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Importance of savings
Importance of savings
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Mexico and The World Bank: Rebuilding a Country
The 1994/1995 financial crisis in Mexico affected me in a very personal way. My family is from Mexico City, and my dad owns a small private firm that specializes in manufacturing tools. After the devaluation, I not only watched my father struggle with the failing economy and lack of business growth opportunities, I also witnessed a country begin to sink deeper into poverty and despair. There are many reasons for the devaluation, but one of the main ones is probably the “poor savings rates and the low rate of investment (only saved 19 percent of GDP from 1980-1994)” (Bloomburg). Low levels of social development and high levels of poverty consistently served as a drag to economic growth and reform measures.
Next fall I am going to spend a quarter in Washington D.C. completing an internship at the World Bank. I am going to work in the Latin American department, so I will have the opportunity to deal very closely with the Bank’s strategies and projects in Mexico. Therefore I have decided to research the relationship between the World Bank and Mexico.
The World Bank is one of the world’s largest sources of development assistance. It is not really a bank, but rather a specialized agency comprised of 184 member countries. Along with several other institutions, the Bank provides low-interest loans, interest-free credit and grants to developing countries. The Bank has provided assistance to Mexico for over 5 decades, and projects loans totaling $5 billion to Mexico up to the year 2005. Mexico holds the second largest share of the Bank’s portfolio, which totals to a whopping 11.1 billion dollars (9.4 % of total portfolio). The Bank works alongside Mexican authorities and officials and both regional and municipal levels to lay out plans and devise strategies that will hopefully help to build up the Mexican economy and social welfare. The Bank currently runs 31 active projects with a net commitment of $5.4 billion.
Today Mexico is defined as a middle-income country, although many of its residents continue to survive off less than 1 or 2 dollars per day. Those who live on less than $1 per day do not have access to sufficient food or clean water. Income per capita is $5070 (the highest in Latin America).
The United States has no more important foreign relation ship than that of which it enjoys with Mexico, and vice versa. These two countries share interwoven societies and economies. Although there have been disagreements and turbulence between the two countries, which partnership is without these? The Strength of each country’s democracy is fundamental to the other’s. This relationship that the two countries share directly affects that lives of millions of Mexican and United States citizens everyday. Recently these two countries have become even more unified than ever before. Tackling issues such as Border Control, Countering Narcotics, Dealing with multiple Law enforcement agencies, Human Rights laws, trade and development, etc. There are many issues that they are mutually interested in and must deal with. Yet, there are some vast differences in which these two countries are run. There are also many similarities, which we must take into account. Both Democratic Governments have similar structures, containing a legislative, judicial, and executive branch. Yet, these structures are very different internally, containing specific duties that the other country’s branch may not have.
Harry E. Canden. , & Gary Prevost, (2012). Politics Latin America. (4th ed.). New York: Oxford University Press.
The Great Depression of the 1930s was a culmination of disastrous economic events that resulted in the worst economic period in American history. The Stock Market Crash of 1929 is seen as the beginning of the economic downward spiral. The Stock Market Crash of 1929 was caused by a lack of regulation in the financial industry, investors aggressively buying on margin, and overvalued stocks due to market manipulation. Although this event occurred in 1929, Roosevelt ultimately had to address the problems as a result of the crash because President Herbert Hoover was seen as “not doing enough” and lost the election to Roosevelt in 1932. The Great Depression also featured skyrocke...
When we hear discussions or read articles about drug wars, killings, and illegal immigration into the United States, many of us immediately think of Mexico. As a nation, Mexico is a much greater country than these commonly referred to issues. Mexico is a country with a broad history, deep family culture, and an economy fueled by oil and tourism. The United States Department of State (USDS) offers a broad range of information on countries outside the US, including Mexico. I found a wealth of information about Mexico through the USDS Background Note provided on their website located at www.state.gov. I will outline for you the key information found in this report, and others, related to the Mexican economy, culture, and more.
De Cordoba, José & Lunhow, David. “The Perilous State of Mexico.” The Wall Street Journal. Dow
In cuban history there was many dictatorships. But, Fulgencio Batista lead to rise of communism in Cuba and Fidel Castro. Foreign involvement from United States to control Cuba as economical ally, also Bastia treatment mistreatment towards foreigners from Haitian and Jamaican. The Cuban revolutionary leader Fidel Castro use of guerrilla warfare and the peasant population of Cuba lead to successful revolution. The United States felt threatened about Cuban being 90 miles from florida spifly during Cuban Missile Crisis . So, many United states presidents tried to kicked Fidel Castro but failed multiple times.First, even though Fulgencio Batista starred in beginning as leader that benefited Cuban people, over time he became corrupted leader that lead to his downfall.
It is said that the cause of the catastrophic stock market crash known as the great depression was due mostly to uncontrolled political and industrial systems otherwise known as capitalism. However, the timeline leading up to the Great Depression proves that many other factors played a role in the stock market crash that occurred in the decade of the 1930's. So lets take a look at rather four, factors contributing to the great depression that we will further discuss in the following paragraphs. Four of the main causes that led up to the great depression were unequal distribution of wealth, uncontrolled political and industrial systems, high tariffs and war debts.
The Great Depression was the worst economic slump ever in U.S. history, and one which spread to virtually all of the industrialized world. The depression began in late 1929 and lasted for about a decade. Many factors played a role in bringing about the depression; however, the main cause for the Great Depression was the combination of the greatly unequal distribution of wealth throughout the 1920's, and the extensive stock
The Great Depression was the longest American slump in the economy to ever occur. The Great Depression lasted for about a decade between 1929 and 1939, the dates of the Stock Market Crash of 1929 and the starting of World War II. A number of factors actually caused the Great Depression. One commonly known factor said to have caused the Great Depression is the Stock Market Crash of 1929, although this is not directly correct. The market crash was only a symptom of, as well as a transition into, the Great Depression. Other symptoms and causes includes, wealth inequality, overproduction, stock speculation, excess loaning, deflation, unemployment, and no profits.
The Cuban revolution was one that transformed Cuba into an independent socialist society. This revolution sent a message around the globe. The message: “ Socialism can be achieved and capitalism, with its culture stripping mechanism’s can be supplemented”. However, the revolution did leave its mark on Cuba. This can be seen in the events that took place during the early stages of the revolution. The effects of the revolution were positive for certain sections of the population and negative for others.
Many people think that the Great Depression was caused solely by the stock market crash. Anybody who tells you this probably didn’t pass U.S. History in high school. The fact is, the Great Depression was caused many different factors. Four of which were overproduction, uneven distribution of wealth, protective tariffs, and the four “sick industries” of the 1920’s.
Che Guevara attempted to have a revolution in Bolivia and Guatemala. In Mexico, he trained for his return to Cuba in 1956. The textbook also mentions how Fidel Castro formed local camps as a new revolutionary power (510). They continued to fight in urban areas. It was not until 1959 where they defeated Batista and his government. Many people were happy because Fidel Castro became the president of Cuba. The Cuban people had faith in Fidel Castro to improve the state of Cuba and benefit the people unlike Batista. The Caribbean: A History of the Region and Its People state that, “In 1958 almost all Cubans agreed that a renewed Cuban nationalism would approve their future,”
Now I shall give a bit of a quick history lesson. The land of Australia had two types of people living there before the European settlers came to the country the Aboriginal and the Torres Strait Islanders and in 1688 a man named William Dampier was the first British man to explore Australia (Austrailian Department of Foreign Affairs and Trade). This is similar to how America had Native A...
When Cuba was under Spanish rule, there was a definite want for independence. The Ten Years’ War was the first to initiate action upon this. Although there were many deaths, and it ended up being unsuccessful, Cuba did manage to gain more rights from Spain. During this time, America had noticed the conflict between the nations, and saw it as an opportunity for expanding its influence. They managed to get involved after riots occurred in Havana. In response to these riots, the U.S. sent a battleship called the Maine to Havana’s harbor, yet in the moving, it sank from an explosion. In a rush to report the incident, many newspapers and magazines spread false information, claiming that it had been a mine that had caused the explosion. The news caused great uproars to the point where it was demanded that the government acted. And so, America declared war on Spain. Spain eventually signed an armistice, and between the two, the Spanish-American War Treaty was created. The document granted ownership of the Philippines, Guam, and Puerto Rico to America, and independence to Cuba. Some time after, Cuba ended up being ruled by a dictator, by the name of Gerardo Machado, who was overthrown in 1933. Three weeks later, the new provisional president, Carlos Manuel de Cespedes, was also overthrown. Finally, a man named Fulgencio Batista, who participated in both events, came to power as a president and managed to keep the position,...
“…increasing international trade and financial flows since the Second World War have fostered sustained economic growth over the long term in the world’s high-income states. Some with idle incomes have prospered as well, but low-income economies generally have not made significant gains. The growing world economy has not produced balanced, healthy economic growth in the poorer states. Instead, the cycle of underdevelopment more aptly describes their plight. In the context of weak economies, the negative effects of international trade and foreign investments have been devastating. Issues of trade and currency values preoccupy the economic policies of states with low-income economies even more than those with high incomes because the downturns are far more debilitating.1”