Institutional economics

witnessed a worldwide adoption, and became a dominant economic policy during the 1970s and 1980s. The major tenets of neoliberalism are “laissez faire”, free market economy, and “minimal state”, minimal governmental intervention (Hartwick & Peet, 2009). Leading figures of this economic philosophy, Ludwig von Mises (188-1973), Friedrich von Hayek (1899-1992) and Milton Friedman (1912-2006), believed in the power of free market to maintain economic and social equilibrium. As Von Mises theorized,…

INTRODUCTION Economics is a behavioral science, after all, it has everything to do with the behavior of man and the choices he makes. A human individual reasons in an ambitious way searching for pleasure and happiness. This results in a person with an unlimited quantity of needs regardless of his/her scarce resources. Let me introduce the economic man and his decision making process. ECONOMIC MAN According to Investopedia, the term “Economic Man” was developed to portrait a hypothetical…

(Carroll, 1979) regards CSR in terms of cost reduction and profit maximization to attain economic responsibilities which includes responsible economic, philanthropic, legal and ethical aspects. In terms of analyzing the normative perspective, (Carroll, 1979) provides a very practical viewpoint in which normative CSR can be interpreted as the social responsibility of business that encompasses the economic, legal, ethical, and discretionary expectations that society has of organisations at a…

During “The Tequila Crisis” the global international capital market had a huge impact on the economic, political and social development of Mexico. Mainly the global international capital market hurt all three categories of the economic, political and social sides Mexico contains. Although, some countries tried to help Mexico during their recession it was not enough to help the devaluation of the Peso. Economic= Mexico’s economy underwent a recession as a result of the peso’s devaluation during…

Neoliberalism is the overarching political-economic trend of our times, and for this reason it must be better understood by young people everywhere.. Harvey defines neoliberalism as a theory of practise that proposes that “human well-being can best be advanced by liberating individual entrepreneurial freedoms and skills within an institutional framework characterized by strong private property rights, free markets, and free trade”1. Harvey’s definition is helpful because it places boundaries…

chapter 3 and 4 was about economic globalization and political globalization. Economic globalization is the intensification and stretching of economic connections across the globe. Therefore, economic globalization leads to the growth of a global marketplace or single world market. With the help of technology economic globalization have encouraged trade in goods and services. In addition, created new connections among national and regional economies. However, before economic globalization have…

fair access to information and balanced development across regions. Open networks has prompted cultural exchanges though social conflicts exist among people with diverse cultural backgrounds. Equally, there’s a level of confidence that fueling our economic growth through delivery of ideologies, innovation, and cultural values will help capitalize goods and services through trade and investment. The glaring reality is with the growing international market presence, cybersecurity is a growing…

Part 1: Political Economic Analysis versus Economic Political Analysis In order to understand what exactly ‘politics’ is we must first unpack its meaning. ‘Politics’ is defined in the Oxford English dictionary as ‘the activities associated with the governance of a country or area, especially the debate between parties having power’ (Soanes: 2004). We can break this into two broad parts: (1) the activities associated with governance of a country or area, and (2) the debate between parties having…

by the economic problem ? Robert Heilbroner believed that economics is essentially the study of a process we find in all human societies. In addition to that, Heilbroner believed that the economic problem was simply the process of providing for the material well being of the society. Heilbroner was able to bring light to the idea that we ourselves as humans are the major source of our economic problems and not nature. Although nature might seem to be what sets the scene for the economic problem…

3.2 Developing strategies Internal Factor Analysis Summary (IFAS) Contained six factors that have been identified associated with the strengths and weaknesses in the mining management LPMED as describe in Table 1. Values for the lowest weighting is 0.1 and 0.25 to the highest, while value for little influence rating factors is 2 and 4 for a big impact factors. The total score obtained from the Internal Factor Analysis is 0.65 External Factor Analysis Summary (EFAS) With regard to opportunities…