Firstly, lack of government interference can cause monopoly power. Monopoly usually occurs in the public utilities, such as water, electricity and infrastructure because most of them are generally owned by a single firm in the country or it can be called natural monopoly. As a result, monopoly causes negative effects to customers and workers. To illustrate, because of no competition and no government regulation, firms who hold monopoly can set a price as high as they want because customers have no choice to choose but use a supply which is only available in the country. Moreover, firms have no incentive to concern about their product’s quality (Latestaccounting), so customers may be reluctant to use that product, though its quality is poor.
Even still however Australia it still at the top of the list for the high rate in gender pay gap. Between 1997 and 2017 the gander pay gap was the lowest in November 2004 at 14.9% and the highest in November 2014 at 18.5% (Australian Government). Home, Work & Family As shown above in the graph, gender pay gap also limits the women’s ability to save for retirement in other ways. Having a lower earning over a women’s career can result on a smaller savings for when they do decide to retire. Lower earnings during a women’s career can lead to smaller retirement plans, lower social security and financial assistance.
Lowering tax rates was another economic change that people said lead to the recovery. Unemployment went from 10.8 percent in December of 1982 to 7.4 percent in December of 1984. Inflation fell from 10.3 percent in 1981to 3.2 percent in 1983. Industries that were hit the hardest during the recession made dramatic improvements; these industries were paper and forest products, rubber, airlines, the auto industry, construction and manufacturing, and the savings and loans industry. During the recession and towards the end of the recession in 1983, President Ronald Regan’s approval ratings were at an all time low.
As I think ‘poverty’ is something related to human beings and discarded from all the wants. Poverty Gap: Poverty is one of the biggest challenges in the global whereas it impacts particularly in Asia and Pacific region. Mainly the developing countries like: Nepal, Bhutan, Sri-Lanka, Bangladesh with some developed countries like China and India has facing poverty. As if compared to past decades, the rate of poverty has been declining gradually in the global. According to The World bank, in 2013, 10.7 percent of the world’s population lived on less than US$1.90 a day, compared to 12.4 percent in 2012.
Keoni (2014) writes that there was a decline in poverty by approximately one-third in 1967. In addition, the population in poorness decreased 25.8% in 1967 and 16.0% in 2012. Even though that war against poverty saw outstanding progress, there are still tasks yet to be accomplished. Most poor citizens moved from poverty after waiting for years. According to Keoni (2014) in 2012, 45 million citizens moved out of poverty.
In the first decade of the century, Brazil benefitted from strong demand – particularly from China – for some of its key export commodities (e.g. iron ore, soybeans and raw sugar). Supported by positive terms of trade effects, Brazil’s annual GDP growth rate averaged 3.1% over this period. Since the fall in commodity prices in 2011 during the economic recession(see graph 4), these terms of trade effects have reversed. With Brazil in an strong situation to weather a recession prior to the decrease in price of their main exported goods, based on the data their good situation then was not a strong enough buffer alone to prevent their real GDP growth from declining below negative ranges.
“The nation's middle class, long a pillar of the U.S. economy and foundation of the American dream, has shrunk to the point where it no longer constitutes the majority of the adult population, according to a new major study” (Lee). This is showing that the American dream opportunity as a whole is shrinking. This is due to there becoming a shrinking amount of people who are middle. The Census Bureau says “41.5% of americans brought home between 35,000 and $100,000 in the year 2015” (Lee). It is still shrinking daily.
"Year-round education is a change in the school year calendar so the long summer vacation of the traditional school year is reduced to some degree," explains Charles Ballinger, executive director of the National Association for Year-Round Education (NAYRE). Among 34 nations around the globe, the United States has one of the most limited school years. As the customary school year in America is 180 days. South Korean youngsters burn through 220 days complete in the classroom while Finland has a 190 day school year. Both instructive frameworks rank higher than the United States in math and sciences.
Korea today has a higher GDP per capita than Spain and New Zealand and is less than 10 percent behind the European Union, on which it is gaining quickly. Seoul, Korea’s capital, is a prosperous metropolitan area in a prosperous country. By using coordinated planning and connecting policies, Korea successfully managed its journey from an incipient to an advanced level of urbanization. To address economic development and urbanization, Korea’s government implemented the Five-Year National Economic Development Plans and the National Territory Comprehensive Plans. Under these plans, Korea began a journey of economic progress, with an average economic growth of 22.6 percent in the late
According to the World Bank (2014), about 45% of the population are living below the official poverty line and 17% are “extremely poor”. It has experienced a lot of economic crunch. In 2008, Kosovo declared its independence from Serbia. After the independence, it started operating a free-market economy and became a member of the World Bank, the International Monetary Fund and European Bank for Reconstruction and Development (World Bank, 2014), which has enabled it to experience a steady economic growth. During this period, it was discovered that it had the potential of becoming a better economic society in the nearest future due to low government debt and a sound banking system (IMF,