Saturday, January 25, 2020
International Economic Policy: Book Review Essay -- essays research pa
International Economic Policy: Book Review The book reviewed in this essay, International Economic Policy in the 1990s, was to focus on some of the most recent concerns about international trade. Its author, William R. cline, seems to have some good insights about the topic as it seems that he researched, taught and lectured about this field of study. The author tried to be as objective as possible and tried not to be biased by referring to the different opinions about most of the issues he handled. However, as it is really impossible to be totally unbiased, some biases were to exist due to their necessity to form an argument. Furthermore, other biases can be detected through his writings by remarking the aspects of international trade that he examined, versus those he gave very small or no weight at all. There are many issues related to international trade that one can study, however as it is usually the case, this book was to examine only some of them. The author, in some parts of his book, was to concentrate on the question of adjusting the US trade deficit against with Japan. He was to show the American point of view that argues that Japanese terms of trade are unfair (104). Also he was to refer to the North American Free Trade Agreement and reflect how it is beneficial for Mexico (as first developing country to join the US and Canada) which could not gain support from Europe to develop (as Europe was to concentrate on its own further development and unity at the moment), and to how the joining of Mexico was to benefit the US (and Canada) as it would open a large market for the US as well as cheap labor (106). A good point made by him was to show the prospects of incorporating more Latin American countries in NAFTA (as this book was published in 1994) while saying that the Latin American market "remains too small to compensate US exports for any broader loss of markets in Europe, Japan, and elsewhere "(112). This conclusion might have led him to have a closer look outside the US (and NAFTA) circle. In a chapter of his book, he was to look at the "economic future of Europe". He was to argue that an implication of the monetary union may be less need for European countries to hold large reserves of dollars, as there will be "reserves pooling". This may lead to an excess supply of dollars, and consequently a "downward ... ...at the gap between the rich and the poor increased. Also, poverty, huge increase in the third world's population, and the lack of water in the future may lead to problems to the world as a whole and so serious steps must be taken to contain a forthcoming disaster. Furthermore, the author should have taken a serious look at the South East Asian countries (the Asian Tigers) as it seems that they might become a real economic power (possibly with Japanese supervision) and this will have enormous consequences on global trade. China, with its huge power and huge potential economy and market, should have got his attention as it might be a major economic power in the near future. Overall, the author seemed to try to give various opinions, and rarely mark his analysis as the "right" one. However, his neglecting of some major aspects of international trades (as the economic powers, and the North/South relation mentioned above) did not necessarily harm the book. This was due to the good analysis he gave to the specific issues that he covered, and his attempt to be objective A review of: Cline, William R. International Economic Policy in the 1990s. Cambridge: The MIT Press, 1994.
Thursday, January 16, 2020
Desperate Times Essay
After a series of measures to remedy the mortgage crisis that has beset the US economy, Ben Bernanke, chairman of the Board of Governors of the Federal Reserve and his colleagues are once again looking at cutting the central bank’s key interest rate as they hope that lowering the interest rates will give the economy a boost by encouraging investors and consumers to borrow and spend (Associated Press, n. pag.). The Fed is looking at slashing the interest rate by a full percent however, many economist believe that this is not the appropriate remedy for economic conundrum (Gavin, n. pag).            According to many analysts, the issue of the economy regarding the mortgage is the lack of confidence by both the lender and the borrower. Even as the Fed resorts to drastic interest cuts, the first time the central bank has cut a full percentage point in one shot since 1982, this provides little help if lenders are not loaning money out of fear they will not be repaid and the borrowers are reluctant to make loans since they are worried about losing jobs (Gavin, n. pag).            In a recent report by the Labor Department, private employers all over the country have cut jobs in each of the past three months. With consumer spending being responsible for over two-thirds of US economic activity, it is unlikely that the interest cut will have a significant effect in the economy (Gavin, n. pag).            The Federal Reserve’s move to lower the interest rate aims to stimulate a loan frenzy. By lowering the interest rate, mortgages will be made available to borrowers at more affordable rates. The Fed hopes that the American consumers will once again be enticed to take mortgages and ultimately be able to revive the economy. However, this move is quite a long shot.            First, the Fed is banking on the idea that a demand for mortgages will increase if the interest rates are cut. Although this is what a change in demand means in elementary economics, it seems, however that the Fed failed to factor in the trend of the US housing market. According to reports the house prices are continuously plunging while the cases of mortgage defaults and foreclosures are increasing. These causes the investors and more importantly the lenders to lose confidence in the economy (Gavin, n. pag).             Second, this is not the first time the Fed lowered the interest rate. Since last September, the Federal Reserve has cut the interest rate for a total of six times, with the reductions becoming more aggressive since January (Associated Press, n. pag.) and this raises a valid concern. Although the Fed has its own army of experts, this interest-slashing spree might reach the point of diminishing returns if the consumers do not respond favorably to these drastic measures.            Last, the Federal Reserve is not really addressing the issue of confidence by cutting the interest rates. One of the biggest reasons why the consumers are reluctant in acquiring mortgages is the fact that private corporations nationwide are practicing massive lay-offs. Lenders on the other hand are gripped by distrust as the business is beset with bad debts (Gavin, n. pag). In both cases, this breeds an atmosphere of fear and doubt which affects the borrowers likelihood of acquiring mortgages and the lenders willingness to approve loans out of fear they will not be repaid.            Personally, the Fed would have been better off if it had taken measures that would have addressed the issue of employment and bad debt. Works Cited Associated Press. â€Å"Fed cuts key rates three-quarters of a point.†March 18, 2008. The msnbc website. 27 March 2008. Gavin, Robert. â€Å"Economic quicksand.†March 18, 2008. The Boston Globe website. 27 March 2008.Â
Wednesday, January 8, 2020
Reflection Paper Accounting - 1274 Words
Reflection paper Accounting to me is challenge as a whole; it is a good subject to learn because accounting knowledge is always in demand. So far, I am on a good path learning the basics of accounting. I’ve learned how accounting affects business and how it allows organizations to identify cash inflows and outflows. This accounting course provided me a great opportunity to understand the various important aspects of accounting that I believe will be helpful in my future practical life. I need to begin my own particular business in future for that it s important to have great knowledge of Financial and Managerial Accounting. This course has helped me to comprehend numerous essential ideas of accounting. This knowledge is going to help me†¦show more content†¦Chapter 05 In chapter 05, I learned different imperative parts of merchandise transactions and there recording. I found out about contra accounts Sales Returns and Allowances account, Sales Discounts account, purchase returns and Allowances account and Purchase Discounts account. Two sorts of inventory processed took after i.e. perpetual inventory system and periodic inventory technique both having their own particular benefits and negative marks and ought to be utilized according to the need of specific business. Presently computerization as encouraged numerous firms to utilize perpetual inventory method for instance it has get to be economical for some retail locations to utilize perpetual inventory methodology notwithstanding for products of low unit value, for example, goods. Chapter 06 Chapter 06 discusses the diverse methods of inventory accounting i.e. FIFO method, LIFO method and Average cost method. All have diverse merits and negative marks under distinctive situations. For e.g. the merits of FIFO methods are-(1) Easy application, (2) the expected flow of costs relates with the ordinary physical flow of goods and (3) the balance sheet sum for inventory is liable to surmise the current market and so on. Burdens of FIFO can be – amid continually rising prices FIFO can offer ascent to paper profits. Amid times of rising prices, FIFO makes higher net income since the costs charged to cost of goods sold are lower. However LIFO expect that theShow MoreRelatedAcc3001411 Words  | 6 PagesSyllabus School of Business ACC/300 Version 3 Principles of Accounting | Copyright  © 2012, 2011, 2006 by University of Phoenix. All rights reserved.  Course Description: BSAB16TON3 2/19/2013 - 03/25/2013  This course focuses on principles of accounting for the non-accounting student. 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