Financial Instability
The soaring volume of international finance and increased
interdependence in recent decades has increased concerns about volatility and
threats of a financial crisis. This has led many to investigate and analyze the
origins, transmission, effects and policies aimed to impede financial
instability. This paper argues that financial liberalization and speculation
are the most reflective explanations for instability in financial markets and
that financial instability is likely to be transmitted globally with far
reaching implications on real sector performance. I conclude the paper with the
argument that a global transaction tax would be the most effective policy to
curb financial instability and that other proposed policies, such as target
zones and the creation of a supranational institution, are either unfeasible or
unattainable.
INSTABILITY IN FINANCIAL MARKETS
In this section I examine four interpretations of how financial
instability arises. The first interpretation deals with speculation and the
subsequent “bandwagoning” in financial markets. The second is a political
interpretation dealing with the declining status of a hegemonic anchor of the
financial system. The question of whether regulation causes or mitigates
financial instability is raised by the third interpretation; while the fourth
view deals with the “trigger point” phenomena.
To fully comprehend these interpretations we must first understand and
differentiate between a “currency” and “contagion” crisis. A currency crisis
refers to a situation is which a loss of confidence in a country's currency
provokes capital flight. Conversely, a contagion crisis refers to a loss of
confidence in the assets denominated in a particular currency and the subsequent
global transmission of this shock.
One of the more paramount readings of financial instability pertains to
speculation. Speculation is exhibited in a situation where a government
monetary or fiscal policy (or action) leads investors to believe that the
currency of that particular nation will either appreciate or depreciate in terms
relative to those of other countries. Closely associated with these speculative
attacks is what is coined the “bandwagon” effect. Say for example, that a
country's central bank decides to undertake an expansionary monetary policy. A
ne...
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Human trafficking is among the fastest growing categories of crime in the world right now, rivaled only by the drug and weapons industries. A 32 billion dollar global enterprise annually, its effects are far reaching and highly damaging to all involved. In reality, “human trafficking” is essentially a politically correct term for slavery. Through books, articles, and interviews, the two phrases are used interchangeably and are used to mean the same exact thing. There is an endless list of myths and misconceptions in regards to human trafficking, but I plan to keep all the information here very clear and concise. According to the United Nations Office on Drugs and Crime, “Human trafficking is the acquisition of people by improper means such as force, fraud or deception, with the aim of exploiting them.” (1) This means that innocent people are taken from their homes and families, kept in secret and forced to work for their captor or whomever they are sold to. This work may be physical labor and it may be sexual in nature. The living conditions are usually harsh, and it is not uncommon for the captor (or
The 2008 financial crisis led to a sharp increase in mortgage foreclosures primarily subprime leading to a collapse in several mortgage lenders. Recurrent foreclosures and the harms of subprime mortgages were caused by loose lending practices, housing bubble, low interest rates and extreme risk taking (Zandi, 2008). Additionally, expert analysis on the 2008 financial crisis assert that the cause was also due to erroneous monetary policy moves and poor housing policies. The federal government encouraged the expansion of risky mortgages to under-qualified borrowers. Congress pushed for the support of affordable housing through extended procurement of non-prime loans for applicants with low income (Zandi, 2008). The cutting down of interest rates to low levels to supplement for technology bubble of early twentieth century and the effects of Sept 11, a housing bubble was created. This move facilitated individuals with poor credit to obtain mortgages in high percentage when lenders created non-conventional mortgages by offering mortgages with extensive amortization periods, loans with interest and payment alternatives such as ARMs (Angelides et al, 2011). Ultimately, interest rates rose again and many subprime borrowers stopped paying for their mortgages when their interest rate were reset to higher monthly payments. This paper will discuss the impact of the financial crisis as a result of subprime mortgages.
While being trafficking these people can suffer from long lasting physical and psychological trauma, diseases, drug addiction, unwanted pregnancy, malnutrition, social ostracism,cigarette burns, ligature marks, depression, and possible death in some situations. These people are getting lured in by these traffickers and forced to perform these actions under their control. Human trafficking still exists throughout the United States today. Traffickers use multiple manipulative ways to get people to engage in commercial sex, whichs most of the time ends up forcing them to provide labor services. These traffickers are luring and ensuring these people into sex and labor trafficking by manipulating and exploiting all of their vulnerabilities. Traffickers can trap their victims two different ways; one, by promising to give them a high paying job, loving relationships, or even new and exciting opportunities. Then two, by using violence, threats, deception, debt bondage, and other manipulative tactics to trap these innocent victims. These traffickers usually use these people to pay off their debt bondage. The traffickers usually tend to be over their heads in debt and use these victims to pay off their debt by either using some sort of forced labor or sex
While these sources of feedback have helped me to gain a better understanding into the person I truly am, three experiences have probably been the best indicators. These were: being unsat, being on restriction, and being a squad leader. As a plebe, I struggled mightily with academics. Balancing the plebe standards, and doing well academically was hard for me and my grades definitely showed this. However, I always maintained a positive attitude no matter how bad it got and tried mightily to correct the habits I had in place that were causing my academic troubles. This taught me that I wouldn’t quit when the going got tough, and that I truly did want to succeed here at this institution. Since, my SQPR has improved every single semester and is
This essay will examine the causes of the 2008 Global Financial Crisis (GFC) from a Marxist perspective. This paper will specifically examine and critique how Marx’s Theory of Crisis can be applied to understand and interpret the underlying structural causes of the 2008 Global Financial Crisis.
2010. Human Trafficking: A Global Perspective. New York, NY: Cambridge University Press.). And The United States is widely regarded as a popular destination country for human trafficking as federal reports estimate that between 14,500 to 17,500 victims are trafficked into the United States every year. That doesn’t even include the number of victims who are trafficked within the United States each year ("WHAT IS HUMAN TRAFFICKING?" State of California Department of Justice Office of the Attorney General. State of California Department of Justice Office of the Attorney General). Most women trafficked to the U.S. are forced to work in the sex industry (including strip clubs, peep and touch shows, massage parlors that offer sexual services, and prostitution). They are also trafficked to work in sweatshops, domestic servitude, and agricultural work. (Skinner, E. Benjamin. 2008. A Crime So Monstrous: Face-to-Face with Modern-Day Slavery. New York, NY: Free Press.). In the U.S. human trafficking has been reported in all 50 states, Washington, D.C., and in some U.S. territories. (”International Human Trafficking.” FBI. November 23, 2009. Accessed: December 23,
“Injuries of human dignity and Human rights of a globalized society. Nobody may be held in slavery or peonage; Slavery and slave trade are in all forms forbidden”. These are the words of the Universal declaration of human rights (United Nations, 1948).Human trafficking is just another name for modern-day slavery, where the victims involved are forced and deceived into labor and sexual exploitation. Exploitation referring to using others for prostitution or other forms of sexual exploitation, forced labor or services, slavery, or the removal of organs. The numbers are scary. Almost 600,000 to 800,000 women and children are annually trafficked across national borders. This does not count for the numbers that are trafficked within their own countries. Human trafficking is very much hidden and accurate data and the extent of nature of human trafficking are hard to calculate. Trafficked victims are often in dangerous positions and may be unwilling and too scared to jeopardize their lives to report or seek help from authorities. Victims live daily with emotional and physical abuse, inhumane treatment, and threats to their families, like they are going to torture...
... living conditions and are constant fear. Next form of human trafficking is, trafficking for forced labour. Victims of this equally widespread form of trafficking come primarily from developing countries. They are recruited and trafficked using deception. They find themselves held in conditions of slavery in a variety of jobs. Men, women, and children are engaged in agricultural and construction work, domestic servitude and other harsh jobs. The final most common form of human trafficking is commercial sexual exploitation of children and tourists. This crime type has been apparent in Asia for many years and has now taken hold in Africa as well as Central and South America. The growth of this is promoted by the growth of inexpensive air travel and the relatively low risk of prohibition and prosecution in these destinations for engaging in sexual relations with minors.
This paper will be a discussion of the current economic condition of the United States and this writer’s opinion on how it can be changed. Unemployment is high and needs to be reduced to full employment. We will explore the inflation rate, GDP growth and other factors of our current economic situation.
The effect that trafficking has on their victims is the same effect that people have when they were raped, sexually harassed, etc. People who were trafficked tend to suffer from serious health problems including physical health, reproductive health and mental health problems. Mostly women but men too tend to go into physical exhaustion and become victims of unwanted touching, grabbing, oral sex, anal sex, etc. Mental wise the victim might have many emotional effects, severe stress and depression.
Human trafficking is a form of slavery, forcing victims to engage in sexual activities and labors against their will. These activities can be taken place through force, fraud, or constraint. Human trafficking is not just affecting one group of people, it is a worldwide issue, affecting all different ages, genders, ethnicities, and socio-economic backgrounds. Human trafficking is such an immense problem, apprehending the true size, knowing how to help, and how to keep the issue from reoccurring. Human trafficking is and is still becoming such a serious issue that something needs to be done about.
Recent studies show that human trafficking is “the fastest growing crime in the world” (Mcnall) because people can be sold repeatedly and since they are easily replaced “traffickers maximize the abuse of their victims, uncaring about a relatively short
As our economy began to falter in December 2007 and plummeted into the current recession in September 2008, many Americans thought back to the horrors and hardships of the Great Depression. The Great Depression proved a difficult time for America, a time nobody wanted to ever see again. Sadly, many of the children from the Great Depression have lived to witness a time with many similarities, and yet many differences, to the economy crash of 1929.
Human Trafficking is an on going issue throughout the world. It is the trade in humans most likely for sexual and labor exploration. Trafficking of humans is a very unique crime that violates so many people. Women have it the hardest in this world wide crime because they are usually targeted for sexual exploration. Women go under physical and emotional trauma while being completely violated by their traffickers. They experience sexual assaults, rape, imprisonment, cruel abuses and much more. Women are targeted the most also because of their lack of education making them more vulnerable to their traffickers. Women are more affected by poverty and discrimination causing them to travel and look for better lives. This puts them in a position that they make themselves an easier target for their traffickers. Slavery also contributes to human trafficking. Slavery is the system in which people are sold and bought and forced to work. Slaves are put under excruciating conditions which makes it harder for them to cope with the fact that they might never return home. Forms of slavery were around before the 1400s but in the 1400s it started the trading and transporting of humans from Africa to Portugal. This marked the European Slave Trade while the British decided to join in 1562. As the development of plantation colonies grew so did the amount of slave trade going on throughout the world. As time went on more and more countries started to get involved with slave trade like in the 1600’s. Countries like Spain, Holland ,North America, France, Sweden and even Denmark came into slave trade. Also as more time started to pass in 1932 Japan got involved. Japan set up a disturbing yet horrifying system in which women all over Asia were forced into s...
How could you define something that is so broad? What is human trafficking? Some experts define it as a sex trade. Majority of the population defines it as prostitution. The thing about human trafficking is that it’s a little between kidnapping and prostitution. The real definition of human trafficking is a recruitment of people that can be male or female, which these people use fraud, deception, and abduction. In some other case they use people transport them and have power over people having them to think that they owe the money back for the use of exploitation. With exploitation comes with forms of prostitution and other immorality activities, hard labour, acts of intensive slavery, or even death. Death comes with forms of removing organs to get back the money they used on the person. With the hard labour comes with jobs like construction work and factory work. You can refer to human trafficking as modern day slavery. Most of the time the reason people do this crime because they do not have to pay the worker but keep all the money for themselves and that’s why they make a lot of profit off of human trafficking. Slaves have restricted freedom just as the people that is being used as sex slaves. The females and males that are being used as sex slaves live in very poor conditions. With living in poor conditions comes with very poor hygiene. With illegal activity comes with risk. Human trafficking is a very violent business. The United States is one of the main points to transport individuals for human trafficking. With the cost of living at it all time high, with jobs play low wages, human traffickers look at this as a great oppor...