Banking sector is one of the fastest growing sectors in India. Today’s banking sector becoming more complex. The objective of this study is to analyze the Financial Position and Performance of the Bank of Baroda and Punjab National Bank in India based on their financial characteristics. This study attempts to measure the relative performance of Indian banks. For this study, we have used public sector banks. We know that in the service sector, it is difficult to (...) quantify the output because it is intangible. We have chosen the CAMEL model and t-test which measures the performance of bank from each of the important parameter like capital adequacy, asset quality, management efficiency, earning quality, liquidity and Sensitivity. (shrink)

The paper deals with the basic concepts and key problems of creating financial stability, as well as the role of central banks in its provision. The role of central banks in providing financial stability is extremely important and has a double manifestation - is the maintenance of the stability of the national currency and the responsibility for the stability of commercial banks and the banking system. The central element of any financial system is always banks, so the emergence of (...) systemic instability in the banking sector always has a negative impact on financial stability in general and has extremely negative socio - economic implications for the country as a whole. The present study provides a thorough analysis of the essence of financial stability, the main challenges faced by central banks in monitoring financial sector and examines the global experience of central banks of different countries to ensure financial stability and their role in these processes. This paper highlights the common and distinctive features of the activities of the central banks of the most developed and developing countries towards the achievement of financial stability. Our paper focuses on the activities of the National Bank of Ukraine. In particular, its role in ensuring financial stability of the country is described and directions of its consolidation are indicated. The major task of the National Bank of Ukraine on the way to financial stability in the post -crisis period selected, the maximum possible mitigation Ukrainian banks consequences of the global financial crisis; increase of financial stability of banking institutions; strengthening of public confidence in banks and the banking system. As a result of the conducted, the key factors of achievement of the set tasks, as well as the main directions of application of monetary instruments of the National Bank of Ukraine in the activities aimed at increasing the stability of banks and ensuring financial stability, were determined. (shrink)

Background: The school meals program has multiple objectives of education, nutrition, and value transfer. To ensure achieving the goal, total quality management (TQM) is implemented in the school meals program. Supply chain issues pose significant challenges to TQM implementation in the program execution. Aim: This study aims to examine national and international capacities in supply chain management by analyzing the variety of food items delivered through the school meals program. Methods: The Bayesian Mindsponge Framework, combining the reasoning strengths of (...) Mindsponge Theory and inference advantages of Bayesian analysis, was employed on a dataset of 126 government representatives who manage large-scale school meal programs in 126 different countries. Results: Findings showed that the method of obtaining supplies, whether through in-kind donations from local, regional, national sources, or national food reserves and purchasing from neighboring or distant countries, had a significant positive association with the variety of food items included in school meals or snacks. Conversely, obtaining supplies in-kind from neighboring or distant countries had a significant negative association with the food variety. Additionally, purchasing supplies from local, regional, or national food reserves had an unclear association with the food variety. Conclusions: Findings underscore the importance of supporting the World Bank and World Food Programme’s recommendation to rely more on local resources and capacities. Enhancing supply chain management at the national level is crucial for developing a long-term and sustainable school meals program. (shrink)

The paper provides a new approach to determining the financial standing of Ukrainian banks in the long and short terms. Using the European assessing indices and the national ones, a new ranking system is created. The authors ranked 20 biggest Ukrainian banks by assets and grouped them into corresponding financial groups.

The article is devoted to the prospects of creation and functioning of cooperative banks and development banks in Ukraine. The article deals with the peculiarities of cooperative banks and development banks. Sci-entists analyzed the views on the activities of banks and their impact on economic development. The article deals with the peculiarities of development and operation of the cooperative banks of developed countries: Germany and Poland. A three-tier model of national cooperative bank system has been suggested. The influences (...) of developments banks operations on the national economy are defined. The main grounded differences between development banks and commercial banks are defined. The problems of creating devel-opment banks in Ukraine are analyzed. (shrink)

The Indian banking system evolved from an exclusive private enterprise controlled by a few wealthy families and trusts, leaving the majority reliant on high-interest private lenders, perpetuating economic disparity. Nationalization of 21 banks under Indira Gandhi aimed to rectify this, aligning with India's constitutional goal of equitable wealth distribution. However, globalization and privatization reshaped the landscape, emphasizing profit-seeking and catering to the corporate sector and affluent classes. The marginalized rural and small business sectors suffered in this pursuit, evident in neglected (...) rural branch postings. To address this, an ethical foundation merging Marxist economics and Shariah banking principles is proposed, seeking inclusivity and ethical grounding. Shariah principles, rooted in Islamic law, extend beyond religious boundaries, while Marxist values amplify voices of the marginalized. By combining these principles, a more inclusive, morally anchored, and holistic Indian banking system can be envisioned. The priority sector's Non-Performing Assets challenge can be addressed without jeopardizing inclusivity. (shrink)

Recent shifts by the World Bank and the World Food Programme emphasize long-term, sustainable solutions that leverage local resources, capacity, and community participation. Effective supply chain management, crucial to program delivery, is vital for developing a sustainable approach to school feeding. This study aims to examine national and international capacities in supply chain management by analyzing the food items delivered through the school meals program.

In the article the effect of disbalances in the movement of financial resources on the national financial systems is formalized. For ensuring the corresponding monitoring objectives the financial sustainability indicators developed by the IMF and the World Bank have been used, as well as the integral indicator of financial resource disbalances, which serve as statistical units for measuring the financial situation and sustainability of the financial sector of the country. For the overwhelming majority of the studied countries, the (...) hypothesis about the negative impact of disbalances in the flow of financial resources on the stability of their financial sectors, regardless of the general economic conditions of these countries' development, was confirmed. At the same time, such a hypothesis was denied for a group of developing countries. Conditions-destabilizers of financial sectors’ stability of the countries under the influence of financialization of their economies, which should be considered the object of regulatory measures in financial markets, are defined. These include the level of market integration into the global financial space, which determines the tendency to systemic risks transmission and the degree of markets’ development that affects their volatility. (shrink)

Our planet contains 194 independent states and much more nations. They share membership of the United Nations and in consequence they subscribed the Universal Declaration of Rights. These are rooted in the modern universal conception of states and human rights formulated by philosophers of the Enlighten Age like Locke, Kant., Montesquieu, Voltaire and Rousseau. Concepts like democracy are mirrored to the organization of the political life as it was developed in North America and Europe at the end of the 18th (...) and the 19th century. Universality was deeply rooted in the Western intellectual, moral and religious tradition of that part of the world. Even globalization of the economic and social life is governed by the same Western standards and worldwide consumed basic goods like prime matter,. food and energy is expressed in terms of Western currency like dollar, pound sterling or euro. Despite this economic globalization there were two contradictory political evolution to discern: At the one hand more than 70 new states where created and on the other hand 28 European states started to integrate to a political European Union. The latter trend was based on a deep economic integration and since the creation of the euro also a financial integration. Basic idea was the creation of a free economic market as bases for a political unified Europe. Euro criticism is not only identified with conservatism, nationalism, narrow mind and even racism, euro criticism is deprived from any intellectual significance. However other trends put some shadow on the European project. First the Soviet experience around Marxism, Leninism and Stalinism unified more different nations than the European Union but ended in a complete political and economic chaos. Secondly the financial euro crisis involves only the tacit undermining of the national political independence of the member states, but does not make room for a deep analysis what the fundamentals are of this crisis such as lack of confidence of the citizen in the created unified political and financial market and its main instruments like banks that we consider as the fundamental boundary conditions of the worldwide globalization of goods, power and all aspects of human life. Furthermore we claim that this market in al its aspects is the worst answer to the inconvenient yet unavoidable truth that Western way of life of consumption includes a ecological footprint that exceeds since many years the sustainability of our planet. -/- . (shrink)

Commercial banks such as UBS and HSBC embroiled in scandals that in some cases exposed lawmakers themselves as tax evaders, multinationals such as Google and Apple using the Double Irish and other tax avoidance strategies, governments granting fiscal sweetheart deals behind closed doors as in Luxembourg - the stream of news items documenting the crisis of global tax governance is not about to dry up. Much work has been done in individual disciplines on the phenomenon of tax competition that lies (...) at the heart of this crisis. Yet, the combination of issues of democratic legitimacy, social justice, economic efficiency, and national sovereignty that tax competition raises clearly requires an interdisciplinary analysis. This book offers a rare example of this kind of work, bringing together experts from political science, philosophy, law, and economics whose contributions combine empirical analysis with normative and institutional proposals. It makes an important contribution to reforming international taxation. (shrink)

On 15th August 1947 Indian Subcontinent won freedom from two centuries of British rule. The country was partitioned on the basis of religion. Muslim majority inhabited people formed Pakistan and Hindu majority people formed India. Bengal was partitioned into two. Two thirds of it joined with Pakistan and one third remained with India. Muslim majority inhabited East Bengal was with Pakistan. With the birth of Pakistan on the midnight of 14 August 1947 the eastern part of Bengal became province of (...) Pakistan. Other provinces of Pakistan were Punjab, Sind and Northwest Frontier Province (NWFP). In several reasons this post-colonial state Pakistan state was unconventional. There are at least three reasons for why we can call Pakistan state as a very unconventional or special state: • First, Pakistan state was founded upon religious nationalism. Religion was supposed to cement a new national identity , something that had not been tried before---the only other modern example of a religiously based nation-state being Israel, which was founded a year later than Pakistan. • Second, Pakistan was a country with two discrete territories, separated from each other by about 1,500 km of Indian terrain. West Pakistan was by far the larger of these two wings but East Pakistan was more densely populated. In fact most Pakistani citizens lived in East Pakistan: the First population census in 1951 revealed that Pakistan had 78 million inhabitant, of whom 44 million (55 per cent) lived in East Pakistan. • Third, these two reasons combined with a third: Pakistan did not become heir to any of the colony’s central institutions. India, on the other hand inherited the capital New Delhi as well as most of the civil bureaucracy, armed forces and police. The bulk of the country’s resources and industries, and its major port cities of Mumbai and Kolkata also went to India. By contrast Pakistan inherited largely raw-material producing regions. Whereas the new rulers of India supplanted the British in the old center of colonial power, the new rulers of Pakistan had a much hard time to establish themselves. No other postcolonial state combined the loss of its administrative hub, the need to govern two unconnected territories and the ambition to found a national identity on a religious one. (shrink)

Sikhism, a panentheistic religion, originated in the Punjab province of the Indian subcontinent, during the 15th century. It is one of the youngest and fifth major world religions, founded by Guru Nanak. The fundamental beliefs of Nanakian Philosophy have been enshrined in the sacred scripture, Sri Guru Granth Sahib. These beliefs include faith in and meditation on one universal creator, unity of all humankind, engaging in selfless service, striving for social justice for all, honest livelihood and ethical conduct while (...) living a householder's life. Sikhism has about 28 million adherents worldwide. World peace is an ideal state of freedom, peace, harmony, and happiness among and within all nations and people. This idea of a peaceful world, free from violence provides a basis for peoples and nations to willingly cooperate to prevent warfare. While different cultures, religions, philosophies, and organizations may have different concepts about how such an ideal state might come about, they have in common this idea of a cessation of all hostility amongst all humanity. World Peace could be established through religious or secular organizations, that address human rights, education, or diplomacy to end all forms of fighting. All religions are potential bearers of peace, reconciliation, and reflection. This is true for Sikhism as well. As we are aware that peaceful coexistence between individuals, communities, and nations is possible provided freedom, justice, human dignity and equal opportunity to all are guaranteed. Sikhism with its doctrines of sangat (holy congregation), pangat (equality), wand chhakna (sharing with others), love of nature, sarbat da bhala (universal welfare), seva (selfless service), universal brotherhood, justice, liberty and fraternity, offers a pragmatic approach to achieve our well-cherished goal of world peace, harmony and happiness. (shrink)

Sikhism, a panentheistic religion, originated in the Punjab province of the Indian subcontinent during the 15th century. It is one of the youngest and fifth major world religions. The fundamental beliefs of Sikhism have been enshrined in the sacred scripture, Sri Guru Granth Sahib. These beliefs include faith in and meditation on one universal creator, unity of all humankind, engaging in selfless service, striving for social justice for all, honest livelihood and ethical conduct while living a householder's life. Sikhism (...) has about 28 million adherents worldwide. World peace is an ideal state of freedom, peace, and happiness among and within all nations and people. This idea of a peaceful world, free from violence, provides a basis for peoples and nations to willingly cooperate to prevent warfare. While different cultures, religions, philosophies, and organizations may have different concepts about how such an ideal state might come about, they have in common this ideal of a cessation of all hostility amongst all humanity. World Peace could be established through religious or secular organizations that address human rights, education, or diplomacy to end all forms of fighting. All religions are potential bearers of peace, reconciliation and reflection. This is true for Sikhism as well. As we are aware that peaceful co-existence between individuals, communities and nations is possible provided freedom, justice, human dignity, and equal opportunity to all are guaranteed. Sikhism with its doctrines of sangat (holy company), pangat (equality), wand chhakna (sharing with others), love of nature, sarbat da bhala (universal welfare), seva (selfless service), universal brotherhood, justice, liberty and fraternity, offers a pragmatic approach to achieve our well-cherished goal of world peace. (shrink)

Prof. (Dr.) Balwant Singh Dhillon, a much-acclaimed Sikh-historian, a dedicated researcher, a prolific writer, and a profound scholar of religion, was born in 1950, at Village Ran Singh Wala, District Faridkot, Punjab, India. With his keen interest in learning, he received a B.A. degree from SGGS College, Chandigarh, in 1972, and an M.A. (History) degree from the University of Rajasthan, Jaipur in 1974. During his younger days, he nurtured a keen interest in sports. On attaining the National Level (...) Athlete ranking, he was enthusiastic about pursuing a career in sports. Thereby, he joined Master Course for Coaching in athletics at the National Institute of Sports, Patiala, in 1974. Herein, he came in contact with Prof. Labh Singh of the Institute of Sikh Studies (IOSS, now Gurmat College), who inspired him to take up Sikh studies. This interaction brought a sea change in his life motive, and he committed himself to pursue a career in Sikh studies. After receiving M.A. (Religious Studies) degree from the IOSS in July 1976, he joined M. Lit. (Religious Studies) course at Punjabi University, Patiala. Here he had the opportunity to learn from several eminent scholars, e.g., Prof. Harbans Singh, Prof. Gurbachan Singh Talib, Prof. L.M. Joshi, and Dr. A.N. Sinha, etc., which made his resolve steadfast. In January 1977, he joined the Department of Guru Nanak Studies at Guru Nanak Dev University (GNDU), Amritsar, to pursue his research activities for a Ph.D. degree. In March 1985, he was awarded a Ph. D. degree by GNDU, for his outstanding research work on "The Sikh Gurus and the Mughal State." Starting, in April 1979, as a Research Assistant at the Department of Guru Nanak Studies, he rose to the position of Professor and Head of the department. He retired in June 2010. During his tenure at the university, he had also served as Dean, Faculty of Humanities and Religious Studies, Senator and Syndic of the University. As Head of the Department of Guru Nanak Studies, he played a vital role in starting the teaching of M.A. (Religious Studies and Philosophy)at GNDU, Amritsar. Under his stewardship, the research projects on "Sikh Religion and Philosophy," "Sikh History," and "Sikh Literature" were taken up, which led to a research and development grant of Rs. 3.2 Million from U.G.C., New Delhi, during 2006-2011. Dr. Dhillon was instrumental in establishing the Centre on Studies in Sri Guru Granth Sahib at the university, in April 2011, and served as its founding Director till February 2015. He has also served as the Editor-in-Chief for reputed Sikh research journals, "Journal of Sikh Studies" and "Perspectives on Guru Granth Sahib," published by the GNDU. In his forty years long professional career, he has been credited with authoring/publishing about a dozen books and over 100 articles in various research journals, books, and encyclopedias. Besides chairing several international seminars/conferences, he played a vital role in organizing many such events at the Department of Guru Nanak Studies and Centre on Studies in Guru Granth Sahib. He has the honour of representing India at many conferences/ seminars within Canada, America, England, Germany, and Australia. With his continuous dedication to religious studies, he has established himself as an exponent of interfaith dialogue and an eminent writer in the field of Sikh history. Through his well-researched and analytic writings, he has created an indelible mark of scholarship on his readers' minds. For his outstanding contributions in the fields of Sikh history and literature, he has been honoured by several literary and social organizations. Despite his great love and commitment to Sikh History and Religion, Dr. Dhillon subscribes to the idea that Sikh Gurus' Philosophy is perennial and universal in its approach to understand cosmology, Nature, life, and human behaviour in the present era. Furthermore, He asserts that the Sikh Gurus' ideology, its beliefs and practices, social order, worldview, and devotional pattern, as propounded in Sri Guru Granth Sahib, address the basics befitting the 21st century. His views on various aspects of Sikh history and philosophy are presented here for the benefit of readers. (shrink)

Professor Jagtar Singh Grewal, an eminent historian, had a pioneering interest in the historiography of medieval India. He brought the rich history of Punjab and Sikhs from the margins to the mainstream. His outstanding research works took Amritsar's name to national and international levels. Grewal, a retired national fellow of the Indian Council of Historical Research, used to say: "To understand the present, it's important to understand the past." .

Background: The feeding modalities applied in countries with school meal programs are varied because these are shaped not only by the national commitments to alleviate food insecurity among children but also by resource availability from national and international agencies. In terms of financial resources, the USA plays a consistent role in providing donations, grants, loans, and loan guarantee programs to support global school feeding. The U.S. Department of Agriculture (USDA) oversees these funding sources for international school meal programs. (...) Aim: This study aims to examine the moderating effect of USDA funding on the relationship between supply purchasing methods and feeding modalities among countries implementing school meal programs. Methods: The Bayesian Mindsponge Framework, combining the reasoning strengths of Mindsponge Theory and inference advantages of Bayesian analysis, was employed on a dataset of 126 government representatives who manage large-scale school meal programs in 126 different countries. Results: The findings indicated that USDA funding has the potential to positively moderate the relationship between foreign supply purchases and the feeding modalities of school meal programs. However, the direct association between foreign purchases and feeding modalities was unclear. Conversely, while USDA funding was found to have a negative moderation effect on the relationship between domestic supply purchases and feeding modalities, it is these domestic purchases that show potential for positively influencing the feeding modalities. Conclusions: Findings underscore the importance of supporting the World Bank and World Food Programme’s recommendation to rely more on local resources and capacities for developing long-term and sustainable school meal programs. Further exploration of the impact of foreign supply purchases on feeding modalities is needed. Formulating strategic plans to better leverage USDA funding for enhancing domestic supply purchases is highly recommended. (shrink)

Entrepreneurship plays an indispensable role in the economic development and poverty reduction of emerging economies like Vietnam. The rapid development of technologies during the Fourth Industrial Revolution (Industry 4.0) has a significant impact on business in every field, especially in the innovation-focused area of entrepreneurship. However, the topic of entrepreneurial activities with technology applications in Vietnam is under-researched. In addition, the body of literature regarding entrepreneurial finance tends to focus on advanced economies, while mostly neglecting the contextual differences in developing (...) nations. Therefore, this research contributes to these topics by investigating the main characteristics of a high potential market for entrepreneurs in Vietnam, which is the English language training market (ELTM). It also aims at indicating the impacts of technology on the entrepreneurial firms within this market, with an emphasis on financing sources. To answer the research questions, this study employs a qualitative analysis and conducts 12 in-depth, semi-structured interviews with entrepreneurs and researchers in the field. The key findings in our study highlight the main contributing factors to the growth of the market, both universally and context-specific for a developing nation like Vietnam. It also lists the leaders in each market segment and the industry’s potential profit margin. The results also show that most entrepreneurs in the ELTM utilized private sources of finance rather than external ones, such as bank loans. It again confirms the idea from previous works that even with the rapid development of the economic and technological landscape, entrepreneurial activities in general barely benefit from additional sources of funding. However, it also points out the distinct characteristics of the ELTM that may influence these financing issues; for example, English training services usually collect revenues from customers before delivering their classes. This is of advantage for entrepreneurs in this area and helps significantly reduce the financial barriers. These findings, which are among the first attempts to contribute to a better understanding of entrepreneurial opportunities in the Industry 4.0 in Vietnam, provide valuable insights for policymakers and entrepreneurs, as well as investors. (shrink)

The study aims to identify the reality of management of electronic documents and electronic archiving retirement in the Palestinian Pension Agency -analytical study, as well as to recognize the reality of the current document management system in the Palestinian Pension Agency. The study found the following results: that the reality of the current system for the management of documents in the agency is weak and suffers from many jams. Employee in the agency understand the importance and benefits of the management (...) of electronic documents system, where the application of electronic document management system provide important features and benefits most of which reduce the loss of documents between departments, illustrates the flow path, the speed, accuracy, transparency, and reduce the proportion of damage and destruction of files. Furthermore, the electronic documents system cost will be less than the cost of the current system and it will reduce the tasks assigned for the staff. The existence of a clear adoption of the agency for the policies and procedures established for the application of electronic documents management system. There are weak plans for training and developing of staff in the agency to raise their efficiency. The study found a set of recommendations, including: increased interest and awareness of the need to implement policies, mechanisms, and procedures to ensure the success of electronic document management system through benefiting from the experiences of other organizations and the private sector. The agency need to increase and develop its services for retirees in order to encourage the private sector, universities, and institutions to join the agency, and open the way for all segments of society in Gaza and West Bank and enhance its competitiveness between international social security institutions. The need to focus its attention on developing and publishing appropriate clear plans and specific goals about management of electronic documents and the agency should be committed to apply them. The need to focus on the establishment of a public management of archiving in the structure dealing with all technical operations and having competent and qualified employees in the field of electronic document management. The need to focus on the Palestinian National Archives and the follow-up with the international standards by the International Council Archives (ICA). (shrink)

The aim of this paper is to explain the emergence and use of DNA fingerprinting technology in India, noting the specific concerns faced by the Indian Legal System related to the use of this novel forensic technology in the justice process. Furthermore, the proposed construction of a National DNA Data Bank is discussed taking into consideration the challenges faced by the government in legislating the DNA Bill into law. A critical analysis of the DNA Technology (Use and Application) (...) Regulation Bill, 2019 is provided to throw light upon many ethical, social, and legal issues that need to be addressed before the operationalization of the Bill to ensure that this technology is governed democratically to protect the civil liberties of citizens. (shrink)

This paper is the first major and a thorough study on the Merger & Acquisition (M&A) activities in Vietnam’s emerging market economy, covering almost entirely the M&A history after the launch of Doi Moi. The surge in these activities since mid-2000s by no means incidentally coincides with the jump in FDI and FPI inflows into the nation. M&A industry in Vietnam has its socio-cultural traits that could help explain economic happenings, with anomalies and transitional characteristics, far better than even the (...) most complete set of empirical data. Proceeds from the sales of existing assets and firms have mainly flowed into the highly speculative industries of securities, banking, non-bank financials, portfolio investments and real estates. The impact of M&A on Vietnam’s long-term prosperity is thus highly questionable. An observable high degree of volatility in the M&A processes would likely blow out the high ex ante expectations by many speculators, when ex post realizations finally arrive. The effect of the past M&A evolution in Vietnam has been indecisively positive or negative, with significant presence of rent-seeking and likelihood of causing destructive entrepreneurship. From a socio-economic and cultural view, the degree of positive impacts may result in domestic entrepreneurship which will perhaps be the single most important indicator. (shrink)

A universal religion is a philosophical and theological concept with universal applicability regardless of culture, race, sex, religion, nationality, or another distinguishing feature [1]. A universal religion may also emphasize universal principles and inclusively accept others. Some examples of universal religions are Baháʼí Faith, Buddhism, and Christian Universalism. These religions believe in one fundamental truth that transcends the national, cultural, or religious boundaries or interpretations of that one truth. Sikhism is a religion that emerged in the Punjab province (...) of India during the 15th century. While it is not typically described as a "universal" religion in the same way that, for example, Christianity or Islam are often told, it does contain values and principles that are universal and applicable to people from all walks of life. Though there is no universally established definition of a "universal religion," some characteristics that may be associated with such a religion include Inclusivity, Universality, Tolerance, Unity, Ethical values, Spiritual Growth, Service, Education, Social Justice, and Peace. (shrink)

International trade enables countries to expand their markets, access more products, improve resource allocation, and boost economic growth by leveraging comparative advantage and specialization. The aim of this article is to analyze the primary factors that influence Malawi’s international trade flows. The study is relevant because it examines Malawi’s trade patterns with its main partners, which include surrounding nations and traditional trade allies. The novelty is that, through the analysis, the research offers valuable insights into the primary factors that influence (...) Malawi’s international commerce. Panel data is gathered from various sources, including the International Monetary Fund (IMF) and World Bank, covering the period from 2000 to 2023 for 11 countries that are trading partners with Malawi. We employ the Bayesian Mindsponge gravity methodology. The results show that the economic size (characterized by the gross domestic product) of the origin and destination countries, bilateral agreements, and the population size of the destination country have a beneficial impact on Malawi’s exports. In conclusion, Malawi’s export performance is significantly enhanced by the economic size of both Malawi and its trading partners, the existence of bilateral agreements, and the population size of the destination countries, underscoring the importance of strategic economic partnerships and targeted trade policies in boosting Malawi’s international trade. We recommend Malawi authorities focus on strengthening bilateral agreements and targeting trade relationships with larger and more populous economies to boost international trade. (shrink)

A Balanced Economic Model: The Feedback Loop Between Public and Private Sectors with MMT as a Stabilizing Mechanism -/- Introduction -/- Modern capitalism thrives on competition, profit motives, and consumer demand. However, the system is flawed because it allows extreme wealth inequality, market instability, and frequent economic crashes. Advertising, as an essential part of capitalism, manipulates consumer behavior to sustain profits. While this fuels economic growth, it also distorts the real needs of society. -/- A better alternative Is a hybrid (...) economic model where government-created jobs, social safety nets, and free public services coexist with a profit-driven private sector. The key to making this work is a feedback loop mechanism that keeps the two sectors balanced, ensuring economic stability while preventing extreme inequality and unnecessary market collapses. This essay explores how Modern Monetary Theory (MMT) can support this feedback loop economy to create a self-regulating system where both public and private sectors benefit from each other. -/- I. The Feedback Loop Between Private Companies and Government Economic Policies -/- A feedback loop mechanism is a self-regulating system where different components interact, adjust, and respond to maintain balance. In the economy, the public sector (government jobs, social safety nets, and public services) and the private sector (businesses, investments, and free markets) create a mutual dependency: -/- 1. Government Spending Creates Consumer Demand → Private Sector Growth -/- Government creates jobs with good salaries in infrastructure, education, healthcare, and technology. -/- This injects money into the economy, giving people the purchasing power to buy goods and services from private companies. -/- As demand increases, businesses grow, hire more workers, and expand operations. -/- 2. Private Sector Growth → Increases Government Revenue Without High Taxation -/- As private companies generate profits, they pay taxes and reinvest in expansion. -/- Strong consumer demand reduces the need for excessive taxation because economic growth itself funds public programs. -/- Businesses compete not only for profits but also for innovation and efficiency. -/- 3. Social Safety Nets Prevent Market Collapses -/- During recessions, government stabilizes the economy by expanding social programs (unemployment benefits, food assistance, healthcare). -/- This prevents demand from crashing, ensuring that businesses still have customers even in economic downturns. -/- As the economy recovers, government reduces spending, allowing the private sector to take the lead again. -/- This dynamic cycle ensures that economic booms and recessions are smoothed out, preventing extreme market crashes or mass unemployment. -/- II. The Role of MMT in Supporting the Feedback Loop -/- Modern Monetary Theory (MMT) provides the economic foundation for this model by proving that a sovereign government can spend money without being constrained by traditional budget rules. Unlike mainstream economic thinking, which suggests that governments must “balance the budget,” MMT argues that government spending should adjust based on economic conditions. -/- 1. Government-Backed Job Programs as an Economic Stabilizer -/- MMT allows governments to fund public jobs without relying solely on taxation. -/- If private companies cut jobs, the government can expand its workforce to absorb the unemployed. -/- When the economy stabilizes, people move back to higher-paying private jobs, reducing government spending. -/- 2. Preventing Inflation Through Resource Control -/- MMT acknowledges that inflation happens when there’s too much money chasing too few goods. -/- The government can remove excess money through targeted taxation and invest in productivity (e.g., infrastructure, education) to keep supply stable. -/- This prevents excessive inflation while keeping the economy growing. -/- 3. Continuous Money Circulation Without Debt Crises -/- Governments can print money to fund essential services, but they control inflation by investing in real production capacity (e.g., factories, renewable energy, technology). -/- This means public investment directly benefits private businesses, keeping both sectors in sync. -/- This MMT-backed feedback loop ensures that economic downturns do not lead to catastrophic business failures or mass unemployment. -/- III. The Role of Advertising in a Balanced Economic System -/- Advertising, while necessary for businesses, often manipulates consumer behavior in a way that creates artificial demand. In a feedback loop economy, advertising should be regulated to align with real consumer needs rather than exploiting psychological weaknesses. -/- 1. Ethical Advertising Policies -/- Companies should be incentivized to market based on quality and innovation rather than manipulation. -/- False advertising and monopolistic dominance should be regulated to prevent consumer exploitation. -/- 2. Consumer Education Programs -/- Public education should include critical thinking courses to help people make informed purchasing decisions. -/- This reduces the influence of manipulative advertising, ensuring that businesses compete fairly. -/- This ensures that the feedback loop remains healthy, preventing unnecessary overproduction and unsustainable consumer debt. -/- IV. Real-World Examples of a Balanced System -/- Some countries have successfully implemented elements of this feedback loop economic model: -/- Nordic Countries (Sweden, Norway, Denmark, Finland) -/- Have free healthcare, education, and social safety nets while maintaining a competitive private sector. -/- Use progressive taxation to prevent extreme inequality, ensuring that economic growth benefits everyone. -/- Germany -/- Uses government-backed vocational training programs to ensure a highly skilled workforce. -/- Strong public-private partnerships help both sectors support each other dynamically. -/- Japan -/- Government plays a major role in funding research, infrastructure, and innovation, allowing private businesses to thrive. -/- Uses state-owned enterprises strategically while ensuring a competitive private market. -/- These examples prove that a properly managed hybrid model is more resilient, fair, and stable than extreme capitalism or extreme socialism. -/- V. Conclusion: A Self-Regulating Economy for the Future -/- A feedback loop economic system provides the best of both worlds: ✔ Government ensures economic stability through public job creation and social safety nets. ✔ Private companies drive innovation and competitiveness with strong consumer demand. ✔ MMT allows government spending to adjust dynamically without unnecessary austerity measures. ✔ Advertising is reformed to encourage ethical business practices and informed consumer choices. ✔ Inflation is controlled through taxation, investment, and resource management. -/- By integrating these feedback loop mechanisms, we can create a self-regulating economic model where both public and private sectors reinforce each other, ensuring long-term stability, prosperity, and economic fairness. -/- Policy Framework for a Balanced Economic System: Global Best Practices -/- To fully integrate the feedback loop mechanism between the public and private sectors, specific policies must be implemented to ensure economic stability, innovation, and fairness. Below are real-world policy examples that demonstrate how different countries successfully manage their economies using a mix of government intervention and free market principles. -/- I. Public Job Creation as an Economic Stabilizer -/- One of the biggest issues in capitalism is economic recessions leading to mass layoffs, which then reduce consumer spending, creating a vicious cycle of economic decline. The solution is public sector job programs that absorb unemployed workers during downturns and allow them to transition back to private jobs when the economy improves. -/- Global Examples -/- ✔ United States (New Deal Programs – 1930s) -/- During the Great Depression, the U.S. government created millions of jobs in construction, public works, and conservation projects. -/- These projects boosted infrastructure while providing employment, helping to revive the economy. -/- ✔ Argentina’s Jefes de Hogar Program (2002-2006) -/- Aimed at mitigating mass unemployment during Argentina’s economic crisis. -/- The government hired unemployed citizens to work in community service, infrastructure, and public health projects. -/- Created social stability and demand for private goods, helping Argentina recover. -/- ✔ Germany’s Kurzarbeit Program (Ongoing) -/- In times of economic slowdown, the German government pays companies to keep workers employed at reduced hours rather than laying them off. -/- This prevents mass unemployment, ensuring that workers still have income and spending power. -/- Policy Recommendation: → Implement automatic public employment programs during recessions to keep demand stable and prevent economic crashes. -/- II. Social Safety Nets to Support Consumer Demand -/- A strong social safety net ensures that consumers have purchasing power even in economic downturns, keeping the private sector stable. -/- Global Examples -/- ✔ Nordic Model (Denmark, Sweden, Norway, Finland) -/- Provides free healthcare, education, and unemployment benefits, preventing extreme poverty. -/- Funded through progressive taxation, ensuring that the wealthy contribute fairly to society. -/- This creates a stable consumer base for private companies, benefiting the entire economy. -/- ✔ Universal Basic Income (UBI) Experiments (Finland, Canada, Kenya) -/- Finland tested a UBI program where unemployed citizens received a monthly payment regardless of employment status. -/- Results showed that recipients were more likely to start businesses and find better jobs, proving that social safety nets do not reduce work incentives. -/- ✔ Singapore’s Housing and Retirement System -/- The government helps citizens buy homes with public funds, ensuring stable housing. -/- A mandatory retirement savings system (Central Provident Fund) ensures that people have money after they retire. -/- These policies reduce financial anxiety, allowing people to focus on entrepreneurship and economic growth. -/- Policy Recommendation: → Implement universal healthcare, free education, and unemployment benefits to ensure that economic downturns do not collapse consumer spending. -/- III. Regulating Advertising to Align with Consumer Needs -/- Unregulated advertising manipulates consumer behavior, creating unnecessary demand and overconsumption, which destabilizes economies. Governments can regulate advertising to ensure ethical business practices. -/- Global Examples -/- ✔ European Union (Strict Advertising Laws) -/- The EU bans false advertising, ensuring that companies cannot make misleading claims about their products. -/- Certain junk food and alcohol ads are restricted to protect public health. -/- ✔ France’s Ban on Child-Targeted Advertising -/- Prevents unethical marketing towards children, reducing unnecessary consumerism. -/- ✔ Japan’s Culture of Product Quality Over Hype -/- Japanese companies emphasize product reliability and long-term value, reducing dependence on manipulative advertising. -/- Policy Recommendation: → Implement ethical advertising regulations to prevent false marketing, predatory ads targeting vulnerable consumers, and excessive consumer debt. -/- IV. Public-Private Partnerships for Innovation and Infrastructure -/- Rather than treating the government and private sector as separate entities, a well-balanced system interconnects them through public-private partnerships (PPPs) to drive innovation. -/- Global Examples -/- ✔ Germany’s Mittelstand Model (SME Support System) -/- The German government provides long-term financial support to small and medium-sized enterprises (SMEs), which are the backbone of the economy. -/- Ensures that private businesses have stable growth without excessive corporate monopolies. -/- ✔ China’s State-Led Economic Model (Strategic Government Investments) -/- The government invests heavily in infrastructure and technology, allowing private businesses to thrive with low-cost logistics and energy. -/- Balances capitalist competition with government support, ensuring stability. -/- ✔ United States (NASA & SpaceX Collaboration) -/- NASA funded SpaceX and other private space companies, leading to rapid innovation in space technology. -/- This proves that government funding can accelerate private sector breakthroughs. -/- Policy Recommendation: → Use government funding to support innovation and long-term infrastructure projects while allowing private businesses to benefit and expand. -/- V. MMT as a Tool for Economic Stability -/- Traditional economic models suggest that governments must “balance their budgets” like households, but this is a flawed concept. Modern Monetary Theory (MMT) argues that sovereign nations with their own currency (like the U.S., Japan, and the UK) can create money to fund essential services without relying on debt from private banks. -/- How MMT Works in Practice -/- ✔ Japan’s National Debt Strategy -/- Japan has one of the highest debt-to-GDP ratios in the world, yet it has no financial crisis because it borrows in its own currency. -/- Instead of austerity, Japan uses public investment to maintain economic stability. -/- ✔ U.S. Stimulus During COVID-19 -/- The U.S. government printed money to send direct payments to citizens, preventing a total economic collapse. -/- Inflation was controlled by adjusting taxation and investment in production capacity. -/- ✔ EU’s Post-COVID Recovery Fund -/- The European Union used public money to stabilize industries and workers, preventing extreme recessions. -/- Policy Recommendation: → Use MMT-based strategies to fund infrastructure, social programs, and innovation, ensuring economic stability without excessive reliance on private banking debt. -/- VI. Conclusion: Creating a Self-Regulating Economy -/- A feedback loop economy that integrates public job creation, private sector competition, social safety nets, and MMT-backed fiscal policies provides a self-regulating system that ensures: -/- ✔ Stable employment and consumer demand even during economic downturns. ✔ Innovation and competition in the private sector without excessive monopolies or market crashes. ✔ Government-funded infrastructure and social programs that benefit both workers and businesses. ✔ Ethical advertising that prevents consumer exploitation and unnecessary debt. ✔ Balanced inflation control through strategic taxation and investment. -/- By combining the best policies from different global models, we can build an economic system that minimizes business bankruptcies, prevents recessions, and maximizes innovation and economic fairness. -/- . (shrink)

-/- Globalization of Labor Supply: Impacts and Challenges -/- The globalization of labor supply is a significant feature of the modern global economy, profoundly shaping markets, industries, and the nature of work. This trend is driven by technological advances, the increasing mobility of workers, and the interconnectedness of economies. Labor supply globalization involves the integration of labor markets across borders, enabling businesses to access a diverse, global talent pool while workers can seek employment opportunities in new regions. While this phenomenon (...) offers economic advantages, it also brings about challenges and ethical considerations that must be addressed for a more equitable global workforce. -/- Drivers of Labor Supply Globalization -/- One of the primary drivers of labor supply globalization is offshoring and outsourcing. Companies, in their quest for reducing costs, often shift their production or services to countries with lower labor costs. This practice allows businesses in high-wage countries to remain competitive while capitalizing on cheaper labor in developing nations. For example, tech companies such as Apple and Microsoft outsource their customer support and tech support services to countries like India and the Philippines, where labor costs are significantly lower compared to the U.S. This shift has led to the rise of call centers and outsourcing hubs in these countries, where skilled workers provide services to global businesses. -/- Nike manufactures its products in Vietnam, China, and Indonesia, where labor costs are lower than in the U.S. This has allowed Nike to reduce production costs and offer more affordable products. Similarly, Apple’s assembly of iPhones occurs in China through its partnership with Foxconn, a major supplier based there. This practice is part of the company’s strategy to minimize labor expenses and maintain competitive pricing, which has sparked both criticism and admiration worldwide. -/- Another crucial factor in the globalization of labor is the increasing migration of workers. People are often motivated by the prospect of higher wages and better living conditions in economically developed countries. For instance, Mexican workers have migrated to the United States for decades, filling jobs in agriculture, construction, and hospitality industries. This migration has had a significant impact on both the economies of the U.S. and Mexico. Migrants from Central and Eastern Europe have similarly moved to Western European countries, particularly the UK, Germany, and France, to fill labor shortages in sectors like healthcare and manufacturing. The UK’s National Health Service (NHS), for example, relies heavily on healthcare professionals from countries like India, Philippines, and Poland. In fact, about 13% of NHS staff in the UK are foreign-born. -/- Additionally, migrants send remittances back home, which play a vital role in the economic development of their countries of origin. According to the World Bank, remittances from migrant workers in 2020 totaled over $540 billion globally, supporting families and contributing to poverty reduction. India and Mexico are among the top countries that receive remittances from migrants, with Indian workers abroad sending $83 billion back home in 2020 alone. -/- Technological advancements have further accelerated labor supply globalization. The rise of remote work and digital platforms has allowed workers to access job opportunities across the globe without needing to leave their countries. This trend is particularly prominent in knowledge-based industries such as information technology, finance, and marketing. For example, platforms like Upwork and Freelancer enable workers from countries like Pakistan, Ukraine, and Kenya to connect with clients in North America and Western Europe, offering services in areas such as software development, graphic design, and digital marketing. The COVID-19 pandemic acted as a catalyst for remote work, leading companies worldwide to embrace the flexibility of hiring international talent. Companies like Shopify, Twitter, and Facebook shifted to remote-first models, opening up opportunities for workers worldwide. -/- Impacts on the Global Economy -/- The globalization of labor supply has brought about both positive and negative impacts, especially in terms of economic growth and the redistribution of wealth. On the one hand, it has provided businesses with access to a larger pool of labor, which can increase efficiency, reduce production costs, and foster economic growth. Companies can outsource certain tasks to countries where labor is cheaper, allowing them to allocate resources toward higher-value work in their home countries. For instance, Nike manufactures its products in Vietnam, China, and Indonesia, where labor costs are significantly lower than In the U.S. This has allowed the company to reduce production costs and offer more affordable products, benefiting both the company and consumers. Similarly, Amazon has outsourced a significant portion of its customer support functions to regions such as India and Brazil, where labor costs are more affordable. -/- Moreover, the migration of workers and the subsequent remittances they send back home contribute to poverty alleviation in developing countries. Remittances are often a lifeline for families in low-income nations, improving their access to education, healthcare, and housing. For example, India and China are among the largest recipients of remittances, with millions of migrant workers in the Middle East and North America sending money back to their families. In 2020, India received approximately $83 billion in remittances, according to the World Bank. -/- However, the globalization of labor has also led to increased wage disparity and job insecurity in many industries. In developed countries, businesses that offshore jobs to countries with cheaper labor have led to significant job losses in sectors like manufacturing, customer service, and call centers. For example, in the U.S., the offshoring of manufacturing jobs to countries like China has been linked to the decline of the domestic manufacturing sector. In 2017, the Economic Policy Institute reported that U.S. workers had lost over 3 million manufacturing jobs due to trade with China alone. -/- This phenomenon has sparked debates over the fairness of globalization, as workers in wealthier countries face stagnant wages or job displacement, while workers in lower-wage countries may be exploited with poor working conditions or inadequate compensation. The Rana Plaza disaster in Bangladesh in 2013, which killed over 1,100 garment workers, is a stark reminder of the exploitation that can occur in global supply chains. Companies like Walmart and H&M had their products manufactured in the Rana Plaza factory, sparking global outrage and highlighting the risks faced by workers in low-cost production hubs. -/- Additionally, labor rights and standards vary significantly between countries. In developed economies, labor laws and worker protections tend to be stronger, while in developing nations, workers often face exploitation, unsafe working conditions, and lack of benefits. This discrepancy has raised ethical concerns about the treatment of workers in global supply chains, especially in industries like textiles, electronics, and agriculture. For instance, in Apple’s supply chain, there have been reports of workers facing harsh conditions and long hours at factories in China, leading to calls for reform and greater transparency. -/- Addressing the Challenges of Labor Supply Globalization -/- To mitigate the negative effects of labor supply globalization, it is essential to implement policies that promote fair wages, worker rights, and social protections. Governments and international organizations must work together to ensure that workers in all countries, regardless of their location or industry, are afforded basic labor rights and protections. For example, the International Labour Organization (ILO) has established global labor standards to improve working conditions and protect workers’ rights worldwide. These standards aim to ensure fair wages, safety, and decent working conditions for workers in all sectors. -/- One potential solution is the establishment of global labor standards that set minimum requirements for wages, working conditions, and benefits for workers in all countries. International agreements and treaties could help ensure that workers in lower-income countries are not subject to exploitation, and that companies that benefit from globalization are held accountable for the welfare of their employees. Additionally, businesses must embrace corporate social responsibility (CSR), ensuring that their supply chains adhere to ethical labor practices and contribute to local economic development. For example, companies like Patagonia and Fair Trade USA have committed to ethical sourcing practices, ensuring that workers in their supply chains are treated fairly and paid a living wage. -/- Another solution involves supporting workers who may face job displacement due to outsourcing or automation. Governments can invest in education and retraining programs, enabling workers to acquire new skills that are in demand in the global economy. For example, the European Union has invested in programs that retrain workers in sectors like manufacturing and coal mining, helping them transition to new jobs in renewable energy and technology. By providing access to lifelong learning and career development, workers can better adapt to changing job markets and enhance their employability. -/- Conclusion -/- Labor supply globalization is a defining feature of the modern world, reshaping how businesses operate and how workers engage with the global economy. It has brought about opportunities for economic growth, poverty reduction, and increased efficiency. However, it has also introduced significant challenges, including wage inequality, job insecurity, and labor exploitation. To ensure that the benefits of labor globalization are shared equitably, governments, businesses, and international organizations must take proactive steps to address these issues. By promoting fair labor practices, protecting workers’ rights, and investing in education and retraining, we can create a more inclusive and sustainable global labor market. -/- . (shrink)

Gross Domestic Product is an total estimate of country’s economy, in terms of total productive output. It is of great importance to policy makers and central banks to know its trend and predict possible changes. It is of huge importance to coverage policy makers and central banks to know its trend and predict possible changes. This gives accurate assessment of the future state of the economy – whether it is heading toward expansion or contraction – such that preemptive actions can (...) be taken as appropriate. Reliable forecasting of GDP is a very important tool in the macro- economic toolbox. Unfortunately, national economies are very complicated and it isn't clean to version them accurately, not to mention expect their behavior. GDP forecast are very uncertain and unavoidably short-term. In this work we plan to use decision tree, bootstrap bagging and random forest. The motive for using these algorithms is that the random forest combines trees with the belief of an ensemble. Thus, the trees are weak learners and the random forest is a strong learner. The runtime of random forest is pretty fast, and they are able to handle an unbalanced and missing data. Bootstrap bagging reduces variance and helps to avoid over fitting. And by through the use of decision tree we can predict the classes for our training data. In this work we plan to implement a system that will help in GDP prediction. Manually it is very difficult and time consuming, tedious work to analyze data of whole country’s economical progress based on total production in country and all investments. We can take help of Machine Learning in this task. This will make our job easy and will give results in much less time. (shrink)

Abstract: This study tries to establish the microfinance and financial inclusion nexus in Nigeria from 1981 to 2017. The Augmented Dickey-Fuller (ADF) test, co-integration test and Error Correction Model (ECM), as well as diagnostics and stability test were employed in the analysis. The research findings revealed that microfinance has positive significant effect on financial inclusion in Nigeria in the short–run and long–run. This finding is in line CBN objectives for the establishment of microfinance banks. The effect of lending interest rate (...) has a positive but has no significant with financial inclusion in the model one while it is statistically significant with poverty in Nigeria in the mode two. The positive lending interest rate has a statistically significant effect on the level of financial inclusion and national poverty index used as a proxy for poverty rate in the long run in the models. Also, the research also found that microfinance has really a tool to fight against poverty in Nigeria in the short-run, while it’s not really a tool to fight against poverty in the long-run in Nigeria. It was therefore recommended that Government agency and regulatory authority policies and practices need to play a key role in making micro-credit available to the economically-active poor people who are not being served by the formal financial sector. Also, apart from monitoring lending interest rates, the government needs to establish frameworks to prevent undercapitalization, fraudulent practices, and unwarranted interference from bank board members in Nigeria. (shrink)

Why Capitalism Cannot Create More Successful Entrepreneurs to Balance Stable Job Creation Amid Increasing Population Growth -/- Introduction -/- Capitalism is often praised for fostering entrepreneurship, economic growth, and job creation. However, its inherent flaws—such as wealth concentration, monopolization, financial barriers, and wage suppression—prevent it from producing enough successful entrepreneurs to balance job creation with increasing population growth. As the global population expands, capitalism alone fails to generate sufficient employment opportunities, leading to economic instability, poverty, and inequality. -/- To address (...) these challenges, a balanced approach involving government intervention, socialist-inspired policies, population regulation, and a coordinated effort between private and public sector job creation is necessary. By ensuring economic stability, providing social safety nets, and aligning workforce growth with sustainable employment opportunities, societies can mitigate capitalism’s failures while maintaining its productive aspects. -/- 1. The Fundamental Flaws of Capitalism in Job Creation -/- While capitalism promotes competition and innovation, it also creates significant economic imbalances: -/- Wealth Concentration and Inequality: Over time, wealth accumulates among a few individuals and corporations, reducing opportunities for new entrepreneurs and limiting social mobility. -/- Monopolization: Large corporations dominate markets, pushing out small businesses and reducing job diversity. -/- Financial Barriers to Entrepreneurship: The cost of starting and sustaining a business is high, making it difficult for new entrepreneurs to compete. -/- Short-Term Profit Maximization: Companies prioritize short-term gains, often outsourcing jobs or automating processes to cut costs, rather than investing in long-term job creation. -/- Cyclical Economic Crises: Capitalist economies experience frequent recessions, leading to mass layoffs, business failures, and financial insecurity. -/- These issues make capitalism insufficient in creating enough businesses and stable jobs to match population growth. -/- 2. The Difficulty of Starting a Business and Its Impact on Job Creation -/- Despite the belief that anyone can succeed through hard work, starting a business remains a significant challenge due to: -/- High Initial Costs: Rent, inventory, equipment, and salaries require substantial capital. -/- Limited Access to Credit: Most banks and investors require collateral or proven profitability, which new entrepreneurs lack. -/- Complex Regulations: Navigating legal and tax systems is expensive and time-consuming. -/- Intense Market Competition: Large corporations benefit from economies of scale, making survival difficult for small businesses. -/- Due to these challenges, most aspiring entrepreneurs fail or remain in precarious financial positions, reducing their ability to contribute to long-term job creation. -/- 3. The Effect of Low Wages on Consumer Buying Power and Job Stability -/- One of capitalism’s biggest contradictions is its reliance on low wages to maximize corporate profits while simultaneously needing strong consumer demand to sustain business growth. -/- Reduced Consumer Demand: When workers earn low wages, they have less money to spend, weakening economic growth. -/- Increased Debt and Financial Instability: Many workers rely on credit for basic needs, making them financially vulnerable. -/- Job Insecurity and Precarious Work: Companies cut costs by hiring temporary workers or outsourcing jobs, leading to job instability. -/- By failing to pay workers a living wage, capitalism limits its own potential for sustainable economic growth, reinforcing inequality and restricting business expansion. -/- 4. Balancing Job Creation Between the Private and Public Sectors -/- To counteract capitalism’s job creation failures, a balanced approach that combines private sector entrepreneurship and government-led job creation is essential. -/- A. Private Sector Job Creation -/- The private sector should remain a driving force of economic innovation and employment, but it must be regulated to prevent exploitative practices. Governments can support private-sector job creation by: -/- Providing Financial Assistance to Startups: Low-interest loans and grants can help small businesses grow. -/- Ensuring Fair Competition: Antitrust laws prevent monopolies from dominating industries. -/- Raising Minimum Wages: Ensuring fair wages strengthens consumer spending and business stability. -/- Encouraging Ethical Business Models: Worker cooperatives and profit-sharing models can create sustainable, fair workplaces. -/- B. Government-Led Job Creation -/- Governments must step in where the private sector fails to provide sufficient employment opportunities. Public-sector job creation should focus on: -/- Infrastructure Development: Roads, bridges, schools, and renewable energy projects generate long-term employment. -/- Public Services Expansion: More jobs in healthcare, education, and social services create stable employment. -/- Green Economy Investments: Sustainable industries like clean energy and environmental conservation create new career paths. -/- Universal Job Guarantee Programs: Governments can offer public jobs in times of economic downturns to prevent mass unemployment. -/- By combining private-sector dynamism with public-sector stability, societies can ensure that job creation keeps pace with population growth. -/- 5. The Role of Population Regulation in Economic Stability -/- One of the critical yet often overlooked aspects of economic sustainability is aligning population growth with job availability. Unregulated population expansion can lead to: -/- Unemployment and Underemployment: More people entering the job market than available jobs create economic strain. -/- Increased Poverty and Social Unrest: Large unemployed populations lead to instability and higher crime rates. -/- Strain on Public Services: Overpopulation overwhelms healthcare, education, and infrastructure systems. -/- A. Family Planning and Education -/- Governments must implement policies that encourage responsible population growth through: -/- Access to Contraception and Family Planning Services: Ensuring reproductive health choices empower families to plan their future. -/- Educational Campaigns on Sustainable Population Growth: Teaching the economic impact of overpopulation helps societies make informed decisions. -/- Encouraging Gender Equality and Women’s Employment: Empowering women in the workforce naturally leads to lower birth rates and a more balanced economy. -/- B. Workforce and Immigration Planning -/- Instead of uncontrolled population growth, governments should focus on workforce planning to ensure that job creation aligns with demographic trends: -/- Targeted Immigration Policies: Encouraging skilled immigration in sectors with labor shortages helps maintain economic stability. -/- Retraining and Reskilling Programs: Adapting the workforce to emerging industries prevents large-scale unemployment. -/- Regional Job Distribution: Encouraging businesses to develop outside of major cities can balance employment opportunities across regions. -/- By coordinating population regulation with job market needs, economies can achieve sustainable development and avoid crisis-driven employment gaps. -/- 6. The Importance of Government and Central Bank Policies -/- To stabilize capitalism’s weaknesses, government and central bank intervention using socialist principles is essential. These policies include: -/- Progressive Taxation: Redistributing wealth to fund public services and entrepreneurship programs. -/- Public Investment in Education and Vocational Training: Preparing the workforce for new economic demands. -/- Job-Creation Programs: Investing in sectors that provide stable, long-term employment. -/- Monetary Policies that Promote Sustainable Growth: Controlling inflation, interest rates, and wage growth to prevent economic instability. -/- A coordinated economic strategy ensures that capitalism’s benefits are widely distributed, rather than concentrated among a wealthy elite. -/- 7. Conclusion: A Mixed Economic Model for Sustainable Job Growth -/- Capitalism, by itself, fails to create enough successful entrepreneurs and jobs to match population growth due to its systemic flaws. Wealth concentration, monopolization, financial barriers, and low wages prevent new businesses from thriving and workers from earning enough to sustain economic demand. -/- To correct these imbalances, a mixed economic model—combining capitalist entrepreneurship with government intervention, population regulation, and central bank policies—is necessary. By balancing private-sector innovation with public-sector job creation and aligning workforce growth with sustainable employment opportunities, societies can ensure economic stability, reduce inequality, and promote long-term prosperity. -/- Only through holistic economic planning can nations achieve stable job creation, entrepreneurship growth, and population balance, creating a future where economic progress benefits everyone, not just a privileged few. -/- . (shrink)

-/- The Future of Economic Systems: A Balance Between Capitalism, Socialism, and Sustainable Growth -/- Economic systems have evolved over centuries to meet the needs of societies. The invention of monetary value, a social construct, allowed for the exchange of goods and services, making economies function at a large scale. However, while this system has undoubtedly brought prosperity to many, it has also led to inequalities and environmental challenges. In order to address these issues and ensure a sustainable future, a (...) more holistic approach to economic systems is necessary—one that blends the best of capitalism, socialism, and modern economic theories such as Modern Monetary Theory (MMT). This approach, coupled with excellent government leadership and regulated population growth, could create an economic system that maximizes productivity, balances wealth distribution, and ensures sustainability for future generations. -/- The Combination of Capitalism and Socialism -/- Capitalism has proven effective at driving innovation, entrepreneurship, and economic growth. It is based on the principle that individuals and companies can freely engage in trade, and that competition leads to more efficient and diverse products and services. However, capitalism, when left unchecked, has often resulted in income inequality, environmental degradation, and social unrest. To address these issues, elements of socialism are necessary. Socialism focuses on wealth redistribution and providing a safety net for the most vulnerable members of society. It ensures that basic needs, such as healthcare, education, and housing, are met for all citizens, regardless of their income level. -/- By combining capitalism with socialism, societies can harness the strengths of both systems. The competitive nature of capitalism fosters innovation and growth, while socialism ensures that wealth is more evenly distributed and that the welfare of society as a whole is prioritized. This balance can lead to a more equitable society, where both individuals and communities can thrive. -/- The Role of Modern Monetary Theory (MMT) as a Feedback Mechanism -/- Modern Monetary Theory (MMT) proposes that governments can issue currency without the risk of running out of money, provided they manage inflation and the economy’s productive capacity responsibly. MMT offers a fresh perspective on monetary policy, advocating for increased government spending on public goods and services, such as infrastructure, healthcare, and education, without the immediate need for taxation or borrowing. -/- In this proposed economic system, MMT functions as a feedback mechanism, helping to regulate the money supply in a way that is responsive to economic conditions. By aligning the money supply with real productivity, MMT can ensure that inflation remains under control while supporting full employment and social welfare. This mechanism helps prevent the economic imbalances that have sometimes occurred in both purely capitalist and socialist systems, creating a stable environment in which society can flourish. -/- The Importance of Excellent Government Leadership and Sustainable Population Growth -/- An effective government system is essential in implementing these economic policies. Strong leadership ensures that policies are not only well-crafted but also implemented efficiently. Leaders must focus on long-term stability, fairness, and sustainability, and be willing to make decisions that prioritize the common good over short-term political gain. In this system, transparency, accountability, and a commitment to improving quality of life for all citizens should guide decision-making. -/- Another critical factor in ensuring the success of this economic system is sustainable population growth. Overpopulation can strain resources, harm the environment, and lead to economic instability. Regulated population growth ensures that society’s resources—such as food, water, energy, and housing—are not overburdened. Through education, family planning, and policies that promote sustainable living, governments can ensure that the population grows at a rate that is manageable and supportive of long-term prosperity. -/- Balancing Money Supply, Productivity, and Inequality -/- At the heart of this system is a formula that balances key economic indicators: money supply, sustainable population growth, productivity output, income inequality (Gini coefficient), and GDP per capita. The money supply must be aligned with the production of goods and services, ensuring that inflation is controlled. Sustainable population growth must match the resources available, avoiding the negative effects of overpopulation. Productivity output should be maximized without exploiting the environment or workers, and the Gini coefficient must be kept at a level that minimizes income inequality, ensuring that the benefits of economic growth are shared by all members of society. Finally, GDP per capita, which measures the standard of living, should reflect the prosperity and well-being of all individuals, not just a wealthy few. -/- A Global Vision for Economic Balance -/- While the principles discussed above could create a more equitable and sustainable economic system, their global adoption would require cooperation across nations. Economic policies would need to be tailored to each country’s specific context, but the broader framework could be shared as a global standard. It is likely that the adoption of such a system would need to begin with a few countries as examples, demonstrating the benefits of a balanced approach before it is implemented more widely. -/- Global institutions like the United Nations, World Bank, and international trade organizations could play a role in guiding and supporting countries through this transition. It would require collaboration between governments, businesses, and civil society to ensure that policies are implemented fairly and effectively. Through education, advocacy, and international cooperation, the principles of balance, fairness, and sustainability can be spread across the globe, leading to a more prosperous and just world. -/- Conclusion -/- In conclusion, the future of economic systems lies in finding the right balance between capitalism and socialism, guided by the principles of Modern Monetary Theory, strong government leadership, and regulated population growth. By aligning these elements with a formula that balances money supply, productivity, inequality, and GDP per capita, we can create a system that is not only efficient but also sustainable. The invention of monetary value has already shown its power to organize societies, but the next step is to refine the system so that it works for the benefit of all, ensuring a prosperous future for generations to come. -/- . (shrink)

The Advantages of Self-Sufficient Countries with Manageable Populations and Minimal Import Dependence -/- Introduction -/- In a world where globalization has connected economies, many nations remain highly dependent on imports for essentials such as food, energy, and industrial materials. While trade brings benefits, over-reliance on imports exposes nations to risks such as supply chain disruptions, inflation, and geopolitical pressures. However, some countries have successfully built self-sufficient economies, allowing them to thrive with minimal reliance on foreign resources. -/- Self-sufficient countries benefit (...) from economic stability, enhanced national security, environmental sustainability, and a higher quality of life. Examples such as Norway, Switzerland, New Zealand, Iceland, Bhutan, and Uruguay demonstrate that strategic resource management, energy independence, and population control contribute to long-term success. -/- This essay will explore the key advantages of self-sufficiency, examine the strategies employed by these nations, and highlight the broader implications of reducing import dependence. -/- 1. Economic Stability and Resilience -/- One of the primary benefits of self-sufficiency is economic stability. Nations that produce essential goods locally are less vulnerable to global economic downturns, inflation, and trade disruptions. -/- Trade Surplus and Financial Security -/- Countries like Norway and Switzerland have built strong economies by focusing on industries that generate trade surpluses. -/- Norway: A leading exporter of oil, gas, and seafood, Norway earns more from exports than it spends on imports, ensuring a strong national economy. -/- Switzerland: With a diverse economy—banking, pharmaceuticals, and precision manufacturing—Switzerland remains stable despite global financial fluctuations. -/- Local Industry Growth and Job Creation -/- By minimizing imports, self-sufficient nations stimulate local industries, creating jobs and ensuring wealth stays within national borders. -/- New Zealand: Its agricultural sector produces dairy, meat, and fruit for both local consumption and global export, strengthening the workforce and financial stability. -/- Uruguay: The country invests in local renewable energy industries, reducing dependence on imported fossil fuels while creating green jobs. -/- Protection from Global Economic Shocks -/- When economies rely heavily on imports, external crises like wars, pandemics, or financial recessions can cause severe economic disruptions. Self-sufficient nations are more resilient: -/- Switzerland’s banking sector thrives regardless of external turmoil due to its strong internal financial policies. -/- Iceland’s geothermal energy independence protects it from global oil price fluctuations. -/- 2. National Security and Political Independence -/- A country that depends heavily on imports is vulnerable to trade restrictions, geopolitical tensions, and supply chain disruptions. Self-sufficient nations reduce foreign dependencies, strengthening national security and political stability. -/- Energy and Resource Security -/- Self-sufficient countries avoid dependence on foreign energy sources, making them less vulnerable to political blackmail or economic manipulation. -/- Iceland generates 100% of its electricity from geothermal and hydro energy, eliminating its reliance on oil imports. -/- Uruguay produces 98% of its energy from renewable sources, reducing its need for foreign energy supplies. -/- Reduced Geopolitical Vulnerability -/- Countries that rely heavily on imports can be pressured by foreign powers through trade restrictions or embargoes. -/- Switzerland’s economic neutrality allows it to trade freely while maintaining independence from global conflicts. -/- Bhutan discourages foreign consumerism to maintain sovereignty and control over its economy. -/- 3. Environmental Sustainability and Climate Resilience -/- Reducing import dependence directly benefits the environment. Long-distance shipping, mass production, and over-reliance on fossil fuels all contribute to global pollution. Self-sufficient countries focus on local production and sustainability, lowering their environmental impact. -/- Renewable Energy Leadership -/- Norway: Nearly 100% of Norway’s electricity comes from hydropower, making it a leader in green energy. -/- Iceland: Geothermal and hydroelectric plants generate all of Iceland’s electricity, eliminating fossil fuel imports. -/- Bhutan: The country exports excess hydropower to India, reducing the need for fossil fuels regionally. -/- Sustainable Agriculture and Land Management -/- Food self-sufficiency is essential for sustainability. Countries that prioritize local food production ensure long-term food security and reduce carbon emissions from imported food transportation. -/- New Zealand’s farming industry provides dairy, beef, and fruits for domestic consumption and export. -/- Bhutan promotes organic farming, making it one of the most sustainable agricultural economies in the world. -/- 4. Social Stability and Quality of Life -/- Countries with well-managed populations and self-sufficient economies enjoy higher living standards, better infrastructure, and lower poverty rates. -/- Population Management and Resource Allocation -/- Self-sufficient nations carefully regulate population growth to match available resources, ensuring sustainable development. -/- Iceland and Bhutan have small, manageable populations, allowing them to provide high-quality healthcare, education, and infrastructure. -/- Switzerland’s strict immigration policies ensure that economic growth does not outpace resource availability. -/- Resilient Social Systems -/- Strong social welfare programs are more effective in self-sufficient countries because resources are distributed efficiently. -/- Norway: High-quality education, healthcare, and pension systems ensure a high standard of living. -/- Switzerland: The government reinvests economic surplus into public services, benefiting all citizens. -/- 5. Crisis Preparedness and Resilience -/- Global crises such as pandemics, wars, and economic recessions highlight the dangers of import dependence. Self-sufficient nations can respond effectively to crises without relying on external aid. -/- Pandemic and Food Security -/- During the COVID-19 pandemic, supply chain disruptions left many countries struggling to import essential goods. However, self-sufficient nations remained stable. -/- New Zealand’s strong food production ensured that its citizens had uninterrupted access to food supplies. -/- Switzerland’s well-stocked food reserves allowed it to manage shortages without external dependence. -/- War and Trade Embargo Resilience -/- Countries that produce their own essential goods are less affected by global conflicts. -/- Iceland’s fishing industry and energy independence keep its economy stable regardless of international instability. -/- Norway’s oil reserves and food security ensure long-term resilience against economic disruptions. -/- 6. Minimal Import Dependence: The Path to Sustainable Growth -/- While some level of trade is beneficial, excessive import dependence weakens a nation’s economic and political stability. The countries examined here have taken strategic steps to limit imports while maximizing domestic production. -/- Lessons from Self-Sufficient Nations -/- 1. Invest in Renewable Energy – Iceland, Norway, and Uruguay have shown that countries can function without fossil fuel imports through hydropower, geothermal, and wind energy. -/- 2. Prioritize Food Security – Switzerland, New Zealand, and Bhutan ensure food independence through agriculture and local food production. -/- 3. Control Population Growth – Iceland and Bhutan demonstrate that sustainable population sizes lead to better economic planning and quality of life. -/- 4. Develop Strong Local Industries – Norway and Switzerland focus on high-value goods that allow them to export more than they import. -/- 5. Encourage Sustainable Practices – Bhutan and New Zealand promote environmentally friendly farming and renewable energy, ensuring long-term stability. -/- Conclusion -/- Self-sufficient countries with manageable populations and minimal reliance on imports enjoy numerous advantages, including economic stability, national security, environmental sustainability, and a high quality of life. Nations such as Norway, Switzerland, New Zealand, Iceland, Bhutan, and Uruguay demonstrate that renewable energy, food production, and population control lead to long-term prosperity. -/- As the world faces increasing economic and environmental uncertainties, adopting self-sufficiency principles can help nations become more resilient, independent, and sustainable. While globalization has its benefits, balancing local production with strategic trade is the key to securing a stable and prosperous future. -/- . (shrink)

Purpose: To develop proposals on the directions of institutional support for the processes of creativity of the Ukrainian economy. Design/methodology/approach: The analysis of trends in the creativity of the Ukrainian economy is carried out and proposals are developed for conceptualizing institutional support for these processes. The authors set out to develop proposals for institutional support for creativity processes and offer recommendations for systematic updating of Ukrainian legislation in the areas of state regulation of high-tech business. The information base was the (...) information materials of the State Statistics Service of Ukraine, Ministry of Economic Development and Trade of Ukraine, the statistical databases of the European Commission, OECD and World Bank for the period 2014–2020. The research methodology is based on scientific tools that include comparative analysis and economic and mathematical modeling. Findings: Building a national program of public investment in creative development will allow us to systematically approach the issue of institutional support for technological breakthroughs. Research limitations/implications: Recommendations on the development and improvement of legislative instruments of deregulatory policy, harmonization with European standards are substantiated. Directions of systematic updating of legislation on guaranteeing foreign investment of creative projects and targeted investment of joint research projects of academic science and creative organizations are proposed. The implementation will allow a systematic approach to the issue of institutional support for the technological breakthrough of Ukraine. Originality/value: There is a need to step up institutional activities in the field of organizing research centers, introduce targeted investment in the academic science and research activity of creative organizations. (shrink)

Development economist Hernando de Soto Polar has effectively advocated for property rights in the Third World, as his ideas have influenced the policies of the World Bank, International Monetary Fund and United Nations Development Programme. He envisions land titling as a means of lifting the poor out of poverty. I argue that his classical liberal interpretations of property and the good life are dangerously naive. One can see the dangers of de Soto’s imperialist and one-dimensional vision after considering the (...) cultural destruction that results from his brand of development in pastoral Kenya. Also, this article demands a reframing of standardized development approaches. It argues that the conventional view is prone to creating unstable, culturally hegemonic relationships between the government and entrepreneurs, and the people of the land. Asymmetrical lawfare is another nondemocratic feature of de Soto’s development. This article emphasizes that Kenyan pastoralists are not inherently vulnerable people but that they have been rendered vulnerable by society. Lastly, the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP) is the basis for an alternative to de Soto’s development design. UNDRIP was a hard-fought legal protection for the world’s indigenous peoples that makes human dignity central to development. The Global North and Global South produce differing visions of development. This article points to Kenya as an example of how the Global North’s vision has fundamentally failed because it disenfranchises pastoralists—the very people policymakers and policy supporters claim it is intended to benefit. (shrink)

Gold and Its Role in War, Economy, and the Shift to Fiat Currency -/- Gold has long been a symbol of wealth, power, and economic stability. Historically, it was used as money, backing national currencies and serving as a reserve asset. However, its limitations led to the shift toward fiat currency, which provides greater flexibility in managing modern economies. Gold has also played a crucial role in global conflicts, particularly World War II, where nations hoarded, looted, and traded gold (...) to finance their war efforts. Understanding the relationship between gold, war, and economic stability explains why the world moved away from the gold standard and adopted fiat money. -/- The Limitations of Gold as Money -/- While gold has been used as currency for centuries, it has several drawbacks that make it unsuitable for modern economies. First, gold is not easily divisible or portable, making everyday transactions impractical. Carrying and transferring large amounts of gold requires security and infrastructure, increasing costs. Additionally, gold supply is limited, meaning that as economies grow, the money supply cannot expand accordingly, leading to deflation and economic stagnation. -/- Gold’s price volatility also makes it a poor monetary standard. Unlike fiat money, which governments can regulate, gold’s value fluctuates based on mining output, global demand, and geopolitical events. This instability can create uncertainty in financial markets. Moreover, in today’s digital economy, gold cannot facilitate rapid, electronic transactions, making it inefficient for global trade. -/- Perhaps the most significant limitation is that a gold-based system restricts monetary policy. Governments and central banks use interest rates and money supply adjustments to manage inflation, unemployment, and economic growth. A gold standard would prevent these interventions, making financial crises harder to control. -/- Gold and Economic Conflicts -/- If gold were still the primary form of money, it could lead to major economic and geopolitical conflicts. Gold is not evenly distributed worldwide, meaning nations with larger reserves would have disproportionate financial power, potentially leading to tensions and wars over resources. -/- A gold-based economy would also increase economic instability. Countries would hoard gold during crises, reducing money circulation and triggering deflation, unemployment, and recessions. Additionally, a reliance on gold would encourage illegal mining, black markets, and corruption, further destabilizing global economies. -/- Gold’s Role in World War II -/- Gold played a crucial role in World War II, financing both the Axis and Allied powers. Nations used gold to purchase war materials, pay for military expenses, and maintain economic stability during the conflict. -/- Nazi Germany’s Gold Hoarding and Economic Warfare -/- The Third Reich relied heavily on stolen gold to finance its war machine. The Nazis: -/- Looted central bank reserves from occupied countries such as Austria, Czechoslovakia, Poland, Belgium, and France. -/- Stole gold from individuals, especially Jewish victims of the Holocaust, by confiscating jewelry, coins, and even extracting gold from dental fillings. -/- Traded stolen gold with neutral countries, such as Switzerland, Spain, and Portugal, in exchange for vital war materials like oil, tungsten, and industrial equipment. -/- Deposited gold in Swiss banks, where it was laundered and converted into usable currency, allowing the Nazis to bypass economic sanctions. -/- Japan’s Gold Operations in Asia -/- Japan also plundered gold and resources from occupied territories in China, the Philippines, Malaya, and Indonesia. Some theories suggest Japan hid large amounts of looted gold, known as “Yamashita’s Gold”, in underground vaults in the Philippines. Like Germany, Japan used stolen gold to trade for fuel, weapons, and technology. -/- Allied Powers and Gold Reserves -/- While the Axis relied on looted gold, the Allied powers used their national gold reserves to finance their war efforts: -/- The United States and Britain backed war loans and military production with gold reserves. The U.S. used its gold stockpile to fund the Lend-Lease Program, which provided military aid to allies such as Britain, the Soviet Union, and China. -/- Britain moved its gold reserves to Canada for safekeeping, fearing a German invasion. -/- The Soviet Union used gold to purchase war materials from neutral nations, ensuring its war effort remained well-supplied. -/- Neutral countries like Switzerland, Spain, and Portugal facilitated war financing by exchanging gold for goods, often ignoring its origins. Swiss banks in particular played a key role in laundering Nazi gold, enabling Germany to continue funding its military. -/- The Shift to Fiat Currency -/- World War II demonstrated the financial instability of relying on gold, leading to major economic reforms. In 1944, the Bretton Woods Agreement established a new financial system, where the U.S. dollar was linked to gold, and other currencies were pegged to the dollar. This created stability in global finance. However, as economies grew, the limitations of gold-backed currency became clear. In 1971, the U.S. abandoned the gold standard, transitioning to a fully fiat currency system. -/- Fiat money allows governments to: -/- Expand the money supply to support economic growth. -/- Adjust interest rates and inflation to stabilize economies. -/- Avoid deflation and liquidity crises that plagued the gold standard. -/- Fiat currency also eliminates gold-related conflicts and reduces dependence on resource-intensive mining, benefiting both economies and the environment. -/- Conclusion -/- Gold has played a central role in economic history, from its use as money to its impact on global conflicts. While valuable, gold is impractical as modern money due to its physical limitations, deflationary risks, and geopolitical consequences. World War II showcased the dangers of gold hoarding and economic warfare, leading to the adoption of fiat currency. The transition to fiat money has enabled greater economic stability, flexibility, and global trade, making it the foundation of the modern financial system. -/- . (shrink)

Gold and Its Role in War, Economy, and the Shift to Fiat Currency -/- Gold has long been a symbol of wealth, power, and economic stability. Historically, it was used as money, backing national currencies and serving as a reserve asset. However, its limitations led to the shift toward fiat currency, which provides greater flexibility in managing modern economies. Gold has also played a crucial role in global conflicts, particularly World War II, where nations hoarded, looted, and traded gold (...) to finance their war efforts. Understanding the relationship between gold, war, and economic stability explains why the world moved away from the gold standard and adopted fiat money. -/- The Limitations of Gold as Money -/- While gold has been used as currency for centuries, it has several drawbacks that make it unsuitable for modern economies. First, gold is not easily divisible or portable, making everyday transactions impractical. Carrying and transferring large amounts of gold requires security and infrastructure, increasing costs. Additionally, gold supply is limited, meaning that as economies grow, the money supply cannot expand accordingly, leading to deflation and economic stagnation. -/- Gold’s price volatility also makes it a poor monetary standard. Unlike fiat money, which governments can regulate, gold’s value fluctuates based on mining output, global demand, and geopolitical events. This instability can create uncertainty in financial markets. Moreover, in today’s digital economy, gold cannot facilitate rapid, electronic transactions, making it inefficient for global trade. -/- Perhaps the most significant limitation is that a gold-based system restricts monetary policy. Governments and central banks use interest rates and money supply adjustments to manage inflation, unemployment, and economic growth. A gold standard would prevent these interventions, making financial crises harder to control. -/- Gold and Economic Conflicts -/- If gold were still the primary form of money, it could lead to major economic and geopolitical conflicts. Gold is not evenly distributed worldwide, meaning nations with larger reserves would have disproportionate financial power, potentially leading to tensions and wars over resources. -/- A gold-based economy would also increase economic instability. Countries would hoard gold during crises, reducing money circulation and triggering deflation, unemployment, and recessions. Additionally, a reliance on gold would encourage illegal mining, black markets, and corruption, further destabilizing global economies. -/- Gold’s Role in World War II -/- Gold played a crucial role in World War II, financing both the Axis and Allied powers. Nations used gold to purchase war materials, pay for military expenses, and maintain economic stability during the conflict. -/- Nazi Germany’s Gold Hoarding and Economic Warfare -/- The Third Reich relied heavily on stolen gold to finance its war machine. The Nazis: -/- Looted central bank reserves from occupied countries such as Austria, Czechoslovakia, Poland, Belgium, and France. -/- Stole gold from individuals, especially Jewish victims of the Holocaust, by confiscating jewelry, coins, and even extracting gold from dental fillings. -/- Traded stolen gold with neutral countries, such as Switzerland, Spain, and Portugal, in exchange for vital war materials like oil, tungsten, and industrial equipment. -/- Deposited gold in Swiss banks, where it was laundered and converted into usable currency, allowing the Nazis to bypass economic sanctions. -/- Japan’s Gold Operations in Asia -/- Japan also plundered gold and resources from occupied territories in China, the Philippines, Malaya, and Indonesia. Some theories suggest Japan hid large amounts of looted gold, known as “Yamashita’s Gold”, in underground vaults in the Philippines. Like Germany, Japan used stolen gold to trade for fuel, weapons, and technology. -/- Allied Powers and Gold Reserves -/- While the Axis relied on looted gold, the Allied powers used their national gold reserves to finance their war efforts: -/- The United States and Britain backed war loans and military production with gold reserves. The U.S. used its gold stockpile to fund the Lend-Lease Program, which provided military aid to allies such as Britain, the Soviet Union, and China. -/- Britain moved its gold reserves to Canada for safekeeping, fearing a German invasion. -/- The Soviet Union used gold to purchase war materials from neutral nations, ensuring its war effort remained well-supplied. -/- Neutral countries like Switzerland, Spain, and Portugal facilitated war financing by exchanging gold for goods, often ignoring its origins. Swiss banks in particular played a key role in laundering Nazi gold, enabling Germany to continue funding its military. -/- The Shift to Fiat Currency -/- World War II demonstrated the financial instability of relying on gold, leading to major economic reforms. In 1944, the Bretton Woods Agreement established a new financial system, where the U.S. dollar was linked to gold, and other currencies were pegged to the dollar. This created stability in global finance. However, as economies grew, the limitations of gold-backed currency became clear. In 1971, the U.S. abandoned the gold standard, transitioning to a fully fiat currency system. -/- Fiat money allows governments to: -/- Expand the money supply to support economic growth. -/- Adjust interest rates and inflation to stabilize economies. -/- Avoid deflation and liquidity crises that plagued the gold standard. -/- Fiat currency also eliminates gold-related conflicts and reduces dependence on resource-intensive mining, benefiting both economies and the environment. -/- Conclusion -/- Gold has played a central role in economic history, from its use as money to its impact on global conflicts. While valuable, gold is impractical as modern money due to its physical limitations, deflationary risks, and geopolitical consequences. World War II showcased the dangers of gold hoarding and economic warfare, leading to the adoption of fiat currency. The transition to fiat money has enabled greater economic stability, flexibility, and global trade, making it the foundation of the modern financial system. -/- . (shrink)

Why Gold Is Not a Good Form of Money and the Need for Fiat Currency -/- Throughout history, gold has been used as money due to its scarcity, durability, and universal acceptance. However, as economies evolved, the limitations of gold as a monetary system became apparent. The shift to fiat currency was necessary to enable economic flexibility, stability, and growth. If gold were still the primary form of money, it could create major conflicts and hinder modern financial systems. -/- The (...) Limitations of Gold as Money -/- Gold presents several practical and economic challenges that make it unsuitable as modern money. First, it is not easily divisible or portable, making everyday transactions cumbersome. Carrying or transferring large amounts of gold requires security and infrastructure, adding to costs and inefficiencies. Additionally, its limited supply creates deflationary pressure, as economic growth outpaces gold mining, leading to falling prices and discouraging spending and investment. -/- Gold’s price volatility is another issue. Unlike fiat money, which central banks can regulate, gold’s value fluctuates based on global supply, demand, and geopolitical factors. This instability makes it a poor standard for a stable currency. Moreover, in an increasingly digital economy, gold is impractical for online transactions and electronic banking, where speed and efficiency are crucial. -/- Perhaps the most significant problem with a gold-based monetary system is the inflexibility it imposes on monetary policy. Governments and central banks use tools such as adjusting interest rates and increasing the money supply to manage inflation, recession, and economic growth. A gold standard would severely limit this ability, making financial crises more severe and recoveries slower. -/- The Risks of a Gold-Based Economy -/- If gold remained the primary form of money, it could create major economic and geopolitical conflicts. Gold is not evenly distributed worldwide, meaning nations with larger reserves would have disproportionate economic power, potentially leading to conflicts over resource control. Countries without sufficient gold would struggle to maintain their currencies, leading to trade wars and financial instability. -/- Additionally, the pursuit of gold could drive resource wars and environmental destruction. Nations and corporations would compete aggressively for gold mining rights, leading to exploitation, deforestation, and pollution, particularly in resource-rich but politically unstable regions. Black markets, smuggling, and gold hoarding would further destabilize economies, making it difficult to maintain financial stability. -/- A gold-based economy also increases the risk of severe economic crises. Since the money supply would be limited to gold reserves, liquidity shortages could trigger deflation, making debts harder to repay and causing widespread economic hardship. During recessions, governments would lack the flexibility to inject money into the economy, worsening unemployment and social unrest. -/- The Need for Fiat Currency -/- The transition to fiat money was essential to avoid these problems and allow economies to function efficiently. Unlike gold, fiat money is not limited by physical supply, enabling governments to expand the money supply in response to economic needs. This prevents deflation and ensures steady economic growth. -/- Fiat currency also provides better control over monetary policy. Central banks can adjust interest rates, inflation, and money supply to stabilize the economy. This flexibility was crucial in handling financial crises such as the Great Depression (1929) and the 2008 Financial Crisis, where governments needed to inject liquidity into markets. -/- Additionally, fiat money allows for stability in financial markets and global trade. Unlike gold, which fluctuates based on external factors, central banks can take direct actions to stabilize their currencies. Modern economies rely on digital transactions, banking systems, and credit markets, which would be nearly impossible under a gold-based system. -/- Furthermore, using fiat currency avoids conflicts over gold reserves and eliminates the need for large-scale mining operations that harm the environment. It also enables global cooperation through financial institutions like the International Monetary Fund (IMF) and the World Bank, helping maintain economic balance worldwide. -/- Conclusion -/- While gold was historically valuable as a medium of exchange, it is not suitable for the complexities of modern economies. Its physical limitations, deflationary risks, and geopolitical tensions make it impractical. The shift to fiat currency was necessary to allow economic growth, stability, and flexibility. Despite concerns about inflation, fiat money enables better financial management, global trade, and crisis prevention, making it the essential foundation of the modern financial system. -/- . (shrink)

The authors of the book have come to the conclusion that it is necessary to effectively use modern management mechanisms and development strategies of economic entities in order to increase the efficiency of their activities. Basic research focuses on diagnostics threat of bankruptcy, assessment of bioenergy potential, intellectual property, efficiency of corporate governance, use of information support, ensuring competitiveness of banking institutions, functioning of the tax system and its decentralization, assessment of the investment climate and investment risks, functioning of a (...) small business. The research results have been implemented in the different models of cluster structures, mechanisms for monitoring the quality of health care, predicting the convergence of economic development, innovative development models, and development strategies of economic entities in various sectors of the economy in the context of euro integration. The results of the study can be used in decisionmaking at the level of international business, ministries and departments that regulate the processes development of economic systems, ensuring stability and efficiency. The results can also be used by students and young scientists in modern concepts of the development of economic entities in the context of institutional transformations of the global environment. (shrink)

Though there is no international government, there are many international regimes that enact binding regulations on particular matters. They include the Basel II regime in banking, IFRS in accountancy, the FIRST computer incident response system, the WHO’s system for containing global epidemics and many others. They form in effect a very powerful international public sector based on technical expertise. Unlike the public services of nation states, they are almost free of accountability to any democratically elected body or to any legal (...) system. Although by and large they have acted for good, the dangers of long-term unaccountability are illustrated by the travesties of justice perpetrated by the International Labour Organisation Administrative Tribunal. (shrink)

Abstract : This research work examined how major macro economic variables in Nigeria such as Gross Domestic Product (GDP), Gross Fixed Capital Formation (GFCF) and National Savings (NS) reacted to International Monetary Fund (IMF) conditionality from 1986 to 2016. Many policy makers and researchers have questioned the benefits of IMF credit facilities to developing nations. This work therefore seeks to evaluate the impact of IMF conditionality like Reduction in Government Expenditure (TGE), Devaluation of Local Currencies (RER), and Trade openness (...) (TO) on the Identified Macro Economic Variable in Nigeria. The data for the analysis were sourced from the data bank of World Bank. Granger causality test and ordinary Least Square (OLS) method were used to test the formulated hypotheses. The result revealed that IMF conditionality has significant effect on GDP, GFCF and NS of Nigeria. Devaluation of local currency is the greatest IMF conditionality that exerts great negative influence on economic growth of Nigeria. The work recommends among others that: instead of currency devaluation, protectionist policies via guided liberalization should be promoted combined with the use of fiscal policy in order to encourage local production and usage of locally produced goods. TGE that showed significant positive effect on GDP, GFCF and NS is an indication that government can positively influence the economic positions of Nigeria with the use of fiscal policy. (shrink)

Many developing countries have reformed their national pension systems in response to ageing populations and to increase pension scheme participation. The World Bank has been active in pension reforms in developing countries since the 1990s, and Vietnamese pension reforms since 2004 have reflected many proposals of the World Bank – a leading international donor to Viet Nam since 1993. There have been many criticisms of the World Bank’s pension privatisation proposals for developing countries – for example, (...) the World Bank did not take into account country-specific environmental factors such as financial market conditions and regulatory capacity, and it focused on economic growth rather than old-age poverty reduction. -/- This research studies whether the Vietnamese pension reforms, with the World Bank as an active agent, have taken into account the concerns and expectations of an important stakeholder group: the Vietnamese people. Data was collected through semi-structured interviews and a survey of Vietnamese people. The findings from interviews and the survey were analysed with reference to the World Bank’s proposals for Viet Nam and changes in Vietnamese legislation. The aim of the research is to explore the extent to which the World Bank, with its global power, and the Vietnamese government, with its dependence on global finance and technical knowledge, have responded to concerns and expectations of Vietnamese people. (shrink)

The objective of this paper was to identify the level of demand in the Vietnamese fisheries sector for e-Nav – weather and sea condition forecast application developed by NASCA Geosystems. NASCA Geosystems is a small company of five people operating in the field of information technology consulting. Management at NASCA Geosystems wanted to study the Vietnamese market in order to expand their operation in Vietnam. In this thesis, both qualitative and quantitative methods were applied. The quantitative data was gathered from (...) the official statistic sources namely the General Statistics Office of Vietnam, Indexmundi, the United Nations and the World Bank. The qualitative research includes an email interview with the director of NASCA Geosystems and a personal interview with Mr. Tran Dinh Lan from the Institute of Marine Environment and Resources. (shrink)

Good governance, first appeared in the nineties within the United Nations, the World Bank and International Monetary Fund refers to describe how public organizations best conduct public affairs and deliver public goods and services. Today, about three decades later good governance seems to be still popular since there are still many challenges ahead for many governments especially in less-developed and developing countries. Hence the notion of good governance was emerged as a normative commencement of the principles, values and ethics (...) to realise the acts of governance. Some thoughts on good governance and related topics advocated by three great ancient philosophers, who appear to be relevant at the present time are considered herein. One of the said philosophers is Kautilya (also known as Chanakya and Vishnugupta), who lived in India around 150AD. The others are the two great Greek philosophers Plato (427- 347BC) and Aristotle (384-322 BC), who stand with Socrates as the shapers of the whole intellectual tradition of the West. The thoughts are extracted from that detailed manual of state-craft and the science of living known as the Arthashastra written by one of classical India’s greatest minds Kautilya, Plato’s great work known as ‘The Republic’ and Aristotle’s treatise titled ‘The Politics”. The objective of this paper is to study the thoughts of ancient Greek philosophers who lived many centuries ago and their ideas are still relevant today. (shrink)

We are living in a world full of turmoil and tribulations. At the dawn of twenty first century, humanity is facing severe challenges to its very existence. The ever increasing environmental pollution the prevalence of large-scale corruption at various levels in society (esp. in underdeveloped countries) are threatening its ecological and social fabric. The monsters of drug menace and AIDS are trying to snuff out the very life breath of human beings. The rise of terrorism and political rivalries among nations (...) are threatening the world peace. In such a dismal state of affairs, the clouds of destruction are looming large over the humankind. But there is a ray of hope in the form of Sri Guru Granth Sahib, for salvation of humanity from its present ills. Sri Guru Granth Sahib (SGGS), a unique religious and philosophic treatise, is a sublime blueprint to establish a reign of peace and prosperity on earth. It contains many divine messages unmistakably addressed to all humankind, which remain uniquely significant for all times and have a crucial relevance to the present time as well. (shrink)

Grete Hermann’s essay “Die naturphilosophischen Grundlagen der Quantenmechanik” has received much deserved scholarly attention in recent years. In this paper, I follow the lead of Elise Crull who sees in Hermann’s work the general outlines of a neo-Kantian interpretation of quantum theory. In full support of this view, I focus on Hermann’s central claim that limited spatio-temporal, and even analogically causal, representations of events exist within an overall relational structure of entangled quantum mechanical states that defy any unified spatio-temporal description. (...) In my view, Hermann also advances an important transcendental argument that perspectival spatio-temporal representations of nature have their foundations in general relational networks that are not spatio-temporal. The key point is that the adoption of a perspectival system within the general network induces the representation but only for that context. These ideas are consistent with a perspectival subject–object principle in Kant and also with Weyl’s work on Lie groups and their representations. (shrink)

This project is an investigation into the prospects for an antirealist theory of essence. Essentialism is the claim that at least some things have some of their properties essentially. Essentialist discourse includes claims such as “Socrates is essentially human”, and “Socrates is accidentally bearded”. Historically, there are two ways of interpreting essentialist discourse. I call these positions ‘modal essentialism’ and ‘neo-Aristotelian essentialism’. According to modal essentialism, for Socrates to be essentially human is for it to be necessary that he be (...) a human if he exists, and for Socrates to accidentally have a beard is for it to be contingent that Socrates has a beard if he exists. According to neo-Aristotelian essentialism, objects have definitions in something like the way words do. For Socrates to be essentially human but accidentally bearded is for it to be part of the definition of Socrates that he is human, but not part of that definition that he is bearded. I argue that both are susceptible to antirealist interpretation. This thesis sets about showing that this is the case. In Chapters One and Two I investigate neo-conventionalist theories of modality, in the hope of using such a position to develop an antirealist modal essentialism. In Chapter Three I discuss the debate between modal and neo-Aristotelian essentialism and conclude that it is by no means settled. In Chapter Four I develop an antirealist neo-Aristotelian essentialism based on the mechanism of one of the neo-conventionalist accounts of modality. In Chapter Five I argue that this account is in a better position to give an essentialist theory of necessity than its realist counterparts. I conclude that, regardless of whether one is a modal or neo-Aristotelian essentialist, antirealist essentialism is a viable theory of essence that is worthy of consideration in contemporary debate. (shrink)

Neutral monism is a position in metaphysics defended by Mach, James, and Russell in the early twentieth century. It holds that minds and physical objects are essentially two different orderings of the same underlying neutral elements of nature. This paper sets out some of the central concepts, theses and the historical background of ideas that inform this doctrine of elements. The discussion begins with the classic neutral monism of Mach, James, and Russell in the first part of the paper, then (...) considers recent neo-Russellian versions in the second half. The chances for a revival of neutral monism are probably slight; its key ideas and starting points lie far from those in contemporary philosophy of mind. A better route might be through the philosophy of science and a deeper understanding of causation. (shrink)

A look at the dynamical concept of space and space-generating processes to be found in Kant, J.F. Herbart and the mathematician Bernhard Riemann's philosophical writings.

Extension is probably the most general natural property. Is it a fundamental property? Leibniz claimed the answer was no, and that the structureless intuition of extension concealed more fundamental properties and relations. This paper follows Leibniz's program through Herbart and Riemann to Grassmann and uses Grassmann's algebra of points to build up levels of extensions algebraically. Finally, the connection between extension and measurement is considered.

This article argues that we can construct a complex interpretation of the nature of time by linking Aciman’s gnostic thread to aspects of twentieth century theory, from philosophy and psychoanalysis. In brief, it attempts to demonstrate the roles of dislocation, deferral, and Otherness in constituting human temporality. The essay begins by surmising the conceptual history of time, touching on key ideas put forward by Augustine and Bergson. The second section takes a psychoanalytic turn after exploring Homo Irrealis to describe the (...) significance of desire and fantasy. Thirdly, we develop a unique and temporal application of difference and deferral, building off of Deleuze and Derrida. The fourth section will consider how the psychoanalytic concept of the Other is inhered within time. We conclude that an Acimanic analysis of time is the means by which we can understand existence not as a series of moments, but a rich progression of dissimilitude and Otherness defined moreso by its lack of cohesion and directness of being than by a unified and self-identifying subject. (shrink)

"Is research in social sciences in Vietnam lagging behind?" is the big question that Prof. Vuong Quan Hoang from NVSSH, a network of researchers in social sciences and humanities under Phenikka University, and his co-workers conducted a survey to find why this had occurred.

William James' Radical Empiricist essays offer a unique and powerful argument for direct realism about our perceptions of objects. This theory can be completed with some observations by Kant on the intellectual preconditions for a perceptual judgment. Finally James and Kant deliver a powerful blow to the representational theory of perception and knowledge, which applies quite broadly to theories of representation generally.

This article distinguishes between Machian empiricism and the logical positivism of the Vienna Circle and associated philosophers. Mach's natural philosophy was a first order attempt to reform and reorganize physics, not a second order reconstruction of the "language" of physics. Mach's elements were not sense data but realistic events in the natural world and in minds, and Mach admitted unobserved elements as part of his world view. Mach's critique of metaphysics was far more subtle and concerned the elimination of sensory (...) visual imagery from natural science, leaving only concrete elements and functions, very much an inspiration to the young Einstein and Heisenberg and a useful engine of theory construction in physics. (shrink)