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Free trade debate
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Free trade is one of the most debated topics in economics of the 19th, 20th, and 21st century. Arguments over free trade can be divided into economic, moral, and socio-political arguments.
- 1 Definitional issues
- 2 Arguments for free trade
- 2.1 Moral arguments in favor of free trade
- 2.2 Economic arguments for free trade
- 2.3 Pragmatic arguments in favor of free trade
- 2.4 The economic benefits of free trade exceed the environmental costs
- 3 Criticisms of free trade
- 3.1 Economic arguments against free trade
- 3.1.1 Free trade in raw materials retrogrades development
- 3.1.2 International trade requires more resources to distribute
- 3.1.3 Sheltering young industries may pay off later
- 3.1.4 Free trade favors developed nations in certain areas
- 3.1.5 Influence of foreign firms
- 3.1.6 Free trade benefits only the wealthy within countries
- 3.1.7 Free trade increases offshoring
- 3.1.8 Capital mobility and comparative advantage
- 3.1.9 Diversification and economic bubbles
- 3.2 Sociopolitical arguments against free trade
- 3.1 Economic arguments against free trade
- 4 Debate on applicability of "free trade" to current economic conditions
- 5 See also
- 6 References
- 7 External links
Definitional issues[edit]
The World Trade Organization (WTO) was created to open up markets and promote international trade based on the 'Free Trade' paradigm. The WTO creates and monitors agreements to reduce trade barriers, and arbitrates in disputes over foreign market access, and violations of these agreements. Its definition of 'Free Trade' is trade on a level playing field, so that the unlimited exchange of goods between countries is not necessarily 'Free'. If a country with aircraft producers, say, subsidizes corporate research and development (R&D) or enacts regulations requiring the industry to procure its aircraft part suppliers be domestic producers, then the WTO considers this a violation of Free Trade, even when the barriers to trade are not imposed at the national borders in an import-export transaction step (like a tariff).
Some economists argue that a foreign governmental producer-subsidy is another form of "comparative advantage"' and should not be used as a reason to impose domestic barriers on the purchase of overseas goods.
These economists argue that (since the surplus benefit to domestic consumers outweighs the surplus loss of domestic producers) the lower price of foreign subsidized goods is a net positive (as in the standard Ricardian argument) and the source of the "comparative advantage" is irrelevant. Therefore, any import restriction (even on "dumped goods") makes the domestic society as a whole worse off than it would be with unlimited imports.
This "abolitionist" position has had little governmental support in the developed world, due to the following considerations:
- Producer lobbyists and job-protectionists are more organized than consumer advocates.
- The "artificial" handicap of a foreign subsidy seems much less "just" to local production than advantages deriving from geography, natural resources, or native skill. Electorates often prefer "fairplay" to Utilitarian considerations.
- Despite accepting that a country would be better off without tariffs than with them, some game theory models consider that a long-term strategy superior to immediately dropping all tariffs is to negotiate progressively lower barriers bilaterally so as to pry open foreign markets to domestic producers of goods, benefiting both domestic consumers and domestic producers. (The justification for tariffs is not important; tariffs only exist to be relinquished.)
- If trade barriers are already low, the threat of a "trade war" of tit-for-tat tariff increases may reduce the temptation for either partner in bilateral trade to raise import barriers.
- It would tend to decrease the political power and revenue flowing to government bureaucrats.
Arguments for free trade[edit]
In the history of free trade, two types of arguments have been advanced in favor of allowing purchases from abroad, and free trade in the broader sense.
- Another set of arguments is essentially economic, that free trade will make society more prosperous. These are mostly technical arguments from the discipline of economics, starting especially with Smith's The Wealth of Nations, which overthrew the mercantile orthodoxy.
Moral arguments in favor of free trade[edit]
The 18th and 19th century intellectuals who backed free trade rarely did so under the rubric of increasing material wealth. In many cases this was given as the least important reason for free trade. Rather, they argued that international society would be improved by increased commerce. Some of these, and later, sociopolitical arguments are listed here.
Free trade is a right[edit]
The libertarian position argues that any trade restraint is immoral a priori, since restricting the rights of sovereign consumers to purchase foreign goods is outside the scope of legitimate government. This is in the tradition of the Anti-Corn Law radicals, like Richard Cobden, who concluded their 1838 parliamentary petition with an appeal to "negative liberty":
Holding one of the principles of eternal justice to be inalienable right of every man freely to exchange the result of his labour for the productions of other people, and maintaining the practice of protecting one part of the community at the expense of all other classes to be unsound and unjustifiable, your petitioners earnestly implore your honourable House to repeal all laws relating to the importation of foreign corn and other foreign articles of subsistence, and to carry out to the fullest extent, both as affects agriculture and manufactures, the true and peaceful principles of Free Trade, by removing all existing obstacles to the unrestricted employment of industry and capital.[1]
Protectionism sullies the cause of patriotism[edit]
Adam Smith thought that protectionism against free trade was a scam on the public on behalf of producers, carried out in the name of nationalism[citation needed]. Even if overall economic interests had not been harmed by tariffs, he was opposed to them on the grounds that patriotism should not be perverted by scoundrels to enrich themselves.
Economic arguments for free trade[edit]
Classical economic analysis shows that free trade increases the global level of output because free trade permits specialization among countries. Specialization allows nations to devote their scarce resources to the production of the particular goods and services for which that nation has a comparative advantage. The benefits of specialization, coupled with economies of scale, increase the global production possibility frontier. An increase in the global production possibility frontier indicates that the absolute quantity of goods and services produced is highest under free trade. Not only are the absolute quantity of goods and services higher, but the particular combination of goods and services actually produced will yield the highest possible utility to global consumers.
Qualitative arguments[edit]
Free trade policies are often associated with general laissez-faire economic politics and parties, which permit faster growth. Voluntary exchange, by virtue of its voluntary nature, is assumed to be beneficial (ex ante) to the parties involved—why else would they engage in the exchange? Thus, the restriction of voluntary exchange restricts commerce and ultimately the accumulation of wealth in the absence of real-world externalities such as infant industry protection.
Production possibilities frontiers and indifference curves[edit]
Here is the production possibilities frontier for a fictional country, "Country A". For simplicity, assume that the country produces only two goods, meat and rice. Because Country A has limited resources, the production of an additional unit of rice means some resources must be diverted away from the production of meat. The particular rate of trade-off between meat and rice is not important for this analysis, so it can be ignored.
Here is the production possibilities frontier for a second fictional country, "Country B". Like Country A, Country B can produce only the same two goods, meat and rice. Like before, limited resources mean that the production of an additional unit of rice means some resources must be diverted away from the production of meat. The particular rate of trade-off between meat and rice is not important for this analysis, so it can be ignored. The fact that the two countries have different relative rates of trade-off is important. This difference gives rise to a comparative advantage, a key concept in economics. Even if one country has an absolute advantage in the production of all goods, both nations can benefit from trade due to comparative advantage.
The first two images above assume a state of autarky, which means no trade occurs between the two countries. If free trade is possible, the green line is the production possibilities frontier (or "PPF") for the entire world. The world PPF is made up by combining the two countries' PPFs. Linear PPFs will always combine to form a shape with an inflection point, as shown at right.
Compare the world's production possibilities frontier with each individual nation's. Clearly, the world can produce and consume more when free trade is allowed. To arrive at the world's production possibilities frontier, vector addition must be used[citation needed]. Country A and Country B's meat and rice outputs must be added together for each possible production point.
An intuitive way of arriving at the world's production possibilities frontier is to first assume that each country tries to specialize by producing only one product. In the graph at right, the first units of meat are produced only by Country B (red). Once Country B is using all its resources to produce meat, then Country A (blue) begins shifting resources away from the production of rice and into the production of meat. On the other axis, assume that the first units of rice are always produced by Country A. Additional units of rice can only be obtained if Country B shifts some resources into rice production.
Returning to Country A, here is the same production possibilities graph, now with indifference curves added in. Indifference curves are a measure of preference and utility. Interplay between the country's preferences and production result in the actual combination of goods produced and consumed. Remember, this is the state of Country A under autarky.
Here is the same view of Country B's economy. Again, the actual combination of goods produced and consumed is dependent on the country's productive abilities and its citizens' preferences. Thus, it is not surprising that the combination of goods consumed in Country B differs from that in Country A.
Graphical information of the two countries can be combined in a single graph, as shown here.
When the two countries' autarkic consumptions are added, the total quantity of each good produced/consumed is less than the world's PPF under free trade. This indicates that by trading, the absolute quantity of goods available for consumption is higher than the quantity available under autarky.
Reciprocal free trade is in exporters' interests[edit]
An early lobbying effort on behalf of free trade was made by the businesspeople of the Anti-Corn Law League. Members of the league owned textile factories, and believed that repeal of the Corn Law import-ban would allow 1830s United Kingdom to sell cotton clothing to wheat-exporting nations. David Ricardo intervened on the Anti-Corn Law side developing his theory of comparative advantage in the process.
Although this argument is rooted in Mercantilism and protectionism by domestic producers, it amounts to a voice in favour of free trade. See also: Reciprocal Trade Agreements Act.
In 1950 Jacob Viner showed that a trading bloc mutually lowering tariffs would produce gains not merely on the demand side but also on the supply side. This was called trade creation: the benefits to the supply side as a whole accrue as resources are reallocated towards firms producing at the highest comparative advantage (among the partners) in each country.
Pragmatic arguments in favor of free trade[edit]
Increasing commerce makes war less likely[edit]
War is made less likely as a function of economic interdependence, a key feature of liberalism, a theory within the study of International Relations (IR). Liberalism suggests that states who share strong mutually beneficial trading relationships will be far less likely to wage war with one another. This is because liberalism, unlike realism and other theories within IR, does not stipulate that states are unitary actors (i.e., liberalism holds that the state does not function as would a single human). On the contrary, liberalism holds that states are composed of a multitude of competing domestic actors, and also allows for the influence of international institutions, such as trade agreements, the WTO, etc. The competing actors are constantly jockeying for political influence. Political resources being a function of wealth, the result is that states within the liberal system are greatly in influenced by wealthy and politically able actors, many of whose economic interests depend upon political stability and increasingly transnational supply chains.
Qualitative analysis suggests that free trade encourages economic interdependence between countries, reducing the likelihood of war. However, the belief that free trade would reduce war was hypothetical rather than empirical (at least until the 1950s). Twenty-two years after Ricardo advanced his theories of comparative advantage they were used as justification by the British to start the First Opium War. Also, it is hard to know when the occurrence of free trade has prevented the outbreak of war, but easy to know when it hasn't; critics of free trade sometimes cite World War I as an instance where developed, industrialized countries with reasonably extensive trade links abruptly broke off those trade links and entered into a particularly destructive war; however, most industrializing nations, with the notable exception of Britain, raised trade barriers and tariffs from the late 19th century onwards. It is an open question whether the First World War, its causes, and the economic environment that preceded it are sufficiently similar to the modern globalized economy to draw parallels between 1914 and the present.
An example exists in countries that have a McDonald's franchise. Of the many countries with franchises, the only armed conflicts to have taken place between these countries have been the United States invasion of Panama, the NATO Bombing Campaign during the Kosovo War, the 2006 Lebanon War, the Kargil War the 2008 South Ossetia war, and the Salvadoran Civil War. According to Thomas Friedman this is because intensifying of global economic integration, symbolized by a McDonald's network, increases the costs of war for both victor and defeated to a greater degree than ever before.[2]
The process of free trade, especially in post industrial economies, effectively eliminates the existence of unequal resource distribution. Japan imports much of its food source, and in return exports mainly the produce of its extensive and high-tech workforce. Continuing the example, Japan would not likely be able to sustain the population it does today without one of three possibilities: an unbelievable increase in technology to allow for better use of land resources, international trade, or seizing arable land from another state. Trade also allows for better quality produce and competitiveness between nations, effectively raising the living standards of those nations. It would be illogical in such a case to jeopardise those living standards for a war. Finally, increased trade leads to increased bilateral communication between nations and as such, wars not focused on resources or land already cured by trade, including ideological arguments become less evident.
After World War II many liberals said that the war's ultimate cause had been the restrictive trade practices of Nazi Germany and the British Empire. They thought that free trade would increase the likelihood of a lasting peace. Cordell Hull, the U.S. secretary of state until 1944, believed this, and argued that as trade barriers dovetail with war, so free trade does with peace. The post war consensus expressed at Bretton Woods was that government coordination was necessary to prevent trade wars and competitive devaluations, to ensure free trade and peace.
Free trade reduces poverty[edit]
Conflating the "moral" and "economic" arguments are those campaigners who say that increased trade is the best way to relieve extreme poverty throughout the world. Opposing free trade, they argue, is tantamount to supporting economic injustice (as is displayed in the magazine The Economist for example). This argument was demonstrated in Jeffrey Sachs' The End of Poverty.
The thrust of this point is that economic and moral issues cannot properly be separated, and that any other particular socioeconomic problems can be combated most effectively through rising living standards.[clarification needed]
Bjørn Lomborg's Copenhagen Consensus on international development challenges ranked trade liberalization as third on the list of development priorities; the experts judged that modest costs could have large benefits for developing nations. (They ranked free trade as a "Very Good" opportunity fighting misery along with cheap measures against HIV infection, micronutrient distribution, and anti-malarial programs.) The conference was of the opinion that reducing subsidies and tariffs would improve the well-being of the global poor more than any agricultural, political, or environmental program.[clarification needed] They considered that the free trade in labour would also be a significant (although less important) move against poverty, especially if skilled worker migration were permitted.
Free trade enhances national security[edit]
Free trade can enhance national security, on the condition that a nation does not trade with its enemies. Free trade increases a nation's relative power vis-à-vis its rivals, because free trade gives optimal economic advantages, which translates into more economic and military power and more technological innovation. A clear example is the US, which enjoys to a certain degree free trade. Without this quite liberal trade the military burden (i.e., its military expenditures of about $500 billion) would weigh heavy on its economy. The closed-economy Soviet Union would have had to spend 15–20% of its GDP if it wanted to equal the US (which now spends almost 4% of its GDP). According to most economists[citation needed] heavy military expenditures slow the economic growth of an economy. The higher the expenditures, the higher the disadvantages. Once the burden becomes too high, an economy recesses, forcing the military expenditures to be decreased. According to many political scientists[citation needed] this was the case in the 1980s in the Soviet Union when their 10-year-long war in Afghanistan created what has been referred to as "The Soviet's Vietnam".[3]
Free trade enriches cultures[edit]
Concepts such as cultural conservatism and nationalism are premised on the notion that a given culture is both valuable and endangered. To the extent that local culture is valued, products and services reflective of that culture are desired and thus available among the many alternatives. According to this argument, all major cultures have evolved through hybridization with external influences throughout history. Attempts to subvert this process by erecting trade and investment barriers deprive cultures of the positive influences that keep it from stagnating. This argument focuses on the fact that every culture evolves and that free trade supports cultural exchange, as cultural products can be traded freely.[4]
The economic benefits of free trade exceed the environmental costs[edit]
A 2016 study in the American Economic Journal: Economic Policy found that "the benefits of international trade exceed trade's environmental costs due to CO2 emissions by two orders of magnitude. While proposed regional carbon taxes on the CO2 emissions from shipping would increase global welfare and increase the implementing region's GDP, they would also harm poor countries."[5]
Criticisms of free trade[edit]
Trade agreements are negotiated by independent nations with their own interests and values in mind. There are values and interests other than maximum global output. Some level of protectionism is used by almost every nation that has the power to use it in the form of subsidies or tariffs to protect industries that nation considers essential, such as food and steel production.
Economic arguments against free trade criticize the assumptions or conclusions of economic theories. Sociopolitical arguments against free trade cite social and political effects that economic arguments do not capture, such as political stability, national security, human rights and environmental protection.
Economic arguments against free trade[edit]
Free trade in raw materials retrogrades development[edit]
The argument that a country could get locked into serving the needs of the world market in raw materials, and therefore not develop industrially was first advanced by Friedrich List in 1841, and received empirical support in the 20th century. It was discovered that African and Arab nations rich in natural resources (e.g., diamonds or oil) developed less rapidly than those nations without such 'bounty'. This is also a sociopolitical argument against free trade, because it is said that:
- The regimes exporting such valuable commodities to the west tended to be autocratic, and remain in unpopular power because of the massive payment streams from exports that flow to the state either because of state control of the means of production or increased tax revenue.
- The reason that civil wars and violence are correlated with the discovery of mineral wealth in the developing world is the world market for the commodities. This is one area of free trade which has few supporters, and conflict diamonds cannot be openly imported into any country.
It was also discovered that developed nations uncovering natural resources could suffer as a result of free trade, and for similar reasons. The massive capital influx to the Netherlands after it started exporting natural gas increased prices in the Dutch disease.
International trade requires more resources to distribute[edit]
Delivering food produced on the other side of the world to a supermarket has an environmental impact because it requires the use of fossil fuel in delivery from overseas, as compared to local delivery. In a perfectly efficient market, the costs of the fossil fuel would include the externalities associated with their consumption. Thus the full impact of their transportation costs would be reflected in the market price of the good. In the real world, there are no perfectly efficient markets. Much of the true costs of transporting goods around the world and consuming fossil fuel must be paid in the future dealing with the health and environmental effects of pollution. It is also likely that economic disruptions will be caused by future shortages of fossil fuel energy and spikes in fuel prices since it is a finite resource that is being depleted.
Sheltering young industries may pay off later[edit]
New Trade theorists challenge the assumption of diminishing returns to scale, and some argue that using protectionist measures to build up a huge industrial base in certain industries will then allow those sectors to dominate the world market. Less quantitative forms of the infant industry argument against totally free trade have been advanced by trade theorists since at least 1848.[citation needed]
Free trade favors developed nations in certain areas[edit]
Some services exported by developed nations are intangibles, such as medicinal formulae, trademarks, software, and entertainment. The value of this intellectual property is derived from legal protection against unauthorized reproduction. Some advocates of the poor claim that the reason IP-rights are strongly protected in International trade is the power developed nations have to protect the interests of intellectual property owners during trade negotiations. WTO-signatory nations renounce the right to produce generic copies of life-saving drugs, the only affordable treatment in developing nations.
Influence of foreign firms[edit]
Within developing countries, the local populace often stages protests against multinational corporations. Protesters insist that once allowed free rein the corporations will use their superior resources and experience to sway the political establishment of a country in favor of excessive concessions (tax holidays, underpaying for property, etc.) and try to influence the political system to fulfill corporate interests, which may or may not be shared by the citizenry. The concessions sought by these multinational corporations in turn collide with the free trade idea that subsidies should not be used to prop up corporations—in other words, subsidizing local corporations invites accusations of Protectionism by free trade proponents, while concessions to foreign corporations are portrayed as mere rational incentives.
Free trade benefits only the wealthy within countries[edit]
Some (like Friedrich List) argue the following:
- The wealthy own more capital, which increases in value as companies are able to produce at the lowest cost in the world.
- As the world's markets merge into a single global market the number of market-leading companies worldwide drops, with takeovers of smaller local corporations by larger multinational corporations. This process concentrates wealth in fewer corporations.
- Free trade replaces low-skilled jobs often done by the poor more easily than high-skilled jobs. This implication of the Stolper-Samuelson theorem is challenged on the basis that technology makes offshoring high value-added work feasible and more profitable than moving low-skilled jobs.
Free trade increases offshoring[edit]
Free trade allows companies the possibility of "outsourcing" the production of goods for domestic sale. Environmental and labor standards imposed upon these companies can be less in foreign production. Labor and environmental advocates argue that free trade thereby creates conditions that allow companies to circumvent domestic regulations by producing elsewhere. As free trade increases, the balance of power shifts in favour of companies and away from governments. This is considered to pose a threat to democratic self-determination by anti-globalizers and authoritarian control by totalitarian states. It has also been argued that free trade hurts developed nations because it causes jobs from those nations to move to other countries, and accelerates the "race to the bottom". As well as reducing rich-country GDP through lost jobs, competitive pressures will undermine democracy by creating pressures to lower wage demands, and protections like environmental and safety standards. The "race to the bottom" is blamed on international competition to attract traded-goods production, which, with Free Trade, can be sited anywhere.
Capital mobility and comparative advantage[edit]
Some descriptions of comparative advantage rest on a necessary condition of capital immobility. If financial or labor resources can move between countries, then comparative advantage erodes, and absolute advantage dominates. For instance, the Heckscher-Ohlin model derives comparative advantage from differing relative abundances of capital and labour between countries. Capital mobility and the competitive drive for the highest return on investment would give all countries identical relative abundances for new investment, eliminating comparative advantage and trade.
Other conceptions of comparative advantage are sound in all instances where the factors of production not homogenous between the parties notwithstanding mobility factors.
Given the liberalization of capital flows under free trade agreements of the 1990s, the condition of capital immobility no longer holds. David Korten argues that the theory of comparative advantage "is replaced by that of downward levelling". However, capital immobility is only one route to comparative advantage, useful to basic models, but not essential to it.
Basic models assuming capital immobility were convenient and not essential to the principle. Although greater capital mobility is likely to reduce comparative advantage, barriers to capital flows are not the only way to derive it.
- Early qualitative descriptions of the principle were based on the greater ease of producing different commodities in one country than another, and not on capital mobility. The comparative advantage of France over Iceland in wine production is not based on capital immobility.
- Comparative advantage can be derived from more complicated models including capital mobility (i.e., international borrowing, lending, and labor movement) and often posit movement of capital as analogous to the movement of goods.
Diversification and economic bubbles[edit]
It is also suggested that unchecked free trade increases the risk of economic bubbles that may affect entire nations and perhaps the world instead of just individuals. Diversification in personal and corporate investment portfolios is commonly accepted advice to reduce risk; similarly, diversity in economies can also act as a buffer against problems with specific product or product category demand.
Some feel free trade will tend to create economies too dependent on narrow specialties, those that are the numeric comparative advantage. When demand for those narrow specialties drops, the adjustment will be much more difficult than if existing diversification was already in place. It is usually much easier to grow an existing specialty than to start one from scratch when changes require it. Diversification of specialties tends to conflict with strict adherence to the theory of comparative advantage.
Sociopolitical arguments against free trade[edit]
Free trade undermines cultural diversity[edit]
Some French critics argue that allowing Hollywood movies to compete against French films would be culturally destructive;[citation needed] hence free trade in culture must be limited, otherwise, the French language and the visibility of a French perspective on the world would be threatened. Food imports competing with French farmers are restricted on the grounds that high food prices are necessary to sustain rural French culture.
Throughout the world, forces that many blame on free trade are eroding traditional ways of living and rural cultures. For instance, Sir James Goldsmith attacked free trade for causing the conversion of small-scale agriculture to large-scale agribusiness across the developing world: "The loss of rural employment and migration from the countryside to the cities causes a fundamental and irreversible shift. It has contributed throughout the world to the destabilization of rural society and to the growth of vast urban concentrations. In the urban slums congregate uprooted individuals whose families have been splintered, whose cultural traditions have been extinguished and who have been reduced to dependence on welfare from the state."[6]
Some Canadian nationalists argue that the North American Free Trade Agreement or an extension could harm Canadian culture,[citation needed] due to foreign corporations (magazine publishers, television broadcasters, and satellite providers) challenging Canada's cultural content laws. These laws encourage Canadian content in the media.
Free trade causes excess dislocation and pain[edit]
Free trade may cause an employee to seek employment in several fields over his or her lifetime. Once, a farmer could expect to finish his or her life as a farmer, although his or her children might have sought employment in fields outside of agriculture. Now, changes may happen on a sub-generational level, faster than natural attrition. Coping with these transitions can be difficult,[citation needed] especially for the middle-aged and the elderly due to age itself or age discrimination. A pace of change that matches or exceeds generational cycles may be more palatable to populations. Problems associated with economic adaptation are generally not factored into the calculation of free trade's effects.
Welfare economics deals with the issue of the overall benefit to society of changes that harm some and help others. In a utilitarian view, the overall benefit of cheaper goods and services is given equal weight with the concentrated impact of lost jobs. Free trade is generally considered to achieve an overall increase in utility in a society, but it can also create winners and losers (see Stolper–Samuelson theorem). Individuals can be made worse off by an opening of trade but society has a whole should theoretically have more wealth.
Dependency theory[edit]
"Free trade" has been accused of being a disguised form of colonialism or imperialism, particularly by proponents of economic nationalism and the school of mercantilism. In the 19th century these largely took the form of attacks on British calls for free trade, seeing these as expansion of the British Empire. Since the 1950s these attacks fall under the rubric of dependency theory.
An early statement of this form is by Henry Clay, architect of the American System, in an 1832 speech:
Gentlemen deceive themselves. It is not free trade that they are recommending to our acceptance. It is, in effect, the British colonial system that we are invited to adopt; and, if their policy prevail, it will lead, substantially, to the recolonization of these States, under the commercial dominion of Great Britain.— Henry Clay, "In Defense of the American System, Against the British Colonial System." 1832, Feb 2, 3, and 6.[7]
Critics of imperialism[citation needed] sometimes focused on how imperial powers gained influence over weaker countries through specialization. Weaker countries would develop areas, typically in raw materials and agriculture, that would be economically dependent on the mother country. In the post-imperial world, this criticism changed. Imperial powers that controlled capital flows could maintain their economic status vis-a-vis their former colonies by using this dependency to their advantage. Imperial powers would have more choice (more competitive market) in countries from which they could acquire raw materials than those countries would have in buying final goods, particularly as imperial countries had the bulk of the world's financial resources and chose to behave oligopolistically. This pattern of exploitation, which may or may not lead to the benefit of imperial nations, focuses on the importance of political power in the international system and its weight in policy choices.[citation needed]
Rule of law and regulations[edit]
Although in David Ricardo's time economists regarded the regulatory powers of the state as being more destructive than beneficial, the economic shocks of the later nineteenth century, the early twentieth century and the Great Depression produced a strain of economists led by John Maynard Keynes who criticized laissez-faire capitalism as self-destructive. After World War II these Keynesians assisted the state in the development of regulatory institutions that were promoted as limiting the excesses and mitigating the failures of the free market and which were intended to sustain free trade through regulation. The later twentieth century saw the development of new economic theories that criticized the stress on regulatory institutions, though it is an uncommon opinion even among modern neoclassical economists to wholly regard all such regulatory functions of state as damaging to the economy.
These regulatory institutions, and indeed the rule of law itself, are costs to the development of industries. Although a number of laws—the protection of property rights, for instance—are strongly beneficial to corporations interested in the development of an industry in a foreign country, many other laws, regulatory laws in particular, can produce litigation risks or greatly increase the cost of operating in that country. Environmental regulations, labor laws, minimum wages, safety regulations, and (arguably) basic human rights can effectively increase the cost of operating in a country. As a result, these regulations often lead to a competitive disadvantage in the world economy for countries implementing those laws.
Similar arguments can be made for tax laws; corporations can evade high taxes by moving operations to countries with lax tax structures. In countries where the integrity of the state is weak, there can be an incentive for corporations to subvert governments through corrupt means and further undermine the rule of law in those countries in their favor. Accounting, banking, and investment regulations can take a similar direction; countries very interested in attracting investment may make their financial institutions more lax for short term political benefits. Some economists, such as Frederic Mishkin, point to this as an underlying cause of the Asian financial crisis of 1997-1998.
Many developing countries have not developed the financial institutions that developed countries rely on for the efficient functioning of their economies. The financial institutions that do exist in developing countries are often designed for economies with a strong role built for the state, and often with a great deal of corruption already existing. The influx of large amounts of investment capital from developed countries can put a considerable strain on financial institutions as they cope with enlarging their regulatory role, separating it from old state functions. The capital influx creates lucrative opportunities for corruption, especially within the regulating institutions. The development of these institutions runs a difficult course with investors who are interested both in the rule of law as it improves investment opportunities, and also in limiting their risk as investors. The development of these institutions can be a low priority for a poor country, which must bear the cost of modifying its business code, essentially for the benefit of foreign capitalists.
Free trade, then, creates an economic incentive for a race to the bottom in regulatory institutions; countries with lax, lenient, non-enforced, or selectively enforced regulatory legal structures will have a competitive advantage in attracting investment to their countries, and not merely in wages. From the capitalist's point of view, an ideal legal environment would have these features:
- Weak or un-enforced labor and environmental protection laws.
- Low or uncollected taxes.
- Strong legal protection for property rights.
- Changes to the legal code should be few and predictable, allowing business planning. The government should not be likely to override the rule of law, or impose exchange controls.
The difficulty that modern capital finds in meeting all of these conditions is that (1) and (2) are correlated with an immature legal system, but (3) and (4) are correlated with the division of powers, and long-standing legal institutions. As Russian oligarchs and early foreign direct investors in China discovered, the ability of an enterprise to make money is no guarantee that its profits can be retained. Some have argued that firms actually encourage (or at least prefer) the rule of law, judging that, on balance, it is "good for business". If so, the race to the bottom may become a "Race to the middle" in legal enforcement,[original research?] assisted by mobile capital, to create the optimum legal conditions for investment (balancing legal protections for labour and capital).
In theory, globally harmonized regulations regarding wages, the environment, safety, human rights, and other areas of economic control, would also prevent a "race to the bottom." Although globally harmonized regulations appear to be far off, there have been a number of moves toward regional agreements about these sorts of institutions. However, assumed in the "race to the bottom" argument is that greater labor and environmental regulation yield greater benefits, and are inherently good, contentious points. The stagnation of western European countries, France and Germany particularly, who enforce strong labor and environmental regulations, suggests otherwisesource?.
The financial consequences of mobile capital[edit]
The diversity of legal systems the world over and the limited degree to which those bureaucracies coordinate their regulatory and tax-collecting efforts can create loopholes to the benefit of corporations and private individuals, who can seek out havens from regulation and tax collection, even if they obey the letter of the law.
The freedom of capital to move outside the purview of a single authority has other harmful effects, even where it is not invested in the real economy. The following are common abuses of the free trade in capital:
- Tax avoidance (legal)
- Money laundering (illegal)
- Obfuscation of corporate accounts (possibly legal)
One of the chief concerns among modern economists and financiers is to develop methods of harmonizing international regulatory institutions, in particular accounting practices, to improve transparency in world financial markets and reduce the risk experienced by investors.
A purported, salient benefit of increasingly mobile capital, however, is the competition on tax rates, where countries compete to house companies. Lower tax rates offer a competitive advantage to businesses. This has resulted in calls from some countries, particularly France and Germany, to "harmonize" tax rates, to maintain their high tax system, so that competition therein is impossible.
Free trade implies specialized industries and economic change. Economic changes can lead to strains and considerable changes to traditional economic and political systems. Social changes that Europe passed through over centuries—urbanization, development of national infrastructure, development of property rights, secular and national government, centralized administration, the development of financial sectors, and regulatory systems}—can happen quickly in an economy exposed to free trade and capital flows.[citation needed]
Offshore outsourcing and an increase of temporary visa workers resulted in a drop in the demand for computer programmers in the US, for example. Traditionally, the displacement and change caused by free trade was assumed to mostly fall on the poor and less-educated.[citation needed] However, the plentiful supply of low-cost but well-educated labor in Asia, the former Soviet Union countries, Arab countries, and Israel has cast doubt the view that the educated are mostly immune from change.[citation needed]
The internet has made it easier for dispersed groups to coordinate work on a project. Thus, education as immunity from the churn of economic failure is now being questioned. Education may merely be a prerequisite for economic success, not a barrier from failure.
Free trade and capital flows can conflict with existing systems. Western financial institutions which are based on lending is an affront to some traditionalists.[who?] The introduction of property rights, such as in tribal areas where property is held communally or where they existed in a traditional sense, poses considerable difficulties for governments.[citation needed] That question can arouse concerns of justice, equity, class, and ethnic strife between groups that feel victimized by history. Property rights in developing countries and their implications for free trade has been raised by the Peruvian economist Hernando de Soto.[citation needed]
Free trade can be profoundly redistributive, forcing thousands if not millions to change professions as previously marginalised foreigners out-compete them in their former ones. In the United States and in many developed countries there are systems of state trade adjustment assistance that help to smooth the transition for workers and industries from a pre-globalized economy to an economy transformed by free trade.[citation needed] In countries without those resources, a sense of victimization can rise in laborers displaced by trade that can contribute to a loss of confidence in national policy.[citation needed] Even with trade adjustment assistance in the United States, some of the most outspoken resistance to free trade, in particular to the North American Free Trade Agreement, came from left wing groups, such as labor unions. Even with assistance to smooth a transition between economic structures, there can be resistance to change in the character of an industry for economic and social reasons.
Free trade can change relationships between economic classes and interests. Balances between groups in society—a disproportionate share of power for an industry or group—can be undermined by free trade.[citation needed]
Changes to the national economy can undermine developing countries.[citation needed] Critics of free trade sometimes point to the fall of the Suharto government in Indonesia in the wake of the Asian financial crisis on sociopolitical stability.[citation needed]
Traditionally only the total value of goods and services are used to calculate the best economic model. However, opponents of free trade feel that change rates should also be a factor. Thus, instability and displacement risks (such as economic bubbles and career change) of a given approach are factored. Here is a hypothetical example of what this kind of trade-off may look like:
|Value of Goods and Services
|Disruption Pace
|Approach A:
|Approach B:
|Approach C:
Traditional economics would favor approach A because it produces the most total goods and services. However, skeptics of full free trade would point out that approach A has a large disruption pace[citation needed] associated with it, and so approach B and perhaps C should be considered because of the stability they provide. Generally there will be some tradeoff between total wealth (goods and services) and stability such that both cannot be maximized at the same time.[citation needed]
An analysis comparable to the risk-return spectrum of free trade with respect to both country (recessions and bubbles) and careers (job-loss, retraining) is an area in need of further research. Stability is difficult to model compared to average return, and thus may have been under-emphasized.
Debate on applicability of "free trade" to current economic conditions[edit]
Another aspect of the debate over "free trade" revolves around the question of how much the concept accurately describes particular policies or economic conditions. Economist Dean Baker has argued in his book the Conservative Nanny State that regional trade agreements such as the North American Free Trade Agreement and Dominican Republic-Central America Free Trade Agreement and global trade agreements such as the World Trade Organization cannot accurately be termed "free trade" agreements because they actually increase certain barriers to trade (such as through the creation of monopoly patents for pharmaceuticals), while decreasing other barriers. Baker recommends calling these policies "trade" agreements.[1]
See also[edit]
- ^ Emphasis added to Cobden's quotation of the petition, in a free-trade speech delivered in 1846, the full text of which is available at "Free Trade With All Nations."
- ^ Thomas L. Friedman. The Lexus and the Olive Tree. Farrar, Straus and Giroux. ISBN 0-374-18552-2 p. 240
- ^ "The Soviet's Vietnam," The Washington Post, Richard Cohen, April 22, 1988.
- ^ Free Trade.org
- ^ Shapiro, Joseph S. (2016-11-01). "Trade Costs, CO2, and the Environment". American Economic Journal: Economic Policy. 8 (4): 220–254. doi:10.1257/pol.20150168. ISSN 1945-7731.
- ^ Quotation from page 103 of James Goldsmith's The Trap, 1994, Macmillan ISBN 0-333-64224-4 (summarized in Art Hilgart' review). Goldsmith had a background in corporate takeovers, but breaking up conglomerates within nations would still be permissible in his model, so long as no part of the conglomerate exported outside its area of production. His concern for the harm done to rural societies by the effects of free trade is summarized on page 103 with the sentence: "The cost of such social breakdown can never be measured. The damage is too fundamental."
- ^ Clay, Henry (1843), The Life and Speeches of Henry Clay, II, pp. 23–24


text:
On 31st july 1961 A.D. in the
afternoon a sudden flood from Fewa Lake swept away a Swiss citizen Mrs. Devis who was having a bath with her husband beside it. She was
flowed and dead.
She was recovered after a long attempt since then. It has been taken
its name "Devi's Fall"
Length : 500 meters underground
water flow.
Depth : 100 Feets.
More attractive month : June, July, August and September.
Most people pronounce Devis fall
as Davis Fall. Locally known as Patale Chhango.
The real name of this water fall is Devi's Fall but lots of people write Davis Fall. Read
about Devis Fall for more information.
www.devisfall.com Sponsored by
Mahendra Lakeside Pokhara
Nepal to promote Pokhara on international tourism market.
Pokhara Hotels
Booking | New
Pokhara Lodge

subset: commoncrawl


text:
All five dice are different.
There are six ways out of six for the first die to be different.
There are five ways out of six for the second die to be different.
There are four ways out of six for the third die to be different.
That would be
The opposite of none is at least one.
Hello, Anna55!
One cube is called a die.
The plural is dice.
You have five dice. What is the probability that you will get a pair on one roll?
If you mean exactly One Pair, the solution is more elaborate.
We have 6 choices for the value of the Pair.
The other three dice must have values which are
. . different from the Pair and from each other.
. .


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The Wisconsin Energy Institute works closely with the Great Lakes Bioenergy Research Center to support both cutting-edge energy research and a variety of educational programs that leverage the research to enhance teaching and learning associated with understanding energy. WEI education programs target the key ideas associated with energy transformations, economic energy considerations, and energy-related societal impacts.
These educational programs are designed to support formal and informal educators, K-12 and undergraduate learners, and the general public and policy makers who are seeking to understand the very latest in energy and sustainability research.
Undergraduate educational programs
- Certificate in Engineering for Energy Sustainability: Open to undergraduates at UW-Madison, this certificate program offers undergraduate students a suite of courses addressing energy sustainability that span across the engineering curriculum, with firm roots in "real world" design and engineering practices. See certificate requirements and learn more.
- Introductory college sustainable biofuels course: Open to UW-Madison undergraduate students also taking first semester General Chemistry and Environmental Studies: People and Resources, this three-credit undergraduate course explores a wide range of interdisciplinary issues associated with bioenergy. There is a strong focus on systems perspectives and understanding the complexities that are involved and so typical for modern scientific and technological challenges. Learn more.
- Research Experiences for undergraduates: These programs provide students with the opportunity to become actively engaged in research laboratories. From conducting their own research project to presenting research summaries, students have the opportunity to test their interests in scientific or engineering careers. View programs and requirements.
Resources for educators
- K-12 Lessons and activities: Teachers and professional educators associated with the Great Lakes Bioenergy Research Center work closely with scientists to develop materials for the classroom. Many of the techniques described are the same, or closely mimic those conducted by bioenergy researchers, with adaptations made as necessary to work within the constraints of the K-16 classroom. Get lessons and activities.
- Research experiences for teachers: The Great Lakes Bioenergy Research Center's Research Experience for Teachers (RET) program offers K-16 educators interested in conducting bioenergy research, writing curriculum and incorporating bioenergy lessons into their classes the opportunity to participate in the research of the center and the corresponding development of educational materials around the topic of biofuels. Teachers participating in the program will spend seven weeks of the summer working with scientists at UW-Madison or Michigan State University involved in cutting-edge research. Learn more.
- Summer workshops for educators: We offer two summer workshops for K-12 educators to explore the frontiers of energy research and learn how to engage students in contemporary energy science and engineering challenges. The Energy Institute for Educators is 4-day workshop in August which provides the opportunity to explore the breadth of research and education resources at WEI related to energy, sustainability and climate change. The Bioenergy Institute for Educators is a 5-day workshop in June for educators to learn about the current biofuels and sustainability research ongoing at the Great Lakes Bioenergy Research Center.Participants in both programs get hands-on experience with classroom-ready materials and instruction on current approaches to teaching energy-related content. Participants are expected to use materials from the Insitute during the following school year. Teams of 3-4 educators (teachers, curriculum coordinators, etc.) are encouraged. Please visit the Energy Institute and Bioenergy Institute program pages for more information.
- External Education Resources: We put together a collection of external educational resources that may be helpful for teachers and the general public. Take a look at some great energy-related educational resources »


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Hello Newark!
Well I knew things were going too well...after a great flight from Gatwick, we landed in Newark and made our way to the Crown Room where I checked in with work. Then the announcement, "Your flight has been cancelled". Due to a combination of weather and air traffic control, Delta canned the flight to Cincy, as well as several others. The earliest we can get out of here is tomorrow morning...oh joy.
So, after having already been up since midnight, we had to make our way through the airport with the throngs of other pissed off passengers. We found the hotel reservation phones and on the eleventh attempt found a reservation...for $200 a night!! That was an expense we were not planning on.
So, here we are at the Newark Sheraton Airport. Funny thing, this is the biggest room we have been in during the last two weeks. I am tired, I stink and now I have to burn another vacation day when all I really want to do is get into my own bed. All I know, is that I plan on using every luxury and convenience this hotel has. I already gulped down their complementary lemonade and right now I am contemplating going swimming. We will make this stay worth it. You hear me Sheraton...worth it!
Mike Lang


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This package installs the software (Media Card Reader Driver) to enable the following device.
- Ricoh PCIe SDXC/MMC Host Controller
- If this package has been installed, updating (overwrite-installing) this package will fix problems, add new functions, or expand functions as noted below.
- This program is language independent and can be used with any language system.
|Supported ThinkPad Systems
- T430, T430i, T430s, T430si
- T530, T530i
- X1 Carbon (Type 34xx)
- X230, X230i, X230s, X230 Tablet, X230i Tablet
|Supported Operating Systems
- Microsoft Windows 8 32-bit, 64-bit
|Summary of Changes
- [Important] Important update
- (New) New function or enhancement
- (Fix) Correction to existing function
Version 2.24.18.01
- (Fix) Specified the machine types of ThinkPad X1 Carbon (Machine types: 34xx).
- (New) Added support for ThinkPad X230s.
- (Fix) Fixed an issue where Ricoh PCIe SDCX/MMC Host Controller appears in Device Manager even though SD or MMC card is not inserted in the computer.
- (Fix) Fixed an issue where an incorrect message is displayed during the uninstallation.
|Additional Information
Please refer to the README file (content in English) for the following:
- Installation Instructions
- Determining Which Version is Installed
- Complete list of summary of changes
- Known limitations (if any)


text:
Bear Trap Dunes Resort Amenities
Featuring abundant amenities, the Bear Trap Dunes Resort in Delaware can host a vacation full of activities, sports and excitement for families, groups and couples.
Golf fans will be thrilled with the 27-hole championship golf course, presenting scenic holes and challenging layouts; the clubhouse includes a golf pro shop and locker rooms. Sports enthusiasts will find the Village Pavilion complex quite accommodating with its tennis courts and multi-sport courts that can be used for basketball and more.
The Recreation Center boasts indoor and outdoor pools where guests can take a swim, cool off or simply relax poolside.
ResortQuest by Wyndham Vacation Rentals' guests can take advantage of the community shuttle that takes visitors to the serene beaches located just three miles away. And, after a day of soaking up the sun, our concierge services can offer advice for great onsite and in-town dining and shopping.
Amenities Include:
- Located directly on the golf course
- Minutes from beaches via community shuttle
- Indoor and outdoor pools - Outdoor pool availability subject to seasonal restrictions and availability.
- Tennis courts and fitness center
- On-site dining
- Concierge services
Additional Resources:
Back to Bear Trap Dunes Resort


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Mamanista! » Entries tagged with "Christopher Palu"
Project Runway S10, E4: On the Move, In the Groove
Our designers gather at the Michael Kors store and learn they are designing for the jetsetting, modern woman who needs to get off a plane, take a meeting, and hit a cocktail party. Or, as my mom likes to say to my kids as they head out to school, lessons, play dates, or activities, "On the move, in the groove!" Hey, sounds like BlogHer! Most days I work in my PJ's but one weekend a year, … Read entire article »
Filed under: Fashion, Featured, Television
Project Runway S10 Ep3 – Red Carpet Challenge: The Spirits of Project Runway Past
Like a Charles Dickens story, the spirits of past seasons have returned–whether it is to haunt or to help current Project Runway contestants, we'll just have to see. The contestants are informed that they will have to create a red carpet look…for the Emmies (with you so far, Mr. Gunn)…inspired by… …a color of Lexus? *needle scratch* HUH? Awkward sponsor product-placement taken care of, let's meet your clients. They are the gorgeous ladies of Project Runway past! Kenley! Kenley … Read entire article »
Filed under: Fashion, Featured, Television
Project Runway Season 10, Episode 2 – Red Hots and Sour Patch Kids (The Middle)
I already looked at the top and bottom three Project Runway designers from this week's "unconventional materials" challenge at Dylan's Candy Bar. Here's a quick rundown of the rest of the not-so-sweet entries (although a few of these are quite good): There is some discussion online that Dmitry, the emo Bond villain, should have made the top three and perhaps even won the whole thing. There is no doubt that his model looks great in this … Read entire article »
Filed under: Fashion, Featured, Television
Project Runway Season 10 Episode 1 Recap: Granny Fabrics and Snuggies
So, can I just say, "wow"? Wasn't the premier of Season 10 of Project Runway a whole lot of fun? I mean, yes, I am a rabid fangurl who writes for a subsite owned by the host television network but STILL. After 10 seasons (plus All Stars), I am capable of seeing the show objectively in its ups and downs and occasionally uneven glory. And this was GOOD TV and FUN FASHION, no? So, in this episode, … Read entire article »


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The Microsoft Worldwide Partner Conference (WPC), is the largest event for Microsoft partners. The conference brings Microsoft's partner community together for a week of networking and learning with the goal of increasing partner profitability and accelerating business growth. The WPC Read More
- Products
- Solutions
- Industries
- Resources
- Events
- Partners
- Company
- Contact


text:
Image of Letter
Click on image for full size
But Co. C was called out to scout and the Rolls ware laid away and just as got done eating my dinner one of the co. came in and reported that the Rebels had attacKed Co. C. &C.. a part of them were cut of and we made a grand ralley every man sick or well was up and doing I had on my rid[sic] and old Gray Bill out in line in short meter alth[sic] I was in Bed when the News came and had been most of the day But Than was out and I wanted to see after him and as we ware going out through town the Boy's all came in no one hurt Than went in to Battle with 16 men and came out with 9 and two of them had no armes But the part of his forse[sic] that ware cut of would not surender but cut there way out and came round through the Swamps to the Boat and ware the first to report. The other boys stopping to fight -----------? detained them considerable they killed 2 or 3 Rebs and some of there horses but none had a man no Horse touched and Bullets whistled all about them. after meting them we returned to the Boats. Put up our Horses and went out to receive them on foot as they were in the outskirts of the City we walked 1 1/2 in less than no time clum high Bluffs but all in vain they had skedadled and returned to the boats and I was about plaid out as I had not been 100 yds. from the boat in 4 days. after supper I took a walk up town went to the court house got some Paper then as I returned stoped in a Drug store and got a Holy Bible Large New Testament and 2 other books got a pitcher of water and returned to the boat just in time to hear Lieutenan[sic] Barton cussing that he could not find any of Co. C. on the boat sick or well Than came in read a few chapters in the Bible for my benefit and his we then retired for the night &C..
Friday morning 13th not feeling so good worsened myself to much yesterday was not around much was of[sic] the boat for a pitcher of water. The boys all went out on a scout Beyond Benton They left at 2 P.M. I was quite sick in the afternoon and eavening[sic] The boy's all came in at 2 oclock in the morning of 14. Saturday 14 felt much better wrote a letter to E.F.Messler in the forenoon and Brother Jake and I went out to see the 11th Ill Cav. Boy's that ware in town But could not


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A Shrine to Master Yodapublic - created 02/26/05
"For my ally is the Force. And a powerful ally it is. Life creates it, makes it grow. It's energy surrounds us and binds us. Luminous beings are we... "
Search Words: Star Wars, George Lucas, Rinpoche, Guru, Lama, Yoda, Jedi Master, Djed, Tsenzhab Serkong Rinpoche, Shrine, Meditation, Buddhism, Enlightenment, Silence, Oneness, Rainbow Body


text:
When Julia Gillard delivered the government's Asian Century Whitepaper last week, she just confirmed what most of us already knew – Asia is an economic powerhouse that we need to tie our economic fortunes to.
And that's not just at the top end corporate and government level, but right down through every tier of the economy, including personal finances. Even through to musical integration if you're a fan of South Korean pop sensation Psy's 'Gangnam Style' hit.
You see Asia has an enormous young, hard working population that's driving rapid growth right across the region. It boasts a keenly competitive manufacturing sector that clocks up enormous trade surpluses and an emerging middle class that will see it takeover as the global economic epicentre.
And guess what, we live within a good boomerang throw of it all. But being close isn't enough, everyday Aussies can be looking to get exposure to this economic evolution via the ease of open financial markets.
Be aware that directly buying property and business interests are still tricky procedures in a lot of countries across Asia. Despite rapid economic development, it's not yet as open to foreign investment as western economies are.
There are still significant legal limitations in place to protect national interests, as well as dysfunctional governments, corruption, poverty and volatility in a lot of Asian countries too. But that's not to say investing in Asia is a necessarily difficult task.
In fact, it can be as easy as buying shares on the ASX.
There are a range of Exchange Traded Funds (ETFs) listed on the local share market that track the price and dividend performance of various Asian stocks and exchanges. The biggest range of these are iShares, put together by investment house Blackrock.
These ETFs trade on the ASX and are effectively a basket of Asian stocks that you can buy a share in. It's the cheapest and easiest way an individual investor can get a well diversified range of listed companies operating in Asia.
For example, there is the Asia 50 Index Fund which is a collection of shares in the biggest companies operating across the region. Or the China 25 Index Fund that tracks the performance of exactly that, the 25 largest and most liquid Chinese listed companies.
There's a South Korean focused fund and a Taiwanese one too, a fund just for Hong Kong, Japan and one for Singapore.
You can buy and sell shares in these funds just as you would any other listed company.
For their troubles the fund managers take a management fee of 0.5% per annum, much less than it would cost you to replicate the investment yourself.
Of course there are additional currency and liquidity risks inherent to these investments that need to be considered.
But it's not enough to just know the product you're trading, you need to get familiar with the region you plan to invest in. Think about it, you wouldn't buy a bike without first knowing the terrain it'll be ridden on.
To this end it's important to understand the culture, history and economy, as well as the particular investment you're looking to put your money into.
I've always thought the greatest insight you can get into an economy and culture comes from the trip from the airport to the hotel. You instantly experience the infrastructure, see the working environment, gauge pollution, the presence of police and manner of people.
But short of jetting into Asia for a look, there is plenty to learn from online research and reading the news.
To get an idea of the sort of cultural differences you'll be dealing with, consider that after Psy's 'Gangnam Style' song went viral, the value of his dad's computer chip company doubled. And that's no coincidence, the country's retail investors love celebrity and speculation.
So, do your research and ready yourself for the economic amalgamation with Asia, because the way we're heading it's going to go off. Gangnam style.
|Gold buyer's guide
|What's the best way to sell your property?
|Can your personal finances stand an economic crisis?


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The Revolutionary Armed Forces of Colombia, or FARC, admitted Saturday they killed two policemen they kidnapped last weekend in the southwestern part of the country, saying their deed was justified because of "the huge military pursuit operation" they had to endure.
Maj. German Mendez Pabon and Edilmer Muñoz Ortiz went missing on March 15 in the rural area of Tumaco while working on a plan for protecting remote, vulnerable areas, and their bodies were found three days later showing signs of torture, authorities said.
"We in the FARC regret the tragic death (of the two police officers), while we send our words of encouragement to their families and friends," the guerrilla group said in a communique.
In the text, the guerrilla chiefs acknowledged that the police "were detained" by militiamen of the Daniel Aldana Mobile Column as the victims were carrying out operations "against the insurgency and rural populations across the country."
According to the FARC, the capture of Mendez and Muñoz "set off a huge military pursuit operation" with half a dozen helicopter gunships and multiple patrols that "forced" the guerrillas to kill them "without time to report the situation to their superiors."
"The war we Colombians have been going through for half a century takes the lives every day of many sons and daughters of a people that deserves peace," said the communique from the FARC, who since November 2012 have been negotiating a peace treaty with the government in Havana. EFE


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I won't be able to use the dust ruffle, as the color was listed as rich plum - but it won't match any thing we have - it's what I call Burgandy. Plum is usually more of a purple color. The sateen looks like a good quality - it's just the color that was disappointing.
I was looking for a bed skirt to match a quilt for my guest room. The bed skirt matched perfectly and the price couldn't be beat.
this product was an excellent and quality as advertised. will definetly purchase from this place again.
Very reasonable price, nice quality, and very speedy delivery.
I ordered 2 of these in Clay Beige from your clearance section for our king size beds. The color is very close to what is shown on the web page and the fabric is very nice. I think these are well made and were well worth the cost. Hopefully I can get them ironed and placed on the beds very soon. I haven't been disappointed in any of my purchases with Designer Living. Thanks!


text: If you've ever looked around your home and wondered what's missing, or why your place lacks the punch of the designer homes you see, this is the post for you. Everyone has their own level of DIY ability—some are masters at transforming flea market finds into designer-worthy treasures. Others need the help of a professional to match colors. No matter where you are on that spectrum, fixing these common décor missteps will bring a fresh, and professional-looking, new look to your space. Continue reading


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Images that purport to show the Duchess of Cambridge naked have been published by a Danish celebrity magazine.
The pictures, which seem to be from the same set as published by the French magazine Closer, appeared in Se Og Hoer (See and Hear), which has already published topless pictures of the Duchess.
The latest photographs go further than anything that has been published so far, apparently showing the Duchess from the front as she changed her bikini bottom.
Initial reaction from St James's Palace was that it was concentrating on the legal action against Closer and the attempt to identify,


text:
North Ghost
North Ghost, Canada
Photos from North GhostPictures of North Ghost (18)
Hotel Deals in North Ghost
Travel Blogs from North GhostNorth Ghost Travel Blogs (1)
No Ghosts Here!
... first night. Most of the campgrounds in around Calgary were booked solid so it was quite lucky that Laura was able to find this one, North Ghost just past Waiporous, and it turned out to be a great campground, one of the best I'd ever been on. The sites ...


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SWBOCES Among Recipients of P-Tech Grant Southern Westchester BOCES is part of a regional consortium that was among 16 winners of a statewide competition to form public-private partnerships that will prepare New York high school students for high-skill jobs in technology, manufacturing and healthcare.
The program is called Hudson Valley P-TECH High School (HV P-Tech HS), and Rockland BOCES will lead the regional consortium with a focus on K-12 Computer Information Technology, Engineering and Health & Green Building Technology. In addition to SWBOCES, public partners include Putnam Northern Westchester BOCES, the North Rockland Central School District, which will serve as the lead fiscal agency, all Rockland County public school districts, several Westchester County public school districts, Rockland Community College, Westchester Community College and SUNY IT.
Private partners include Avon, Fairway Testing, All Bright Electric, Hightech Security Systems and Wick Arborists.
A press release issued from the Governor's office stated that pending negotiation and approval of each applicant's budget, the winners will spend the 2013-14 school year recruiting students, building partnerships and training teachers and principals, and will enroll their first class of students in September 2014.
The application included a funding request of $2.6 million, the maximum allowed. NYSED has informed the North Rockland Central School District, the lead fiscal agency, that 95% of the requested amount will be awarded. Awardees may also receive additional funding and support through the State Education Department.
The public-private initiative was launched in partnership with IBM, which helped create the P-TECH program and will provide tools, training and support to each NYS P-TECH school.
With this announcement, New York State is the first in the nation to implement a statewide "P-TECH" initiative that links education to regional economic development.


text:
A man sets out to search the identity of a kinky dream woman from a drawing he drew of her.
- No comments posted so far, be the first one!
- 8 years agoCool Lady Oneshot: [complete]
- 5 years agoCool Lady 1
By editing this manga you will earn the editor title for this manga!


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EU leader warns Britain over referendum plans
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Cameron has no choice but to keep Europe at arms length. He is leading the most Eurosceptic Tory Party I can remember in my lifetime and his backbenchers still haven't forgiven him for missing an open goal by not getting a majority in the last election. Not to mention the slap in the face he gave them by pushing through on gay marriage. This is nothing to do with what he feels is best for the UK regarding its relationship with Europe, its all about his self-preservation by throwing red meat to his rightwingers. The rest of us will suffer ( businesses already are ) as Cameron tries to stay on the tightrope.
Cameron's also trying to take the bite out of UKIP who are unashamedly using nationalism to demonstrate some form of difference to the major parties. I fear the issue is becoming a runaway and Cameron will find he has little control. I very much doubt he'll be around in 2017 to take the rap for Britains exit.
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Lesson Plan
Summertime Fun Activities
- Grades: PreK–K
Ultimately, the greatest benefit summertime brings to your class is the happiness that comes from sharing fun activities. Perhaps this is because there is less pressure to "teach" something. This lets everyone truly play together—children and teachers alike.
As we all know, children learn through play, and these activities are chock-full of learning. It's just that in summer the fun quotient is foremost in the goals and expectations department!
Recommended Materials
- Sponges
- Riding vehicles
- Large sheet or parachute
- Washable markers
- Big chalk sticks
- Assorted size paintbrushes
- Old crayons (without the paper coating)
- Heavy paper or oak tag
- Watercolors
- Assorted collage materials
- Glue sticks
- Trays to use as a mobile work surface
- Portable, unbreakable microscope
- Magnifier
- Unbreakable mirror
- Paper, clipboard, and markers for field drawings
- Plastic zipper bags and containers with lids for collections
- Measuring tape
- Disposable camera
Getting Started
Since the goal is fun and the expectation is that we will all work together to create it, why not introduce this section of activities with a cooperative game? Time to bring out the parachute for some fun cooperative activities. A parachute is particularly good for summertime games because the wind created by moving the parachute can cool off the entire group! (No parachute? Use a large sheet instead!)
Before you begin, talk about the importance of cooperating with one another. What does that mean? It means that with everyone's help, the activity will work! Ask children, "Can you fill the parachute with air by yourself?" "Why not?" "What do we have to do to get it to go up?" "We have to cooperate!"
Ask children to take a space around the edge of the parachute or sheet and experiment with moving together to make it go up and down. Once children have mastered this, they can play with taking turns running underneath it.
Using the Activities
When children share these summer fun activities together, they apply social skills they've used during the year to a different setting-your summer program. Just the fact that many of the activities are presented outdoors changes the nature of the play. It encourages children to share, cooperate, and regulate their behavior in a more open and less-structured setting.
Not surprisingly, studies have shown that it is these social interaction skills that are the most important factor in school readiness. The ability to cooperate in a group, take turns, listen, and share is the foundation from which the cognitive skills of learning letters and numbers arise.
At the same time, these activities require a great deal of thinking! Children use criticaland creative-thinking skills as they become involved with open-ended activities or materials. How many ways can I use this? What will happen if I do this a different way? Of course, problem-solving skills kick in when an activity doesn't quite work. So off we go for some fun, happy, and educational ways to spend the summer together.
Expanding the Experience
Your children will love these activities so much that they will want to do them again and again. Happily, the summer schedule allows them to do just that. Of course, adding a slight variation or extension each time just adds to the learning and fun.
Here are a few ideas to try throughout the summer:
• You can expand the field-day feeling of the Fun in the Sun activity by creating an area for children to make their own field-day T-shirts. Ask children to bring in a white shirt, or ask a local store to donate some. Put out cloth markers and newspaper to put inside the shirts so the colors won't come through. You can also add some independent activities, such as a fishpond magnet game, plastic bottle bowling, a beanbag, and ring toss. Don't forget face painting!
• After enjoying Let's Make Pressed Flowers, take a nature hike to collect small natural objects children can bring back to preserve with self-adhesive vinyl. This will serve as a wonderful visual memory of the walk. You can also give children who are going on a family trip a small zipper bag to collect objects at the beach, in the mountains, at the lake. They can preserve their "finds" in the same way when they return to school.
• The Arctic in the Sun activity is the perfect time to explore evaporation. Collect a variety of materials to dampen in the water table (such as fabric, sponges, paper, and cardboard of different weights). Let children place the damp pieces in the sun. Ask them to predict what will happen. Which will dry fast or slowly?
• Painting with Colored Ice naturally leads to reversing the project-painting on frozen paper! To make the frozen paper, dip newsprint or white drawing paper in water and place on a sheet of aluminum foil. Top the wet paper with foil and dip another sheet of paper in water. Keep alternating foil and wet paper until you have enough wet paper sheets for your class. Place in the freezer for one hour. Take out the paper. Peel off one layer of frozen paper and foil for each child. Invite children to paint with watercolors on the frozen paper. What happens?
• The sunny art experiences in Art for a Sunny Day are bound to lead to more. The process of making solar prints is another way for children to experience the power of the sun. Children place interestingly shaped objects or nature materials on dark colored (black, blue, or purple) construction paper and leave them in the direct sun for a day or two. Eventually, the paper fades around the objects, so when the objects are removed they will leave a pretty shadow design!
• All the talk about Dream Vacations naturally leads to talk about camping. Use the rhythm and pattern of the choral reading "We're Going on a Bear Hunt" to create a fun cooperative language activity. Change the words to "We're Going on a Camping Trip" and ask children to name something they're taking with them (flashlight, sleeping bag) or something they'll do on the trip (walk through a forest, hike up a mountain).
• Did you know that you could make invisible ink with lemon juice? Use some of the extra lemons from the Makin' Lemonade activity to squeeze out a small amount of lemon juice. Children can use small paintbrushes to create designs and "secret messages" with the juice. When the lemon juice dries, children can hold up their designs to bright sunlight or a lightbulb and watch the lemon images turn a golden brown!
• The Let's Have an Outdoor Car Wash activity naturally leads to experimenting with sponges! Ask children, "Can you use a sponge to carry water?" "How?" "Which holds more, a natural sponge or a kitchen sponge?" "Can you use a sponge to make 'rain'?" After experimenting, use the sponges to make sponge-print pictures. Try cutting sponges into various shapes to make fun prints, or try dipping sponges in white paint and pressing on blue paper to make puffy clouds in the sky!
• Have a Picnic. After the picnic, choose a shady part of the playground to create a drive-in movie theater. Run an extension cord outside to show a filmstrip (or video) on the wall or on a hanging sheet. Suggest that children drive their trikes and wagons to the show. Don't forget to "sell" tickets and popcorn.
Additional Resources: Teacher Books
- The Cooperative Sports and Cames Book by Terry Orlick (Random House)
- Science and Math Explorations for Young Children by Barren, Binderman, Boffen, Echols, House, Hosoume, Kopp (Lawrence Hall of Science, University of California at Berkeley)
- Sidewalk Chalk: Outdoor Fun and Cames by Jamie KyIe McCillian (Sterling Publications)
- Terrific Transitions by Ellen Booth Church (Scholastic)
- 25 Literacy Building Art Activities by Ellen Booth Church (Scholastic)
- Subjects:Outdoor Activities and Recreation, Summer, Summer Themes


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Update (2:15)
Police have made an arrest in Old Greenwich, officers and witnesses say.
Lt. Kraig Gray described the incident as "nothing special" and the large police response as the product of an otherwise quiet summer.
But witnesses suggested a tenser scene on the ground.
@GreenwichTime i was walking by,they took a man into custody who had a warrant for his arrest from Texas.The Cops took a lot of cash off him
— David C Maloney (@DavidCMaloney) August 6, 2014
Gray said police will release details of the incident tomorrow morning.
Original post
At least five Greenwich Police units have been dispatched to outside an Old Greenwich bank on Sound Beach Avenue. Police declined to offer details beyond that the incident was an "open investigation" and "non-hostile."
The police on scene questioned two women, one inside a blue sedan, the other seated on the curb, while officers entered the adjacent Bank of America. The bank's operations were continuing as normal.
Witnesses said as of 1:07 p.m., one of the two women had been placed in handcuffs and their car, which had New York plates was being searched.
Details will be provided as they become available.


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May 3, 2011 0
Fantasy Guru Daily: 5/3/11
After a flurry of noteworthy news items over the weekend, we're left scrambling for scraps on Tuesday. It is actually a relief that there are no lockout updates to write about today, even though a major one (a decision on a stay pending appeal) is expected this week. Until then, we'll get down with some usual maintenance.
UFL draft takes place on Twitter… Usually, this isn't even worth mentioning, but the UFL held its draft entirely on Twitter last night. That's pretty cool for about 15 seconds, until you realize that it's the UFL. However, there is a little bit extra drama this year: guys who would typically be undrafted NFL free agents haven't been able to sign with teams yet, and the UFL could provide them an interesting opportunity to show their stuff or at least have some sort of financial security for the next year. But even if the NFL season goes off without a hitch, the UFL wants to position itself as a unique opportunity for players like Boston College's Mark Herzlich: play in the UFL and hone skills, or go to the NFL, be a camp body, and have a big chance of getting cut. Remember, if [...]


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In May 2009, months after the passage of a $787 billion stimulus package in the U.S., Estonia's government took the opposite tack: the hard line. It did not dip into the country's reserves or borrow money. Ministers say they never even considered devaluing what was then Estonia's currency, the kroon, which would have derailed a 10-year plan to adopt the euro. To maintain the country's balanced budget, a tradition it had honored since the end of the Soviet occupation, Estonia's government froze pensions, lowered state salaries by about 10 percent, and raised the value-added tax by 2 percent. The gross domestic product dropped more than 14 percent that year.
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4 posts tagged with Lehman.
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The body will be cremated and the ashes taken to Australia
Tomorrow, the 2013 Ashes series (England verses Australia) begins with the start of the first match at Trent Bridge (Nottingham). Though England and Australia have battled since 1861, the Ashes were first contested in 1882. Australia lead England 31-30 in series victories. England start as strong favorites with the bookmakers. Glenn McGrath cautiously predicts a 2-1 Australia series win, whilst Ian Botham predicts a 10-0 wipeout for England over the two series. The 2013 Ashes will be streamed live to 53 countries over YouTube. With Britain in the grip of unusual summer weather (sun), much play is likely. [more inside]
Repo [Leh]men
The September 2008 colapse of Lehman Bros. was the percipaticing event which channged a credit crunch to a panic. The examiner apointed by the bancrupcy court has produced a 2200 page report about what went wrong. The whole report is here. Summaries and links to analysis after the jump. [more inside]
How Lehman Brothers Got Its Real Estate Fix
How Lehman Brothers Got Its Real Estate Fix. A great article in the NYTimes describes some of the details of commercial real estate lending in its heyday, with a focus on one of Lehman's biggest dealmakers.
Lehman Brothers files for liquidation. After an all weekend emergency meeting at the New York Fed, no rescue, and LEH is gone. AIG announcing restructuring tomorrow. Bank of America in merger talks with Merrill Lynch, offering to buy the firm outright at $29/share, which values the 94 year old firm at a paltry $40 billion. The futures market say that stocks are not happy.
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Acting head coach makes pitch for full-time role
Ashley Giles has denied suggestions of being too soft to lead England from their dreadful winter into a self-proclaimed new era, promising a big stick rather than a magic wand and quick fix if he is confirmed as the new head coach.
Interviews are due to take place over the next fortnight and Giles, who is expected to succeed Andy Flower, said that he has been planning for the long term already at the World Twenty20 in Bangladesh.
England face the Netherlands in the final group game today with their elimination confirmed by the three-run loss to South Africa on