Are you an economist?
Grade 11 HL 1
Post your views in the comment box
Explain the type of economic system in the country that is allocated to you. Analyse and evaluate that specific system has been successful in solving the economic problem of the country.
Some selected videos:
3: Mixed and command economies rap
4. Capitalism and Socialism: Crash Course World History
5. Practice Quiz
4. Capitalism and Socialism: Crash Course World History
5. Practice Quiz
Word Count: 300 words
Due date for submission: Thursday Sept 3rd 2015.
| 1 | Aditya Jalan | Netherlands | |||
| 2 | Arjun Sonchhatra | New Zealand | |||
| 3 | Ashna Joshi | Argentina | |||
| 4 | Jay Mehta | Australia | |||
| 5 | Mishaal Kirplani | Austria | |||
| 6 | ParmanganaMehta | Bahrain | |||
| 7 | Rishabh jadhav | Bangladesh | |||
| 8 | Samriddh Jain | Belgium | |||
| 9 | Aadesh Sanghvi | Spain | |||
| 10 | Shalini sinha | Bulgaria | |||
| 11 | Shiuli Aggarwal | Cambodia | |||
| 12 | ShruitMaheshwari | RussianFederation | |||
| 13 | Siddant jain | Canada | |||
| 14 | Tanisha Diggikar | Singapore | |||
| 15 | Tarini Gandhi | China | |||
| 16 | Unaiza Rajan | Colombia | |||
| 17 | Vedant Patodia | Cuba | |||
| 18 | Yash Shah | Cyprus | |||
| 19 | ZaraHeeramanek | Czech Republic | |||
28 comments:
New Zealand is a small island located in the South Pacific Ocean. It is a democracy and thus has a free market economy which means that decisions are made by both the government and the people.
It's main industries are food processing, textile ( wool since sheep outnumber every one person in the ratio 1:19) and tourism too. The service sector is most prominent is New Zealand comprising of 76% of the country's gross domestic product which is $41,555 per capita. It is one of the freest country's in the world, 3rd to be specific, it has progressed unimaginably from a small tribe of maori's to a country consisting of several important ports and various other features. New Zealand has a growth enhancing tax system and also supports science and innovation.
A major economic problem unfortunately in New Zealand is the unemployment rate which is climbing each year and has now reached approximately 7. The government is trying to combat this problem by encouraging entrepreneurship and also allowing people to educate themselves at a much lower cost. Poverty is also present on relatively large scale as around 300,000 children are suffering. NGOs and Donations are encouraged and those who take these initiatives are often looked well upon by society. Recession and inflation at the rate of 1% year on year is also another issue.
The economic problem will always exist and these are just a few ways to try and solve the problem.
Bibliography:
http://www.heritage.org/index/country/newzealand
Wikipedia
Forbes Magazine
http://neweconomics.net.nz/index.php/new-zealands-challenges/
wow, wonderful work Arjun. I appreciate the way you inculcate the facts with your mini essay. Good to see that you have started following the referencing. If possible go through the google and learn the MLA referencing style. For your help I have already posted a link of MLA referencing PPT go through it , your will learn the precise way of referencing.
Keep going.
Australia ranked as the 12th richest country In terms of its Gross Domestic Produce, which is a staggering 1.525 trillion US dollars. It is a democracy and follows the principal of a free economy, in which both the government and people play a role.
The service or the tertiary sector contributes to 68 percent of the annual GDP of Australia. An interesting fact about the Australian economy is the fact that it has a mere 1.8 percent in average tariff rates, it is a very open market and has free trade agreements with numerous countries including China, Canada, Korea and New Zealand. There is a very high percentage of business freedom in the Australian economy, 94.1 to be precise. This makes it very easy for businesses to start up and they do not even require minimum capital to start their business, which in many other countries is a requirement. Originally the primary sector was Australia’s main source of income, by exporting wool all over the world. However as time passed, Australia became very modernized and hence focus shifted to the service sector.
Current Australia’s median wealth of 222000 Us dollars, is the highest in the whole world. The standards of living of each citizen are proven to be far more than the citizens of USA and numerous other nations. However in recent years the contribution from the secondary sector of Australia is an alarming situation. Australia is sometimes referred to as a ‘two speed economy’ because of this. This is taking a toll on the value of the Australian pound and a decline in this industry has left the projected GDP to rise by 2.6 percent in 2016. To prevent this, the Australian Government is trying to privatize many businesses in the secondary sector in the hope of increasing the quality of the products. In spite of this the Australian economy is extremely strong and from what we can observe it will continue to be so in the near years.
Bibliography
http://www.economywatch.com/world_economy/australia/ http://www.australiaonnet.com/economy-business/economic-system.htmlhttp://www.heritage.org/index/country/australiahttps://en.wikipedia.org/wiki/Economy_of_Austria
The economy of CYPRUS. YASH SHAH
Cyprus is an island in the Mediterranean Sea, and is a part of the continent of Europe. Cyprus adopted the euro in 2008 and has there fore been a victim of the Eurozone crisis, which has taken its toll on the economy. Cyprus has an open, free-market, service-based economy. This essentially means that the government has little or no control of the market. Unemployment in Cyprus was at an all time low of 3.2% in 2008 but since then its been on the rise constantly, latest surveys indicate it at being in the region of 16.3%. This is due to the aforementioned Eurozone crisis as well as the Greek crisis as more than a quarter of trade comes from the country. Out of the entire work force employed in the country 80.1% work in the service sectors (tertiary sector), 16% in the industrial sector (secondary sector) and 3.9% in the agricultural sector (primary sector). Which shows us that Cyprus is a developed nation that relies on imports and exports for its primary resources such as crops, fruits, etc. and since Greece is its top importer and exporter its clear how the Greek crisis have severely damaged the Cypriot economy. In 2012 Cyprus found itself in a substandard situation during which an economic crisis in the Republic of Cyprus that involves the exposure of Cypriot banks to overleveraged local property companies, the Greek government-debt crisis, the downgrading of the Cypriot government's bond credit rating to junk status by international credit rating agencies, the consequential inability to refund its state expenses from the international markets and the reluctance of the government to restructure the troubled Cypriot financial sector. On March 25th 2013 the EC offered Cyprus 10 billion euros as an international bailout in return Cyprus had to close down the Cyprus popular bank. Since January 2012, Cyprus had been relying on a €2.5bn (US$3.236 billion) emergency loan from Russia to cover its budget deficit and re-finance maturing debt. The loan has an interest rate of 4.5%, with no repayment until its maturity ends after 4.5 years. Thus concluding that Cyprus is in a miserable situation currently and will be in such a condition till they reconstruct their financial structure.
Bibliography
http://www.tradingeconomics.com/cyprus/unemployment-rate
https://en.wikipedia.org/wiki/Economy_of_Cyprus#Economy_in_the_government-controlled_area
http://www.heritage.org/index/country/cyprus
http://www.cyprusmanufacture.com/
http://www.economist.com/blogs/freeexchange/2013/03/interview-athanasios-orphanides
economy of Canada -siddhanth jain
CANADIAN ECONOMY
Canada is country located in north America and has a mixed economy with a free market
Canada’s economy includes three major types of industries
1.service industries
2.maufacturing industries
3.natrual resources industries
More than 75% of Canadians are in the service sector and this forms the basis of their economy, however there are still a few farmers in the country but it is concentrated in only a few parts of the country and is a industry which is declining rapidly however with GM crops and modern agricultural techniques have given this industry a major boost. The manufacturing industry is no better shape and employs on 13% of the total labor force available in the country which is not that great for the amount of natural resources present in the country, Canada is also under populated hence its resources cannot be used to their full potential and this has a negative impact on the economy of the nation
TRADE
Canada’s economy depends on trade as 40% of its GDP comes from trade and out of the about 80% is trade with the US. Canada majorly exports to the US and some economists consider the two economies to be one
TAX
It consists of 36% of the countries GDP and tax is majorly got from sales tax and income tax .
The upper rate for income tax is 29% while the lower rate is 15%. And everything bought in Canada has a goods and service tax of about 5% on it.
2015
Canada has fallen into rescission after shrinking 0.8% in the first quarter, however this is not as harsh as economist expected a 1% decline in the first quarter. Growth expectations aren’t that high as there are low oil prices and slow global growth this pressurizes the resource sector of Canada
Sources : http://www.thecanadaguide.com/the-economy
http://www.cic.gc.ca/english/resources/publications/discover/section-12.asp
http://www.thestar.com/business/2015/09/01/canadian-economy-in-recession-gdp-figures-show.html
Colombia’s economy is an open market economy which implies that price of goods and services is governed by the forces of demand and supply, and not by manipulation by cartels or government policies.
The mean duty rate is 4.4 percent and it is a part of the pacific alliance. International and domestic investors are generally treated equally under the law. Private institutions control the expanding financial sector. Credit is granted on market terms, and international firms receive same treatment. Access to long-term financing can be difficult. These are two of the most important statistics
Unemployment- 10.5%
Inflation (CPI)- 2.0%
• Agriculture has been the major economic activity in Colombia. Coffee is the chief produce and its price on the global market has affected Colombia's economic situation. Commercial crops such as coffee bananas, cotton, sugarcane, oil palm, and tobacco are grown. Potatoes, beans, grains are also grown but at different altitudes. Therefore, the primary sector generates most of the income.
• Colombia has minerals including petroleum, natural gas, coal, iron ore, nickel, gold, copper, and platinum in abundance
• Oil overtook coffee as the nation's leading legal export in 1991. Official exports comprised of petroleum-related goods, coal, nickel, emeralds.
• Cocaine is the chief illicit export, making up for about 25% of foreign exchange earnings. Cultivation has increased in Colombia as a result of nations coca-eradication programs. The drug trade (Colombia also produces heroin and grows cannabis) has brought riches to some, but has seriously disrupted the Colombian society with its bad effects.
• Industrial and transportation equipment, consumer goods and power sources dominate Colombia's imports.
• Colombian automobile industry, where imports account for 65% of sales.
• Oil costs in 2015 will gravely affect the fate of Colombia. Oil makes up for about over half of national exports, meaning oil prices mostly affect national income.
TAX
Colombia’s individual income tax rate is 33 % and its corporate income tax rate is 25 % taxes also cover value-added tax (VAT) and a financial transactions tax. The average tax charge is equal to 16.1 % of domestic income. Total government expenditures account for 28.3 percent of the domestic economy, and public debt equals 32 percent of gross domestic product.
The recent enactment of a tax reform influences both the budget, foreign and domestic investors and consumers during 2015.
The tax reform’s effectiveness regarding the budget, will affect investment and consumption.
Colombia’s currency hits new lows which fuel inflation and obstruct growth. The expected GDP growth for 2015 has already been reduced from 4.8% to 4.2% However,there have been Improvements in six of the 10 economic freedoms:
• investment freedom
• freedom from corruption
• trade freedom
The Czech Republic is a parliamentary democracy which has one of the most developed industrialized economic systems of the Countries in Central and Eastern Europe. On August 2015, Czech GDP growth was 4.4%, making its economy the highest growing in Europe. Czech economic growth outpaced all members of the European Union in the first quarter, by keeping the currency weak and government’s looser budget stance. Continued growth in almost all sectors of the manufacturing industry, especially in the production of transportation vehicles and machinery, were of great importance for a favorable development of the Czech economy.
Over the past five years, the Czech Republic’s progression to a market economy has been aided by a strong commitment to economic freedom. Since 2011, its economic freedom score has improved by 2.1 points, reinforcing the country’s position in the “mostly free” category. The Czech Republic has entrenched itself as an open and dynamic market economy, a sharp reversal after decades of Communism.
The Czech Republic has a 1.0 percent average tariff rate. Some non-tariff barriers do exist but it is relatively open to external trade. The Czech financial system is relatively well developed and open to competition The banking sector is dominated by foreign banks and direct government involvement is minimal. Capital markets are still not fully developed.
The Czech Economy has been fairly stable for a long time. The main industries which are relied upon are motor vehicles, machinery and equipment, metallurgy and metalworking, chemicals and pharmaceuticals. The Czech Republic can look forward to continued steady growth in 2015 and economists are almost sure it will be a successful year for the Czech Republic economy.
Bibliography-
Wikipedia
http://www.radio.cz/en/section/marketplace/czech-economy-on-course-for-steady-growth-in-2015
http://www.heritage.org/index/country/czechrepublic
http://www.bloomberg.com/news/articles/2015-05-15/czech-gdp-growth-unexpectedly-soars-to-record-on-manufacturing
Analysis of Bahrain’s Economy
Bahrain has an Open Economy. An open economy is usually free from trade barriers and exports and imports form a large percentage of the Gross Domestic Product.
Bahrain was one of the first regions in the Gulf to discover oil and to build a refinery. It benefited from this discovery of oil much before most of its neighbouring states. However, it never reached the levels of production of countries such as Kuwait or Saudi Arabia and hence, was forced to diversify and modify its economy since its oil resources were limited. Bahrain started building on its energy resources and even built the first aluminum smelter in the Gulf. It was also the first country in the Gulf to develop its own financial centre, Bahrain Financial Harbour in Manama. However, unlike its richer neighbouring states, Bahrain has limited capital to develop and market its industries. So they require foreign investments to further develop themselves.
As a country, Bahrain faces certain linked economic challenges, from the problem regarding how to ensure future growth beyond its limited oil sector to complex politically related economy questions about who benefits from the country’s growth and wealth.
A structural problem has been spotted in the country’s fiscal status, as the revenues do not match the increase in expenditure. The authorities have been under pressure to incur steady rises in expenditure while tackling the drop in oil prices. According to the International Monetary Fund (IMF), Bahrain’s debts might become unsustainable by 2018.
Websites cited:-
- "Bahrain Country Profile- Overview." BBC News. N.p., n.d. Web. 3 Sept. 2015.
- "What Is Open Economy? Definition and Meaning."BusinessDictionary.com. N.p., n.d. Web. 03 Sept. 2015.
- Kinninmont, Jane. "ANALYSIS: Bahrain's Economic Challenges." Middle East Eye. N.p., 15 Dec. 2014. Web. 3 Sept. 2015.
- Baltaji, Dana El. "IMF Says Bahrain’s Growing Debt May Be Unsustainable by 2018." Bloomberg Business. N.p., 16 May 2013. Web. 3
Sept. 2015.
BANGLADESH ECONOMY
Bangladesh is a developing country with a free-market economy where government intervention has been done to stabilize some of the prices of commodities. The economy is increasingly led by export oriented industrialization. Bangladesh was the original development “basket case”, the demeaning term used in Henry Kissinger’s state department for countries that would always depend on aid. Its people are crammed onto a flood plain swept by cyclones and without big mineral and other natural resources. It suffered famines in 1943 and 1974 and military coups in 1975, 1982 and 2007. When it split from Pakistan in 1971 many observers doubted that it could survive as an independent state.
In some ways, those who doubted Bangladesh’s potential were right. Economic growth since the 1970s has been poor; the country’s politics have been unremittingly wretched. Yet over the past 20 years, Bangladesh has made some of the biggest gains in the basic condition of people’s lives ever seen anywhere. Between 1990 and 2010 life expectancy rose by 10 years, from 59 to 69. Bangladeshis now have a life expectancy four years longer than Indians, despite the Indians being, on average, twice as rich. Even more remarkably, the improvement in life expectancy has been as great among the poor as the rich.
The most dramatic period of improvement in human health in history is often taken to be that of late-19th-century Japan, during the remarkable modernization of the Meiji transition. Bangladesh’s record on child and maternal mortality has been comparable in scale.
These improvements are not a simple result of increases in people’s income. Bangladesh remains a poor country, with a GDP per head of $1,900 at purchasing-power parity.
The real magic of Bangladesh, though, was BRAC—and NGOs more generally. The government of Bangladesh has been unusually friendly to NGOs, perhaps because, to begin with, it realised it needed all the help it could get.
CITATIONS:
http://www.economist.com/news/briefing/21565617-bangladesh-has-dysfunctional-politics-and-stunted-private-sector-yet-it-has-been-surprisingly
https://en.wikipedia.org/wiki/Economy_of_Bangladesh
http://www.adb.org/countries/bangladesh/economy
Analysis of Netherlands’ Economy
Population: 16.8 million
GDP: US$700.5 billion
Per Capita Income: US$41,711
Annual growth: 0.8%
Inflation: 2.6%
Currency: Euro
Netherlands has an open economy which highly depends on foreign trade.
Netherlands (also known as Holland) is one of the world’s most developed countries. It has many industries and a very high level of agricultural productivity. The country is known for stable industrial relations, fairly low unemployment, and relatively low inflation.
Netherlands has a long history of openness to global commerce and economic freedom. The economic freedom score of Netherlands is 73.7, making its economy the 17th freest in the 2015 index. The port of Rotterdam is one of the busiest in the world and serves as a primary entry point for goods to Europe. However, over the past five years, the countries traditional commitment to the free market has been under stress and since 2011, economic freedom has declined by 1.0 points, largely as a result of excessive government spending and increased perceptions of corruption.
In 2011, Holland exported goods worth a total of more than 638 billion US dollars, which is 3.8 % of the world’s total exports. Holland is also a very significant exporter of commercial services – exports of commercial services amounted to 131 billion US dollars in 2011, which placed the country ninth in the world rankings.
As well as being a major exporter, Netherlands also imports large quantities of goods: about 600 billion US dollars worth of goods in 2011. With a 3.4 % share of the global total, the country is the seventh largest importer of goods in the world.
The rate of unemployment in Holland is one of the lowest in Europe. From 2006 to 2012, an average of 4.0% of the working population was unemployed, while the rate in European countries was 9.1%. This is a good example of the success of the economic system that Holland follows.
Bibliography:
http://www.amsterdam.info/netherlands/economy/
http://www.heritage.org/index/country/netherlands
http://www.hollandtrade.com/business-information/holland-information/economic-development/
I have been delegated the country of Belgium. Belgium’s national capital is Brussels. Belgium has a private enterprise economy, also known as a free market economy. Since Belgium was one of the first countries to undergo Industrialization in the 19th century, it has an effective transport system which has immensely contributed towards the country’s economic prosperity.
With exports equivalent to over two-thirds of GNP, Belgium depends heavily on world trade. Belgium's trade advantages are derived from its central geographic location and a highly skilled, multilingual, and productive work force. One of the founding members of the European Community, Belgium strongly supports deepening the powers of the present-day European Union to integrate European economies further. About three-quarters of its trade is with other EU countries.
The early 1980s saw the country facing a difficult period of structural adjustment caused by declining demand for its traditional products, deteriorating economic performance, and neglected structural reform. Consequently, the 1980–82 recession shook Belgium to the core—unemployment mounted, social welfare costs increased, personal debt soared, the government deficit climbed to 13% of GDP, and the national debt, although mostly held domestically, mushroomed.
Against this grim backdrop, in 1982, Prime Minister Martens' centre-right coalition government formulated an economic recovery program to promote export-led growth by enhancing the competitiveness of Belgium's export industries through an 8.5% devaluation. Economic growth rose from 2% in 1984 to a peak of 4% in 1989. In May 1990, the government linked the Belgian franc to the Deutsche Mark, primarily through closely tracking German interest rates. Consequently, as German interest rates rose after 1990, Belgian rates have increased and contributed to a decline in the economic growth rate. In 1992–93, the Belgian economy suffered the worst recession since World War II, with the real GDP declining 1.7% in 1993.
This shows how devaluation which is possible only in a capitalistic or mixed economy helped Belgium to raise the efficiency of their labour force by introducing competitiveness in the nation’s economy. This eventually led to a brighter economic future for Belgium.
Bibliography
http://www.euro-challenge.org/doc/Belgium.pdf
http://www.economywatch.com/world_economy/belgium
Austria has a social market economy. A social market economy is an economy that supports capitalism with a social policy and social insurance. It is the type of market that maintains mechanisms of a free market while simultaneously aiming for social equality in the economy. Austria’s economy stands strong in the top 11 economies in the world. Till 1999 Austria had the Austrian schilling as the currency. It then switched to euro, the European currency once it joined the European Union. Previously it had been part of the European Free Trade Association (EFTA) and then joined the European Union (EU) because of the problem between trade EFTA and the European Economic Committee (EEC) . They soon became part of what is called a single market economy. Austria was at that point one of the most financially stable countries along with Finland and Sweden.
Austria’s only social and economic downturn was during the Global Economic Downturn in 2008 and 2009 where its GDP slowed down from 3.5 percent to a 2 percent rate. Austria has a single market trade which is close to the ideal unified market. Its main trade is machinery and equipment, motor vehicles and parts, paper and paperboards, metal goods and chemicals, iron and steel, textiles and foodstuffs. Most of its trade is with Germany and all EU countries which is why its economy fluctuates with the German economy however it managed to still stay nearly unscathed by the Global Economic Downturn because of its single market trade social market trade economy.
Austria is one of the economies that was always standing strong. With its GDP relatively high. Austria had government owned industries that were important for their trade. These industries were then slowly privitised and with the socialist-capitalist economy of austria, trade flourished as the previously state owned industries which were necessary for the country, were then privatised, minimising the involvement of the government in the fluctualtion of the Austrian economy.
Austria currently stands strong this quarter Although the growth rate may have decreased. The growh rate decreased from 0.9 percent to 0.2 percent. The factors that brought it down were construction, mining and scientific and technical services. Still Austria, as compared to other EU countries is pretty strong in terms of its GDP.
bibliography
EUROPP,. 'Austria’S Economy Weathered The Crisis Well, But Now Risks Falling Behind'. N.p., 2015. Web. 3 Sept. 2015.
Russia’s economy has gone through a lot of changes since the downfall of the Soviet Union, from a centrally planned economy undergoing transformation to a more market based economy.Russia became a communist economy in 1917 under the leadership of Lenin and Stalin at its hight in the 40s and 50s; it was a role model for other countries. since it changed from a centralised planned economy to a mixed economy with state ownership in strategic areas of the economy.
but this transition was not easy as it lead to a lot of corruption and the highest economic disparity because it caused a mafia industrial complex with the majority of the billionaires.Till date it is a commodity and industrial supplier than a consumer goods manufacturer so therefore the economic downturn since 2013. Since 2008, Moscow has been by Forbes magazine repeatedly named the "billionaire capital of the world”; and it lists Russia as the 91st best country in the world for business. In 2013, Russia was labeled a high-income economy by the World Bank.
While the country has made improvement in fields of innovation and trade freedom, it still suffers from widespread corruption, disparate wealth distribution, poor governance and a lack of investor and consumer confidence.
It has the second-largest volume of illicit money outflows, having lost over $880 billion between 2002 and 2011 in this way.
Russia is one of the leading producer of natural gas and oil; it is also an exporter of steel and primary aluminium.
In 2014, the Russian economy was the sixth largest in the world by purchasing power parity and tenth largest at market exchange rates. However, it was estimated by the International Monetary Fund that by 2015 it could drop to nineteenth largest as result of depreciating Ruble. There were fears of the Russian economy going into recession from early 2014 - mainly because of the falling oil prices, and sanctions imposed on them due to the Ukraine issue. In the 2014 GDP growth remained positive at 0.6%.
Russia’s economy contracted by 4.6% this year compared to the same time in 2014, the largest drop in six years, marking it the country’s first recession since the financial crisis in 2009.
Russian leaders repeatedly spoke of the need to diversify the economy away from its dependence on oil and gas and foster a high-technology sector. In 2012 oil, gas and petroleum products accounted for over 70% of total exports.This was limited after years of strong performance, the economy expanded by a mere 1.3% in 2013.
www.ft.com
http://www.economywatch.com/world_economy/russia
www.investopedia.com/terms/p/ppp
forbes.com
THE ECONOMY OF BULGARIA (SHALINI SINHA 11th ECO. HL2)
THE BULGARIAN ECONOMY:-
Bulgaria economic principles is a free market or in other words Bulgaria is a capitalist country. According to the World Bank Bulgaria is an industrialized upper-middle income country. It has experienced rapid economic growth in recent years reaching estimated Gross domestic product of $123.9 billion (PPP, 2014), GDP per capita of $17,054 (PPP, 2014), and average monthly salary of 882 leva (451 EUR) (2015). Its currency is lev (plural leva) 1.95583 leva = 1 euro. Lev is the strongest and the most stable currency in Eastern Europe. Energy, mining, metallurgy, machine building, agriculture and tourism are the strongest sectors of the country. Primary industrial exports are clothing, iron and steel, machinery and refined fuel.
WHY IS CAPITALISM GOOD FOR BULGARIA? :-
Economic reforms in Bulgaria started taking place from 1991.The country aimed was to get a continuous growth path, increase the living standards, and to have a fully functioning market economy. Besides, Bulgaria had a planned economy for 40 years. In 1990 the country suffered immense declines in their economy. With all this going the government decided to begin the reform in February 1991. The plan possessed some broad based goals like eradication of excess demand by free pricing. Also, this brought with it the risk of instability due to price jumps. The aim was designed to resolve the budgetary and monetary issues along with delimiting credit enlargement to the government sector. Thus, the aim was to increase non-governmental credit, reduce government expenditure by reduction in subsidies and increase in minimum wage by at least 200%.anyhow, the following years didn’t prove to be good for Bulgaria. In 1995, the IMF proposed that Bulgaria should form currency board and avoid hyperinflation by eliminating discretionary spending. According to them this was the only way to restore confidence in lev. Capitalism has solved the isuues of the country to a good extent but it can get better.
Reference :- Wikipedia, econ10.bu.edu, google.
Cambodia shares borders with Vietnam on the east, Laos on the north and Thailand on the west.
The economy of Cambodia follows an open market system, which has been growing since the past 10 years. Although the economy is gradually developing, it is still low compared to the neighboring countries. Tourism is Cambodia’s main source of income and in 2012, Cambodia’s GDP was around 13 billion dollars.
In 1995, the government transformed the country's economic system from a planned economy to its present market-driven system. After this change, imports started to increase and so did exports.
Cambodia’s neighboring countries also started trading with it since Cambodia’s foreign policy focused on establishing friendly borders with its neighbors.
Cambodia’s GDP now is around 16 billion dollars and is growing at the rate of 7% each year.
With the economic reformation, private property rights were introduced and state-owned enterprises were privatized.
Cambodia’s major import trading country is Singapore and Thailand, mostly importing gold.
Its major exports are Garments, Fisheries Products and Rubber, which it mainly exports to the United States.
The inflation in Cambodia is 4.1% and unemployment is 3.5%. after the service sector, Cambodia is predominantly also known for its agriculture.
Cambodia also focused on involving itself into regional and international economic blocs, such as the Association of South East Asian Nations and the World Trade Organizations. These involvements triggered a growth in the economy which greatly favored Cambodia.
CITES USED:
http://www.cambodia.org/facts/
https://en.wikipedia.org/wiki/Economy_of_Cambodia
Good hard work based on lot of researched material,
You have presented lot of information on many macroeconomic variables, where the question was try to deal with micro-economic aspects. It important to keep focused on the specific requirement of the questions.
Citation must follow the precise way of referencing in our case it is MLA. Please go through the post that I made regarding the referencing.
Have a wonderful day ahead.
Good work, you have put in lot of efforts to complete the task.
some suggestions, we always need to be focused on the question asked, like in this case question wants you to explain the how the economic system works in a particular country. And you have explained the macroeconomic variables.
Some sources are given in bib., but not cited above in the essay. Please have a look on the post explaining the appropriate way of MLA citations.
happy blogging.
I appreciate the hard work you have done in completing this task.
Some suggestions, we need to keep focused on the question, like in this case it should be mechanism that helps to run an economic system.
You spent lot of time to explain the macroeconomic variables.
Referencing is missing absolutely.
I appreciate your efforts that you put in completing this task.
More is expected of your as your country is a good example of which had both the system free price and control prices.
Citations are no in MLA referencing style. Please read the post that I made for MLA citations.
Happy blogging.
Good work,
I appreciate your focused work in which you tried to explain the economic problems and tried to explain the solutions that adopted by the country.
Some suggestion, you should also have to written more on the price mechanism in the country, how its effecting the progress in the country.
You need to cite the work in accordance to the MLA referencing style. Please have a look on the MLA referencing posting on my blog, will help you the understand the correct way of citations in academic writings.
Happy blogging.
I appreciate your hard work.
For this article your focus should be on the price mechanism and how it help the country to manage the economic activities.
I like the way you presented the basic economic facts initially.
Initially you were on the right track covering the micro-economic aspects but second half part you moved to macro economic variables.
Nee to follow the precise way to MLA citations. For that you can have a look on the post on this blog.
Happy blogging.
Dear Rishabh,
lot of hard work i can see you have put in this paper.
whenever have time just meet me.
happy careful blogging.
appreciate you work
I appreciate your work. Lot of information is provided in the mini essay. But
most of this information is relating to macro economic variable. We need to be very careful while writing an essay and should keep our essay around the key and command terms asked in the question.
Important to learn the appropriate way of citations. I have already made a post on my blog regarding MLA, please go through it.
Good start, i appreciate your efforts.
I appreciate your work and the hard work you put in. More was needed in this article as it is representing an economy which had an experience in implementing both the economic systems. Fist half explain the micro, then second half moved to macro economic variables.
Following the precise way of referencing will help you to under stand ways in which academic works are completed. I have made a blog post regarding the MLA referencing style, go through it.
Happy blogging.
I appreciate you hard work in completing this task.
Good to see that you analysed how the Bulgarian economy is going through a phase of transformation from command economy to free market.
This is one of few economy which experience both type of economic system so expectations were high to see in depth analysis.
Overall I can say good try.
Its important to understand the precise way of referencing, I have made a post on this blog. Please go through it apply from the next essay on wards.
Happy blogging.
I appreciate your hard work in completing the task. Good to keep our self focused on the question's key and command terms.
Important follow the correct way of referencing. I have made a post on this blog regarding the MLA referencing style.
Happy Blogging
I appreciate your hard work.
Some suggestions:
1) Keep focused on the specific demands of the question.
2) Strictly follow the referencing style (MLA). Can see the post on this blog.
3) It seems that you are in hurry to complete this task.
4) Difficult to see any work going near to A or B.
5) Command terms Analyse and Evaluate are too demanding and requires specific format to be followed.
6) Whenever you write a comment click on the box next to notify me, so that you will get mail when I make comment on your post.
Happy to see you have started at good level, wish you all the best because our next assignment will be the graded one.
Dont hesitate to ask me if any queries you have.
Waiting to see creativity and innovations here.
Happy Blogging.
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