Economics in Uae Essay examples

3028 Words 13 Pages
United Arab Emirates and Economics

Institution

United Arab Emirates and Economics

Introduction

The United Arab Emirates is a capitalist country which gives the private investors an opportunity to manage, and maintain commercial and industrial sectors in order to ensure growth and development. The economy has one of the highest Gross Domestic Product (GDP) per capita worldwide. Thus, this allows many people from different parts of the world entering and investing in the economy and also gives them the opportunity to leave whenever they feel like without engaging in various formalities. The country can also be viewed as one that has a liberal market philosophy and which comprises small
…show more content…
Mercantilism is a protectionism kind of capitalism where national business interests are merged with the state interests and for this case, the state is charged with the responsibility of expanding the business interests abroad. Free market capitalism is where the forces of demand and supply are left to determine the prices and quantities of the relevant products. In this kind of system property and means of production are owned by individuals and the state does not interfere with the trading activities.

Social market capitalism is a type of economic state of affairs when the forces of demand and supply determine the market requirements, and the government plays a minimum role of providing essential services to the citizens like the social security and recognition of labor rights among others. The United Arab Emirates economy is a form of a capitalist economy where there are many private investors who have undertaken various investment initiatives, and the state usually comes in to regulate the business activities to ensure fair competition and adherence to the economic policies. The economy is significantly diversified to cover large areas, and there are substantial numbers of private investors who carry out their activities in order to earn profits.

The economy is considerably opened up to facilitate international trade and integration. There are a large

Related Documents