Economic freedom Essay Example for Free

Economic freedom Essay Does economic freedom help explain why the standard of living improves in some countries and declines in others? First of all we have to understand, what economic freedom is? Economic freedom according to William W. Beach and Tim Kane, PhD. â€Å" Economic freedom is that part of freedom that is concerned with the material autonomy of the individual in relation to the state and other organized groups. An individual is economically free who can fully control his or her labor and property. † (Taken from 2007 Index of economic freedom chapter no.3 by William W. Beach and Tim Kane, PhD). Or in simple words we can also say that everybody in his or her own country is said to be economically free, if their respective government protects their rights in every possible way and without any constraint. i.e. if an individual wants to learn anything, to do any kind of business or wants a job, then, he or she has a right to do that, while it is the responsibility of the government to make it convenient and possible for them. The first study of economic freedom was published in the year 1995, and it was improved over the years. There are about ten different types of economic freedoms, which are known as index of economic freedoms. The main purpose of defining these freedoms is to rank the countries in order to pave the way for foreign investment. Following is the list of ten economic freedoms: (taken from 2007 Index of economic freedom from chapter no.3 by William W Beach and Tim Kane, PhD). 1) Business freedom: To check the status of starting, operating and closing any business in how much time. 2) Trade freedom: To check the barriers and constraints in tariffs, import and export in the country. 3) Monetary freedom: To check the measure of price stability and how governments are controlling the prices, inflation etc. 4) Freedom from government: To check either state is providing public goods with minimum expenditure or not. 5) Fiscal freedom: To check the burden on the government with respect to revenue side. 6) Property rights: To check whether the public have keeping the private property rights, defined and secured by the laws, and are clearly defined by the government. 7) Investment freedom: To check whether the government deserves to have the foreign investment or not. 8) Financial freedom: To check the operation of financial institutions i.e. banking systems; are they out of government control or not. 9) Freedom from corruption: To check the status of corruption in the society, i.e. in the business system, judiciary, and administrative system in the country. 10) Labor freedom: To check the status of growth of labor and business either they are working without government interruption or not. (Taken from 2007 index of economic freedom from chapter no.3 by William W Beach and Tim Kane, PhD). Each one of the ten freedoms is measured on a 0-100 percent scale, 100 as the maximum freedom while 0 is the least or minimum freedom. The study of economic freedom was conducted on about 157 countries of the world. To show how it works, I choose two countries that are North Korea and South Korea. North Korea has a communist form of government and is ranked at no.157 in the index of 157 countries, its economy is 3% free. It has exports of $1.3 billion, it exports: minerals, metallurgical products, manufacturing (including armaments), textiles, fishery products etc. and imports of   $2.3 billion, it imports: petroleum, coking coal, machinery and equipment, textile grains etc. In communist form of government every asset in the country belongs to the state, therefore there is no business freedom i.e. 0 % (in 0-100 % scale) in N. Korea. Also government controls all the imports and exports so trade freedom i.e. 0 % is also nil. No data on income or corporate taxes is available so fiscal freedom i.e. 0 % is also zeroed. Also government owns all the property including businesses therefore freedom from government i.e. 0% is also nil. No publicly record of inflation data therefore monetary freedom i.e. 0% is also zero. Also no private financial sector, therefore financial freedom i.e. 0% is also nil. Wages and incentives are also controlled by government therefore labor freedom i.e. 0% is also nil, also corruption is heavily present in the country so corruption freedom i.e. 10% is also negligible, but there is some investment freedom i.e. 10%, after the opening of foreign investment zone in the far remote area of rajin sonberg where basic facilities are also not provided till date. The government does not cover property rights i.e. 10%, so they are also negligible.   (Taken from 2007 index of economic freedom from chapter no.5). While South Korea has democratic form of government and it is ranked at no.36 out of 157 in the index of economic freedom, and its economy is 68.6% free. S. Korea has export of $299.2 billion, it exports: semi conductors, wireless telecommunication, equipment, motor vehicles, computers, steel, ships and petrochemicals etc. It has imports of $269.8 billion, it imports: machinery, electronics, electronic equipment, oil, steel, transport, organic chemicals and plastics etc. As South Korea has democratic form of government, in that form, the government tries every possible effort to please its citizens, therefore starting, operating and closing the business in that country is relatively easy, there is a lot of business freedom i.e. 83.1% present in the country. S. Korea as compared to N. Korea has good trade freedom i.e. 64.2% present but there are some restrictions in its some activities like import, non-transparent regulations and standards etc. S. Korea has high income tax rate of about 38.5% and relatively low corporate tax of about 27.5%, so we can say that it has a good fiscal freedom i.e. 0-100 bracket it has about 81% free. After the foreign investment promotion act of Nov 1998 the government opens the doors to foreign investment in almost every sector except media, electric power and some agricultural sectors, and also residents and non residents can now holds foreign exchange accounts, so there is a lot of investment freedom i.e. about 70% free. The private property right i.e. 70% is secure by the government; corruption i.e. 50% is present at some extent in the country. The labor i.e. 57.7% market is working under restrictive employment regulations due to which employment and production growth rate is very low. Government interference in private sector is negligible, so freedom from government is 81.5%. The government regulates the prices in some sectors like agriculture, telecommunication and other utilities, which monetary freedom 79%, the government in retained some ownerships, second largest domestic bank is under them, which makes the financial freedom about 50% free. (Taken from 2007 index of economic freedom from chapter no.5).   In short economic freedom in South Korea is much superficial than North Korea, and it is mainly due to democratic and communism forms of governments, democratic people are enjoying the fruits of freedom while others do not.

Accommodating Students with Disabilities :: College Admissions Essays

Accommodating Students with Disabilities In order to earn a high school diploma in New York State, each student must acquire one physical education credit. "Paul" [a pseudonym] is in a wheelchair. He is a tenth-grade student with cerebral palsy at my high school. He needed to earn this credit, but would be unable to meet the challenges of physical education. Paul would have to get his physical education credit another way. The dean of students and varsity basketball coach were made aware of the problem and came up with a solution. Knowing that Paul is a basketball fan, he inquired whether he could record the stats. A modification to the program All-Star Stats 400 by Microsoft would enable Paul to maintain the stats and remove the task from the coach's shoulders. This idea was then discussed with the Learning Workshop teacher, a computer whiz. He reasoned that if Paul could break down, statistically, videotaped basketball games, he could input the stats into the computer. Paul discussed the idea with his teacher and really liked the idea-it allowed him to participate in high school basketball and earn the required credit. Once his teacher completed the modifications of All-Star Stats 400, Paul was given a valuable chance to get his physical education credit. The faculty's willingness to help a student shines through the mechanics of this process. The reason Paul succeeded in receiving his credit is because he was willing to try to make the idea become reality. The faculty worked together to form the raw materials, and Paul finished the product. This personal victory was barely noticed by the student body, although perhaps more students should take heed of the occurrence. The ideals expressed in this story include acceptance, creativity and cooperation among faculty and students. As his teacher said, "Getting Paul's credit shows the helpfulness and dedication of the faculty and the willingness and desire of Paul.

Law 531

Traditional and Nontraditional Litigation Systems Law/531 [ July 30, 2012 ] The traditional legal system of utilizes law as it is foundation for all decisions. Laws in the United States have four sources; constitutional, statutes and ordinance, common law and administrative. The features of these four are: * Constitutional Law is based on a formal document that defines broad powers. Federal constitutional law originates from the U. S. constitution. State constitutional law originates from the individual state constitutions. Statutes and Ordinances are legislation passed on the federal, state, or local levels. * Common Law is based on the concept of precedence – on how the courts have interpreted the law. Under common law, the facts of a particular case are determined and compared to previous cases having similar facts in order to reach a decision by analogy. Common law applies mostly at the state level. It originated in the 13th century when royal judges began recording their decisions and the reasoning behind the decisions. * Administrative Law – federal, state, and local level.Administrative law is made by administrative agencies that define the intent of the legislative body that passed the law. These four steps are used to structure and interpret laws to remedy situations as they arise the enforcement occurs at three levels and they are called courts. The Supreme Court, Appellate courts and Trial courts, in the business environment the trial court is a popular choice because it handles the civil disputes and it is only when unique cases appear it is sent to be viewed by the Supreme Court for a ruling.Cases such as NATIONAL FEDERATION OF INDEPENDENT BUSINESS ET AL. v. SEBELIUS, SECRETARY OF HEALTH AND HUMAN SERVICES, ET AL. (Supreme Court of the United States 2011) otherwise known as the healthcare law which mandates healthcare for all, when this kind of law is in place and it affects the citizens on a whole that decision must be weighed agains t the rules of the constitution which is the law of the land. Alternative Dispute Resolution (ADR) this is the mitigation process where the end result is the agreement according to the process of litigation.ADR is the involvement of a third party to who is unbiased but encourages a discussion between the parties. This features is particularly important to businesses because of this feature the discussions are private and so it reduces the negative publicity which may arise, the process is quicker because it because the terms of the agreement is then presented to judge for his/her viewing and then a ruling is made. Finally, the agreement is also covered by a caveat of confidentiality which reminds both parties that the agreed terms must not be discussed.This type of discussion is helpful in mergers and acquisitions as is used in the work environments where a union supplies the employees. Comparison Both processes are features of the judicial system and the remedy is legally binding. Most times the remedy is monetary and the TORT is settled in the civil courts, however, laws have two features, state and federal and whenever applicable the federal ruling is the governing law. ContrastThe judicial system in terms of the courts is time consuming and the pretrial hearings can be a lengthy task, the courts that will hear the case is also determined by the monetary remedy that is asked by the plaintiff. References Supreme Court System, American Legal System; Quick MBA, Law and Business http://www. quickmba. com/law/sys/, viewed July 30th 2012. Healthcare Reform Ruling; NATIONAL FEDERATION OF INDEPENDENT BUSINESS ET AL. v. SEBELIUS, SECRETARY OF HEALTH AND HUMAN SERVICES, ET AL; http://www. supremecourt. ov/opinions/11pdf/11-393c3a2. pdf, viewed July 30th 2012. Definition of Tort; The Lectric Law Library LECLAW. com, http://www. lectlaw. com/def2/t032. htm, viewed July 30th 2012. ———————————⠀”——– [ 1 ]. A tort is an act that injures someone in some way, and for which the injured person may sue the wrongdoer for damages. Legally, torts are called civil wrongs, as opposed to criminal ones. (Some acts like battery, however, may be both torts and crimes; the wrongdoer may face both civil and criminal penalties. ) Law 531 Traditional and Nontraditional Litigation Systems Law/531 [ July 30, 2012 ] The traditional legal system of utilizes law as it is foundation for all decisions. Laws in the United States have four sources; constitutional, statutes and ordinance, common law and administrative. The features of these four are: * Constitutional Law is based on a formal document that defines broad powers. Federal constitutional law originates from the U. S. constitution. State constitutional law originates from the individual state constitutions. Statutes and Ordinances are legislation passed on the federal, state, or local levels. * Common Law is based on the concept of precedence – on how the courts have interpreted the law. Under common law, the facts of a particular case are determined and compared to previous cases having similar facts in order to reach a decision by analogy. Common law applies mostly at the state level. It originated in the 13th century when royal judges began recording their decisions and the reasoning behind the decisions. * Administrative Law – federal, state, and local level.Administrative law is made by administrative agencies that define the intent of the legislative body that passed the law. These four steps are used to structure and interpret laws to remedy situations as they arise the enforcement occurs at three levels and they are called courts. The Supreme Court, Appellate courts and Trial courts, in the business environment the trial court is a popular choice because it handles the civil disputes and it is only when unique cases appear it is sent to be viewed by the Supreme Court for a ruling.Cases such as NATIONAL FEDERATION OF INDEPENDENT BUSINESS ET AL. v. SEBELIUS, SECRETARY OF HEALTH AND HUMAN SERVICES, ET AL. (Supreme Court of the United States 2011) otherwise known as the healthcare law which mandates healthcare for all, when this kind of law is in place and it affects the citizens on a whole that decision must be weighed agains t the rules of the constitution which is the law of the land. Alternative Dispute Resolution (ADR) this is the mitigation process where the end result is the agreement according to the process of litigation.ADR is the involvement of a third party to who is unbiased but encourages a discussion between the parties. This features is particularly important to businesses because of this feature the discussions are private and so it reduces the negative publicity which may arise, the process is quicker because it because the terms of the agreement is then presented to judge for his/her viewing and then a ruling is made. Finally, the agreement is also covered by a caveat of confidentiality which reminds both parties that the agreed terms must not be discussed.This type of discussion is helpful in mergers and acquisitions as is used in the work environments where a union supplies the employees. Comparison Both processes are features of the judicial system and the remedy is legally binding. Most times the remedy is monetary and the TORT is settled in the civil courts, however, laws have two features, state and federal and whenever applicable the federal ruling is the governing law. ContrastThe judicial system in terms of the courts is time consuming and the pretrial hearings can be a lengthy task, the courts that will hear the case is also determined by the monetary remedy that is asked by the plaintiff. References Supreme Court System, American Legal System; Quick MBA, Law and Business http://www. quickmba. com/law/sys/, viewed July 30th 2012. Healthcare Reform Ruling; NATIONAL FEDERATION OF INDEPENDENT BUSINESS ET AL. v. SEBELIUS, SECRETARY OF HEALTH AND HUMAN SERVICES, ET AL; http://www. supremecourt. ov/opinions/11pdf/11-393c3a2. pdf, viewed July 30th 2012. Definition of Tort; The Lectric Law Library LECLAW. com, http://www. lectlaw. com/def2/t032. htm, viewed July 30th 2012. ———————————⠀”——– [ 1 ]. A tort is an act that injures someone in some way, and for which the injured person may sue the wrongdoer for damages. Legally, torts are called civil wrongs, as opposed to criminal ones. (Some acts like battery, however, may be both torts and crimes; the wrongdoer may face both civil and criminal penalties. )

Performance Enhancing Drugs Should Be Allowed - 2071 Words

One of the most debated topics in all of sports is whether performance enhancing drugs should be allowed. According to the free dictionary, performance enhancing drugs is defined as â€Å"Any drug used to gain an advantage in sports. Such drugs may improve endurance or strength or accelerate healing after injury†. Performance enhancing drugs was first acknowledged as a problem in professional sports in 1967 when the international Olympic committee created a medical board due to the heightened use. Today there are seven types of performance enhancers including: stimulants, narcotics, anabolic-androgenic steroids, beta-2 agonists, peptide hormones, diuretics, blood doping. That number might seem small but there is a massive amount of variety within these drugs that is causing more and more athletes every year to use them. Performance enhancing drugs should be illegal because of the unfair advantage, health risks, and the lack of role models that athletes would play. Sports have been around since the beginning of time. As the games age and become more popular, they start to evolve and become more competitive at the same time. This evolution comes from better strategies, techniques, and ultimately the athletes themselves. In today’s modern era of sports, professional athletes are the most elite people in their field, always wanting to be better than anyone else. With every athlete striving to become one of the greatest to ever play, some want to take short cuts. These short cutsShow MoreRelatedShould athletes be allowed to take performance enhancing drugs?2013 Words   |  9 Pageswhen the application of performance enhancing drugs by athletes in sports activities has becoming a new trend and relatively common. Performance enhancing drugs are used so athletes could achieve better results with least efforts, even as their health and their athletic careers will be placed in danger. 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Many believe that using steroids and other performance e nhancers should automatically disqualify an athlete from ever being able to be a member of the Hall of Fame, in sports in general, not just in Major League Baseball. However, there is an argument to be made to make the use of performance enhancing drugs legal inRead MoreSports Enhancing Drugs Is Great for sports: Personal Opinion Essay1422 Words   |  6 Pagesworlds best athletes in it Michal Jordan. He is known as one of the greatest basketball players ever to play the game. Space jam can show how an extra boost can improve players’ game play to the next level. Athletes should be able to use sports enhancing drugs to boost performance for better play and fan entertainment. Think of a world where athletes are stronger, faster and more physical then today normal athletes. This would be great for fans that enjoy entertainment at high levels of play. Athletes