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US Automobile: On Brink - Article Example

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This paper stresses that the US government is committed to offering economic incentives to its people; the intent of such incentives is in the form of taxation policies, subsidies, and credit policies. The government at all levels i.e. state and municipal governments have struggled to induce job creation. …
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US Automobile: On Brink
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Download file to see previous pages Chrysler was once considered to be the global automotive brand, but soon these industries realised that their global share was on the verge of decline due to the increased prices, therefore, the production of these industries was solely confined within the boundaries of North American countries, the profitability of these industries was function of the purchasing power of the people in the region.
James suggested that in order to avert the collapse of the automotive industry, the government is left with limited options i.e. either to provide financing to these industries, improve the purchasing power of the people, restrict imports of European and Japanese automotive brands, impose taxes on the people for revenue generation of these industries etc. The economists are of the opinion that, “economic incentives such as tax credit and exemptions, cash grants, gap financing, and in-kind services could only be justified if companies receiving the incentives provided new jobs and earnings in exchange". This validates the fact that economy works in a chain, in exchange of all the listed incentives the government shall plan to offer to these industries, the recipients shall in return offer more jobs and opportunities to the local population for earning i.e. exchange of rewards.
Steve argues that "global competition facing U.S. companies accelerated as lower-cost foreign labor became more accessible", this is the specific reference to a low-cost and qualified labor of China and India. Unfortunately, it is not only America which is suffered due to this factor, rather European-based automotive giants have suffered huge losses and therefore were prompt enough to settle in India and China, to ensure gain and profitability with reasonable efforts. ...Download file to see next pagesRead More
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