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Mexican Peso Crisis: Irregularities of Deregulation
It is one thing to liberate an economy or a market; it is another to lift all regulations on such market. Economic liberalization should be done in an appropriate, intelligent manner. The lack of proper regulation can lead to a snowballing effect where a seemingly trivial matter can lead up to a terrible outcome. This was the case of Mexico in 1994 where birth was given to the “Tequila Effect”. What were the conditions in the country that gave way to this crisis? Could the crisis have been avoided? Perhaps under a more strictly regulated economy Mexico’s financial crisis could have been prevented, and if not, it could have been toned down in severity. The government’s decision to liberalize the country intended well, but was poorly engineered and therefore became an uncontrollable Leviathan that took its toll on the country as a whole.
Leading up to 1994 Mexico seemed to be miraculously rising from its crippled past of inflation and instability, to become a shinning beacon for the rest of Latin America. It was the example to be followed and the cause for much excitement among the players in the financial markets. This phenomenon was known as the “Mexican miracle” and had been led by President Carlos Salinas de Gortari; a firm believer in neo-liberalization policies, and also the man who tackled inflation through a rigid fiscal and monetary policy, while strongly holding the exchange rate pegged at an average of 3.1 pesos to the dollar[1]. The new conditions of the Mexican economy were looked upon favorably by potential investment, and the stability it provided at home was very popular among the domestic population.
[1] Froot, K and Mathew McBrady, “The 1994-95 Mexic...
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...r different conditions, regulation might be the most inadequate of strategies. Most everything in this life is relative; this question proves not to be the exception. Attempting to grasp the whole all at once is a task too difficult to tackle, so it is wise to focus on the part. Mexico’s case has been so readily studied because it is so helpful in learning more about the whole. The complex dance that the macroeconomic variables performed ensued a crescendo, which climaxed with capital flight. Perhaps there is still more to be learned from Mexico’s experience. Hopefully the experience, which resulted in the strife, hunger and shock felt by so many Mexicans, will serve as a stepping-stone in the pursuit for greater economic understanding. In the end the real question at hand is, will the lessons learned today still apply tomorrow? I guess we will have to wait and see.
The governments of the Northern Territory and Western Australia are investigating how indigenous law can be incorporated into state law. Chris Sidoti of the Human Rights Council of Australia says: "Some people would say that human rights runs opposite to Aboriginal law, others that it provides a universal standard to which other legal traditions must adapt. Customary law can't remain immutable. The problem for those trying to bring the two systems into line is that human rights law derives from a western legal tradition which frequently contradicts Aboriginal law.
The most predominant attribute of a graffiti artist is their mindset, for a graffitist is constantly surveying the streets in search for a new spot to “bomb” as well as examining the work of fellow writers. For instance, when a graffiti artist looks at an empty wall or a distant water tower they envision a canvas suitable for displaying their graffiti. A graffiti artist uses specific terminology when speaking to fellow writers as well as average people interested in this illegal art form. The use of terms, such as “tag,” “throw-up,” and “burner” are used to describe different styles of graffiti letters. In addition, the term “bomb” is used when a graffitist paints on numerous surfaces in a given area. When analyzing the desires of a graffitist, they explain the desire to go “all-city.” The term “all-city” describes a writers’ aspiration to display his graffiti throughout the entire city. The lifestyle of a graffiti artist tends to be more active than that of an average person, for graffitist go “bombing” during late hours of the night. The reason for these late-night paint excursions is to avoid cont...
Mexico was one of Citibank's main emerging market customer bases in the early 1990s. After a very rocky relationship through the 1980s, when Mexico's government declared an inability to pay its foreign commercial bank debt, including more than $US 3 billion owed to Citibank, the country had finally returned to a positive growth path and was delivering solid profits to Citibank in both corporate/institutional banking and retail banking. Mexico's economy grew at an annual rate of more than 5% during the 1990-1994 periods. However, the problems of an overvalued currency, heavy inflow of financial investments into high-yield Mexican securities, and political events in 1994 produced a dramatic decline of confidence in Mexico. Mexican and foreign investors saw the January uprising in Chiapas against M...
He dropped out of college in 1968 and worked a series of minimum wage jobs. He also volunteered at the office of Nelson Rockefeller’s presidential campaign and attended the Republican National Convention as a Rockefeller delegate. Not long after, Brooks ended the relationship due to Bundy’s immaturity and lack of ambition.[ "Ted Bundy." Wikipedia. Wikimedia Foundation, 11 Mar. 2014. Web. 03 Nov. 2014.] Bundy was devastated and it is believed that it was around this time he discovered the truth about his parentage. He re-enrolled at the University of Washington to study psychology and became an honor student who was well liked by many. While studying psychology he also volunteered at a rape crisis hotline. In 1973, while on a business trip to California for the Washington Republican Party, he met up with Stephanie Brooks once again. She was impressed with the more mature, goal oriented Bundy, and they began a romantic relationship once again. However, he soon broke things off and it is speculated that it was an act of
There are four sources of Law in the Australian Legal System. They are Statute Law, which is made in Parliament, Common Law and the Law of E...
Kabak, Benjamin. "Looking Back at the Battle against Subway Graffiti." Second Ave Sagas RSS. N.p., 09 June 2013. Web. 10 May 2014.
Struggles by Aboriginal and Torres Strait islander people for recognition of their rights and interests have been long and arduous (Choo & Hollobach 2003:5). The ‘watershed’ decision made by the High Court of Australia in 1992 (Mabo v Queensland) paved the way for Indigenous Australians to obtain what was ‘stolen’ from them in 1788 when the British ‘invaded’ (ATSIC:1988). The focus of legislation in the past w...
The roots of Australian laws are similar to traditional Aboriginal laws, dating back to before the Norman Conquest in 1066, where each separate village had their own laws developed to their own customs. This changed however, after a centralized legal system was established after 1066. A common law was formed, that applied to all of England. This was later combined with equity law and mercantile law, which is the basis of Australian law today, known as ‘statute law’.
In conclusion, as a cornerstone of Australia legal system, the Mabo case had profound effects on protecting Aboriginal people. After twenty-five years of development, the situation is getting more and more better. However, the government can still have more powerful and forceful measures to improve those people’s
Legal system is a comprehensive term that is used to confirm the existence of the law; it also explains the law-making process and how this is enforced on everyone. The Australian legal system regulates all level of governments, organisations, and all people whether they are Australian born or have migrated here, and they must obey Australia’s regulations. The legal system here was developed from the United Kingdom’s legal system, as Australia was a colony of the British. At a glance, the British government granted restricted rights to their colonies, including Australia to set local government system. This was intended to developed laws in local area, also to deal with specific situation at that time. As a result, the legal system in each of the colonies started to develop separately. According to Carvan J (2010) the Australian law is adopted from several sources, including the rules of equity, parliamentary laws, delegated legislations, judge-made laws, and international laws. (Austrlian Legal System, 2007)
Another criminology theory that may apply to help explain the criminal behavior of Ted Bundy is the Psychodynamic theory. This theory is largely based on the findings of Sigmund Freud. The underpinnings of this of the approach are that the unconscious mind affects behavior and emotion. The theory advances the argument that no behavior is without cause and that childhood experiences affect emotions and behavior as adults. Serial killers like Ted Bundy therefore are particularly affected by their unconscious mind. Bundy did not receive proper care as a young boy and the negative impact of his sense of rejection and isolation negatively impacted his adulthood with aggressive tendencies. In short, Bundy’s adult actions under this theory can be viewed as manifesting his anger over his childhood oppression in the form of brutal rapes and
Graffiti is a beautiful art that expresses feeling and emotions. However, people think of it differently. Is it a crime or an art? Those talented people, young or old, a teenage, a child or an adult, have a passion for making graffiti art on street walls a...
During 1994 the North America Free Trade Agreement (NAFTA) was put into play as an agreement that would solve many problems associated with narcotics; however, instead of solving any problems NAFTA actually increased the numbers of individuals involved in drug related activity. The reason why NAFTA had such a negative effect in Mexico was because it favored high-class individuals and dismissed/ignored the lower classes. Agreements made between politicians in different countries are viewed as investments, investments which favor only a few and damage the vast majority. For the United States it is easy to say that something failed, yet for Mexico seeing failure is difficult because violence, deaths, and an increase in criminal activity tags along with the failing results. These failing results anger and sadden individuals but at the same time make individuals realize that there are always hidden motives to certain
Looking from the taggers' point of view, one can understand why taggers and graffiti artists draw and do graffiti, but this does not justify the fact that often times this form of self-expression is not acceptable when it is done on other peoples property. Having the opportunity to listen (film, class, talk show) to why taggers and graf...
"Tracing the Roots of Modern Street-Art and Graffiti." Tracing the Roots of Modern Street-Art and Graffiti | WebUrbanist. WebUrbanist | From Urban Art & 3D Graffiti to Abandoned Cities. Webist Media Publishing, 22 Apr. 2009. Web. 05 Dec. 2011. .