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Rooselvelt - 5,160 words
... refully prepared plans were ready to be implemented almost at once. Huge public buildings, great dams, and irrigation and flood-control projects are part of PWAs legacy. The most spectacular agency designed to promote general economic improvement was the National Recovery Administration (NRA), an organization set up (along with the PWA) by the National Industrial Recovery Act (NIRA), which was passed by Congress in June 1933. The NRA was designed to help business help itself. Unfair competition was supposed to be eliminated through the establishment of codes of fair competition; in effect, laws against combinations of large businesses were to be suspended in exchange for guarantees to wo ...
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History Of The Euro - 2,283 words
... ational currencies but will also carry out transactions in Euros. All money-based transactions in the economy (wages and salaries, pensions, bank balances, etc.) will be denominated in Euros. References to national currencies in contracts will be converted into Euros without any other changes in terms and conditions. In other words, the principle of continuity of contracts will apply in full. Public administrations in the countries taking part in EMU will also implement a coordinated switch to the Euro for their transactions with the public. The definitive changeover to the single currency should be completed by July 1, 2002 at the latest with final withdrawal of the national currencies. ...
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Rothschilds - 1,722 words
The Vienna branch of the Rothschild banking consortium was established by Salomon Rothschild in 1815, after the end of the Napoleonic Wars. His brother Carl established the Naples branch only a few years after him. The biggest struggle that the Rothschilds faced during these early years was acceptance. Anti-Semitism kept them out of the elite social circles, necessary realms of connection making, and thus hindered business. This was especially felt in Vienna and Naples. Salomon wasnt even able to buy a home in Vienna until 1842, as there were laws forbidding Jews from owning property within the Imperial capital. Through his wealth alone was he able to receive an exemption from this rule. He ...
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Is The European Monetary Union A Disaster? - 1,738 words
This essay evaluates the development of the EMU; a system that only came into effect three years ago. Through the lack of recent literature most of the evidence are derived from articles of various sources. The essay takes into consideration that the EMU is embedded in a generally declining world economy. It illustrates why the EMU did not reach their targeted goals immediately and points out shortcomings in the architecture of the EMU in the Maastricht Treaty that ought to be reformed. It takes the viewpoint that although since the introduction of the Euro there is an apparent recession in the Euro area countries, it is not entirely to be blamed on new currency and that the allegation that ...
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Is The European Monetary Union A Disaster? - 1,625 words
... s an opportunity to demonstrate their hegemony. The most important components of the SGP are that governments accept a 3% budget deficit maximum except under very specific circumstances of negative growth, and a balanced budgeted over the cycle and within the foreseeable future. The institutional vehicle that assures compliance with these provisions is Ecofin which organises what is called mutual surveillance. By the end of 2002. it had become increasingly obvious that the SGP was operating along very different lines than those envisioned by the architects. Most importantly in the only instance in which the excessive deficit procedure could have been invoked, in February 2002, when the ...
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Unemployment - 4,663 words
... ation of its resources. In both cases the economy improves and provides an added incentive to work. This is because, in a vigorous growth economy, the value of an extra worker is higher than the combined costs of his hiring and firing. This is especially true since the reservoir of the unemployed is comprised of the unskilled, the young and women, whose remuneration is closer to the minimum wage. In the USA the minimum wage is 35% of the average wage (in France, it is 60%, in Britain it is 45% and in the Netherlands it is declining relative to the median salary). It is a fact that when wages are downward flexible more lowly skilled jobs are created. A 1% rise in the minimum wage reduces ...
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Progress To Emu Has Been Too Rash And Hasty - 1,208 words
Despite the healthy support given to EMU by the likes of Helmut Khl, Jaques Delors and Franois Mittererand, there are some arguments that progress towards EMU has been too rash and hasty for it to be successful. Firstly, there are several political factors that support this notion. Public support for EMU is insufficient not only in Britain and the countries outside of the Euro but even in the Eurozone countries themselves. There is significant opposition to the single currency (taken as about 40% of the population) in over half of the Eurozones countries that make it up. Likewise, the populations of most European countries are not happy to lose their national currencies, as national currenci ...
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Would Britain Benefit From Further European Integration? - 1,337 words
There is a certain distinction between the British approach to European integration and that of most other member states. While many European politicians wish to move closer towards a federal Europe most British politicians support a more cautious intergovernmental approach. With this debate already initiated, there still stands the fundamental question of whether or not Britain would benefit from further integration with Europe. There are many historical and political reasons why further European integration would not benefit the UK. Britain has had continuity of its political institutions since 1688, in comparison with some current member states that have had as many as 11 different politi ...
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Economics Today - 610 words
The opening bell on the floor of the New York Stock Exchange September 17, 2001 was a ring that no one was sure about. The Stock Exchange had not been open since the tragedies that occurred on September 11, and many were skeptical about how the market would fare on its first day of trading. We lost not only our stability of our nation the day the planes hit the World Trade Centers, but the stability of our economy as well. The Dow Jones closed at 8,920.70 and suffered the worst point loss since December of 1998. Many other indexes dropped just as sharply after the opening bell and stayed down until the market closed for the day. The losses could have been far worse had the Federal Reserve no ...
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The Future Of Capitalism - 1,147 words
... With respect to ageing demographics, Thurow focuses in on America where this phenomenon is most prevalent. He states that the ageing population and its dependence on the welfare state is draining America's potential for future economic development. One can be sure that Thurow is not an advocate of the American welfare system. The aged extract six times more funds from social security during their retirement than they contributed during their working lives. This places an unfair burden on the young who must contribute more to make-up the deficiency. Since the young are the poorest in society and the old are the wealthiest, social security amounts to a tax on the poor. An aging population ...
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