Financial Reform

Drawbacks of Central Planning in the Former Soviet Union Central planning, as implemented in the former Soviet Union, faced several significant drawbacks that hindered its effectiveness and contributed to its eventual collapse. Shortages and Poor Quality of Goods Central planning often resulted in shortages of essential goods and services. The…

The Establishment of the United States Civil Service System The United States federal civil service system was established in 1871 with the creation of the United States Civil Service Commission. The commission was tasked with administering the civil service of the federal government and ensuring that appointments were made based…

Modified Free Enterprise System Definition A modified free enterprise system is an economic model that combines principles of free markets with government intervention and regulation. Government Intervention In this system, the government plays an active role in regulating specific aspects of the economy. This may include setting minimum wage laws,…

Bloomberg Media is a leading global media company that provides business and financial news, information, and analysis to a worldwide audience. Its mission is to empower business leaders and brand partners by providing them with the solutions, knowledge, and connections they need to thrive in a rapidly evolving global marketplace.…

Positives of NAFTA NAFTA led to a significant increase in trade between the United States, Mexico, and Canada. Trade between the three countries grew from approximately $290 billion in 1993 to over $1.1 trillion in 2016. [1] Key Facts Increased Trade: NAFTA led to a significant increase in trade between…

Is Multiyork Still in Business? Multiyork, a well-known British furniture retailer, ceased trading in 2017 (Cover My Furniture, 2021). The company entered administration in November of that year, leading to its closure (Russon, 2017). Reasons for Closure The reasons for Multiyork’s closure are not explicitly stated in the provided sources.…

Laissez-Faire in American History: Origins and Influences Laissez-faire, a French term meaning “let them do [what they will],” is an economic doctrine that advocates for minimal government intervention in the economy. This doctrine gained prominence in America during the 19th century, particularly during the Gilded Age. Origins of Laissez-Faire The…

Origin of the Term “Laissez Faire” The term “laissez faire” emerged from a meeting around 1681 between Jean-Baptiste Colbert, the French Controller-General of Finances, and French businessmen (Merriam-Webster). When Colbert inquired about how the French state could support merchants and commerce, M. Le Gendre, a businessman, responded with “Laissez-nous faire”…

Consumer sovereignty is an economic concept that emphasizes the power and influence of consumers in determining the production of goods and services in a market economy. It recognizes that consumers, through their purchasing decisions, play a crucial role in shaping the market demand for products and services. Key Facts Definition:…

Andrew Jackson’s Destruction of the Bank of the United States Andrew Jackson’s presidency was marked by a significant event known as the Bank War, which resulted in the destruction of the Second Bank of the United States. This article aims to provide an expert analysis of Jackson’s motivations and actions…

An economic system is a framework that governs the production, distribution, and consumption of goods and services within a society. It encompasses the rules, institutions, and mechanisms that regulate the allocation of resources, such as land, capital, labor, and physical resources. Key Facts Definition: An economic system regulates the factors…

Mercantilism was the prevalent economic system in the Western world from the 16th to the 18th century. What is the mercantile age? Mercantilism was the dominant economic system from the 16th century to the 18th century. Mercantilism was based on the idea that a nation’s wealth and power were best…

Economic Institutions: Definition and Functions Economic institutions are organizations or sets of rules that play a crucial role in the functioning of an economy. They can be defined in two ways: Economic Institutions as Organizations These are private or public institutions that collect and analyze economic data or provide essential…

The Genesis of the United States Civil Service The United States civil service system, a cornerstone of the nation’s governance, has its origins in the Pendleton Civil Service Reform Act of 1883. This landmark legislation established the United States Civil Service Commission and marked a significant departure from the prevalent…

A market economy is an economic system in which the allocation of resources and the prices of goods and services are determined by market forces, primarily supply and demand. Market economies have little government intervention, allowing private ownership to determine all business decisions concerning how a business is run. This…

Tariff Barriers vs. Non-Tariff Barriers Introduction International trade is often subject to various barriers that can restrict the flow of goods and services between countries. Two common types of trade barriers are tariff barriers and non-tariff barriers. This article will explore the key differences between these two types of barriers,…

A command economy is an economic system in which the government centrally plans and controls the production, distribution, and pricing of goods and services. This type of economy is often found in countries with socialist or communist governments. Key Facts Types of Government with a Command Economy: Socialism: Socialism is…

The Emergence of New Liberalism The late 19th century marked the emergence of New Liberalism, a variant of social liberalism that emerged in Europe. This ideology gained traction in England, primarily through the influence of sociologist Leonard Trelawny Hobhouse. Shifting Conceptions of State and Society New Liberalism challenged prevailing conceptions…

Development Banks in India Development banks are financial institutions that provide medium and long-term funds for capital-intensive industries. They play a crucial role in promoting economic growth and development in India. Number of Development Banks in India There are nine regulated development banks in India: Key Facts Development Banks in…

A subsidy is a form of government intervention in the market where the government provides financial assistance to producers or consumers for each unit of goods bought and sold. This assistance can take various forms, such as direct payments, tax breaks, or price supports. Subsidies can have significant impacts on…