Contract Law Legal Advice Example

Contract Law Legal Advice Example Legal Advice 1. The shop is relying on an exemption clause.   Customer A is likely to have a remedy against the shop under schedule 3 of the Unfair Terms in Consumer Contracts Regulations (1999) which disallows a business to exclude a consumer’s legal rights.   In this instance, customer A may seek provision under the Sale of Goods Act 1979 s 14 (2) (goods must be of satisfactory quality) as amended by the Sale of Goods Act 1994 if the shop does not assist her. 2.   Customer B may be able to rely on undue influence, the main case being National Westminster Bank v Morgan where it was held the claimant must not suffer from manifest disadvantage.   Undue influence simply means unfair pressure on a party when forming a contract.   The shop may argue there was no special relationship between the parties, in which case it is for customer B to prove this (Williams v Bayley).   Following the decision in Lloyds Bank v Bundy, the question may be whether there was ‘inequality of bargaining strength’ the shop acted as an agency for the HP financers.   In this case, the creditor (financers) may be unable to enforce the contract against customer B (Kingsnorth Trust v Bell) if customer B can successfully plea undue influence then the contract may be rendered voidable (set aside). 3.   In relation to customer C, she may be able to rely on the Sale of Goods Act 1979 as amended by the Sale and Supply of Goods Act 1994, which states under s.13, that the goods must be as described (see: Beale v Taylor).   There must be a reliance on the description of goods as decided in: Grant v Australian Knitting Mills Ltd, but in this instance the customer is entitled to a remedy against the shop. 4.   Customer D is seeking to bring a complaint for fraudulent misrepresentation under the Misrepresentation Act 1967.   Stating that the childminders were qualified is a false statement of fact (Bisset v Wilkinson).   Defined in Derry v Peek, fraudulent misrepresentation is a statement where there are several factors, one of which is a ‘reckless statement made without caring whether it was true or not’.   In this instance, the shop is liable for all damages, including all loss, to the customer (Smith New Court Securities v Scrimgeour Vickers).   5. Neighbours are seeking to complain over a private nuisance. It can be defined as: â€Å"continuous, unlawful and indirect interference with a person’s enjoyment of land†Ã‚   Balance must be stuck between conflicting interests, namely the shop needing its deliveries and the neighbours’ peace in the morning.   Has the duration being continuous? (Bolton v Stone)   The shop being aware of the problem, if it fails to address the issue, then it may be liable for nuisance (Leakey v National Trust). 6.   The shop has a duty of care under the Occupier’s Liability Act 1957, s 2 (1) towards visitors, in this case invitees to the shop (s. 1 (2)).   The shop must take ‘reasonable steps to inform a visitor that an area is out of bounds.   It did so in this case, with the notice on the door.  Ã‚   Under s. 2 (3) (a) of the OLA 1957, the shop must be prepared for children to be less careful than an adult.   However, the shop is entitled to be assured that the behaviour of a young child should be supervised by an adult (Phipps v Rochester Corporation).   Therefore, this part of the claim may fail since the mother did not keep her child under supervision. In relation to her claim for nervous shock, there is a 3 stage test as outlined in Alcock v Chief Constable of South Yorkshire Police, namely: a). Was the mother in sufficient proximate time and space to the incident?   b) There must be close ties of love and affection to the victim c) The claimant must have seen or heard the incident or its immediate aftermath.   As all these answers are in the affirmative, then it is likely this part of the claim may be successful against the store. 7.   The shop is liable for injury to F under the Employer’s Liability Act 1969, s1. F is no longer required to pursue the manufacturer as the shop has informed her, although she may do so if she wishes.   F (employee) must show: a) That the defect in the equipment caused the accident and b) That the defect was due to a fault in the manufacture. In this part, the employer is liable directly to F. With F’s claims for bullying, the shop is liable under vicarious liability, since this is a tort by an employee acting in the course of their employment.   A noted case for this was outlined in Jones v Tower Boot Co 8.   An advertisement is an invitation to treat, where the customer makes an offer to buy (Partridge v Crittenden).   There may only be revocation of an offer where response is made to an invitation to treat (Payne v Cave).   In this case the customer accepted the terms of the offer and is entitled to the goods as stated (Lefkowitz v Great Minneapolis Surplus Stores).   9. The shop is liable under the Consumer Protection Act 1987.   The fact that H’s sister did not make the contract is irrelevant as the case of Stennett v Hancock illustrated that a duty of care is owed to a person receiving presents from the original buyer (H). Under s. 2 (1) of the CPA 1987, the supplier (shop) is liable, since the customer cannot identify or contact the manufacturer.   10.   The shop owes K a duty of care as outlined in the ‘neighbour’ principle of Donoghue v Stevenson.   To prove negligence, there must have been a duty, that duty was breached and causation. Therefore, the shop is negligent in this case.   Also, K may have a claim under the Consumer Protection Act 1987 which places strict liability on anyone in the distribution food chain where a consumer suffers harm. 11.   This contract is frustrated.   In the case of Taylor v Caldwell, it was determined that where a contract depends on a given thing (in this case 100 copper saucepans), and there is impossibility of performance of the contract, then the performance should be excused.   Both parties are discharged from further performance in this case as the supplier cannot supply the order requested. 12.   Part payment of a debt can never be satisfaction for the whole payment as outlined in Pinnel’s Case (1602).   This has since been confirmed in Foakes v Beer and Re Selectmove.   Further, if the money is unable to be recovered at a later date, the doctrine of promissory estoppel applies where further rights to recover the remaining sum will be extinguished (High Trees case) 13.   This is a case of pure economic loss.   The negligent driver does not owe a duty of care to the shop as there was no damage to the shop’s property (Spartan Steel v Martin).   Based on policy guidelines, the loss of profit to the shop is ‘non-recoverable’ to avoid the driver from a ‘crushing liability’. 14.   This is a negligent statement on the part of the accountants.   In Hedley Byrne v Heller, the House of Lords held that a ‘high degree of proximity or closeness of relationship is required, and for liability to arise, a special relationship has to be shown between the maker of the statement and the person who relied on it.’   XYZ should be able to sue the accountants. Bibliography Charman, M, (2002), Contract Law, 2nd edn, London, Willan Publishing Giliker, P and Beckwith, S., (2004) Tort, 2nd edn, London, Sweet and Maxwell Martin, J and Turner, C., (2001) Contract Law, London, Hodder Stoughton Martin, J and Turner, C., (2001) Tort Law, London, Hodder Stoughton Richards, P, (2002), Law of Contract, 5th edn, London, Longman Publishing

The Mohawk Indians

For this project, i choose to write about the Mohawk Indians. These native americans are are group of fierce warriors, where both men and women had vital roles. They were orginally apart of Iroquois Confederation, which included various tribes in the north eastern territory of the United States. They are also one of the most famous and surviving native americans. They were unique and had different traditions. The Mohawks were located in the area, which, now we call New York. This in in the North eastren part of the United States. Altough other tribes resisded in the area, they took up most of the territorty. These Native Americans had many ways to live. There homes, were what we call today longhouses. They were extremely long in the back and were made up of berch and elm bark. To travel the Mohawks had two types of canoes, one made of elm bark which was fast and the other a dugout canoe which could carry many people but was much slower. They also relied on dogs as there pack animals, and in the snow they tied them to sleds to help them get around. The women of the tribe were known as â€Å"clan leaders† because they made all the descions about land and resouces. The men who were Mohawk chiefs made the miltary rulings such as engaging in war. They were only allowed to represent the tribe. There clothing was very tradional. The men wore breecloths with leggings, while woman wore wrap around dresses with shorter leggings. There name, is represented in there hairstyle displayed by men. They mostly had shaved heads except for there mohawks dressed up with feathers or roaches. The women only cut there hair when they were in mourning, and their daily hair was long and in a braid. Childrens roles in the tribes is very different then todays. They went hunting and fishing with there fathers and had plenty of chores. But on the other hand, they did have some time for fun. The girls usually played with there cornhusks dolls, while the boys either played the sport lacrosse or tried to throw a dart through a moving hoop. Mohawk music was based around mainly two insturments. The drums and the flute. The Drums were if not all the time filled with water , mostly to give it a different style and sound. The flutes were used to seduce the women in the tribe, while playing it, it would show he was thinking about a girl. There religion, or more so beliefs were of nature and of everyones sprirt. They belived in wind spirts, the three sisters ( corn, squash, and beans) to help with crops, the thunderer, and the creator twins. The Mohawks are also famous for the myth of the orgin of the rabbit dance, where the native americans used there drums and made a certain sound and all the rabbits came and danced around them. They also known also for there mask making and pottery, the masks they make were so important to them that outsiders may not be permitted to look at them. Just like many other native americans they used bow and arrows to hunt, in battle they used bows and arrows, and clubs and spears. To fish the men used spears and fishing poles. They are so skilled in steaming wood that they made knives and even today the survining members create lacrosse sticks. In conclusion, the Mohawks are a name we know them as, and also there enimies. They were belived to be cannibals but it is not certain. Its said they would eat the warriors there were up against if they won. But they called themselves the Kanienkehaka, or people of the flint. They were a truly restless group and by becoming apart of irqouis nation, they were allowed to thrive and continue there traditions.

The Failure Behind American International Group Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 2882 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? What happened and Why it happened? AIG and its subsequent failure are one of, if not the most well-known company failures in financial history. Of the more recent bankruptcies filed for companies like Enron and Worldcom, the effects and unforeseeable consequences of the failure of a company like AIG would be much more widespread and felt by many more Americans at the lay person level. AIG is primarily an insurance company that sells Property casualty, life, and travel insurance to customers the world over. Don’t waste time! Our writers will create an original "The Failure Behind American International Group Finance Essay" essay for you Create order However, there was another arm to the company known as AIG FP or American International Group Financial Products division. This division dealt in the financial markets as more than an intermediary, but actually as a trader. The most publicized and understood version of what happened at AIG is that the federal government bailed them out. The term bailout has come to be understood as a final resort transaction with no official means of repayment or penalty. However, this simply is not what happened. The truth of the matter is that AIG deviated from its core business of insurance and the profit margins that come with the premium to risk spread. A great majority of the equity that had existed in AIG came from the sale of credit default swap contracts through the financial products division. These contracts had implicit assumptions of quality and of financial stability. These stipulations in the contracts warranted that if the credit rating of AIG fell, the risk of the counterparties w ent up significantly and that there must be compensation for this. The basic product underlying all of these contracts was the ever popularized Asset Backed Security, or, to be more specific, the ABS CDO or collateralized debt obligation. As almost any American would be able to tell you, at this time in 2008, these asset backed securities were based on defaulting mortgages. Credit default swaps can be lucrative when defaults are low, however, the agreements can quickly cost a company billions if defaults increase sharply. Some of the most interesting information of the entire financial crisis comes from AIG and more specifically from the Financial Products Division. This division was an almost infinitesimal piece of AIG in terms of real estate occupied and employees present. However, it was out of this small setting that Joseph Cassano and his employees issued credit default swaps on over $441 billion in securities that were originally rated AAA. This refers to the tranches that were created for the asset backed securities and more specifically the senior tranche, or least risky. The problem here is that when the company reorganized its tranches to be able to sell more of the repackaged security, they simply upgraded the Mezzanine tranche to Senior, so as to increase the credit worthiness of the security that they were selling. Of the $441 billion of securities traded by the financial products division, over $57.8 billion were based in subprime loans (Pittman). In 2008, this is exactly what happened to AIG and their Financial Products division. In 2007, AIG FP lost more than $10 billion and by the end of the second quarter of 2008 they had lost an even more impressive $17 billion in that division alone. This investment portfolio was significantly more risk seeking than any of the other investment portfolios of AIG, however, these were the most toxic at the time. Due to the overwhelming losses to AIGs capital reserves, they began to be the subjects of inc reased scrutiny by the SEC as well as credit rating agencies such as Moodys and Standard Poors. The rating agencies quickly downgraded the company and its Credit Rating (SP), causing AIG to have to fulfill the requirements of their Credit Default Swap contracts and costing the company over $13 billion dollars of its capital reserves. After the requirement to pay, the company was seen as almost being insolvent. The limits of their liquidity crisis were fast approaching bankruptcy. This is where the story begins for most people, and where the term Government Bailout comes into play. After the downgrading of their credit and the falling of AIG stock price from a 12 month average of approximately $70/share to $1.25 on September 14, 2008, the federal government attempted to get a private loan for AIG to stay liquid and above water during the financial crisis at one of its worst moments. JP Morgan Chase and Goldman Sachs were called upon to try to finance the deal. This was unsuccessf ul, but the government wanted to find out if there would be widespread effects to the failure of a corporate giant such as AIG. Morgan Stanley was hired to assess the systematic risks associated with failure of such a large company. Not only did AIG effect the lives of more common Americans than companies such as Goldman Sachs, but the counterparties involved in their Credit Default Swap contracts stood to lose upwards of $180 billion dollars if the company was to go under. Below is the highly sought after schedule A, or list of derivative contracts. Schedule A (Derivative and off balance sheet instruments) After all was said and done, the company entered into a 24 month secured credit facility that AIG could access up to $85 billion from. The loan was secured by AIGs assets including the non-regulated Financial Products division. It came at a cost of LIBOR +8.5% to AIG (Gretchen Morgensen). The federal government received stock warrants for 79.9% of the company as a result of this deal and later increased its ownership stake to approximately 91.2% after purchasing a second round of $40 billion with the Troubled Asset Relief Program. This is seen as the government bailout. In the most simplistic sense, the government took action that it had to to keep the financial system from suffering massive losses to AIG and its counterparties in their Credit Default Swaps as well as the millions of other Americans that are affected by AIG and its subsidiaries on a daily basis. This is why AIG was given the attention and capital that it so desperately required and companies such as Goldman Sach s were allowed to fail. Was it Preventable and How? The AIG liquidity crisis and the numerous U.S. market failures can be attributed to the lack of affective government Regulation. Over the past few years regulation of Financial Institutions has been highlighted by the media and congressional action. This highly debated issue has been a major concern for decades as the financial industry continues to change and new financial products become created. The most recent market failure is mostly due to the expanding derivatives market and its role in the failure of numerous financial institutions including AIG. Past regulation legislation has clearly failed in properly regulating the new derivatives market and preventing firms from harming the overall U.S. market. New regulation is now in the process of being created to update the current Regulatory institutions so that they are able to accommodate the new financial products and protect the U.S. market / economy. The financial industry has drastically changed over the past few decades. With the creation of computer trading, complex models and derivatives the job of regulating financial institutions has become far more complex. One of the first government actions to control these institutions from potentially harming the overall economy was the creation of the Glass-Steagall Act of 1932. This legislation was aimed at protecting depositors money and limiting the ways in which banks could invest their deposits. By eliminating full service Universal banking the government believed that it could prevent another financial catastrophe after the great depression. Glass-Steagall however was repealed in 1999 and was followed by many de-regulatory actions. This era of de-regulation is what many think allowed the growth of reckless trading and speculative betting since government agencies were powerless to stop such actions. The failure of AIG is what really brought light towards the problems of government regulatory agencies. After the bailout people began to search for who was to blame for the companies collapse and the adverse affects it had on the economy. Since AIG is such a large corporation it was not clear initially who or what department was responsible for the extreme losses. The sub division called AIG Financial Products was found to be the main culprit for the collapse. This department was engaging in credit default swaps and risky derivatives trading. Since the company operated similar to a thrift the Federal Office of Thrift Supervision was viewed as the primary regulating agency. This agency was also responsible for regulating other failures such as Indymac and Washington Mutual. Once AIG began to fail extreme amount of pressure were put towards reforming the regulation system, Ben Bernake said, AIG exploited a huge gap in the regulatory system. Since the bailout the President and Congress have passed some legislation in hopes of preventing similar failures in the future. The Dodd-Frank act of 2010 is the main piece of regulatory legistation reform that has been passed since the financial collapse. In this act past laws including ones from the Glass-Steagall act are reinstated and combined with new reform in order to better regulate modern day financial companies. Included in Dodd-Frank is a section eliminating the Federal Office of Thrift Supervision, which was powerless to control and monitor large corporations like AIG. Many people compare AIG to their regulators as A super heavyweight boxer against a 13 year old boy. In order to give regulators more power the Dodd-Frank act created two more agencies, The Financial Stability Oversight Council and the Office of Financial Research. These 2 agencies were given the responsibilities from the previous office of thrift supervision along with other failed regulatory offices. The main change in regulation power came from the new ability for the regulators to monitor ANY risks to the U.S. financial system and the power to consult State regulatory offices overseein g insurance companies. Many other proposed laws have been discussed to further the financial security of the U.S. economy. One such rule is called the Volcker Rule which proposes that depository institutions should be prohibited from proprietary trading, much like in Glass-Steagall. As the economy continues to stabilize and grow regulatory legislation such as the Dodd-Frank act will become extremely important in order to prevent another great failure like AIG. The struggle between the free market economy and government regulation will continue to be a major source of debate for many years to come. Risk Management Errors We dont live in a world where conventional risk management textbooks prepare us. Not one firm forecast the true impact of the economic crisis and its consequences. These consequences continue to take business academics and tenured economist by surprise. The banks have multiplied the crisis because of the so-called risk management models, which increased their exposure to risk instead of limiting it and rendered the global economic system more unstable than ever. In the late 2000s many firms learned that instead of trying to anticipate low-probability, high-impact events, they should reduce their vulnerability to them. In August 2007 during a conference call with investors, many high-ranking AIG officials stressed the near zero risk probability of credit-default swaps. This was the first in many risk management errors. AIGs chief risk officer was quoted as saying the risk actually taken is very modest and remote. A credit default swap is a bilateral contract between the buyer and seller of protection. The CDS refers to a reference entity or reference obligor, usually a corporation or government. The reference entity is not a party to the contract. The protection buyer makes quarterly premium payments, the spread, to the protection seller. AIG did not understand the risk involved in these credit default swaps and that misunderstanding was largely in part to CEO Martin Sullivan. He was quoted as saying It is hard for us with, and without being flippant, to even see a scenario within any kind of realm of reason that would see us losing $1 in any of those transactionsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. We see no issues at all emerging. We see no dollar of loss associated with any of that business. The lack of knowledge and the massive amount of confidence lead AIG down the path to destruction. In November of 2007, AIG reported a $352 million unrealized loss from its credit-default swap portfolio, but to keep investors happy AIG was quoted as saying its highly unlikely that they would lose any money one the deals. Moving on to December AIG disclosed 1.10 billion in further unrealized losses to its swap portfolio, bring the grad total to 1.5 billion in loses. Throughout a conference call with investors, CEO Martin Sullivan explains that the probability that AIGs credit-default swap portfolio will sustain an economic loss is close to zero. AIGs thought its risk-modeling system had proven very reliable, Sullivan said, and since the transactions were so conservatively structured, AIG had a very high level of comfort with its risk models. Moving on to February, AIG set its 2007 total realized loses to 11.5 billion. AIG also disclosed that I had posed 5.3 billion in collateral as well. This was the first time the company had disclosed the amount of money in collateral. In the late months of 2008, the government pledged 115 billion to AIG in bailout funds to try to hedge the crisis. The US board of Governors and Treasury announced the restruc turing of the governments financial support to AIG. This restructuring included a treasury purchase of AIG preferred shares through the TARP program. This program reduced the 85 billion dollars in AIG revolving credit to 60 billion and created two limited liability companies. In the late months of 2008 to 2010 the powerhouse fell apart. Who was responsible? American International Groups monumental collapse like any other disaster derived at first from ambition. Then, in turn, this same ambition begot greed. In retrospect, looking back on the AIGs collapse, we can say there were many individuals that were responsible for the devastating disaster in the wake of the economic crisis of 2008. First, we must start from the top of the organization and work our way through the corporate hierarchy to lay out the appropriate blame to the responsible parties. Starting in 1987, when the Financial Products division within AIG was created by a joint venture between Howard Sosin and the AIG CEO, Hank Greenberg. The tumultuous relationship built on greed was doomed from the beginning as the ambitious Sosin only needed Greenbergs financial and brand backing whereas Greenbergs leadership style was with an iron fist. Lacking the trust in Sosin, Greenberg eventually did enough micro-managing to get Sosin to leave the company on bad terms and eventuall y replaced him with one of his protà ©gà ©s, Joseph Cassano. Under Sosin, Financial Products was a large profit, no material loss division within AIG that generated millions in profits during his tenure. In contrast, Cassanos tenure was an aggressive and risky operation that he deemed a no lose situation when in fact it eventually led to AIGs collapse and a subsequent bailout by the federal government. Under his control, the Financial Products division indulged in extensive selling of credit default swaps on mortagages which at its height AIG had guaranteed some $440 billion in obligations. In all, Joseph Cassano and the lack of corporate governance within AIG allowed him to single handedly bring a company that was once looked at as one of the safest and secure institutions to place your money in as one the biggest failures in the modern day economy. Ripple effect on the market/economy? In the wake of the financial crisis in 2008, the collapse of such a company with the size and stature of AIG would have been catastrophic to the entire financial world as we know it. Most systematically its downfall would have led to the eventual collapse of other banks with it because subprime issues in the underlying credit default swaps AIG was selling. In theory, every bank would have been able to look at their balance sheets and note that they were suffering from the same type of subprime issues that would have destroyed AIG had there not been a bailout by the federal government. Ultimately, the risky debt obligations that the credit default swaps were based on were being defaulted at a high rate and there was no way possible for AIG at the end of the day to honor all of its obligations to speculators and banks alike who purchased these financial instruments as forms of insurance against default. On another note, another economic industry that suffered was the travel indust ry. In the wake of the government bailout of AIG, executives were spotted relaxing in a luxurious resort in California. Because of this, AIG received bad press from the media and taxpayers, alike. Other companies took note of this bad press and immediately cancelled any type of conferences in exotic and expensive locations in order to avoid that same bad press. Sources Mark Pittman (2008-09-29). Goldman, Merrill Collect Billions After Feds AIG Bailout Loans. Bloomberg News. https://www.bloomberg.com/apps/news?pid=newsarchivesid=aTzTYtlNHSG8. Retrieved 2011-04-08. SP: Ratings on American International Group Lowered and Kept on CreditWatch Negative. Yahoo News. 2008-09-16. https://marketplace.news.yahoo.net/pressrelease.aspx?id=96684. Retrieved 2011-04-08 Gretchen Morgensen; Mary Williams Walsh (2008-09-14). Rush Is On to Prevent AIG From Failing. The New York Times. https://www.nytimes.com/2008/09/15/business/15aig.html?hp. Retrieved 2011-04-08

Economic Growth Of The United States Essay - 1119 Words

In the United States, there is the growing macroeconomic issue over the rate of economic growth. This issue consists of the potential regression of the United States, Gross Domestic Product, commonly known as GDP. GDP can be defined as the market value consisting of all the goods and services that are produced in a country that falls within the given time period, usually marked as a fiscal year. In terms of economic growth, GDP will always have a direct correlation to growth within a country. An increase in GDP will lead to an increase in the economic growth rate, and contrastingly, a decrease in GDP leads to significant decrease in economic growth rate, also known as a recession. This current macroeconomic issue is presented due to the fact that the United States is poised for a year that is associated with an economic growth rate between 0% and 1%. The main contributing cause for the decline in economic growth over this year is the huge reduction in business and consumer inves tment. After analyzing the GDP growth rate over the past three quarters of 2016, it is shown that there have been steady increases in consumer consumption, government spending, and net exports, subsequently in both exports and imports. The only factor of the GDP equation that is holding the economic growth rate in the U.S. down in the lack of business and consumer investment. GDP can be calculated using the following equation of, GDP = Consumption (C) + Investment (I) + Government SpendingShow MoreRelatedComparing the Economic Growth of Australia, China and the United States2942 Words   |  12 PagesComparing the economic growth of Australia, China and the United States Christopher Hadges May 2012 ECON 2012 Growth, Development and the Macroeconomy ID: 110060029 Contents Page 3: Introduction Page 4: Theory/Model Empirical Findings Page 5: TFP and the Production Model Page 8: Population and the Romer Model’s growth rate of knowledge Page 11: Migration and economic growth Page 13: Trilateral Trade between Australia, China and the United States Page 14: Conclusions PageRead MoreUnited States vs. United Arab Emirates: The Form of Government, History, and Economic Growth1904 Words   |  8 PagesThe two countries that I am studying are the United States and the United Arab Emirates. These two countries will be compared in terms of their form of government, their history and the economic growth of the two countries. Special attention will be paid to the role that government plays in the creation of wealth. Unless otherwise noted, the information in this paper will come from the CIA World Factbook. The United States is a Constitution-based federal republic. This system of government hasRead MoreDoes The Environmental Kuznets Curve Exist?1371 Words   |  6 Pagesthe Environmental Kuznets Curve exist? The case of carbon emissions in Indonesia, China, Australia, and United States. The Kuznets curve is firstly introduced in 1955 by Kuznets as an inverted-U relationship between income inequality and economic development. Later it is found that the Kuznets curve is useful for describing the relationship between environmental pressure and the economic growth or known as the Environmental Kuznets Curve (EKC) (Dinda, 2004). The hypothesis of the EKC is that at earlyRead MoreThe Economic Health Of The World Is Not Dependent On Just One1438 Words   |  6 PagesThe economic health of the world is not dependent on just one â€Å"thing†. There is no single variable that can be narrowed down that is responsible for the ups and downs that we as a global economy experience in any given day, month, or year. Instead, the health of the global economy is heavily reliant on the amount of effort that is put into keeping and maintaining it. How is this done? By making sure that we are all on the same page and working toward a similar goal. One of the bigger problems thatR ead MoreEssay on United States vs. Japan Economic State889 Words   |  4 Pages United States vs. Japan Economic State The United States of America is one of the world leading economic powers in the world. The question is, how does the Unites States compare to other nation powers.Australia ,Cananda , China and Britain are just a few of the nation powers that can compare to the United states. This report will focus more one of the main rivials to the United States and that is Japan. Here is just a sample of Japans Numbers for 2004 compared to the United States. UniteRead MoreAn Economic Comparison Between United Kingdom And The United States1692 Words   |  7 PagesLiterature in 1925 once said, â€Å"If all the economists were laid end to end, they would not reach a conclusion† (Mankiw, 1998: 34). Yet, an economic comparison between the United Kingdom and the United States could still be made to distinguish the country with the better economic growth performance. Important indicators when comparing economies is economic growth rate, which is a measure of the yearly rate of development ra te of GDP using the market prices (Ros, 2013: 26). Another indicator is the GDPRead MoreThe Change During The 19 Century And Advancement Of Technology954 Words   |  4 Pagestrade which has become essential for the growth of globalization. Although some constricted interests may be hindering, the overall benefits to economic growth is substantial. Nations with strong international trade have become prosperous and have the power to control the world economy through technological growth. Since the second half of the nineteenth century, Japan’s productivity growth has become the other major industrialized economy. The United States collaboration with Japan has structuralRead MoreBill Clintons Impact on the Economic Policy899 Words   |  4 PagesClintons impact on the economic policy As the 42nd president of the United States, Bill Clinton was in the position between 1993 and 2001. During his tenure as the president, Bill Clinton had economic policies implemented, that have been commonly referred to as clintonomics. These economic policies include the monetary policy, the regulatory policy, the macroeconomic policies and the fiscal policy (Godwin, 2009). However, his contribution to the economic policies of the United States has been viewedRead MoreEconomic Growth Of Post War Japan1361 Words   |  6 Pageseconomy in the 1980s. This essay will explore the three factors account for the economic growth of post-war Japan: the financial assistance from the United States, the external environment, and the effective policy of Japanese government. Firstly, the financial aid from the strong state is the main factor that arose the economic miracle in Japan. When the cold war began, the U.S. government feared that a bleak economic prospects and instability in Japan would encourage the expansion of Soviet influenceRead MoreGlobalization And The Global Migration903 Words   |  4 Pagesof people between different countries. The movement doesn’t occur within the country. Internal migration is the movement of groups of people from one part of an area to another. The movement occurs within the country. Globalization is the global economic integration of the global market. In recent time, there were many migrations because of the process of globalization. In order for us to understand the causes and the effects of these migrations, we need to understand the relationship between globalization