Chris Monsour
Chuck Stull
Economics of Global Travelers
18 April 2014
1.) A passage I found particularly interesting was regarding the French visitors who had been largely brought up on nude sunbathing. Not only could I believe that the French tourists were stoned by incensed villagers in certain situations, but I was appalled at the fact that they continued to come back as tourists and in larger numbers. The culture shock was much more severe on the part of the Turks as opposed to the French, even though French tourists had been killed because of the way they presented themselves on the beaches near the villages. More interestingly was the fact that the villagers then switched their hostile ways and began welcoming tourism with open arms encouraging nude beaches and other foreign cultural tendencies. Before they knew it, housing capacity for tourists began doubling over the years and the old, more serious culture that once reigned the land had become a relic of the past.
2.) "Life used to be fun, now it's just business." This quote from the story encompasses how the increase in tourism affected the lives of the villagers in Pomegranate and the economy as a whole. The economy changed the culture and created a strong emphasis on boosting profits in any way possible. The villagers did everything they could to please and attract the tourists in any way possible. The old style of music in the village had changed to Euro-pop, popular cultural dishes had been given western names such as "Hamburgers" and "Turkish Cuisine", signs that once prohibited nudity and skimpy bathing suits on the beaches now encouraged them, and western-style dress was pushed more on the tourists as opposed to old, and now illegal styles, such as the Fez. For the purpose of hammering down on profitability, the culture had changed drastically for the sake of the economy and the villagers were doing everything in their power to continue down that path. Tools, clothing, and other artifacts of the past had become sights only seen in museums, often viewed by older members of the culture who once used those very items in every day life.
3.) Tourism affects economics and culture in many ways. Much like what was seen in this Turkish village, the world as a whole has witnessed massive transitions in certain cultures and economies to adapt to and attract foreigners/tourism, often for the sake of profitability and cultural appeal. Countries that didn't have much modern technology and infrastructure comparable with more modernized countries began utilizing the influence of the modernized countries by nearly mimicking their cultures in every way possible to attract their citizens for the benefits that tourism offers struggling economies. Mexico, Jamaica, the Caribbean Islands, and many other places around the world that once lacked in modern infrastructure yet had perfectly functioning cultures of their own began the race to modernize and create alternative cultures that made tourists feel like they never left their countries. Whether it was abandoning old ways, politics, ways of thinking, and more, these countries and the people within them brought it upon themselves to adapt to other cultures in an attempt to win over tourists. Conflict has arisen in many cases such as these primarily due to older members of the societies changing their cultures standing up for what they and their ancestors built up in the past. The culture may end up changing but that doesn't mean that it is welcomed by everybody within the population. At the same time, in today's world, adapting to other cultures and advancing technology, economics, infrastructure, and more are truly the most important ways for countries to continue to grow. The old ways of living life before culture change don't have to be altered dramatically in these places, especially for the sake of tourism, however the desire to appeal to tourists often acts as a driving force behind countries that lack in modernization to begin expanding and flourishing in every way possible.
Friday, April 18, 2014
Wednesday, April 16, 2014
Part Four: International
Chris Monsour
Chuck Stull
Economics of Global Travelers
25 April 2014
1. International Trade (What? How much? To whom? From whom?)
The UAE and India are each other's main trading partners. India has many of its citizens working and living within the UAE. Just between the UAE in India, annual trade is in excess of $75 billion. Main import partners of the UAE are India with 17% of the import trade, China with 13.7%, the United States with 10.5%, Germany with 5.1%, and Japan with 4.2%. Import goods include machinery, chemicals, food, and transport equipment. The main exports of the UAE include crude oil, natural gas, dried fish, and dates. The countries that the UAE exports to in large include Japan taking 15.4% of UAE exports, India with 13.4%, Iran with 10.7%, Thailand with 5.5%, Singapore with 5.5%, and South Korea with 5.3%.
A) Exports: Exports totaled to over $314 billion in 2012, which made the UAE the second largest exporter in the Middle East.
B) Imports: Imports totaled to over $273.5 billion in 2012. The UAE recently surpassed Saudi Arabia as the largest consumer market in the Middle East.
2. Exchange Rate (Curent Value, Recent History)
Current FX Rate: USD/AED= $1/3.67 Dirham
AED has been depreciating to the USD in recent history, however much of the AED volatility has ceased post-2010.
3. Immigration/Emigration (From where? To where? How much?)
16.6% of the UAE population is Emirati while 23% of the population is composed of other Arabs. 42.3% of the population is from South Asia, 12.1% of the population is from other Asian countries, and 6% are expatriates. Emigration is not very common in the UAE, however Emirati citizens will often go to Asian countries such as Singapore or Malaysia. The UAE is a very diverse country which consists of people from all over the world, primarily from Asia and other Arabic countries.
4. Relations with other countries (Recent or Historical Conflicts/Allies)
The UAE has a liberal climate towards foreign cooperation, investment, and modernization has aided in diplomatic and commercial relations with other countries around the world. The UAE has a very crucial role in OPEC and the UN. The UAE is also one of the founding members of the Gulf Cooperation Council (GCC). The closest ally countries in the region to the UAE are Pakistan and Egypt. When Iran threatened to close off critical shipping lanes to and from the UAE due to Israeli/USA conflict, the UAE found a way around Iran's threats to continue aiding the US in trade. Iran and the UAE have and have had mixed relations. The UAE is generally a welcomed country all around the world and is important in world trading.
Chuck Stull
Economics of Global Travelers
25 April 2014
1. International Trade (What? How much? To whom? From whom?)
The UAE and India are each other's main trading partners. India has many of its citizens working and living within the UAE. Just between the UAE in India, annual trade is in excess of $75 billion. Main import partners of the UAE are India with 17% of the import trade, China with 13.7%, the United States with 10.5%, Germany with 5.1%, and Japan with 4.2%. Import goods include machinery, chemicals, food, and transport equipment. The main exports of the UAE include crude oil, natural gas, dried fish, and dates. The countries that the UAE exports to in large include Japan taking 15.4% of UAE exports, India with 13.4%, Iran with 10.7%, Thailand with 5.5%, Singapore with 5.5%, and South Korea with 5.3%.
A) Exports: Exports totaled to over $314 billion in 2012, which made the UAE the second largest exporter in the Middle East.
B) Imports: Imports totaled to over $273.5 billion in 2012. The UAE recently surpassed Saudi Arabia as the largest consumer market in the Middle East.
2. Exchange Rate (Curent Value, Recent History)
Current FX Rate: USD/AED= $1/3.67 Dirham
AED has been depreciating to the USD in recent history, however much of the AED volatility has ceased post-2010.
3. Immigration/Emigration (From where? To where? How much?)
16.6% of the UAE population is Emirati while 23% of the population is composed of other Arabs. 42.3% of the population is from South Asia, 12.1% of the population is from other Asian countries, and 6% are expatriates. Emigration is not very common in the UAE, however Emirati citizens will often go to Asian countries such as Singapore or Malaysia. The UAE is a very diverse country which consists of people from all over the world, primarily from Asia and other Arabic countries.
4. Relations with other countries (Recent or Historical Conflicts/Allies)
The UAE has a liberal climate towards foreign cooperation, investment, and modernization has aided in diplomatic and commercial relations with other countries around the world. The UAE has a very crucial role in OPEC and the UN. The UAE is also one of the founding members of the Gulf Cooperation Council (GCC). The closest ally countries in the region to the UAE are Pakistan and Egypt. When Iran threatened to close off critical shipping lanes to and from the UAE due to Israeli/USA conflict, the UAE found a way around Iran's threats to continue aiding the US in trade. Iran and the UAE have and have had mixed relations. The UAE is generally a welcomed country all around the world and is important in world trading.
Tuesday, April 15, 2014
Part Three: Tourism
Chris Monsour
Chuck Stull
Economics of Global Travelers
16 April 2014
1. Importance of Tourism to Country: Dubai alone witnesses over 9 million tourists annually. The number of tourists that visit the UAE annually fluctuates between 12-15 million people. Majority of tourists come from Africa, Europe, Asia, and the US, with the highest concentration of tourists hailing from Asia. Dubai International Airport is also in the top five busiest airports in the world.
2. Major Tourist Attractions: Dubai is the biggest tourist attraction in the UAE and arguably one of the most fascinating cities in the world. The Burj Al Arab hotel in Dubai is the world's only 7-star hotel and boasts some of the most incredible architecture ever seen on a building. Another major attraction in Dubai is the world's tallest building; the Burj Khalifa. Aside from the buildings in Dubai, there are numerous shopping malls, artificial islands, national parks, zoos, and incredible restaurants scattered throughout the country. Ferrari World in Abu Dhabi is one of the UAE's newest attractions that has brought in millions of visitors alone.
3. Abu Dhabi maintains over 2,000 parks and gardens both in and around the city, In Dubai, there are over 22 national parks and zoos as well as four aquariums. All together, the UAE has thousands upon thousands of well-maintained national parks, public beaches, gardens, and nature preserves. The UAE government is very serious when it comes to the well-being of the beauty of the UAE. It's already hard enough to keep foliage and animals healthy when temperatures are over 100 degrees fahrenheit for majority of the year while water proves to be scarce for majority of the country. It is up to the people of the UAE to maintain their country and keep it looking beautiful.
4. Important Museums
There are roughly 14 prominent museums scattered throughout the UAE. Majority of these museums are dedicated to the holy families that have run the UAE in it's long past. One of the more anticipated museums in the UAE is the Louvre Abu Dhabi, which will be completed in 2015. It is being designed by the same people that built the Louvre in Paris, France. It will solely be dedicated to classical art and is roughly 260,000 sq. feet in size.
Thursday, April 10, 2014
Part Two: Economics
Chris Monsour
Chuck Stull
Economics of Global Travelers
11 April 2014
1. GDP: The GDP of the United Arab Emirates as of 2013 is $319 million. (The World Factbook)
2. GDP Per Capita: The GDP Per Capita of the United Arab Emirates as of 2013 is $29,900. (The World Factbook)
3. Life Expectancy: 77.09 years (The World Factbook)
4. Poverty Rate: 19.5%
5. Literacy Rate: 90% of total population.
6. Unemployment Rate: 4.2%
7. Inflation: 1.3% as of 2013 (The World Factbook)
1. Natural Resources:
-Climate: Desert climate with extreme humidity in coastal regions. It is often cooler in the eastern mountains.
-Natural Resources: Petroleum and Natural Gas.
-Agricultural Land: Approximately 160,000 hectares. Obstacles to agriculture include locus swarms, lack of arable land, limited water supplies, and intense heat.
-Rainfall: In some cities, rainfall is less than an inch per year. In the mountains, rainfall can surpass 13 inches.
-Major Rivers: The UAE has no permanent rivers, however the desert area of Abu Dhabi includes two important oases with adequate underground water for settlements and cultivation. The Persian Gulf is also to the North the UAE.
2. Labor:
-Size of Labor Force: 4.588 million
-Education System: Public education system is free for boys and girls. The UAE has one of the lowest student to teacher ratios in the world. Literacy between the ages of 15-24 is nearly 100%.
3. Capital
-Industry and Technology: Petroleum, petrochemicals, fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, boat building, handicrafts, and textiles.
-Infrastructure: Infrastructure in the UAE is extremely well developed. This happened due to a period of rapid progress that saw the construction of residential infrastructure, tourism and tourist attractions, and industrial and commercial facilities on massive scales, radically altering the urban environment in the UAE.
Chuck Stull
Economics of Global Travelers
11 April 2014
1. GDP: The GDP of the United Arab Emirates as of 2013 is $319 million. (The World Factbook)
2. GDP Per Capita: The GDP Per Capita of the United Arab Emirates as of 2013 is $29,900. (The World Factbook)
3. Life Expectancy: 77.09 years (The World Factbook)
4. Poverty Rate: 19.5%
5. Literacy Rate: 90% of total population.
6. Unemployment Rate: 4.2%
7. Inflation: 1.3% as of 2013 (The World Factbook)
1. Natural Resources:
-Climate: Desert climate with extreme humidity in coastal regions. It is often cooler in the eastern mountains.
-Natural Resources: Petroleum and Natural Gas.
-Agricultural Land: Approximately 160,000 hectares. Obstacles to agriculture include locus swarms, lack of arable land, limited water supplies, and intense heat.
-Rainfall: In some cities, rainfall is less than an inch per year. In the mountains, rainfall can surpass 13 inches.
-Major Rivers: The UAE has no permanent rivers, however the desert area of Abu Dhabi includes two important oases with adequate underground water for settlements and cultivation. The Persian Gulf is also to the North the UAE.
2. Labor:
-Size of Labor Force: 4.588 million
-Education System: Public education system is free for boys and girls. The UAE has one of the lowest student to teacher ratios in the world. Literacy between the ages of 15-24 is nearly 100%.
3. Capital
-Industry and Technology: Petroleum, petrochemicals, fishing, aluminum, cement, fertilizers, commercial ship repair, construction materials, boat building, handicrafts, and textiles.
-Infrastructure: Infrastructure in the UAE is extremely well developed. This happened due to a period of rapid progress that saw the construction of residential infrastructure, tourism and tourist attractions, and industrial and commercial facilities on massive scales, radically altering the urban environment in the UAE.
Tuesday, April 8, 2014
News Summary Blog #1
Expats Face Challenges Finding Work in the UAE, Despite Buoyant Economy and Strong Job Growth
By: Chris Monsour
Link: http://www.ibtimes.com/expats-face-challenges-finding-work-united-arab-emirates-despite-buoyant-economy-strong-job-growth
1. The UAE has always been a world leader in the oil market and is one of the wealthiest states on the planet. While the UAE continues to grow in the oil industry, private and public business leaders within the country are focused on diversifying into other business industries and giving work to UAE citizens as opposed to foreigners. Expats make up a very large part of the UAE population. Throughout the years, expats have gone to the UAE primarily for the high salaries and lavish lifestyles often promised with working there, however that has all changed to allow the growth of the UAE's own citizens. In recent years, expats have mainly been sought out in the work place when specialization was needed. Today, the problem in the UAE regards expats being in high demand for work while private and public companies are doing all they can to continue to be fair to the citizens of the UAE.
2. This issue can be related to supply and demand. The expats are in demand of new jobs, however the supply does not match the demand. Because of this, there is an excess demand for jobs by expats within the UAE. As the UAE continues to diversify into different industries, the supply of jobs will eventually meet the demand for jobs forming an equilibrium growth situation, which is beneficial for expats looking for jobs, UAE citizens looking for jobs, and the UAE's economy.
3. An excess supply of UAE citizens in the job market was alarming to the government and because of this, priority was placed on UAE citizens when it came time to hire workers into new business positions. Over time, as the economy grew, UAE citizens began getting more and more educated and taking the jobs away from the expats. It grew to the point where expats were only needed when specialization came into play. As the UAE continues to diversify, the supply and demand of jobs for expats in the UAE will meet at its equilibrium point, making everybody happy in the process. This is not an overnight solution, however the UAE is working hard to ensure their plans of diversification are beneficial to everybody involved in the UAE labor force.
By: Chris Monsour
Link: http://www.ibtimes.com/expats-face-challenges-finding-work-united-arab-emirates-despite-buoyant-economy-strong-job-growth
1. The UAE has always been a world leader in the oil market and is one of the wealthiest states on the planet. While the UAE continues to grow in the oil industry, private and public business leaders within the country are focused on diversifying into other business industries and giving work to UAE citizens as opposed to foreigners. Expats make up a very large part of the UAE population. Throughout the years, expats have gone to the UAE primarily for the high salaries and lavish lifestyles often promised with working there, however that has all changed to allow the growth of the UAE's own citizens. In recent years, expats have mainly been sought out in the work place when specialization was needed. Today, the problem in the UAE regards expats being in high demand for work while private and public companies are doing all they can to continue to be fair to the citizens of the UAE.
2. This issue can be related to supply and demand. The expats are in demand of new jobs, however the supply does not match the demand. Because of this, there is an excess demand for jobs by expats within the UAE. As the UAE continues to diversify into different industries, the supply of jobs will eventually meet the demand for jobs forming an equilibrium growth situation, which is beneficial for expats looking for jobs, UAE citizens looking for jobs, and the UAE's economy.
3. An excess supply of UAE citizens in the job market was alarming to the government and because of this, priority was placed on UAE citizens when it came time to hire workers into new business positions. Over time, as the economy grew, UAE citizens began getting more and more educated and taking the jobs away from the expats. It grew to the point where expats were only needed when specialization came into play. As the UAE continues to diversify, the supply and demand of jobs for expats in the UAE will meet at its equilibrium point, making everybody happy in the process. This is not an overnight solution, however the UAE is working hard to ensure their plans of diversification are beneficial to everybody involved in the UAE labor force.
Sunday, April 6, 2014
Part One: Culture (UAE)
United Arab Emirates
1. Popular Sports (Including Popular Teams or Athletes)
Popular sports in the UAE include falconry, boat racing, camel racing, rugby, tennis (Dubai Tennis Championships), soccer (football) (UAE Football Association), motor sports (Abu Dhabi Grand Prix, Dubai International Rally, etc), and cricket (UAE National Cricket Team).
2. Music (Traditional Music, Popular Music, Well-Known Performers)
Rock, metal, jazz, traditional arabic, and cover band music are all very popular in the UAE, especially in the city of Dubai. Popular artists include Mohammed Al Muhairi, Ahlam Ali Al Shamsi, Hussain Al Jasmi, and more. Popular and traditional bands include Gandhi's Cookbook, Abhorred, Dahab, Kamal Musallam, and more.
3. Food (Traditional Foods, Popular Foods)
The food culture of the UAE is cosmopolitan with different dishes coming from around the world. Typical arabic cuisine is prevalent in the UAE, especially hummus, kebab, falafel, sheep, seafood, shawarma, dates, many different wheat blends, and poultry.
4. Major Religious and/or Spiritual Beliefs
100% of Emirate citizens are Muslim, predominantly Sunnis. Expatriates/foreigners, which make up 42% of the population, primarily come from South Asia. Their religions include Hinduism, Buddhism, and Christianity.
5. National Holidays and Traditional Customs
National holidays include the Day of Sacrifice, Ramadan, the Islamic New Year, the Night Journey, New Year's Eve/Day, and Arafat Haj Day. Most gulf countries follow the Islamic Calendar. Western clothing is the norm, especially with foreigners, however traditional dress for men includes white robes and sandals while women are encouraged to completely cover themselves from head to toe.
6. Popular TV Shows or Movies (And Popular Stars)
Reality TV, news, dramas, and talent shows (Arab Idol, Arab's Got Talent) are very popular in the UAE. Bollywood and Pakistani films and TV shows are often shot in the UAE. The Dubai International Film Festival and the Gulf Film Festival are very big and highly attended movie screenings within the country that bring a lot of attention to the middle-eastern film scene. Popular figures in UAE entertainment include Bassam Al-Thawadi, Mariam Sultan, Khaled Siddiq, Khalifa Shaheen, and Saad al Faraj.
7. Online News Sources (With Links)
Below are links to the more popular online news outlets for the UAE.
Khaleej Times: http://www.khaleejtimes.com/index00.asp
Al-Jazeera: http://america.aljazeera.com
GoDubai News: http://www.godubai.com/news/
CNBC Arabia: http://www.cnbcarabia.com
Gulf News: http://gulfnews.com
8. Online Forums for Expatriates (Include Links)
InterNations: http://www.internations.org/uae-expats/forum
Expat Chat Dubai: http://forum.expatechodubai.com
9. Type of Government (Plus Political Leaders, Political Parties)
President: Khalifa bin Zayed Al Nahyan
Prime Minister: M. bin Rashid Al Maktoum
Federal National Council Speaker: Mohammad Al Murr
UAE Constitution Adoption: 1971
Government Type: Absolute Monarchy
The UAE is a federation of seven constituent monarchies: The Emirates of Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Qaiwain. Each Emirate has its own ruler with the rulers instilling local government policies.
-President Shaikh Khalifa bin Zayed Al Nahyan: Ruler of Abu Dhabi
-Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum: Ruler of Dubai
-Dr. Sheikh Sultan bin Mohamed Al-Qasimi: Ruler of Sharjah.
-Sheikh Saud bin Saqr al Qasimi: Ruler of Ra's al Khaimah
-Sheikh Hamad bin Mohammed Al Sharqi: Ruler of Fujairah
-Sheikh Saud bin Rashid Al Mu-alla: Ruler of Umm al Qaiwain
-Sheikh Humaid bin Rashid Al Nuaimi: Ruler of Ajman
1. Popular Sports (Including Popular Teams or Athletes)
Popular sports in the UAE include falconry, boat racing, camel racing, rugby, tennis (Dubai Tennis Championships), soccer (football) (UAE Football Association), motor sports (Abu Dhabi Grand Prix, Dubai International Rally, etc), and cricket (UAE National Cricket Team).
2. Music (Traditional Music, Popular Music, Well-Known Performers)
Rock, metal, jazz, traditional arabic, and cover band music are all very popular in the UAE, especially in the city of Dubai. Popular artists include Mohammed Al Muhairi, Ahlam Ali Al Shamsi, Hussain Al Jasmi, and more. Popular and traditional bands include Gandhi's Cookbook, Abhorred, Dahab, Kamal Musallam, and more.
3. Food (Traditional Foods, Popular Foods)
The food culture of the UAE is cosmopolitan with different dishes coming from around the world. Typical arabic cuisine is prevalent in the UAE, especially hummus, kebab, falafel, sheep, seafood, shawarma, dates, many different wheat blends, and poultry.
4. Major Religious and/or Spiritual Beliefs
100% of Emirate citizens are Muslim, predominantly Sunnis. Expatriates/foreigners, which make up 42% of the population, primarily come from South Asia. Their religions include Hinduism, Buddhism, and Christianity.
5. National Holidays and Traditional Customs
National holidays include the Day of Sacrifice, Ramadan, the Islamic New Year, the Night Journey, New Year's Eve/Day, and Arafat Haj Day. Most gulf countries follow the Islamic Calendar. Western clothing is the norm, especially with foreigners, however traditional dress for men includes white robes and sandals while women are encouraged to completely cover themselves from head to toe.
6. Popular TV Shows or Movies (And Popular Stars)
Reality TV, news, dramas, and talent shows (Arab Idol, Arab's Got Talent) are very popular in the UAE. Bollywood and Pakistani films and TV shows are often shot in the UAE. The Dubai International Film Festival and the Gulf Film Festival are very big and highly attended movie screenings within the country that bring a lot of attention to the middle-eastern film scene. Popular figures in UAE entertainment include Bassam Al-Thawadi, Mariam Sultan, Khaled Siddiq, Khalifa Shaheen, and Saad al Faraj.
7. Online News Sources (With Links)
Below are links to the more popular online news outlets for the UAE.
Khaleej Times: http://www.khaleejtimes.com/index00.asp
Al-Jazeera: http://america.aljazeera.com
GoDubai News: http://www.godubai.com/news/
CNBC Arabia: http://www.cnbcarabia.com
Gulf News: http://gulfnews.com
8. Online Forums for Expatriates (Include Links)
InterNations: http://www.internations.org/uae-expats/forum
Expat Chat Dubai: http://forum.expatechodubai.com
9. Type of Government (Plus Political Leaders, Political Parties)
President: Khalifa bin Zayed Al Nahyan
Prime Minister: M. bin Rashid Al Maktoum
Federal National Council Speaker: Mohammad Al Murr
UAE Constitution Adoption: 1971
Government Type: Absolute Monarchy
The UAE is a federation of seven constituent monarchies: The Emirates of Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Qaiwain. Each Emirate has its own ruler with the rulers instilling local government policies.
-President Shaikh Khalifa bin Zayed Al Nahyan: Ruler of Abu Dhabi
-Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum: Ruler of Dubai
-Dr. Sheikh Sultan bin Mohamed Al-Qasimi: Ruler of Sharjah.
-Sheikh Saud bin Saqr al Qasimi: Ruler of Ra's al Khaimah
-Sheikh Hamad bin Mohammed Al Sharqi: Ruler of Fujairah
-Sheikh Saud bin Rashid Al Mu-alla: Ruler of Umm al Qaiwain
-Sheikh Humaid bin Rashid Al Nuaimi: Ruler of Ajman
Wednesday, April 2, 2014
Chapter 1: Reinventing the Bazaar (Questions)
Chris Monsour
Chuck Stull
Econ for Global Travelers
April 4, 2014
1. McMillan states that autonomy, freedom, information, trust and competition are key in functioning marketplaces. McMillan says that "decision-making autonomy is key" in a healthy and functioning marketplace. He goes on to state that the freedom to choose what to buy without an authoritative power controlling the buyer and or seller is what defines a marketplace. In the context of the corporate marketplace involving the buying and selling of raw materials for instance, McMillan states that "it is a market economy because even these non market transactions take place within the context of markets." McMillan goes on to say that "nobody is in charge of a market," as well as stating that "free decision-making is key-it shapes and supports the process of transacting." Again, these ideas apply to the principal of freedom within the marketplace. McMillan stresses the importance of information in a marketplace by stressing that "a market works well only if information flows smoothly through it." He also states that "a market works well only if people can trust each other."
2. Flourishing markets have brought success and prosperity to people while failing markets have destroyed families, lives, and economies. Distrust in the marketplace will always be present mainly due to the track record it possesses. Even though a free market may exist in some places, not all are free enough to take advantage of it, especially those who suffer in poverty. People may distrust government control over economic decisions because as much as the government wants to speak on behalf of the people, the government cannot cover every individual need of a person within an economy. At the same time, many around the world witness their governments struggle to maintain healthy economies, even in the US! I support free markets and am against large government restrictions within them mainly for fiscal purposes.
3. Anti-trust laws encompassing acts such as monopolization, exclusive dealing, and predatory pricing allow for a more free and fair market environment that encourages ideas, structured risk, growth, and success. If two companies ran the world, chaos would surely ensue, much like in folk football when the strongest men controlled the field.
Chuck Stull
Econ for Global Travelers
April 4, 2014
Reinventing the Bazaar (Questions 1-3)
2. Flourishing markets have brought success and prosperity to people while failing markets have destroyed families, lives, and economies. Distrust in the marketplace will always be present mainly due to the track record it possesses. Even though a free market may exist in some places, not all are free enough to take advantage of it, especially those who suffer in poverty. People may distrust government control over economic decisions because as much as the government wants to speak on behalf of the people, the government cannot cover every individual need of a person within an economy. At the same time, many around the world witness their governments struggle to maintain healthy economies, even in the US! I support free markets and am against large government restrictions within them mainly for fiscal purposes.
3. Anti-trust laws encompassing acts such as monopolization, exclusive dealing, and predatory pricing allow for a more free and fair market environment that encourages ideas, structured risk, growth, and success. If two companies ran the world, chaos would surely ensue, much like in folk football when the strongest men controlled the field.
Tuesday, April 1, 2014
Writing Response #1 (April 4, 2014)
Chris
Monsour
Professor
Stull
Economics
of Global Travelers
April
2, 2014
Why Did Human History Unfold Differently
On Different Continents For The Last 13,000 Years?
Jared Diamond's debate on why human history unfolded
differently on different continents is largely centered around how differences
in the geography, climate, and domestication of plants and animals had affected
the evolution of the world's cultures. Diamond uses numerous continents as
examples and thoroughly points how the similarities, advantages, and
disadvantages between them shaped how their inhabitants came to thrive in the
world.
Some of Diamond’s key themes include the importance of
geography, the effects of unsteady climate, and the domestication of plants and
animals. Citing numerous continents as examples, Diamond goes as far as to
explain how their locations on the earth’s axis affected how their
civilizations evolved. He was very interested in understanding how certain cultures
were able to utilize ocean-going ships, bronze and steel weapons, and
domesticated animals, while other cultures with similar climates and resources
were unable to produce the same. Diamond even delves into how immunities to
certain diseases in the Eurasian cultures were not present in the Americas,
thus speeding up the process of plague expansion. These realizations led to the
destruction of indigenous people in many places, simply because they lacked the
technology and health to defend themselves upon attack.
Diamond places a heavy importance on technology, geography,
and the ability to domesticate animals. Society’s success depends on how well
people are able to defend themselves and thrive as a culture from day to day.
What was apparent in Eurasia was not the same in places like the Americas,
Africa, and Australia. The layout and climate of Eurasia complimented a
lifestyle of innovation in technology and the raising of farm animals.
Domesticated farm animals led to Eurasia's world dominance due to their ability
to create opportunity. As Diamond had stated, "the differences between
human societies on different continents seems to me to be attributable to
differences among continental environments." With the proper geography,
advancements in technology and agriculture were able to be achieved, which then
led to political power and military dominance.
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