Daily Assignment Essay Example | Topics and Well Written Essays - 750 words - 1

Daily Assignment - Essay Example 3. The Americans rural economies reinforced the elements of tradition society via numerous ways such as holding cultural events maintain videos and recordings that may help the future generation to understand their traditions. They perform thanks giving ceremonies to reinforce their traditions. Further, the maintain museums and monument sites to foster the elements of tradition society. 4 Slavery and free labour affected social surplus in the sense that it infringed some members of the society whereby, those subjected to slavery to produced surplus labour which benefited those who did not work. This means that the output was maldistributed because there was unequal allocation of resources. 5 The elements of command that still exist in the U.S today include: the economy has a very powerful sectors of the government. A part from labour all other factors of production are owned by the state. The government plans how resources are going to be distributed among various economic sectors. 6 The specific difference between Agricultural society and industrial society is that agricultural society is based on farming while Industrial society is based on application of machines to produce. Further, agricultural society produces raw materials while industrial society converts raw materials into finished products. 7 I would consider Serf to have been exploited by their Feudal Lords because they were underpaid despite doing complex jobs. The benefit gained by Serfs according to Feudal lords is the benefit of security, place to stay and land for farming. The cost involved was that, Serf had to pay some fee for the use of land to the Lords, further they were supposed to work in the houses and fields as feudal lords slaves. 8 The difference between guild and modern business is that, during ancient periods women could not be members of guilt unlike today where women are members. Guild required members to learn, keep and pass trade skills to the

Newly Industrialized Countries Essay Example | Topics and Well Written Essays - 2000 words

Newly Industrialized Countries - Essay Example According to the study the NICs face a challenge as to make their development sustainable they need to manage the process of development efficiently. They also need to combat poverty, preserve natural resources, and promote rural development. Not all decisions take by such NICs have proved to be right in the long run and the other developing countries have lessons to be learnt if they are seeking to grow faster. This paper highlights that countries can either opt to have an import-substitution strategy or export-oriented strategy. The first generation NICs included Spain, Portugal, Greece, Yugoslavia, Brazil and Mexico, Hong Kong, South Korea, Singapore and Taiwan. These countries started to lose their comparative advantage as unskilled labor became scarce and wage rates started to rise. This implies that trade plays an important role in helping the developing countries to take off. Stiglitz suggests that trade liberalization must be balanced in agenda, process and outcome. Trade liberalization should concentrate not only in sectors that developed countries have comparative advantage, like financial services, but also in which the developing countries have special interest like agriculture and construction services. The developing countries have a disadvantage in participating in negotiations. Not having a representation in WTO serves as a disadvantage. Developing countries face greater vola tility and opening to trade contributes to that volatility. Developing nations have persistent problems of high unemployment. Trade liberalization is necessary but not sufficient to reap full benefits from integration into world economy. The costs of liberalization in developing nations are higher. Thus, the developing countries seeking to grow fast should ensure that they have a comprehensive approach in liberalizing trade.