Is China a Neo-Mercantilist Nation Essay Example

Is China a Neo-Mercantilist Nation Essay Is China a Neo-mercantilist nation? Definition: neo-mecantilism Neo-mercantilism is a policy regime that encourages exports, discourages imports, controls capital movement, and centralizes currency decisions in the hands of a central government. The objective of neo-mercantilist policies is to increase the level of foreign reserves held by the government, allowing more effective monetary policy and fiscal policy. This is generally believe to come at the cost of lower standards of living than an open economy would bring at the same time, but offers the advantages to the government in question of having greater autonomy and control.It is called neo- because of the change in emphasis from classical mercantilism on military development, to economic development, and its acceptance of a greater level of market determination of prices internally than was true of classical mercantilism. Its policy recommendations sometimes echo the mercantilism of the early modern period. These are generally protectionist measures in the form of high tariffs and other import restrictions to protect domestic industries combined with government intervention to promote industrial growth, especially manufacturing.At its simplest level, it proposes that economic independence and self-sufficiency are legitimate objectives for a nation to pursue, and systems of protection are justified to allow the nation to develop its industrial and commercial infrastructure to the point where it can compete on equal terms in international trade. In macro-economic terms, it emphasizes a fixed currency and autonomy over monetary policy over capital mobility. http://en. wikipedia. org/wiki/NeomercantilismProtectionism is the economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations designed to allow (according to proponents) fair competition between imports and goods and service produced domestically . Protectionism doesn’t protect you. PostNoon. com. April 27, 2012. Retrieved 26 May 2012 This policy contrasts with free trade, where government barriers to trade are kept to a minimum. In recent years, it has become closely aligned with anti-globalization.The term is mostly used in the context of economics, where protectionism refers to policies or doctrines which protect businesses and workers within a country by restricting or regulating trade with foreign nations. â€Å"Xinhua (2012-05-24). Trade-oriented Economy Boosts Growth, Employment. CRI English. Retrieved 26 May 2012† A variety of policies have been used to achieve protectionist goals. These include: 1. Tariffs: Typically, tariffs (or taxes) are imposed on imported goods. Tariff rates usually vary according to the type of goods imported.Import tariffs will increase the cost to importers, and increase the price of imported goods in the local markets, thus lowering the quantity of goods imported, to favour lo cal producers. (see Smoot–Hawley Tariff Act) Tariffs may also be imposed on exports, and in an economy with floating exchange rates, export tariffs have similar effects as import tariffs. However, since export tariffs are often perceived as hurting local industries, while import tariffs are perceived as helping local industries, export tariffs are seldom implemented. 2.Import quotas: To reduce the quantity and therefore increase the market price of imported goods. The economic effects of an import quota is similar to that of a tariff, except that the tax revenue gain from a tariff will instead be distributed to those who receive import licenses. Economists often suggest that import licenses be auctioned to the highest bidder, or that import quotas be replaced by an equivalent tariff. 3. Administrative barriers: Countries are sometimes accused of using their various administrative rules (e. g. regarding food safety, environmental standards, electrical safety, etc. as a way to introduce barriers to imports. 4. Anti-dumping legislation: Supporters of anti-dumping laws argue that they prevent dumping of cheaper foreign goods that would cause local firms to close down. However, in practice, anti-dumping laws are usually used to impose trade tariffs on foreign exporters. 5. Direct subsidies: Government subsidies (in the form of lump-sum payments or cheap loans) are sometimes given to local firms that cannot compete well against imports. These subsidies are purported to protect local jobs, and to help local firms adjust to the world markets. . Export subsidies: Export subsidies are often used by governments to increase exports. Export subsidies have the opposite effect of export tariffs because exporters get payment, which is a percentage or proportion of the value of exported. Export subsidies increase the amount of trade, and in a country with floating exchange rates, have effects similar to import subsidies. 7. Exchange rate: manipulation: A government may intervene in the foreign exchange market to lower the value of its currency by selling its currency in the foreign exchange market.Doing so will raise the cost of imports and lower the cost of exports, leading to an improvement in its trade balance. However, such a policy is only effective in the short run, as it will most likely lead to inflation in the country, which will in turn raise the cost of exports, and reduce the relative price of imports. 8. International patent systems: There is an argument for viewing national patent systems as a cloak for protectionist trade policies at a national level.Two strands of this argument exist: one when patents held by one country form part of a system of exploitable relative advantage in trade negotiations against another, and a second where adhering to a worldwide system of patents confers good citizenship status despite de facto protectionism. Peter Drahos explains that States realized that patent systems could be used to cloak protection ist strategies. There were also reputational advantages for states to be seen to be sticking to intellectual property systems.One could attend the various revisions of the Paris and Berne conventions, participate in the cosmopolitan moral dialogue about the need to protect the fruits of authorial labor and inventive genius knowing all the while that ones domestic intellectual property system was a handy protectionist weapon. . ? Information Feudalism: Who Owns the Knowledge Economy?. London: Earthscan. 2002. p. 36. 9. Employment-based immigration restrictions, such as labor certification requirements or numerical caps on work visas. 10. Political campaigns advocating domestic consumption (e. . the Buy American campaign in the United States, which could be seen as an extra-legal promotion of protectionism. ) 11. Preferential governmental spending, such as the Buy American Act, federal legislation which called upon the United States government to prefer U. S. -made products in its pu rchases. In the modern trade arena many other initiatives besides tariffs have been called protectionist. For example, some commentators see developed countries efforts in imposing their own labor or environmental standards as protectionism.Also, the imposition of restrictive certification procedures on imports are seen in this light. Further, others point out that free trade agreements often have protectionist provisions such as intellectual property, copyright, and patent restrictions that benefit large corporations. These provisions restrict trade in music, movies, pharmaceuticals, software, and other manufactured items to high cost producers with quotas from low cost producers set to zero Protectionism doesn’t protect you and â€Å"The Conservative Nanny State† http://en. wikipedia. rg/wiki/Protectionist#cite_note-4 Ascertain whether China indeed has those aspects in its economic policy, making it a truely neo-mercantilist nation: Perceived or Real. Possible implic ations: whether such a claim is Real or Perceived It is certainly possible to see China’s economic policies as neo-mercantilist, though people in China might not agree. Mercantilism was the economic doctrine that held that a country must export more than it imported in order to be economically strong. Mercantilist countries tried to promote exports and reduce imports. From the perspective of many Americans, China engages in such policies today.Many Americans believe that China artificially weakens its currency so that it will be easier for Chinese firms to export. China is also said to put informal barriers in the way of imports and to heavily subsidize exports. All of these actions can be seen as neo-mercantilism. I have said before this and I must emphasize it again. The fundamental premise of all U. S trade/globalization talks and discussions is that the participants are all playing the same game of liberal, neo-classical, free market, resource endowment and comparative ad vantage based free trade.This is a totally false premise that immediately gets the discussions off in irrelevant directions. The global economy is, in fact, sharply divided between those who are playing the free trade game and those who are playing some form of mercantilism. Of course, there is a spectrum of attitudes and policies, but roughly speaking the Anglo/American countries, North America, and parts of Europe are playing free trade. Most of Asia, much of South America, the Middle East, Germany and parts of Europe are playing neo-mercantilism. Its like watching tennis players trying to play a game with football players.It doesnt work, and insisting on playing by the rules doesnt help, because both sets of teams are playing by the rules of their game. In any case, there are a lot fewer clear cut rules than most people think. For example, probably the biggest single factor in the off-shoring of large chunks of U. S. based production and millions of jobs abroad has been the pack ages of financial investment incentives offered by China and others to global companies to encourage them to relocate production. More jobs have been lost to these packages than to currency manipulation.But you cant complain about rules violations because there are no rules to cover these investment incentives. At the federal level, American doesnt offer such incentives but there is not WTO or IMF or other rule against it. Nor is the United States proposing any rules in this area. Take the case of currency manipulation. China is surely manipulating its currency, but so have and do many other countries. Japan, South Korea, Taiwan, Singapore, and others all used currency manipulation is a major element of their export led miracle growth strategies.Some of these countries still to engage in currency manipulation and recently others such as Brazil and Switzerland have gotten into the game. Germany enjoys an undervalued currency because of its incorporation in the Euro. So here is a case where rule violation has been so prevalent that the violation is, in a way, the rule. So if something is to be done about it, that something will have to be a lot more powerful than a call for everyone to play by the same rules. We first need to get everyone playing the same game, and that is more likely to turn out to be football than tennis. hat options do others have to deal with such a perceived or real protectionist tendency? Possible implications: whether such a claim is Real or Perceived References http://en. wikipedia. org/wiki/Neomercantilism ? OBrien, Patrick Karl amp; Clesse, Armand. (editors) Two Hegemonies: Britain 1846-1914 and the United States 1941-2001. Aldershot: Ashgate. (2002). ? Helmut Schoeck amp; James W. Wiggins (editors), Central Planning and Neomercantilism. Pdf document [1] with scanned pages at the Ludwig von Mises Institute, Auburn, Alabama, USA Harold James (2009-06-30).The End of Globalization. Harvard University Press / google books. p. page 12. Ear ly criticism In The Wealth of Nations, Adam Smith criticised the implicit political corruption of mercantilism in limiting the benefits of trade to the elite classes, and asserted that free trade should benefit all interested parties. Smith considered mercantilism a system where one country increases its power by getting excess gold on foreign transactions and it is a system created by merchants in order to get monopolies and easy profits.Some people believe that, because Britain adopted his call for free trade policies, it fell behind the United States and Germany by 1880, having gained its dominance under the mercantilism of Cromwell and Elizabeth I (when according to Adam Smith, England was much less mercantilist than Spain and Portugal, who decayed much due to their colonial mercantilist policies, their gold reserves all naturally flowed to Britain, who at the time had a much more efficient production system, even though Portugal and Spain had colonies with much richer natural r esources than Britain).The success of the United States and Germany drove the reintroduction of protectionist regulations in the rest of Europe. Between 1870–1910 United States achieved a global industrial dominance thanks to innovations in its production system (such as interchangeable parts), culminating with Fords Assembly line. These innovations strongly increased the international competitiveness of American products. Philosophy Neomercantilism is founded on the use of control of capital movement and discouraging of domestic consumption as a means of increasing foreign reserves and promoting capital development.This involves protectionism on a host of levels: both protection of domestic producers, discouraging of consumer imports, structural barriers to prevent entry of foreign companies into domestic markets, manipulation of the currency value against foreign currencies and limitations on foreign ownership of domestic corporations. While all nations engage in these acti vities to one degree or another, neo-mercantilism makes them the focus of economic policy. The purpose is to develop export markets to developed countries, and selectively acquire strategic capital, while keeping ownership of the asset base in domestic ands. This use of protectionism is criticized on grounds that go back to Adam Smiths The Wealth of Nations, which was aimed directly at classical mercantilist policies, and whose arguments are applied to neo-mercantilism. Namely that protectionism is effective as a means of fostering economic independence and national stability; and questioning the conclusion that it allows for sustainable development of the nations industrial base in the most efficient manner.Instead market economics has for over two centuries argued that increasing competition within the nation which will more effectively promote capital development and efficient allocation of resources. Free traders argue that by closing an economy, resources will be spent duplicat ing products that could more effectively be bought from abroad, and that there will be less development of exports which offer a comparative advantage.Market economists also argue that protection denies a nations own consumers the opportunity to buy at cheaper market prices when quotas or tariffs are imposed on imports. The subsidy of goods has also been advocated under neo-mercantilism. The fair trade movement claims that the protection of stability in emerging economies by guaranteeing a minimum purchase of goods at prices above those available in the current world markets, can contribute to restoring economic and social balance as well as promote social justice.Proponents of the fair trade movement argue that this may help to avoid the instability generated by the influence of global corporations on developed and developing nations. Neomercantilists claim that Free Trade results in a negative philosophy that a nation that is not competitive deserves to decline and perish, just li ke an under-performing corporation should. They argue that free trade does not work well whenever dumping is practiced or the international rules do not take into account the differences between wages, costs environmental regulations, and benets from nation to nation.For instance, there is a major difference in the cost of labour between a First World and Third World country for two equally skilled (or unskilled) sets of workers. When this economic reality is exploited by First World manufacturers, the benefits accrue to First World shareholders and consumers (and slightly improved work condition of exploited Third World workers) at the expense of privileged First World workers and their status in the middle class. An unquestioningly open policy in such circumstances may effectively devalue first world human capital investments in favor of financial capital investments. Consider for example, a person deciding whether to invest in training as an engineer or in a portfolio of financia l assets. Offshoring dramatically increases the effective supply of engineers, and as a result, their price will tend to decline (or grow at a slower rate).This decline will be increased by the lower cost of living in non-first world countries that would allow an engineer there to live much better on a lower nominal salary than their first world counterpart. (see purchasing power parity). This obviously is resulting in a huge immigration of skilled professionals from first-world countries to the third world, seeking a better quality of life. Faced with such prospects, rational economic agents will tend to avoid investing in human capital in areas that are vulnerable to such government-induced devaluation.Instead, they will shift training toward areas that are protected by regulation (for example  : careers in law, medicine, government) or social tradition (tenured academia), or socio-cultural factors (sales) or local physical requirements (nursing, medicine, construction). Alterna tively, rational economic agents in first world economies may choose to invest in financial assets instead of human capital — further eroding the long term ability of the first world country to produce and grow.As predicted by Adam Smith, this effect would reduce the inequality between First World and Third World countries, increasing overall fairness. Additionally, since cost of goods sold tends to be a larger component of total revenue than profits for most industries, production within a country may keep a larger portion of the total wealth within the local economy in comparison to dividends of profits and reduced prices on consumer goods. Furthermore, infrastructure investments may be reduced when production is shifted offshore.Over the longer term, such reduced local investments may reduce longer term productivity and economic growth. Neomercantilist economies on the other hand are often characterized by higher long term growth rates (that tend to flatten when neomercant ilist policies are halted). This claim unfortunately is not verified among developed nations, where Australia is both the main proponent of international free trade and among the first world countries, the one with the higher sustained growth during the last fifteen years.Also, as of February 2009, Australia is also the only developed country who is not officially in recession. The language of neomercantilist policies repeats the claims of earlier centuries that protective measures benefit the nation as a whole and that governmental intervention secures the wealth of the nation for future generations. In doing so, neomercantilist admit that the interests of large corporations might as often be represented and protected as pushed aside for the national interest.As a neomercantilist nations industrial production capacity and improving research and development grow as a threat to the hegemons (who usually unilaterally practices free-trade as Britain in the 19th century and the USA in t he late 20th century) domestic markets, so protectionism is the usual response, initially through political and, when necessary, military means (see World War I).

Free Essays on Every Man A King

Every Man a King There is perhaps no individual in Louisiana History who was as charismatic, influential and â€Å"interesting† as that of Huey Long. In his autobiography, Every Man a King, Long shares his story from his childhood in the north Louisiana hills to his magnetic climb into Louisiana and American politics. Long, in Every Man a King, does an exemplary job in describing one of America’s most remarkable politicians [himself] through his own eyes. Long was born in Winnfield, Winn Parish, Louisiana on August 30, 1893, the eight of nine children of a farmer. As a small boy, Long absorbed many of the ideas that came out of the Populist – Socialist traditions that were found in the region. He attended High School but had many troubles with the school officials and other local authorities and left the school before graduation. He sold vegetable oil door-to-door for four years. He conducted a cake-baking contest in Shreveport. The winner was Rose McConnell; they married in 1913. He told her that he would hold a secondary state office and would then become, in succession, governor, senator, and president; a job that allowed him to travel to several states, including Oklahoma. He attended the University of Oklahoma briefly to study law. He decided to become a lawyer and enrolled in the law School of Tulane University. He took courses for a year and was admitted to the bar. He began practicing law in his native stat e in 1915; first in Winnfield, but later moved to Shreveport. Long prospered as a lawyer, but had only used law as a jumping board into politics. He was elected a member of the Louisiana railroad commission in 1918; and later, in 1921, it enlarged in power and became known as the Public Service Commission. Huey Long ran for governor in 1924 and lost, but ran again four years later – on the platform of building better roads and free textbooks for all school children. Long won. He was the first maj... Free Essays on Every Man A King Free Essays on Every Man A King Every Man a King There is perhaps no individual in Louisiana History who was as charismatic, influential and â€Å"interesting† as that of Huey Long. In his autobiography, Every Man a King, Long shares his story from his childhood in the north Louisiana hills to his magnetic climb into Louisiana and American politics. Long, in Every Man a King, does an exemplary job in describing one of America’s most remarkable politicians [himself] through his own eyes. Long was born in Winnfield, Winn Parish, Louisiana on August 30, 1893, the eight of nine children of a farmer. As a small boy, Long absorbed many of the ideas that came out of the Populist – Socialist traditions that were found in the region. He attended High School but had many troubles with the school officials and other local authorities and left the school before graduation. He sold vegetable oil door-to-door for four years. He conducted a cake-baking contest in Shreveport. The winner was Rose McConnell; they married in 1913. He told her that he would hold a secondary state office and would then become, in succession, governor, senator, and president; a job that allowed him to travel to several states, including Oklahoma. He attended the University of Oklahoma briefly to study law. He decided to become a lawyer and enrolled in the law School of Tulane University. He took courses for a year and was admitted to the bar. He began practicing law in his native stat e in 1915; first in Winnfield, but later moved to Shreveport. Long prospered as a lawyer, but had only used law as a jumping board into politics. He was elected a member of the Louisiana railroad commission in 1918; and later, in 1921, it enlarged in power and became known as the Public Service Commission. Huey Long ran for governor in 1924 and lost, but ran again four years later – on the platform of building better roads and free textbooks for all school children. Long won. He was the first maj...

Byzantine Art Essay Example for Free (#2)

Byzantine Art Essay There are many differences and similarities between the following two pieces of art; the Toreador Fresco and the Egyptian Fowling Scene. The Toreador Fresco is a fresco depicting a bull-leaping ceremony. It is from the palace at Knossos(Crete), Greece and from around 1450-1400 BCE. The Egyptian Fowling Scene is a mural painting from the tomb of Nebamun. It is from Thebes, Egypt and from the 18th Dynasty, ca. 1400-1350 BCE. The styles between these two periods are very different, but there are still a few similarities found between the two pieces of art. The Toreador Fresco depicts a bull in the center, and a man leaping over its back. There is a woman on each side of the bull. Unlike the Fowling Scene, this fresco includes a border. In the Egyptian Fowling Scene, Nebamun is standing in his boat, flushing birds from a papyrus swamp. He is holding his throwing stick in one hand and three birds in the other hand. He is accompanied by his wife and daughter who are both shown holding lotus flowers. In the Toreador Fresco, the bull is the central figure of the painting while in the Fowling Scene every space was filled with lively details such as lotus flowers and butterflies. As for the depiction of the human figure, in the Toreador Fresco, the human figures have stylized shapes with pinched waists and they are highly animated. Also, in order to distinguish between male and female, the artist painted the young women with fair skin and the man with dark skin. This was a widely accepted ancient Minoan convention. This is very different from the depiction of human figures in the Fowling Scene. The skin color of Nebamun, his daughter and his wife are all the same dark color. The artist scaled down their figures in proportion to their rank. The wife and daughter were much smaller than Nebamun. Also, in the Fowling Scene, the animals show a naturalism based on careful observation. One similarity between the paintings was that the human figures were painted with the profile pose with the full-view eye. Another similarity between the two paintings would be that they both represent rituals and traditions. The Toreador Fresco depicts the Minoan ceremony of bull-leaping while the Fowling Scene is a tomb painting showing that Nebamun is enjoying himself in the afterlife. Another difference would be that in the Toreador Fresco, the artist used curved lines to suggest the elasticity of the living and moving beings unlike the Fowling Scene where the depiction of movement was not represented very well. In the Toreador Fresco, the artist also elongated the animal’s shape to show the powerful charge of the bull and used sweeping lines to form a funnel of energy. It is easily seen how the depiction of movement is better represented in the Toreador Fresco than in the Fowling Scene. In the Fowling Scene, the artist used many different and lively colors whereas in the Toreador Fresco, there is not a great variety of colors used. In the Toreador Fresco, you can tell that it is Minoan art by the elegance of the Cretan figures, with their long, curly hair and proud and self-confident bearing. This distinguishes them from all other early figures styles. You can also see a few cultural differences between the two periods just by comparing the two paintings. The human figures in the paintings are all dressed much differently. Also, in ancient Egypt, the artists often used hierarchal scale in their paintings. They would make the size of the human figures larger based on their social status. That is why in the Fowling Scene, the wife and the daughter of Nebamun are much smaller than him. Whereas, in the Toreador Fresco, you do not see a hierarchal scale, the human figures are all the same size. In conclusion, there are many differences and similarities between the Toreador Fresco and the Fowling Scene. Both paintings represent rituals and traditions. Also, they both have figures painted with the profile pose. In the Toreador Fresco, it includes a border and the bull is the central figure. The human figures are wasp-waisted, and highly animated. The depiction of movement is much better represented in this piece of art than the Fowling Scene because the artist used curved lines to emphasize the movement of the figures. He also elongated the bull’s shape to show the powerful charge of the animal and used sweeping lines to form a funnel of energy. In comparison, in the Fowling Scene, the artists filled every space with lively details. The marsh is full of lotus flowers and butterflies. Although the depiction of movement is not shown as well as the Toreador Fresco, a variety of lively colors is shown in the painting. Unlike the Toreador Fresco, the hierarchal scale is shown in the Fowling Scene. Byzantine Art. (2016, Dec 08).

Comparative and Contrast Essay Christianity and Islam

Comparative and Contrast Christianity and Islam - Essay Example   Jesus is the â€Å"Christ† which means the â€Å"anointed one†.   Jesus is the anointed one from God the Father who came to this world, fulfilled the Old Testament laws and prophecies, died on the cross, and rose from the dead physically (Slick, n.d.). The religion teaches that there is an existence of only one God. According to Christianity, God made the universe, the Earth and created Adam and Eve. Therefore, the best way to answer what Christianity is about is to say that it is a relationship with the true and living God through the person of Jesus Christ by whom we are forgiven of our sins and escape the righteous judgment of God (Slick, n.d.). Islam is regarded as one of the three central Abrahamic faiths along with Judaism and Christianity (Duncan, n.d.). Islam is derived from the word salaam which means â€Å"peace†, â€Å"submission to God†, and â€Å"way to peace†. The followers of Islam are the â€Å"Muslims† or those who â₠¬Å"submit† to God’s will. Duncan (n.d.) described Islam as a universal religion that teaches that God is merciful and compassionate, and that promises the faithful worldly peace and equality and entrance to a sublime eternity. It is a monotheistic religion which believes only in the existence of one God. Comparing and Contrasting Islam and Christianity These are some of the main similarities between Christianity and Islam. Peter Jackson (n.d.) stated that both religions say that there is only One God. This God is the most sovereign and he rules the history. The two religions also believe in Jesus. However, there are quite differences in how they believe him. Another similarity is the existence of Angels. Both religions believe in the existence of angels which are the referred to as the messengers of God. Both religions have Prophets and prophecy which includes many of the same characters such as Abraham, David, Noah and the like (Jackson, n.d.). The two religions also b elieve the concept of Heaven and Hell and God’s future judgment (Jackson, n.d.). Heaven is often portrayed as the holiest place in which people who have died continue to exist in an afterlife. Hell, on the other hand, is a place of suffering and punishment afterlife. God’s judgment will determine whether a person will be sent to heaven or hell after death. Although these two religions are similar in many ways, we can’t deny that they differ in a lot of ideologies and theologies. In both religions God is the creator of everything and he is loving and forgiving (McLean, 2007). One major difference between the beliefs of Christians and Muslims regarding God is that while Christians believe in the Holy Trinity, or three persons in one divine nature, Muslims believe that God is only one person and that the Trinity is the belief in three Gods (McLean, 2007). The two religions differ in their founder. Muhammad is the founder of Islam and believed by Muslims to be perfe ct and sinless. In Christianity, the founder is Jesus. For Muslims, Muhammad was not only a religious leader, but also a political leader, which explains the common practice of integrated church and state in many Muslim countries (McLean, 2007). Both religions recognize Jesus but their beliefs about him vary. Islam and Christianity believe that Jesus was sinless, perfect and born of the Virgin Mary (McLean, 2007). The two religions accept that Jesus performed miracles and was ascended, or raised up, to God. McLean (2007) stated that Muslims see Jesus as a highly regarded prophet, while Christians see Him as God himself.

The case of Libyan Arab Foreign Bank v Bankers Trust Co [1989] QB 728 Essay

The case of Libyan Arab Foreign Bank v Bankers Trust Co [1989] QB 728 - Essay Example This traditional approach can be seen in the case of Serbian Loans3 any contract that is not a contract between states in their capacity as subjects of international law is based on the municipal [domestic] law of some country The rules thereof may be common to several states and may even be established by international conventions or customs, and in the latter case may possess the character of true international law governing relations between states.4 Therefore when it comes to investment contracts between states then it will have elements of adhering to the contractual word of the agreement; as well as the duty of care that the obligations are met as in public international contractual agreements. There has been a suggestion that cases that are on a private international matter allows the domestic court that makes the decision have an extraterritorial effect in imposing the obligation across borders, i.e. applying the higher standard of obligation and care that public internationa l law holds.5 On the other hand, the case of Holmes v Bangladesh Biman6 argued that foreign jurisdictions have no legitimate reason for subjecting their civil law on foreigners in their own country. Therefore these two cases make it difficult for correctly pursuing fraud, negligence or any circumstance that leads to an action when it is a case of foreign investment, i.e. where would you make the action and could you legally serve and enforce the action papers in foreign jurisdiction. However, it seems that the Libyan Bank Case was ahead of its time although it did surround a time of terrorism that was strikingly the same as the 9-11 attacks, such as the Lockerbie case. Therefore business law is under an obligation at state and at international levels to protect security, by imposing a duty for businesses to disclose any actions that would indicate terrorism, organized crime or threaten national and international security. Yet, as the following case study will illustrate that freezing assets is a common approach and duty of the bank that is mainly prevalent in Post 9-11, which the Libyan Bank Case failed to do.7 On 2 September, High Court of Justice in London rules in favor of Libya, orders Bankers Trust London to transfer to Libyan Arab Foreign Bank $131 million, plus accrued interest, that has been blocked by US assets freeze. US Treasury authorizes payment on 9 October. 2) In the era of terrorism and protection of the security of states, this means that financial institutions and international businesses are embarking on a different era of state co-operation. Companies are faced with being diligent in ensuring that they are free from fear of money laundering investigations. On of the strictest guidelines can be seen in the EU, therefore Barclays Bank Plc the fourth largest bank in the world ensures that their regulations are strict as their mother state is the UK. It has been realized that one of best methods to stop organized crime is through stricter policing of finances. The EU has become a lot stricter in this area, especially in respect to opening bank accounts and the ID required

Race Relations Essay Example for Free

Race Relations Essay The article entitled â€Å"The state of race relations [Editorial].† was written by M. Fletcher K. Thompson was taken from the Courier-Journal website http://www.courier-journal.com/ dated January 17, 2010 but was retrieved on January 27, 2010. The article focuses on racial profiling, particularly that of Black Americans by law enforcement. The first point that Fletcher Thompson makes is how the first year of President Obama’s presidency brought the country face to face with racial schisms as much as it has promoted racial understanding. It is further implied that most Americans do not completely view President Obama as African American, citing that he is â€Å"Light-skinned†, has no â€Å"Negro dialect.† and therefore not subjected to the same police brutality as that of dark skinned African Americans such as Harvard scholar Henry Louis Gates Jr. Gates was arrested by Cambridge, Mass Police Sgt. James Crowley for disorderly conduct after police were called to his home suspecting to find a black man breaking into the home; Bates did not have his keys. All charges were subsequently dropped. The second point suggests that while the gap between whites and blacks has narrowed in the past decade, racial profiling and the reconciliation President Obama’s election seemed to have promised remains far off. President Obama seems to be what every red blooded American didn’t want in a president: black, little political experience, supposed Muslim beliefs and hope that Americans could become equal in all aspects of society. I am lead to believe the difference between African Americans and Anglo Americans is growing in a positive direction. As with Sgt. James Crowley, the view of black Americans remains relatively the same in a general sense, yet with the election of the first African American as President of The United States, the way law enforcement uses or collects data will be a basis for a unified change in how race is viewed throughout the world. The United States will reflect how those in authority are trained, educated and in cases where wrong doings are revealed, disciplined. No matter what changes are made in our future, wherever race is a factor there will be ignorance.

Is O.J. Simpson Guilty Or Not? :: O.J. Simpson

Is O.j. Guilty Or Not well it all started out like this,O.J. was at a club, and Nichole was there also. They met, and a couple days later they started to go out. While still married to Margerite Whitly. The papers didn't go through yet for a divorce, so legally he was still married to her, while going out with Nichole. The Evidence Against O.J. Simpson Mark Fuhrman said he saw a knife box on the ledge of the bath tub,and it wasn't collected for evidence, but the prosecutors say we have the knife that was from the box, that we didn't need the box. I think the detectives did asloppy job as in collecting evidence for the murder. Mark Fuhrman saw a finger print on the gate of nicholes home and it wasn't found by the collectors who were collecting all the evidence for the murder. O.k. there was a sock found at the murder scene that blood soaked right throught the sock, Mark believes that O.J. got blood on the sock, and it went through the sock. There was a glove found at the murder scene of the crime, a lot of people believe it was planted by racist Mark Fuhrman, but lots of people think it would be impossible to do that. Someone would be watching if he did, there's always someone watching you. When O.J. was trying on the glove I think he was pretednding they didn't fit but they really did. Nichole speaking from the grave There was a safety desposite box with a bunch of pictures in it. Pictures from when O.J. had beat her. The police had taken them and she put them all in the safety deposite box. There was a letter saying I'm sorry I hit you, that I'm really sorry, I am paying for my mistakes. There was a call made by Nichole Simpson, that her husband is beating her. You can hear him in the back round yelling at her. Why didn't the police answer to this call, obviously she was in trouble, they could hear him. There are 650,000 calls like this made to the police, only 350,000 are answered. Why didn't they answer this one they probablycould have saved two lives!!! There is a rumor going on that the police kept walking over the blood, thast they couldn't bring it in for D.N.A testing. How could they be sloppy in their work the are trained to do. If this is true are they covering up what O.J. actually did, because he's a famous football star, and actor O.J. Simpson had to pay 25 million for damages to the goldman and the Is O.J. Simpson Guilty Or Not? :: O.J. Simpson Is O.j. Guilty Or Not well it all started out like this,O.J. was at a club, and Nichole was there also. They met, and a couple days later they started to go out. While still married to Margerite Whitly. The papers didn't go through yet for a divorce, so legally he was still married to her, while going out with Nichole. The Evidence Against O.J. Simpson Mark Fuhrman said he saw a knife box on the ledge of the bath tub,and it wasn't collected for evidence, but the prosecutors say we have the knife that was from the box, that we didn't need the box. I think the detectives did asloppy job as in collecting evidence for the murder. Mark Fuhrman saw a finger print on the gate of nicholes home and it wasn't found by the collectors who were collecting all the evidence for the murder. O.k. there was a sock found at the murder scene that blood soaked right throught the sock, Mark believes that O.J. got blood on the sock, and it went through the sock. There was a glove found at the murder scene of the crime, a lot of people believe it was planted by racist Mark Fuhrman, but lots of people think it would be impossible to do that. Someone would be watching if he did, there's always someone watching you. When O.J. was trying on the glove I think he was pretednding they didn't fit but they really did. Nichole speaking from the grave There was a safety desposite box with a bunch of pictures in it. Pictures from when O.J. had beat her. The police had taken them and she put them all in the safety deposite box. There was a letter saying I'm sorry I hit you, that I'm really sorry, I am paying for my mistakes. There was a call made by Nichole Simpson, that her husband is beating her. You can hear him in the back round yelling at her. Why didn't the police answer to this call, obviously she was in trouble, they could hear him. There are 650,000 calls like this made to the police, only 350,000 are answered. Why didn't they answer this one they probablycould have saved two lives!!! There is a rumor going on that the police kept walking over the blood, thast they couldn't bring it in for D.N.A testing. How could they be sloppy in their work the are trained to do. If this is true are they covering up what O.J. actually did, because he's a famous football star, and actor O.J. Simpson had to pay 25 million for damages to the goldman and the