industry within which the
company operates in. After that, I will examine the strategic position of the company in the market
and the marketing strategy utilised for its products, namely sport cars. Finally I will conclude taking
into consideration sustainability and ethic-related issues that the company is dealing with.
(Ferrari Corporate)
II. PEST Analysis
The first concern for a company’s business is to understand and deal with all the external
factors that could affect the company’s future performance. It is worth saying that all possible
external factors are not under control of.
Analysis of the Monetary Systems and International Finance with .docxgreg1eden90113
Analysis of the Monetary Systems and International Finance with Focus on China and Singapore
Name
Institutional Affiliation
Analysis of the Monetary Systems and International Finance with Focus on China and Singapore
Regional Economic Integration and Economic Cooperation
The Asian region is among the leading international economic powerhouses due to its economic potential and size with countries such as China and Singapore dominating the region. Nonetheless, the capacity constraints in various Asian nations and the diversity of the continent complicate the efforts to create a unified market in the Far East. Achieving success in Asia's regional economic integration requires high commitment levels among the member countries in addition to the effective implementation of various initiatives to facilitate economic cooperation (Rillo & Cruz, 2016). I consider China and Singapore as significant players in the global and Asian economies due to their volumes of traded goods and investments in their local and foreign markets. For instance, China leads in the Asian continent, and its economy is the second largest in the world based on its nominal gross domestic product as an indicator of market performance. On the other hand, Singapore's highly developed economy is among the most rapidly growing in the world, and this has allowed the country from a third-world nation into a developed country in about five decades. I also observe that variations scope and breadth exist in regional economic integration, and the economic integration in the East Asia region initially assumed a market-oriented cooperation process before transforming into an economic integration drive.
My understanding is that a trade bloc refers to a form of an agreement between different governments that reduce or eliminate trade barriers to increase trade volumes among the member states. I have also learned that the trade blocs can exist as independent agreements between specific countries or form components of regional organizations. The trade blocs can further be categorized as monetary and economic unions, common markets, customs unions, free trade areas, and preferential trading areas. In Asia, the intergovernmental agreements have resulted in some regional trade agreements as well as the formation of the ASEAN trading bloc. I noted that China and Singapore are currently members of the Association of South-East Nations trading block alongside eight other countries in Southeast Asia. The primary objectives of ASEAN include the facilitation of sociocultural, educational, military, political, and economic integration as well as promoting intergovernmental cooperation in the region (Berman & Haque, 2015). The first stated aim of ASEAN is enhancing the competitiveness of the region in the international market as a production base by eliminating non-tariff and tariff barriers within the member states. The second aim of ASEAN is increasing the volume of FDI's to the Southeast Asia .
Analysis of the Barrios Gomez, Agustin, et al. Mexico-US A New .docxgreg1eden90113
Analysis of the B
arrios Gomez, Agustin, et al.
Mexico-US: A New Beginning
. COMEXI, 2020.
Write a summary and included the relevance to globalization, trade, finance, and immigration for international economics.
1-2 pages double-spaced; include footnotes/reference sources.
.
Analysis of Literature ReviewFailure to develop key competencie.docxgreg1eden90113
Analysis of Literature Review
Failure to develop key competencies and behaviors has been researched before through studying the workplace conflicts. In essence, workplace conflicts are inevitable mainly when employees are people from various backgrounds and different work styles that are brought together for the sake of shared business objectives. The history of organizations failing to develop competencies is quite long, and only a few studies have shown that about 30% of organizations have initiatives to improve behaviors among employees (Sperry, 2011). Previous have depicted several progressive organizations that use a leadership competency model to assist in outlining key skills and behaviors wanted by managers, supervisors, and executives.
Several questions remain unanswered about this subject, and they exist in some ways. First, the question is about the guilty of facilitation of workshops with management. It happens because organizations fail to identify and specify the essential competencies that apply to particular issues in the organization. Ideally, organizations need to shuffle and prioritize on the generic competencies as well as behaviors that would require management leaders to help in solving problems that may arise in the workplace (Sperry, 2011). Second, there is no proof of the competencies that matter to organizations. Indeed, there is must empirical data about the key behaviors that have the most significant effect on the engagement of employees, attraction, customer levels, and productivity of the employees in several organizations (Frisk & Larson, 2011).
The current best practices in dealing with this particular type of organization conflict are many and precisely based on the supervisors, managers, and executives. Develop towering strengths that would help in overshadowing weaknesses in the organization. Ideally, good leadership development always tries to magnify small natural strengths to highly energized strengths that would result in double improvement (Halász & Michel, 2011). The current best practice is the application of the competency models to assist leaders in improving their effectiveness, especially when dealing with employee behaviors in the organization.
Design Proposal and Outline
Topic of Training
The topic of training is using competency models for development and building of key competencies and behaviors in an organization.
Reason for the Choice
The topic is chosen because the primary purpose of the competency model is to assist leaders in the improvement of their effectiveness in developing key competencies and behaviors in an organization. The strengths cross-training is a common thing in an organization since it is closely associated with competency and behavior improvement (Sperry, 2011).
Subsequently, the topic is narrow enough to address in two-hour training since it is quite specific. The topic is based on enhancing the competency framework at the workplace which is indeed critical i.
Analysis Of Electronic Health Records System1C.docxgreg1eden90113
Analysis Of Electronic Health Records System
1
Chyterria Daniels
Capella University
May 3, 2020
Introduction
Merit-founded Incentive Payment System (MIPS) is a platform for value-founded settlement under the Quality Payment Program (QPP). The system aims at fostering the current innovation and improvement in clinical operations. MIPS mean that the organization should rationalize Physician Quality Reporting System (PQRS) (Meeks & Singh, 2019). Meaningful use guidelines are certain facets of an HER system that providers will be needed to use in their organization.
2
MIPS denote Merit-founded Incentive Payment System.
It is a platform for value-founded settlement under the Quality Payment Program (QPP)
It aims at fostering the current innovation and improvement in clinical operations
MIPS means that the organization should rationalize Physician Quality Reporting System (PQRS)
Meaningful use guidelines are certain compliance facets of an HER system that providers will be needed to use in their organization.
It means that the organization should have its set meaningful use guidelines
Current State of Compliance
The organization has set technology in the ICU
EHR not integrated to accommodate patient’s needs
Application of computers to draw guidance and instructions on conditions
Availability of lab information system
No replacement of diagnosing equipments
Independence Medical Center’s Electronic Health Records (HER) system has complied with some set guidelines. For instance, the healthcare organization has set technology system in its intensive care units. In addition, there is use of computers to draw guidance and instructions regarding several conditions on patients. However, the organization has not obeyed some guidelines like the replacement of outdated diagnosing equipment and lack of integrating EHR to accommodate all patients’ needs (Boonstra & Vos, 2018).
3
Current EHR Used in the Organization
Laboratory Information System (LIS)
Computerized Physician Order Entry (CPOE)
Central Supply System
Pharmacy system
Picture Archiving and Communication System (PACS)
Independence Medical Center’s Electronic has set up various EHR systems for use in different departments to deliver healthcare services to patients. For instance, the organization has implemented PACS, which is a health check imaging technology which offers reasonable storage and expedient admission to images from numerous modalities (Data & Komorowski, 2017).
4
Evaluation of EHR
The electronic health record system used in the ambulatory system lacks integration to accommodate patient’s needs. The system does not alert physician on drug interactions and other warning. On another point, each department has its exclusive system making it hard to share information between staff members in various units (Boonstra & Vos, 2018). An effective EHR system should be in a position to enable information transmission to all staff.
Analysis of element, when we perform this skill we break up a whole .docxgreg1eden90113
Analysis of element, when we perform this skill we break up a whole into its constituent parts. It is the identification and separation of the prts or components that constitute a communicatio. we look at the communivation in details so as to determine its natura. The elements ir parts are then classified or labeled into categoties.
There are a total of 5 text. I need to make an outline of each text. The last 2 pages is an example of how it should be done. If there are any questions please let me know.
.
Analysis of a Career in Surgery
Student Name
Professor Williams
English 122 02H
Date Due
Outline
Thesis: This analysis will explore the education, training, and career of a Surgeon.
· Introduction
· Definition of Surgeon
· Qualities of a Surgeon
· Thesis, Purpose, and Audience
· Source and Scope of Research
· Career Analysis
· Education
· Undergraduate Degree
· Application Requirements
· Medical School
· Residency & Fellowship
· Life of a Surgeon
· Duties and Responsibilities
· Surgery
· Teaching
· Research
· Work/Life Balance
· Employment Prospects
· Career Growth
· Advancement Opportunities
· Pros and Cons
· Conclusion
· Summary of Findings
· Interpretation of Findings
· Recommendations
Analysis of a Career in Surgery
INTRODUCTION
A career as a surgeon is long, incredibly difficult, competitive, costly, and one of the most rewarding pursuits you can have in your life. Something not typically mentioned to aspiring pre-medical students is the complicated nature of applying to medical school and residency. Much more is required than just a set of good grades. Volunteer work in the community, leadership and research experience, writing and interviewing skills, are all necessary for a successful application to medical school. All of those things are required yet again, when applying to surgical residency.
Before digging into all those things, let’s look at the definition of a surgeon. The United States Department of Labor, Bureau of Labor Statisticsdescribes the surgical profession in the Occupational Outlook Handbook as the following: “Using a variety of instruments, a surgeon corrects physical deformities, repairs bone and tissue after injuries, or performs preventive or elective surgeries on patients.” This is a strict definition however; a more useful outlook would be to focus on what traits lend themselves to becoming a successful surgeon.
There is a useful list created by the American College of Surgeons (ACS), titled, “So You Want to Be A Surgeon: An Online Guide to Selecting and Matching with the Best Surgery Residency,” which aims at current medical students. The guide says that a surgeon should work well as a member of a team; enjoy quick patient outcomes; welcome increasing responsibility; excel at solving problems with quick thinking; be inspired by challenges; and love to learn new skills (American College of Surgeons). The ACS recommends looking into a surgical career if you believe some or all of those traits apply to you. However, there is no such thing as a “standard surgical resident” and the ACS points out that “surgeons are trained, not born.…Becoming a good surgeon is a lifelong process.”
For students interested in pursuing a surgical career, this analysis will explore the education, training, and career of a Surgeon. Information for objective analysis will be taken from multiple sources including article databases, government sources, a personal interview with an orthopedic surgeon, the American College of Sur.
Analysis Assignment -Major Artist ResearchInstructionsYo.docxgreg1eden90113
Analysis Assignment -
Major Artist Research
Instructions
You will select one of the major, heard-of artist mentioned in the textbook as a subject for your research paper.
Step 1: Research the artist and a theme within their work
This paper should be more than just being "about" the artist. More than a biography.
Identify a theme or central idea about the artist or his/her artwork (your thesis) as it relates to a theme explored in Module 4 (Part 4 of the textbook) and then build the paper around that idea.
Select an artist from the list below:
Ana Mendieta
Chuck Close
Robert Mapplethorpe
Faith Ringgold
Kehinde Wiley
Carrie Mae Weems
Judy Chicago
Cindy Sherman
Yasumasa Morimura
Shirin Neshat
The expectation is that the research should represent information from several sources (
at least four -- websites will only count as sources if they are online versions of print material
) and that any direct borrowing of wording from these sources will be indicated by quotation marks and listed on the works cited page.
Step 2: Write the analysis
Draft your thesis (remember, this is not a biography paper so your thesis needs to be about the art)
Research information about the artist and their background
Identify a common theme within the artist works
What is the context of their work? Cultural? Spiritual? Political? Historical?
Step 3: Before you submit... make sure that you have the following:
The analysis length should be a minimum of 3 pages. (Not including the Works Cited page)
The paper should meet normal standards for documentation (citations and works cited such as found in the Modern Language Association, 8th ed.).
Use MLA format (Times New Roman 12-point size font, double-spaced, appropriate in-text citations, Works Cited page, etc...)
At least four sources -- websites will only count as sources if they are online versions of print material
Similarity Report must within 0-10%
.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
ECON3020 Final exam questions. This assessment task is worth 4.docx
1. ECON3020 Final exam questions. This assessment task is worth
40% of the overall mark in this
unit.
You are given 6 questions and you must answer 4 of your choice
(4 out of 6). Please respect a word
limit of 400 words for each question. A gentle reminder that the
Turnitin similarity report must be
below 20%. Failure to comply with this submission rule will
constitute a breach of integrity rules.
PLEASE READ THESE INSTRUCTIONS CAREFULLY:
(I) You are given 6 questions and you must answer 4 of your
choice (4 out of 6).
(II) Please clearly indicate the questions you are addressing.
(III) Each question’s maximum marks are clearly reported.
(IV) Please respect the word limit as reported.
(V) A gentle reminder that the Turnitin similarity report must
be below 20%.
2. Failure to comply with this submission rule will constitute a
breach of integrity
rules.
Question 1 (max 400 words, max 10 marks):
(i) Refer to the reading Howes, S. and P. Wyrwoll (2012) to
discuss one key aspect of the
Global Ecological Challenge that China is currently facing.
(Max 5 marks)
(ii) Explain in your own words why China’s reliance on
economic performance indicators
such as Gross Domestic Product may not help in achieving a
solution to the global
ecological challenge China is currently facing. (Max 5 marks)
Question 2 (max 400 words, max 10 marks):
(i) Using the material discussed in class explain in your own
words how Adam Smith and
Karl Marx differ in their criticism of capitalism. (Max 5 marks)
3. (ii) Adam Smith proposes to rely on educated consumers to
improve the social outcomes
stemming from capitalist economic organization. Explain. (Max
5 marks)
Question 3 (max 400 words, max 10 marks):
(i) Consider a rapidly developing economy such as Vietnam,
with limited investment
opportunities (low aggregate savings) and a large unskilled
workforce. Under what
conditions Vietnam’s integration in global modes of production
may help reduce poverty
and inequality? (Max 5 marks)
(ii) What are the main obstacles to business innovation Vietnam
faces in global modes of
production? (Max 5 marks)
4. Question 4 (max 400 words, max 10 marks):
(i) Consider the structure of the Indian economy, which
comprises a large informal sector.
How can the 4th Industrial Revolution positively impact on
governments’ ability to
fiscally sustain their policies? (Max 5 marks)
(ii) How can India’s 4IR lead to a premature de-industrialisation
and what labour market
implications would that have? (Max 5 marks)
Question 5 (max 400 words, max 10 marks):
(i) Explain in your own words why Japan currently faces a crisis
of reproduction. (Max 5
marks)
(ii) Why does the crisis of reproduction in many Asian countries
involve both waged and
non-waged labour? (Max 5 marks)
5. Question 6 (max 400 words, max 10 marks):
(i) Consider the reading by Narula J (2019) discussed in class.
Summarise in your own words
the argument this article develops in the context of the need for
labour standards applicable
to Multinational Enterprises. (Max 5 marks)
(ii) Consider the case of Vietnam and the rise of new forms of
employment that rely on
precarious labour and digital platforms (e.g., Uber eats). Why
do these recent developments
require new approaches to anti-trust regulation according to
economists such as Kaushik
Basu (2021)? (Max 5 marks)
ECON3020
Economic and Business Environments
Unit Convenor: Professor Elisabetta (Lisa) magnani
The context of contemporary business and economic
environments—Part I
6. Global challenges:
https://www.millennium-
project.org/projects/challenges/
In the Asian context:
https://www.iias.asia/the-
newsletter/article/rethinking-asia-21st-century
https://www.europeanbusinessreview.eu/page.asp?pid=2418
https://www.schroders.com/en/insights/economics/the-four-ms-
why-the-21st-century-belongs-to-asia/
In the Asian context:
Our short-list
The Demographic Global Challenge
The Ecology and Energy Global Challenge
The Labour and Inequality Global Challenge
The Global Mode of Production Challenge
7. The Technological Global Challenge
A brief introduction to our short-listed global crises
The Demographic Global Challenge (week 2)
The Ecology and Energy Global Challenge (week 3)
The Labour and Inequality Global Challenge (week 4)
The Global Mode of Production Challenge (week 5)
The Technological Global Challenge (week 6)
Week 7
Starting on September 5Mid-session exam: A 60 minute open-
book Class Test, comprising short and long answer questions,
will be held in Week 7. This exam will cover material from
Week 1 to Week 6 included.
The context of global challenges: What is an economy?
The economy is the system by which a society takes in
resources and uses them to produce and distribute goods and
services.
An economic system is a response to the three standard
economic questions, what to produce, how and for whom.
Different types of economic organization in history
Primitive society,
slave society,
feudal society,
capitalist society,
socialist society
are all different ways to organize the economy and the
8. surrounding society.
Evolution of capitalism in the West
A pre-capitalist feudal society transformed itself from a slave
society into a feudal system first and then into a capitalist one
until capitalism developed through its own dynamics,
commodity production and capital accumulation.
From this point on, capitalism developed in accordance with its
inherent dynamics and contradictions.
Private profit (the accumulation of capital), generated through
the exploitation of wage labour, became the motive force of
capitalism and capitalist development through the 19th and 20th
centuries.
Contemporary business and economic environments –part II
Capitalism: What is capitalism?
Capitalism’s key features:
A mode of production (the main relation of production being
wage labour versus capital) (HOW TO PRODUCE);
A mode of distribution (differential ownership means capitalists
are paid different from workers) (FOR WHOM TO PRODUCE);
A mode of accessing political power: economic and political
power and authority in society derived from their ownership and
control of the means of production (WHAT TO PRODUCE).
Capitalism: key features
9. The capitalist mode of production has three central features:
(1) private property is owned by members of the capitalist class;
(2) workers sell their labor power to the capitalists in order to
survive; and
(3) surpluses of wealth are produced, and these surpluses are
either kept as profit or reinvested in production in order to
generate further surplus.
Capitalism is only one of the many ways we can organize an
economy
Capitalism is a particular structuring of the economy that
prioritises exchange value above other types of value. (GDP:
the value of all goods and services produced in a given economy
in a unit of time (usually a year).
•Prioritising exchange value has led capitalism to develop
unprecedented productive capacity.
Capitalism also links markets to trade and money in very unique
ways. First, though, we will take a closer look at each of the
three modes of production.
•Capitalism primarily uses its productive capacity to produce
more exchange value. This process undermines other value
forms, including health.
The capitalist economic system:
10. National accounting and Gross Domestic product
GDP: the value of all goods and services produced in a given
economy in a unit of time (usually a year).
We are used to think of
A measure of how well we are: GPD per capita
A measure of how well the economy is performing: GDP
GROWTH RATE
Department of Economics, Jeju National University, 102
Jejudaehak-ro, Jeju 63243, Republic
Department of Economics, Jeju National University, 102
Jejudaehak-ro, Jeju 63243, Republic
GDP per capita: A measure of how well we are
GDP growth: A measure of how well the economy is performing
ACTIVITY: PROBLEMS WITH GDP AS AN ECONOMIC
BAROMETER (BY JOSEPH STIGLITZ, NOBEL PRIZE IN
ECONOMICS IN 2009)
GDP AND THE TYPICAL PERSON
GDP AND SUSTAINABILITY
GDP AND WHAT REALLY VALUES
https://youtu.be/QUaJMNtW6GA
Back to the circular representation of the economy
Capitalism as a form of organization of activities to provide
what people need
The economy has four different provisioning systems: the
11. market, state, household, and commons.
Within any specific economic system, the power balances
between the four provisioning mechanisms vary.
Before capitalism, markets existed, but they were not essential
to procuring the basic goods of life for most people.
Access to food and shelter in precapitalist societies was
principally mediated by direct access to land. This land could be
held in common or privately owned by the household.
Under capitalism, people are disconnected from the direct
means of production and are instead forced to take part in
market activities to survive.
What first year economics has not told you…
The economy is not really a circular flow. Rather, it is
embedded within the planet’s environment, drawing on its
natural resources and dumping pollutants back out into it.
Sure, first year Economics told you about environmental
externalities has not solved the problem. Rather Economics has
created some of the problems we are dealing it. Why?
The reason for this is that the circular flow treats the
fundamental resource on which all life depends as a factor
external to the system.
Rather…
What is missing in the textbook circular flow
12. The circular flow produces inequality
This representation of the economy as a form of organization of
activities to provide what people need hides elements such as
Bargaining power
Market structure such as monopoly and monopsony
The presence of externalities across groups and markets
These features produce inequality, which we don’t see it
because we focus on the “representative agent”.
Wait… is it what you are thinking of?
…. Please don’t go, Economics offers tools to these challenges
Understanding crises in the economic context
Understanding crises in the economic context: Adam Smith
https://youtu.be/ejJRhn53X2M
The four pillars of Adam Smith’s understanding of capitalism
Division of labour and specialization
Consumer capitalism
How to treat the rich
Educate consumers (the role of taste)
Understanding crises in the economic context
Understanding crises in the economic context: Karl Marx
https://youtu.be/fSQgCy_iIcc
The pillar of Marx’s critique of capitalism
13. Modern work is alienated. The root of workers’ alienation
(feeling of alienation between a person what she is and what she
does).
Alienation and economic power: who decides what to produce,
for whom and why in a capitalist society?
The origin of this economic power: primitive accumulation
Crises are endemic to capitalism
The root of capitalism’s production/inequality crisis (crises of
abundance);
The root of capitalism’s ecological crises;
The root of capitalism’s reproduction crisis: the tendency to
value things that have no value (Commodity fetishism)
Exchange value and evaluation of “value” (Amartya Sen, Nobel
Prize in Economics 1998)
What are the objects of value? How valuable are the respective
objects?
Sen’s “capability approach” makes room for a variety of human
acts and states as important in themselves (not just because they
may produce utility).
Capabilities, (people’s ability to do valuable acts or reach
valuable states of being);
Focus on the various ‘functionings’, capabilities that people
have actually achieved.
Development as a process of conversion from means to
functionings. People’s ability to convert a set of means -
resources and public goods - into a functioning depends on
various conditions, which, in the capability literature, are called
‘conversion factors.’
Capabilities and freedom: The freedom to lead different types of
life is reflected in the person’s capability set.
Why Capability, Not Just Achievement? Ability to choose is
valuable even before agency leads to achievements (e.g.,
14. poverty reduction).
Sen’s approaches to sustainability:
the capability approach
THE ENDS-VERSUS-MEANS APPROACH: GDP IS A MEANS
TO ACHIEVE ENDS.
Instead of looking at the growth of this “means” let’s
concentrate on how, over time, we got better in our ability to
achieve the ends.
Why not directly examine the growth of variables we ultimately
value (ends) rather than concentrate entirely on the growth of
GDP (the means to achieve what we value)?
THE MEANS-VERSUS-MEANS APPROACH: GDP IS ONLY
ONE OF THE MEANS BY WHICH WE CAN ACHIEVE A
CHOSEN END.
THE MEANS-VERSUS-MEANS APPROACH
THE MEANS-VERSUS-MEANS APPROACH: GDP IS ONLY
ONE OF THE MEANS BY WHICH WE CAN ACHIEVE A
CHOSEN END.
Why not examine the growth of the various means that promote
our basic objectives rather than concentrate entirely on one
mean, namely GDP?
Additional reading on Sen’s capability approach:
https://plato.stanford.edu/entries/capability-
approach/#:~:text=Functionings%20are%20'doings%20and%20b
eings,achieve%20these%20doings%20and%20beings.
Crises and the context of contemporary business and economic
15. environments—Part III
Capitalism and the production/inequality crisis
Owners of means of production attempt to defend or restore
profits by increasing labour productivity, speeding up work,
cutting wages and using other time-honored ways of getting
more production from fewer workers’.
Tendency towards overproduction crises (otherwise known as
‘realization’ crises).
This results in a polarization crisis --the simultaneous creation
of increasing poverty and increasing wealth within and between
societies
Crises and the context of contemporary business and economic
environments—Part III
Capitalism and the ecological crisis (including climate change)
Tendency of global capitalist development to have a high
impact on the environment, including neo-extractivism, land
and water grabs, and growing greenhouse gas emissions.
This result in the unsustainability of the system (the ecological
crisis).
Crises and the context of contemporary business and economic
environments—Part III
16. Capitalism and the social reproduction crisis
The tendency of capitalist economies to undervalue care as a
social right and an issue of social development.
Care refers to a series of human interactions, including feeding,
educating, nursing, parenting, supporting and protecting.
These interactions lie at the heart of social life, and all human
beings need care.
This neglect has profound and widespread implications for work
and gender equity.
Mapping global challenges and crises
The Demographic Global Challenge
The Ecology and Energy Global Challenge
The Labour and Inequality Global Challenge
The Global Mode of Production Challenge
The Technological Global Challenge
The production/inequality crisis
The ecological crisis
The social reproduction crises
The context of contemporary business and economic
environments —Part IV, Global Labour and Global Capital
17. Economics and beyond
National Accounting: What is the economy
Economy and Nature
Production and care
Can capitalism address our global challenges? Adam Smith vs.
Karl Marx
https://youtu.be/ejJRhn53X2M
https://youtu.be/fSQgCy_iIcc
The context of contemporary business and economic
environments —Part IV, Global Labour and Global Capital
The twenty-first-century global crisis shares a number of
aspects with earlier structural crises of the world economy of
the 1970s and the 1930s, but there are also several features
unique to the current situation:
1. The system is fast reaching the ecological limits of its
reproduction.
1a. Capitalism must continually expand or collapse. How or
where will it now expand? Capitalism is reaching apparent
limits to its extensive expansion. There are no longer any new
territories of significance that can be integrated into world
capitalism, de-ruralization is now well advanced, and the
commodification of the countryside and of preand noncapitalist
spaces has intensified.
2. The concentration of the means of global communication and
symbolic production and circulation in the hands of a very few
powerful groups. (…) There has been an historically
unprecedented concentration of wealth and power in a few
thousand global corporations, financial institutions, and
investment funds.
2a. The extent of the concentration and centralization of capital
18. in the hands of the TCC and the TNCs it controls is truly
astounding.
2b. There is the rise of a vast surplus population inhabiting a
“planet of slums.”
3. There is a disjuncture between a globalizing economy and a
nationstate-based system of political authority.
The contemporary crises of capitalism are global in nature
The globalization of production has involved the fragmentation
and decentralization of complex production processes, the
worldwide dispersal of the different segments and phases in
these processes, and their functional integration into vast chains
of production and distribution that span the globe.
Globalization is rooted in changes that took place in the
relations of production starting in the 1970s, when the world
economy entered a period of stagnation and crisis. The process
evolved out of the response of distinct agents to the 1970s crisis
of Fordism-Keynesianism, or of redistributive capitalism. Let us
examine these matters in more detail.
The central concept of globalization. New forms of production
that are global in nature (Global capital + Global labour). An
acceleration of a process of change initiated in the 1970s. A
new burst of transnationalization in the first decade of the
twenty-first century.
Capitalist globalization has been driven, at the strictly technical
level, by technological and organization change.
New information technologies and organizational innovations in
capitalist production have modified how value is created,
circulated, and appropriated around the world.
Global capital and global labour
It is the globalization of the production process that provides
19. the basis for the transnationalization of classes, understood as
groups of people who share a common relationship to the
process of social production and reproduction and are
constituted relationally on the basis of social power struggles.
Global challenges, national systems of regulation
This accelerated transnationalization of both production and
marketing involved not only giant corporations but also small
manufacturing firms.
This process involves new forms of market and non-market
competition among firms, which in turns, requires new forms of
strategic behaviour and government regulation.
The increasing levels of material/social integration brought
about by globalization tend to undermine the bases for more
national, local, or autonomous political, social, and cultural-
ideological processes.
The globalization of exchange and production mandates a
convergence in economic policies and institutions, of
socioeconomic systems.
One was worldwide market liberalization and the construction
of a new legal and regulatory superstructure for the global
economy. The other was the internal restructuring and global
integration of each national economy. The combination of the
two was intended to create a “liberal world order,” an open
global economy and a global policy regime that breaks down all
nationalbarriers to the free movement of transnational capital
across borders and the free operation of capital within borders
in the search for new productive outlets forexcess accumulated
capital. Economic restructuring programs sought to achieve
within each country the macroeconomic equilibrium and
liberalization required
20. Global capital, global labour: what does “global” means here?
The “North”-”South” divide and the related debate.
In 1957, Paul Baran, a Russian-born U.S. Marxist, published
The Political Economy of Growth to discuss the effects of the
colonial system in distorting the economic and class
development of the Third World.
Baran specifically identified structures of “backwardness”
generated by colonialism that resulted in the drainage of surplus
from the colonies and former colonies to the metropolitan
centers.
An overarching framework of development strategies:
Gereffi
According to Baran, the import-substitution industrialization
strategy that most Third World countries pursued in the postwar
era was futile because the economies of these countries had
developed to the stage of “monopoly capitalism,” so that the
dominant class interests in these countries would block the
social transformations necessary to bring about development.
State Capitalism or Capitalist Colonization of the State?
The legacy of the postcolonial struggles and the ISI era meant
that many former Third World countries entered the
globalization age with significant state sectors.
At the same time, several countries, such as China and the oil
exporters of the Middle East, have set up “sovereign wealth
funds” (SWFs) – that is, state-held investment companies – that
involve several trillion dollars.
These state corporations undertook a wave of investment in
“emerging market” equities and in other investments abroad.
In sum, the global capitalist system developed out of the
21. historical structures of world capitalism. That system’s
centuries-long expansion out of its European birthplace and
later on out of other metropolitan centers means that emerging
global structures are disproportionately dominated by agents
from those regions.
Global Labour
Capital is not a “thing” but a relationship; we cannot speak of
global capital outside of its dialectical relationship with global
labor, and without its relationship to the key parts of the system
we are dealing with.
The global working class labors in the factories, farms, mines,
banks, and commercial and service centers of the global
economy. These global economy workers do not need to
physically cross borders in order to participate in transnational
circuits of accumulation – and indeed, the vast majority does
not. Yet workers do not enjoy the transnational mobility that
capital and capitalists have achieved.
Capital’s control over the labor process, and real economic
ownership by capital, which refers to control over the
organization or goals of production and appropriation of
surpluses. Under capitalist globalization there has been an
acceleration of these processes of subsumption and of
possession.
Transnational capital has subordinated virtually the entire
world’s population to its logic and its domination through these
processes. In this sense the world’s people live under a
dictatorship of transnational capital.
Power Balance Theories
Emphasized exploitation of poor “southern” economies by the
rich industrial “northern” economies.
22. Deterioration of terms of trade of agricultural products in poor
economies further aggravates the situation.
Global labour in global settings
As globalization has advanced there has been a dual process in
the subordination of global labor.
One the one hand, a mass of humanity has been dispossessed,
marginalized, and locked out of productive participation in the
global economy.
On the other hand, another mass of humanity has been
incorporated or reincorporated into capitalist production under
new, precarious, highly exploitative capital-labor arrangements.
For example, the International Labor Organization reported that
1.53 billion workers around the world were in such “vulnerable”
employment arrangements in 2009, representing more than 50
percent of the global workforce.
Understanding Asian Global Challenges
Understanding Global Challenges in the Asian Context:
https://www.iias.asia/the-
newsletter/article/rethinking-asia-21st-century
https://www.europeanbusinessreview.eu/page.asp?pid=2418
https://www.schroders.com/en/insights/economics/the-four-ms-
why-the-21st-century-belongs-to-asia/
An overview of our global challenges
The Demographic Challenge:
23. See
https://youtu.be/-DjU4gsy78Q finish at minute 1:15
The Ecological Crisis (including climate change, pollution and
loss of biodiversity)
See
https://youtu.be/aTrWtFR_FrQ?t=36
The Social and Inequality Global Challenge
See
https://youtu.be/uWSxzjyMNpU
The Global Model of Production Challenge
See
https://youtu.be/cqTS7AXKdcg?t=3
The Technological Change Global Challenge
See
https://youtu.be/w5aUIqX3_kA
Understanding crises in the economic contexts of India, China,
Vietnam and Japan
image2.png
image1.jpeg
image3.jpeg
image4.png
image5.jpeg
image6.jpeg
image7.png
image8.png
image9.png
image10.jpeg
image11.png
image12.png
image13.png
24. Week 13 Crises or Opportunities?
ECON3020 Asian Business Environment
Essential Readings
Shrinking capitalism: components of a new political economy
paradigm,
Samuel Bowles,
Wendy Carlin, Oxford Review of Economic Policy,
Volume 37, Issue 4, Winter 2021, Pages 794–810,
https://doi.org/10.1093/oxrep/grab029
The ground beneath our feet,
Kaushik Basu, Oxford Review of Economic Policy,
Volume 37, Issue 4, Winter 2021, Pages 783-793,
https://doi.org/10.1093/oxrep/grab026
Fixing capitalism’s good jobs problem,
Dani Rodrik,
Stefanie Stantcheva, Oxford Review of Economic
Policy, Volume 37, Issue 4, Winter 2021, Pages 824–837,
https://doi.org/10.1093/oxrep/grab024
Other readings:
Capitalism: what has gone wrong, what needs to change, and
how it can be fixed,
Paul Collier,
Diane Coyle,
Colin Mayer,
Martin Wolf, Oxford Review of Economic Policy,
Volume 37, Issue 4, Winter 2021, Pages 637–649,
https://doi.org/10.1093/oxrep/grab035
25. Old/new capitalism: three good questions (from week 12)
Ideas about changing the organization of society in the long run
are clearly needed, quite apart from strategies for dealing with
an immediate crisis.
Sen would separate out three questions from the many that can
be raised.
First, do we really need some kind of "new capitalism" or rather
we need an economic system that is not monolithic, draws on a
variety of institutions chosen pragmatically, and is based on
social values that we can defend ethically?
Second, The second question concerns the kind of economics
that is needed today, especially in light of the present economic
crises.
How do we assess what is taught and championed among
academic economists as a guide to economic policy?
More particularly, what does the present economic crisis tell us
about the institutions and priorities to look for?
Third, in addition to working our way toward a better
assessment of what long-term changes are needed, we have to
think—and think fast—about how to get out of the present crisis
with as little damage as possible.
The ground beneath our feet,
Kaushik Basu, Oxford Review of Economic Policy,
Volume 37, Issue 4, Winter 2021, Pages 783-793,
https://doi.org/10.1093/oxrep/grab026
Key lessons from the Technological Global Challenge:
the rapid advance in technology (labour-savings/labour
augmenting);
the arrival of artificial intelligence (key new global players
such as China, Korea, Japan, but also smaller new players in the
global scene);
easy digital connectivity across nations, the access to a global
audience for achieving the previously considered unachievable
26. in terms of global challenges (see readings for W12);
This has given rise to new social and political problems and
challenges for market capitalism.
What kind of economics do we need?
What challenges to understand the role of markers in this new
era?
What out-of-the-box policies?
The example of antitrust law, currently inadequate for our
digital-platform-based economy, illustrates the need for new
forms of regulation.
The ground beneath our feet is shifting
A lesson from Economic History
100 years of first Industrial Revolution: 1750-1850 and its
effect
Vastly greater per capita income
Improvements in health, quality of life and life expectancy.
We are now growing 10 times faster than we were before the
Industrial Revolution.
But the Industrial Revolution was also possible thanks to
skies darkened by smoke and soot,
labourers, including children as young as 5 years of age,
toiling 12 to 14 hours a day, sound bleak.
Profits were rising, total incomes were rising,
but large segments of the population were suffering and there
was climatic damage happening on several fronts.
The role of law changes and regulation
The Factories Act of 1802 we saw one regulation after another
altering the way markets functioned. It was capitalism, but
capitalism with a new set of rules.
The series of laws, placing restrictions on children’s work
27. (1802 onwards),
putting caps on the hours of work (Factory Act of 1847),
taxing people’s income (1842)
Antitrust laws: the United States’ Sherman Act 1890, antitrust
laws have played a major role protecting consumers and
deterring firms from some of the worst practices.
The Fourth Industrial Revolution and its challenges
There is now ample evidence that the share of GDP going to
workers as wage income is declining in almost all advanced and
higher middle-income economies (Karabarbounis and Neiman,
2013; Autor et al., 2020).
The rise of artificial intelligence, robotics, and ever more
sophisticated machinery is displacing labour.
But thanks to the revolution being based on digital technology,
this time we have labour being displaced not just by capital but
by labour in countries that have low wages (Elsby et al., 2013).
If the United States does not use the cheap labour accessible by
digital connections in Kenya, Manila, or Santiago, then the
United States will be outcompeted in the final goods and
services market by other advanced or higher-middle income
economies, say Germany or China, that use this cheap labour
and cut down the cost of production.
We are also facing an astronomical inequality in income and
wealth that we have seen over the last few decades
(Bourguignon, 2015; Milanovic, 2018).
We should use our antitrust laws intelligently and be mindful of
labourer exploitation.
Automation in the context of development
Basu’s main line: “While these diverse crises have many
different proximate causes, they have important common roots.”
The First Industrial Revolution was a turning point thanks to
technological change.
28. We are today at yet another turning point; and once again we
face a challenge of both
science and policy.
The basic change that has brought us to this is once again
technology. This is the change brought
about by the rise of digital science.
What are the key dimensions of this technological challenge?
See again Week 6 material.
There is now ample evidence that the share of GDP going to
workers as wage income is declining in almost all advanced and
higher middle income economies (Karabarbounis and Neiman,
2013; Autor et al., 2020).
Declining labour shares: from Benanav (2019), from essential
reading in Week 6
“The rise of artificial intelligence, robotics, and ever more
sophisticated machinery is displacing labour. But thanks to the
revolution being based on digital technology, this time we have
labour being displaced not just by capital but by labour in
countries that have low wages”
“Astronomical inequality”
Alongside the slippage in the share of labour income, one
broader problem that is causing a lot of pain and distress is the
astronomical inequality in income and wealth that we have seen
over the last few decades (Bourguignon, 2015; Milanovic,
2018).
29. See material discussed in Week 4 (the social and labour global
challenge)
Labour linking technologies
Thus alongside the labour-saving technology that happened
during the Industrial Revolution, this time we have ‘labour-
linking technology’ (Basu, 2021a).
Thanks to Global Production Networks and the 4th Industrial
Revolution, “(…) It is possible for workers to be based in
Bangalore and work for a corporation in Detroit and for
customers in London.
The rise in equity and non-equity relationships among firms
means that “(…) outsourced work has risen in popularity and
there has been a surge in outsourcing over the last three
decades.
This is one of key factors behind the take-off of the Indian
economy that occurred in the early 1990s. (See Week 5 and
Week 8 materials)
Some un-resolvable trade offs (from week 12)
Can single firms adopt Global Labour standards?
High cost of labour may mean this firm cannot compete with
other firms;
Can MNE be called responsible for tier 1 and tier 2 firms in
their GPN? Yes, but possibly at the expense of involvement in
GPN of informal firms that give employment to millions of
people globally.
30. How to address these thorny global challenges?
First and foremost, the need is to understand how dramatically
the nature of the economy and the ground beneath our feet,
where we make, buy, and sell, has changed.
(Please recommend ECON3020 to your friends!)
What kind of economics? We need data and statistical capacity,
but what is fundamental
is the capacity to see, imagine, and visualize, which has come
from the seminal breakthroughs in economic theory.
Theory must not be equated with mathematics.
More than ever, there is the need today to take a holistic, multi-
disciplinary view of what
is happening.
Returning to economics, it is clear that our policies are
malfunctioning, the normal regulatory framework under which
capitalism and its many markets function reasonably
effectively, is faltering. What are the hidden assumptions that
need to be changed? This is one of the most vexing questions.
Autor et al. (2020)
If globalization or technological changes push sales toward the
most productive firms in each industry, product market
concentration will rise as industries become increasingly
dominated by superstar firms, which have high markups and a
low labor share of value added.
We empirically assess seven predictions of this hypothesis:
31. (i) industry sales will increasingly concentrate in a small
number of firms;
(ii) industries where concentration rises most will have the
largest declines in the labor share;
(iii) the fall in the labor share will be driven largely by
reallocation rather than a fall in the unweighted mean labor
share across all firms;
(iv) the industries that are becoming more concentrated will
exhibit faster growth of productivity;
(v) these patterns should be observed not only in U.S. firms but
also internationally.
Autor works find support for all of these predictions.
The queen of policies: regulation to limit market power
In recent years there is the additional worry of corporations,
large MNE leadings GPN armed of extra-ordinary market
power.
The example of the Big Tech companies and Big Pharma,
gaining control over large markets and earning astronomical
profits.
Apart from being undesirable in itself, staggeringly high
inequalities do damage to democracy by robbing ordinary
people of their voice and by giving a few disproportionate
influence over government decision-making.
Our antitrust laws were meant to be a market-respecting form of
control over excessive power and profit going into the hands of
a few corporations.
Digital platforms as new institutions
With the arrival of the digital platform firms, such as Amazon,
32. Uber, or Alibaba,
these markets have changed in one dramatic way.
The platforms now play the role of the auctioneer allowing for
prices (and quantity) adjustments that ideally should be
informally performed by competition in the markets.
In other words, the imaginary auctioneer in the competitive
market has suddenly come into actual existence and it is not just
that.
The auctioneer is itself a profit-maximizing firm.
Clearly, this novel market has to be analysed and regulated in
novel ways.
Examples of anti-trust laws
To begin with a relatively narrow matter, let us look at antitrust
law. Beginning with the pioneering effort in the United States
in the late nineteenth century, when it enacted the Sherman Act
1890, antitrust laws have played a major role the world over,
protecting consumers and deterring firms from some of the
worst practices.
However, while we should use our antitrust laws intelligently
and aggressively and we should cover monopsonies and be
mindful of labourer exploitation, I would argue that this in
itself will prove to be inadequate in our new digital world.
The reason is a proviso that was already there in the Sherman
Act 1890.
Breaking up a firm into many is undesirable when the monopoly
is a natural one in the sense that there are such great economies
of scale that to break up the firm into several small firms is to
33. do damage to efficiency. It has been recognized that antitrust
laws do not apply in such situations.
That is what has happened with the arrival of the digital
platform firms, such as Amazon and Uber. Their advantage is
their size.
New institutions, new forms of labour exploitation and old anti-
trust laws
That is what has happened with the arrival of the digital
platform firms, such as Amazon and Uber. Their advantage is
their size.
But this same advantage creates the problem of disproportionate
power on the part of the platform, thereby creating a deep
policy dilemma.
Antitrust laws cannot solve this problem. It can be argued that
we are reaching the end of the antitrust century (Basu, 2021a).
Our antitrust laws have helped us a lot and we must continue to
use them for a host of sectors, but the big problems of consumer
and labourer exploitation that accompany the rise of the digital
corporations are beyond what can be solved by these laws.
New institutions, astronomical profits and new forms of profit
sharing
If we have to live with large corporations because of the large
returns to scale provided by the digital platforms, what we need
is to turn our attention to some form of profit-sharing.
We have to bring in new laws to require corporations to have
dispersed shareholdings.
34. More generally, the astronomical market power by star/global
firms begs the question:
What responsibilities should be placed on companies that serve
millions of businesses and billions of consumers with services
that in the eyes of many have become essential?
Going beyond corporate profits, we need steps to curtail overall
inequality in society, especially inherited inequality. This
means having larger wealth tax and inheritance tax.
Technology, economic growth and the ecological global
challenge
However, higher GDP growth does not have to mean a lower
chance of long-run sustainability.
Many activists make the mistake of equating the two because
they equate higher GDP growth with more cars, more jets, more
houses, more carbon emissions, all of which do damage to the
environment.
In reality, we can get higher GDP growth because we are
consuming better health, longer lives, more music, more art,
more philosophy.
What does need to change to make economic growth more
compatible with a solution to the ecological global challenge?
We need to work on changing the constituents of that growth
way from cars, yachts, and houses, to better health and stimulus
for the mind.
This change in the composition of growth will need planning
and policy and the use of incentives to make the shift happen.
35. This has to be a major part of our policy effort if we are going
to weather the more rapid growth that is bound to come with the
ongoing digital revolution.
Fixing capitalism’s good jobs problem,
Dani Rodrik,
Stefanie Stantcheva, Oxford Review of Economic
Policy, Volume 37, Issue 4, Winter 2021, Pages 824–837,
https://doi.org/10.1093/oxrep/grab024
Proposal for a new form of regulation:
Conventional welfare state policies that centre on education,
training, progressive taxation,
and social insurance are inadequate to address labour market
polarization, which is capitalism’s most
pressing inclusion global challenge at present.
We emphasize the importance of new institutional arrangements
that enable strategic long-term information exchange and
cooperation between governments and firms.
Capitalism, the crisis of production and the social/labour global
challenge
One of the fundamental problems of contemporary capitalism is
its failure to produce adequate numbers of good jobs.
Quantitative indicators of this can be found in measures of
labour market polarization,
rising spatial inequality,
declining job stability,
greater self-reported economic insecurity,
declining middle-class income shares
36. the collapse in the number of jobs for medium-skill occupations
in leading advanced economies.
These dimensions of the labour global challenge are related to a
wide variety of social ills such as family breakdown, crime, and
substance abuse.
It is even a problem for economic efficiency and growth insofar
as it limits households’ ability to support children’s education,
and this slows down the dissemination of innovation from the
more advanced sectors and firms to the rest of the economy
through the creation of more productive jobs in the middle of
the skill distribution.
Measures against inequality in the OECD area
A 21st century view of the labour global challenge in the face
of shortage of middle class jobs.
The assumption is that good middle-class jobs will be available
to all with adequate
education and skills.
We need a different—or at least complementary—approach
when inequality and economic insecurity are structural
problems, and when the inadequacy of good middleclass jobs is
driven by secular trends such as technology and globalization.
Preparing young workers for the labour market and reskilling
older workers for newer occupations will not work if firms are
not supplying an adequate quantity of good jobs.
This calls for targeting the middle cell of the matrix, focusing
37. on direct interventions in the productive sphere with the goal of
expanding the supply of middle-skill jobs.
New labour market policies for the labour global challenge
This new form of regulation would be aimed directly at the
productive sphere of the economy and targeting an increase in
the supply of ‘good jobs’.
The main elements of this strategy are:
active labour market policies linked to employers;
industrial and regional policies directly targeting the creation of
good jobs;
innovation policies that incentivize labour-friendly
technologies;
international economic policies that facilitate the maintenance
of high domestic labour/social standards.
New active labour market policies
There is an opportunity to enhance training and active labour
market policies by transforming them into vehicles of sustained
engagement and collaboration with local
(and prospective) employers.
The provision of customized services to both job-seekers and
employers can help achieve multiple objectives.
It makes training and job placement more effective. It makes it
possible to reach workers who might otherwise drop out of the
labour market because of particular circumstances.
It might not only enhance the productivity of local firms
through qualified employees, but also induce them to adapt their
employment and human resources practices to the needs of local
labour markets.
38. Industrial policy (think of examples drawing upon the 4 country
specific experiences)
Industrial strategy consists of a collaborative process of
‘discovery’ involving business and agencies of the state, where
the objective is to identify the constraints and opportunities
over time, and to design interventions appropriately.
In the broader context of the four focal economies we have dealt
with (China, India, Japan and Vietnam), industrial policies
would need to consider some of the following groups:
Small and medium enterprises;
Informal businesses
MNEs;
Subsidiary and affiliated firms linked with equity relationship
to MNE.
International companies partners in GPNs.
“Humans are under-rated” (Musk, Tesla CEO)
The direction of technological change depends on several
conditions that may be
amenable to policy influence.
First and most directly, government-funded and –directed
innovation programmes make decisions about what kind of
innovations to promote.
Defence-related and green technologies are examples.
Employment-friendly technologies— those that augment rather
39. than replace labour—could be part of those priorities, though
they are not at present.
Furthermore, most advanced economies tax capital income more
lightly (through depreciation allowances and various incentives
of the type we discussed previously) and tax labour more
heavily (through personal income taxes, social insurance
contributions, and payroll taxes).
An unintended consequence of such a tax system is to make it
more attractive to firms to economize on labour by investing in
machinery, to an extent that may be socially suboptimal
(Acemoglu et al., 2020).
Finally, the direction of technological change also depends on
the balance of power between employers and employees.
A new way of thinking about technological change
The gap between skills and technology can be closed in one of
two ways:
either by increasing education to match the demands of new
technologies, or by redirecting innovation to match the skills of
the current (and prospective) labour force.
The second strategy, which gets practically no attention in
policy discussions, is
worth taking seriously.
It may be possible to direct technology to better serve the
existing workforce’s needs, in addition to preparing the
workforce to match the requirements
of technology.
40. More labour-augmenting technological change/AI
Acemoglu and Restrepo (2018) have argued that it is possible to
countervail present
technological trends and push innovation in a direction that
creates new, labour-augmenting
tasks.
They cite three areas.
First, they suggest artificial intelligence (AI) could be used in
education in order to create more specialized tasks for teachers,
personalize instruction for students, and increase effectiveness
of schooling in the process.
Second, they note a similar potential in healthcare, which is
perhaps closer to realization. AI tools would allow ‘less skilled’
practitioners to perform tasks that only physicians with many
more years of professional education
have traditionally undertaken.
Third, Acemoglu and Restrepo (2018) mention the use of
augmented and virtual reality technologies in manufacturing,
enabling humans and robots to work together in performing
precision tasks
Governance issues to create high quality mid-income jobs
The objective itself (‘good jobs’) needs to be operationalized in
a way that is both evolving and
context-dependent.
Furthermore, creating good jobs depends on a wide array of
decisions on investment, technological choice, and business
organization, the consequences of which are unknowable ex
ante.
41. Technological and operational possibilities are highly uncertain,
and neither firms nor government agencies have the information
needed to devise concrete behavioural schedules from the
outset.
Hence the interaction between the government and firms must
take as its starting point the provisionality of ends and means
and the need for disciplined review and revision.
The task of governance is to establish an information exchange
regime that induces
firms and other entities to cooperate with the government and
adjust their strategies in
the desired direction in a context of extreme uncertainty.
A structuralist approach to our global challenges
The proposed approach is explicitly and self-consciously
structuralist.
It aims to shape production, innovation, employment incentives,
and relationships in situ, instead of taking them as given and
only addressing their consequences after the fact, through taxes
and transfers.
Second, it moves us away from the institutional fetishism
reflected in the traditional distinction between markets and
states.
Rather, it pushes us to think in terms of complementarities
between private actors and state agencies and collaborative,
iterative rule-making under extreme, multi-dimensional
uncertainty.
Finally, the general approach to regulatory governance
highlighted in the paper is open ended and can be applied within
42. different domains and at different levels of the economy and
society.
Shrinking capitalism: components of a new political economy
paradigm,
Samuel Bowles,
Wendy Carlin, Oxford Review of Economic Policy,
Volume 37, Issue 4, Winter 2021, Pages 794–810,
https://doi.org/10.1093/oxrep/grab029
Since the late 1970s, however, ‘shared affluence’ has given way
to dramatic increases
in inequality and stagnant real wages in many countries.
The climate emergency, rising inequality, and pandemic
diffusion have raised the question: for what purpose is
capitalism fit?
Implementing new policies and institutions to meet these
challenges will require a realignment of political forces on very
large scale.
We suggest that a successful new paradigm must provide the
basis of a dynamic and sustainable economy and be constituted
by a synergistic set of ethical commitments, economic models,
emblematic policies, and a new vernacular economics by which
people understand and seek to improve their livelihoods and
futures.
Top-down regulation of capitalism?
A remedy commonly proposed is a more interventionist and
egalitarian state, a form
of social democracy now recast to include environmental
protections—the ‘green New
43. Deal’ in the US, for example.
Although a necessary component of a solution, capitalism with
shared affluence plus sustainability would not be an adequate
‘fix’.
There are two reasons.
First, it neglects the fact that capitalism is shrinking and, on
conventional welfare
economic grounds, should be shrunk. In large parts of the
knowledge- and care-based
sectors that dominate the contemporary high-income economy,
much of the work done
does not take place in capitalist firms, traditionally conceived.
The team-based nature of the work—contributing to the design
of a new app, preparing meals in a restaurant, educating the
young, and caring for the old—this requires a less hierarchically
structured workplace.
The example of the covid-19 pandemic
Four different PE paradigms
A new paradigm, a new policy perspective
A new paradigm becomes a force for change when it is
constituted by four complementary attributes: new economic
thinking capable of addressing the pressing current societal
problems is integrated into
a powerful moral framework, illustrated by emblematic policy
44. innovations, and articulated
in everyday conversations by means of what we term a new
vernacular economics.
A restricted one-dimensional continuum of policy options, one
that appears anachronistic in light of two important
developments in economics.
New policy perspectives for our ecological global challenge
The limitations of the one-dimensional depiction of the policy-
institution space
are illustrated by returning to the challenge of environmental
sustainability shown in
Figure 1. Where do we locate policies that cultivate and
mobilize green values and social
pressures from neighbours and friends to alter one’s lifestyle so
as reduce one’s own
carbon footprint?
Dismissed by some as a fringe concern, the impact of values’
changes can be substantial.
A recent empirical study of ‘green’ and ‘dirty’ patents in the
automobile manufacturing
sector around the world found that a greening of values (of a
magnitude
observed over the past two decades) along with increased
competition would account
for a greening of innovation of the same magnitude as would
have resulted from a
(politically explosive) 40 per cent increase in fuel prices.
45. The Synergy Simplex
The synergy simplex: state, market, and civil society as
complements not substitutes
As a result of these considerations, a new space is opened up for
policies and also for new critiques of the status quo. The third
pole in Figure 3 is labelled ‘Civil society’ and any point in the
interior of the triangle represents a particular configuration of
policies or institutions that combine motivation and
implementation mechanisms from all three poles working
together.
We call it the synergy simplex because we are not posing the
question as governments versus markets or state versus civil
society. Instead, well-designed organizations and rules of the
game allow its vertices—governments, markets, and civil
society—to work in complementary ways rather than as
substitutes.
The role of the civil society here is central in motivating
through social norms (e.g., green social norm to address the
ecological global challenge.
The state can direct innovation and enforce competition and
regulation, along with new policies to democratize access to
innovation.
The role of civil society in addressing global challenges
Eleanor Ostrom’s work on community-based ways of addressing
environmental and other social problems grounds our inclusion
of the civil society in the policy simplex of figure 3.
The comparative advantage of civil society is based on the fact
that the members of communities making up civil society often
46. have information not available to economic actors in markets
(lenders, or employers, for example). As a result they can
interact in mutually beneficial ways, with contracts being
substantially replaced by informal peer enforcement motivated
by reciprocity, mutual concern, or other shared values.
But these social preference underpinnings of the successful
workings of communities do not flourish under conditions of
elevated conflicts of interest due to extreme inequality of
reward or hierarchical organization.
The dark side of civil society
Thus, there is a danger associated with our emphasis on civil
society.
Unless directly addressed, the greater reliance on community-
based solutions, such as worker-owned cooperatives, may make
it more difficult to sustain a cosmopolitan and tolerant society.
An endemic shortcoming of community-based civil-society
organizations is the risk that they may provide greater scope for
acting on the identity-based us-versus them sentiments that are
the downside of other-regarding preferences. For example: a
producer-owned, and democratically managed cooperative is
likely to be more homogeneous in personnel than a conventional
firm.
Consideration of market’s external effects (more than simply
market failures)
The economic model component of the paradigm is based on an
expanded concept of uncompensated external effects of an actor
on the wellbeing of others.
These external effects include not only the familiar market
47. failures arising from our interaction with the biosphere and
increasing returns, but also the central markets in a modern
capitalist economy, those for labour, credit, and information.
In these crucial markets, the exchange is governed in part by
some combination of the contract, social norms (such as a work
ethic on the part of the employee or truth telling by the
borrower), and the private exercise of power by the employer
(in the labour market), by the lender (in the credit market), and
by big tech firms (in the market for
information). Here is the crucial role of the civil society.
Global/local reach of the three main policy actors
The three modes of governance differ fundamentally in their
scope, from global to local.
Markets potentially encompass the entire planet, effectively
ignoring national boundaries in the absence of market-
restricting policies.
By contrast, state capacities beyond national (or more local)
boundaries are limited.
Civil society is often local—based on neighbourhood or
workplace interactions—but it can also extend to global
dimensions as with the growing economic and political impact
of green preferences.
Policies for a new paradigm
(i) Redistribution of endowments
Reduced wealth inequality would support less unequal standards
of living, greater security, and equality of dignity and voice,
48. addressing unequal power not only at work but also in the
polity. Wealth redistribution would also provide conditions
favouring more collaborative and less hierarchical workplace
organizations. This means that a condition for sustaining the
values and social norms critical to exploiting the problem-
solving capacities of civil society is substantial equality of
wealth.
A more equal distribution of endowments along with public
policies to enhance the value of the time we spend not at work
would support a redefinition of how we conceive ‘the good
life’, placing less emphasis on material consumption (with its
negative impacts on the biosphere) and more on free time.
(ii) Opportunities to innovation via risk sharing
Egalitarian redistribution of wealth (broadly construed to
include endowments
of all kinds) is key not only to the objectives of equal dignity
and voice, but also
to the democratization of innovation and to sustaining the trust,
reciprocity, and other
social preferences on which a high-performance modern
economy depends.
image1.png
image2.png
image3.png
image4.png
image5.png
image6.emf
image7.png
image8.png
image9.png
image10.png
image11.png
image12.emf