The Insider Secret on Esl Compare and Contrast Essay Topics Discovered

Protectionism and Free Trade - Free Essay Example

1. Introduction Todays markets are mostly global and therefore influenced by many factors, which also lead to massive financial crises, like in the actual situation, or even to times of an economic boom. After centuries of market development, they emerged into global markets through technological advancement, improved communication and transportation possibilities and political decisions like the liberalisation of markets. Simultaneous to the globalisation process and the worldwide spanning of the markets, the influence of the national government as well as the influence of supranational institutions (e.g. The World Trade Organisation, WTO) arose. Specific market rules were defined in the General Agreement on Tariffs and Trade (GATT) and other regulations. As much advantages the globalisation brings, there are also disadvantages, mainly in the form of governmental barriers to restrain trades through methods such as tariffs on imported goods, quota arrangements and other governmental regulations. These measures which can be outlined as protectionism are one of the main impacts on global trade and also the contrast to free trade, in which governmental barriers are kept as low as possible. Another factor that is playing a bigger role in an advanced internationalized work of a company is the effect of foreign exchange. The author will describe all the mentioned points and apply them to a case study which w ill be the recent trade dispute between the USA and China, concerning imports of tyres to the United States as well as imports of car parts and chicken to China. Furthermore, the author will describe related business strategies, which are the absolute advantage theory, the comparative advantage theory and the game theory. All these theories are based on the idea of free trade. To analyze free trade and protectionism you need to see both in a contrast with arguments for and against each of both ideas. 2. Protectionism and Free Trade The term protectionism describes measures of countries to hamper imports into their territory. The competition gets tougher for companies that try to export into this specific country and they can not use any comparative advantages. Countries mostly try to protect specific branches or companies, when they are not competitive on the global market and to support an undisturbed development of a branch which is trying to get competitive. Most popular measures that belong to protectionism are governmental policies concerning tariffs, quotas and other regulations. There are many different forms of these regulations, of which the most important should be described in general now. Tariffs are determined on imported goods to raise their price on the domestic market. It also may be determined on exported goods to hold domestic companies from exporting their goods and rather sell in in the local market, but export tariffs are applied very rarely. Quotas reduce the quantity of imported goods t hrough the arrangement of a maximum of goods in a given time that can be imported. This measure also raises the price of these goods because of their shortage on the market. Other regulations could include direct and export subsidies. Direct subsidies are given to companies to improve their competitive situation. Export subsidies are used by governments to increase the amount of exports by giving the exporting company a certain percentage of the value of their exporting goods. The strongest type of protectionism is the trade embargo where a government cuts the import quota down to zero respectively banning the product from the domestic market. Free Trade is the complete contrary of protectionism and therefore a policy free of governmental trade barriers or even trade without governmental interference. There are several free trade agreements in the world, which mostly which mostly include trading goods without taxes or tariffs as well as free access to markets and market informati on. This also contains the absence of subsidies of each the importing and the exporting country. Both forms, either free trade or the protectionism, do have their advantages just as well as disadvantages. In an environment of free trade, a company can use their cost advantage, which is based on better technology and a more efficient use of resources (e.g. lower production costs) in comparison to their global competitors. The company and the country its situated in can specialise on the production of a particular good through using their comparative advantage. Assuming that every country specialises on what it can do best, there would be an ideal allocation of goods throughout the world. Improved allocation leads to more working places and an exportdriven economic growth. Another advantage of free trade are sinking prices on the global market and a transfer of technology which provides innovation. Free trade avoids support of inefficient and declining branches, which could lead to a punctual loss or working places, but is an advantage in a long term. The growing interdependencies between the countries in an environment of free trade are leading to a better cooperation and understanding of different cultures and finally to a better stability and peace. But sometimes, a country has to control their imports and exports and their balance of payments, which leads to several arguments in favour of the protectionism. Supporters of protectionism argue that large countries can improve their terms of trade through trade barriers. Terms of trade describes the index of the price a country receives for its export product divided through the price it pays for importing it. However, a country has to count on retaliation measures, if it tries to improve their terms of trade with trade barriers. Another important argument for protectionism is to help young industries, which are still developing, to grow without being threatened by stronger companies from other countries. Man y countries accomplish protectionism to secure jobs, a specific level of income and obviate migrate of companies to cheaper countries. They were many supporters of each free trade and protectionism, e.g. Adam Smith statet that the market would regulate itself, if there is no governmental interference. This theory is also known as the â€Å"invisible hand†. On the other hand, John Maynard Keynes claimed that private sector decisions often lead to inefficient outcomes and an unhealthy market situation and therefore there would be a need of governmental influence. Past and Future of Trade In the past, there were different applied methods of protectionism. An example for this would be the mercantilism. In this epoch, the powerful nations of Europe captured the rest of the world and made their own colonies. Mercantilism is an economic theory which holds that the prosperity of a nation depends upon its supply of capital, which is best increased through a positive balance of payments. Mercantilism suggests that the ruling government should advance these goals by playing a protectionist role in the economy, by encouraging exports and discouraging imports, especially through the use of tariffs. It was at its height in the 17th and 18th century. Out of this economic theory evolved the neomercantilism which some countries applied or still apply in modern times. Neomercantilism is a term used to describe a policy regime which encourages exports, discourages imports, controls capital movement and centralises currency decisions in the hands of a central government. It is calle d neo because of the change in emphasis from classical mercantilism on military development, to economic development. It also accepted a greater level of price fixing based on market. Nowadays, different forms of protectionism are frequently observed, which can also be assigned to the neomercantilism. According to the Chad P. Bown â€Å"The global economic crisis has been accompanied by an increase in the global use of import-restricting trade remedies as a protectionist response.† (The Global Resort to Antidumping, Safeguards, and other Trade Remedies amidst the Economic Crisis, 2009, p. 20) Targets of new protectionistic measures are mostly situated in developing countries, as well as the initiators of Antidumping and Safeguard measures. The most frequent user, according to this research paper is India, while most actions are used against Chinas exporters. Although the recent use, mainly triggered by the world financial crisis, is not alarming there are trends suggesting th at future use may increase, due to retaliation. Another reason for a growing use of Antidumping, countervailing and safeguard actions by GATT, is the fact that these measures replaced the countries own measures of quantitative restrictions, licensing requirements and foreign exchange controls, that were used up to the late 1950s. According to The World Trade Report 2009 of the WTO, â€Å"the more frequent use of AD/CVD/safeguard actions by an increasing number of WTO members today may constitute the substitution of one set of instruments of flexibility for another.† (Bachetta, M. et al, World Trade Report 2009, WTO, p. 131) Although there are many cases of trade disputes in the latest time, there is one that attracts special attention. The US Government approved new 35 % import duties on Chinese-made tyres, which were the first American tariffs of this kind against a Chinese product since their joining of the WTO eight years ago. 3. Case Study The basic idea of Free Trade lies in the fact that a country and the businesses operating in it, may specialise on what they do best, allowing a higher performance as well as a perfect allocation of goods throughout the world. In spite of all the benefits this trade philosophy brings with it, a country would not allow an uncontrolled flow of goods across their borders. In fact, many countries are using protectionistic measures to guard their businesses and industries from global competitors. This recent trend should be explained and analysed in the following chapters on the example of the trade disputes between the USA and the Peoples Republic of China. 3.1 Background of Chinese-American Trade Since the collapse of the Sovjet Union in 1991, the United States of America are the worlds only superpower to stay. Their lead in economy and military technique seems to be uncatchable. Also, the American culture proceeds to spread throughout the world. However, in the southeast of Asia there is a new competitor growing up: The peoples republic of China. China is to be considered as the only power of the world that could compete against the USA in terms of economy, as well as politically and military. Due to this fact, the future of the global system will depend essentially on the Chinese-American relation. The trade between these two countries has a long history. It originated in the late 18th century, when the USA started to import tea from China. In Modern times both are trading mostly machinery and electrical equipment as well as many other things (tables ). However, the USA is importing much more in worth than they are importing, which is leading to a massive trade deficit . Reaching its highest level in 2008, America imported goods to the amount of 337.772 Billion US-Dollars, while importing goods to the amount of only 69.732 Billion US-Dollars, with a deficit of 268.039 Billion US-Dollars. Conclusion Evaluate the risks, consequences/implications and outcomes of such negotiations/ decisions, linked to these international disputes, for both countries and international trading companies.

Graduate Term in Work Breakdown Structure For Additive Manufacturing

Graduate Term in Work Breakdown Structure For Additive ManufacturingWhen looking at a job description for an upcoming graduate term in the work breakdown structure for additive manufacturing industry, you will likely come across phrases like 'design'production.' However, both of these terms can be used to define the whole process of creating items. The difference between the two is that the former refers to the type of work that goes into creating a part, while the latter refers to the manufacturing process of that part.Even within the overall work breakdown structure for additive manufacturing, there are still many different phases involved that define each individual phase of the process. Some of these phases include checking, cleaning, lubrication, assembly, testing, and finally packaging. Each of these phases has a different set of steps that must be taken, which is why many graduate term jobs will focus on one or more of the phases.In any design phase of the work breakdown struc ture for additive manufacturing, you will be responsible for the design itself. For this, you will need to spend time carefully examining the needs of the particular part that you are creating. You may also need to perform the actual design on paper before placing your final parts onto a computer.Once you have come up with a plan of action, you will need to research and learn as much as possible about the process that will create the part, and a basic technical knowledge of this process is vital. After you have gathered as much information as possible, it is time to begin work on the part. You will find that most work breakdown structure for additive manufacturing industries consists of a step by step guide that will tell you exactly what you are supposed to do for each phase of the process.This is especially true when you are working on the basic parts. As a master electrician, you may have some experience with putting together electrical wires. You may not have any experience with joining two pieces of metal together, but once you have been exposed to the process of creating this type of part, you should be able to put together the basic elements that you will be required to put together during the duration of your term in a work breakdown structure for additive manufacturing industry.There are many people who are not familiar with the design phase of the work breakdown structure for additive manufacturing. Many of these people will simply assume that their job is to create new products. However, as an experienced manufacturer, you will know that you are expected to produce the best products that are possible.The design phase of the work breakdown structure for additive manufacturing industry begins when the product has been created. Once this has been completed, the next step is the packaging phase. The packaging phase can be challenging to handle for many people, and if you want to be a successful graduate term in this industry, you will need to have the p roper tools and materials to handle this part of the process.During a graduate term in this industry, you will be expected to look for ways to save costs and create new ones by making better use of existing materials. Sometimes, you will have to re-use items in order to create a new item. In this way, you will be able to save money on the manufacturing process, while also saving time and energy as well.

New Data B-Schools With The Best ROI - PQ for Undergrads

New Data: B-Schools With The Best ROI by: Nathan Allen on January 09, 2019 | 0 Comments Comments 9,195 Views January 9, 2019For tens of millions Americans, student loan debt is a major pain. The 45 million Americans currently navigating paying off federal student loans have a collective $1.5 trillion in debt, a total that climbs every year. Even so, an undergraduate degree is one of the most important contributors to financial stability and achieving a higher socio-economic level — and that makes attending an elite business school a sound decision if either goal is a priority.Of course, debt continues to be a major concern for would-be students, current students, and former students. One of its causes is the rising cost, everywhere you look, of tuition. Total cost for attending 51 of the 88 schools on this years PQ Best Undergraduate Business Schools is at least $200K. The upshot is that attending a university in the United States is a massive investment for many young ad ults and their families. But it can also be a savvy investment, and there are many ways to measure the return-on-investment of a college degree. We believe the best way is to take the average starting salary of the most recent graduating class, multiply it by five (for five years of work), and subtract from that number the total estimated cost for attending the school for four years. For example, if the average starting salary for a school is $50,000, and the total cost of attending the school for four years is $200,000, the five-year ROI would be $50,000.Using this method, the business school currently offering the best ROI on a degree is the University of Virginias McIntire School of Commerce. With a 2018 average starting salary of $75,068 and a total cost for in-state students of $133,598, the five-year ROI total is $241,742.PUBLICS OUT-ROI PRIVATESAttending an in-state school is the best bet for students looking to avoid or quickly pay off pesky student loans. Following Virginia with a five-year ROI of $237,474 is the University of Michigans Ross School of Business. The University of North Carolinas Kenan-Flagler Business School follows with $232,083, and the University of California-Berkeley Haas School of Business and University of Texas McCombs School of Business round out the top five with $225,478 and $223,823, respectively.Of the 88 ranked schools that submitted employment and total cost data, 10 have a five-year ROI of at least $200K. The first private school to show up on the ranking is Brigham Young Universitys Marriott School of Business, which is 10th on the list and has the lowest four-year total cost of all schools at $75,344. The average across all 88 schools considering both in-and out-of-state costs of attending is $110,520.if("undefined"==typeof window.datawrapper)window.datawrapper={};window.datawrapper["egciF"]={},window.datawrapper["egciF"].embedDeltas={"100":970,"200":818,"300":801,"400":759,"500":742,"700":742,"800":742,"900":742,"100 0":725},window.datawrapper["egciF"].iframe=document.getElementById("datawrapper-chart-egciF"),window.datawrapper["egciF"].iframe.style.height=window.datawrapper["egciF"].embedDeltas[Math.min(1e3,Math.max(100*Math.floor(window.datawrapper["egciF"].iframe.offsetWidth/100),100))]+"px",window.addEventListener("message",function(a){if("undefined"!=typeof a.data["datawrapper-height"])for(var b in a.data["datawrapper-height"])if("egciF"==b)window.datawrapper["egciF"].iframe.style.height=a.data["datawrapper-height"][b]+"px"});SCHOOLS AT THE BOTTOM OF THE ROI LIST: MOSTLY PRIVATEThis year, only two schools are still in the red five years after graduation (last year with 82 ranked schools, the number was four). However, for two straight years, Hult International Business School sits at the bottom of the five-year ROI ranking. With an average starting salary of less than $35,000 and a total cost of $268,400, Hult has a five-year return of -$94,680. The other school with a negative return after five years is the University of St. Thomas, in Minneapolis, Minnesota, at -$2,782. Whereas large public universities comprise the vast majority of schools with the best five-year returns, private colleges and universities make up the majority of the bottom 15. Out-of-state students at the University of California-Irvine Merage School of Business make up the only public university population on the bottom 15.if("undefined"==typeof window.datawrapper)window.datawrapper={};window.datawrapper["OIu9q"]={},window.datawrapper["OIu9q"].embedDeltas={"100":995,"200":835,"300":801,"400":759,"500":742,"700":742,"800":742,"900":742,"1000":725},window.datawrapper["OIu9q"].iframe=document.getElementById("datawrapper-chart-OIu9q"),window.datawrapper["OIu9q"].iframe.style.height=window.datawrapper["OIu9q"].embedDeltas[Math.min(1e3,Math.max(100*Math.floor(window.datawrapper["OIu9q"].iframe.offsetWidth/100),100))]+"px",window.addEventListener("message",function(a){if("undefined"!=typeof a.data["dataw rapper-height"])for(var b in a.data["datawrapper-height"])if("OIu9q"==b)window.datawrapper["OIu9q"].iframe.style.height=a.data["datawrapper-height"][b]+"px"});We also took the average starting salaries at all schools and multiplied them at five, 10, 15, 20, 25, and 30 years of work. At 30 years out, the total tops $1 million for all ranked schools. The 30-year total tops $2 million at 15 schools. The two highest-earning schools are New York Universitys Stern School of Business and The Wharton School at the University of Pennsylvania. Both schools reported average starting salaries higher than $80K for their 2018 graduating classes. At that rate, graduates can expect to earn more than $2.4 million over three decades. Of course, this number is unlikely to remain static. In most cases, graduates will make much more as promotions, raises, and salaries compensate for inflation. But with starting average salaries as the only factor, the average 30-year total across all 88 ranked schools i s just under $1.8 million.There are some obvious limitations to this data. First, large percentages of students wont be paying the actual sticker price for a college degree. Grants and scholarships do exist, and generally speaking there are more and in larger quantities at private universities with bigger endowments. Next, the five-year salary total is based on the average of the Class of 2018. Obviously, with an average, there will be many students making more or less. Plus, year-end bonuses and signing bonuses — as well as raises and promotions — make returns better.Bottom line:Â  Across the board, an undergraduate business degree has the potential to be a very lucrative investment. Choose wisely.(See the following pages for total five-year ROI at all top 88 Best Undergraduate Business Schools and projected returns as far out as 30 years.) Page 1 of 3123Â »