Protectionism is the practice of limiting outside competition through applying tariffs, quotas, and subsidies. It is normally done to guard domestic industries and jobs. Here are the pros and cons.
Capitalism and socialism. These two systems are two very different ways for society to go into the future, and both have strong supporters and opponents. I'm solidly a capitalist, and in this hub I will explain to the best of my ability why. Why is capitalism good? Why doesn't socialism work? Comments are welcomed.
International trade is a complicated but important aspect of any country's economic policy. It is also one of the topics that cause great arguments among many economists and politicians. This article takes a look at this topic and offers some suggestions.
Tourism can be a great way for places to generate income and jobs... but it can also have downsides. Here is a list of the main advantages and disadvantages of tourism.
Trading wars have been going on for too long. Each morning, the presidents of the two biggest global economies smile shaking hands, but evening comes, and new sanctions are declared by both sides. It’s become obvious that America is doing everything to suck the oxygen out of the yuan.
This list of the pros and cons of globalization attempts to give a summary of the essential for and against arguments employed by people when they debate the merits of globalization.
Raising the minimum wage to $15 isn't the solution for low-income workers since they’ll need to generate more than $15 to stay employed. Read why.
Has Cuban socialism benefited its people? This summarizes the pros and cons of socialism in Cuba and asks what the Cuban revolution has achieved.
Economist Arthur Laffer is famous for his Laffer Curve which illustrates the fact that at a certain point increases in taxes result in a decrease in tax revenue. While considered a radical new theory by many, this theory was first advanced 600 years ago by the Arab scholar Ibn Khaldun.
When China joined the world trade organization in 2001, it led to the beginning of true globalization. This opened up the world as a market for Chinese goods. Since then, China’s export volume has been increasing.
Capitalism's excesses are becoming too much for the world to bear. Three seminal events in the last eight years have highlighted this fact. The 2008 crash, Occupy in 2012 and Bernie Sanders' rise. Those are not three separate events, but a cascading evolution to something new, more sustainable.
Neo-liberalism was the brainchild of Milton Friedman and Ludwig von Mises. They convinced Thatcher and Reagan that a free market without regulation and low taxes would result in wealth for all.
Rapidly developing artificial intelligence and robotic technologies have started to impact human jobs, a trend that will accelerate as these technologies become more sophisticated and refined. We face a future with massive unemployment due to artificial intelligence and robots taking over jobs.
The discovery of natural resources, particularly of oil and gas, poses both significant positive prospects as well as negative opportunities.
This article illustrates the difference between the unemployment rate and the Labor Force Participation Rate (LFPR) and why LFPR gives a more realistic view of our job market than the unemployment rate.